Interac is a Canadian-based payment solution that’s very popular among local bettors. It offers a safe, simple, and smooth way of sending and receiving funds at online sportsbooks. This payment method directly connects to your bank account when conducting money transactions. As such, it’s accessible to all Canadians with checking accounts at most local financial institutions.
Because of its wide usage in the country, many operators support Interac on their gambling platforms. If you’re starting out with Interac betting sites, then you’re on the right page. Here, we show you how to use this payment method and reveal its key features. Plus, you’ll get to pick from the best Interac sportsbooks in Canada.
We are always on the lookout for the best betting platforms in Canada. But finding and listing such operators isn’t an easy task. It requires thoroughly examining countless sportsbooks and ranking them accordingly. Below we’ll reveal and briefly describe some of the features we check during our reviews.
Licence and Security
Every betting platform must have a valid licence to appear on our website. The operator should have a licence issued by an official regulator like iGaming Ontario for Ontario-based users, or Loto-Québec for Quebec bettors. There are six provinces (Ontario, Quebec, Manitoba, Alberta, British Columbia and Saskatchewan) in Canada that have legalized online betting on the provincial level, while New Brunswick, Newfoundland & Labrador, Nova Scotia, and Prince Edward Island are united under the Atlantic Lottery Corporation regulatory body. We also recommend international sportsbooks that are valid and have a licence issued by a respectable authority, like Curacao eGaming.
Payment Details
Next, we make sure that the site accepts both Interac deposits and withdrawals. At this stage, our experts analyze both types of transactions to discover all the details. We give out the most points to operators with solid limits, no extra fees, and fast processing times.
Promotional Offers
Any betting operator we list must have a wide selection of betting bonuses and promotions. Further, we examine the bonus T&Cs to find out the important features and any hidden details. Our main focus is discovering bookmakers with decent offers that come with low wagering requirements.
Available Sports and Betting Markets
Having a large number of sports, competitions, and events is another attribute we look for. The platforms we list must have extensive wagering offers that include the most popular sports and leagues. Plus, they need to provide a variety of betting markets and decent odds.
Customer Support Service
Finally, we look for online sportsbooks with highly knowledgeable and professional customer support teams. Bettors should be able to contact an agent through several methods, such as live chat, email, and phone. Plus, they should be responsive and helpful.
Notable Features of Interac
Interac comes with certain unique features that benefit online bettors in different ways. Here’s what you need to know about this payment method before starting out on Interac betting sites:
Simple Transactions: Interac allows using your existing bank account for sending and receiving funds. You don’t need to create a separate account for these transactions. Just choose the featured payment method at sportsbooks and connect it with your bank account.
Highly Secure Payment System: Interac utilizes advanced transaction encryption software that protects money transfers. Plus, you don’t share any financial information with online sportsbooks. Canadian banks also provide additional security layers for such money transfers.
Fast Deposits: All Interac deposits are instant at any Canadian online sportsbook. However, withdrawal may take up to a few days due to banks’ slower transaction processing practices.
No Transaction Fees: Interac doesn’t charge any fees to personal users. But it does input fees below $1 to its business users. On the other hand, Canadian banks will usually charge you between $1 and $1.5 per transaction.
Availability: This payment method is acceptable on almost every Canadian betting site. It also collaborates with over 250 Canadian banks and financial institutions.
Description
Details
Type of method
Online Banking
Minimum deposit
$10
Maximum deposit
$2,000
Minimum withdrawal limit
$10
Maximum withdrawal limit
$2,000
Average fees
None
Withdrawal time
Up to 30 minutes, depending on the bank or the bookmaker
How to Activate Interac
You don’t need to create an Interac account in order to use this payment option. The only requirement is having an account with one of the Canadian banks that support Interac.
The activation process may vary slightly based on your bank, but the general steps are as follows:
Navigate to the profile section of your online banking app or platform.
Locate the option for Interac in the sidebar and select it.
Provide your email address or phone number as required.
Submit to activate the Interac e-Transfer service.
In Canada, you can open a bank account in person, online, or via phone call. During this process, you must confirm your identity. Also, some online financial institutions may require having an existing account with another bank before creating one on their platform.
How to Deposit with Interac
Depositing money on Interac e-Transfer betting sites is a very simple task that even beginners can do in no time. To minimize any issues, we recommend following our step-by-step guide shown below.
Pick a betting site from our list: Compare several operators and pick the one that best suits your needs.
Register and verify an account: This is a simple process that requires providing certain personal details and communication information.
Access the deposit section: You can find this segment in your betting account or by clicking on a designated button
Choose Interac as the payment method: Explore the available payment options and make sure to find and select Interac.
Type an amount according to the deposit limits: Pick an amount based on your betting budget.
Select the bank you’re using and provide the necessary details: Here, you’ll need to log in to your banking platform and authorize the transaction.
Conclude the deposit: Click on deposit to confirm the money transfer and your funds will appear in your betting account shortly.
Start betting on your favourite sports: Browse the sportsbook, explore the available events, and place a bet.
How to Withdraw with Interac
Withdrawing your winnings on Interac betting sites is very similar to depositing funds. However, we still feel obligated to reveal the entire process step-by-step. Here’s how to cash out using Interac:
Log in to your sports betting account: You can do this on any desktop, mobile, or tablet device through a browser or betting app.
Go to the cashier and choose withdraw: You’ll usually locate this area inside your betting account.
Pick Interac from the list of payment methods: Check if the operator allows withdrawing via Interac and select the banking option.
Type the amount you want to withdraw: Keep in mind not only the transaction limits but the weekly and monthly restrictions as well.
Provide the required bank details: Here, you must provide your full name, phone number, and email address.
Wait for the operator to process the withdrawal: It usually takes up to a few working days at max.
Bonuses on Interac Betting Sites
You’re free to use this payment method for applying to any available promotion. Operators usually don’t impose any restrictions on getting bonuses while using Interac.
Here are some of the most common promotional offers you’ll find on Interac e-Transfer betting sites in Canada:
Welcome Bonus: These promotions are only available to newly registered bettors. You can usually apply for it while making your first deposit on the platform. The reward you get can be either a match bonus, a free bet, or a risk-free bet.
Deposit Bonus: This betting offer gives out a match bonus, but only after you’ve made a certain deposit. The percentage varies from one sportsbook to another. However, be aware of the wagering requirements, as they are always part of such promos.
Free Bet:Free bets come in the form of credits that you can use on selected sports and events. Additionally, some free bets come with wagering requirements, while others don’t have such a condition.
Reload Bonus: This promo is available to all existing bettors who made deposits in the past. You can usually claim it only on a specific day of the week. The prize you get can either be a match bonus or a free bet.
Cashback: A unique type of bonus that returns a portion of your wagering losses. You just make real money bets. Then, the operator will attach a percentage of the losses you accumulate during a day, week, or month.
Enhanced Odds: These promotions temporarily increase the payout odds on specific events or matches, allowing bettors to earn higher winnings than usual.
Safety and Security
Interac is a well-established payment system that utilizes several security layers. Among them is advanced authentication and encryption technology. This keeps financial details away from unwanted third parties.
Next, it incorporates financial institution authentication and property risk management features. On the other hand, the banks and credit unions include their own security measures as well.
As part of these safety attributes are encryption technology, confidential user IDs and passwords, secure login procedures, and security question and answer.
This payment solution collects personal, bank, transaction, and third-party information. It also operates according to Canadian laws and collaborates with country officials. These are approaches required by the Proceeds of Crime and Terrorist Financing Act, which prevent money laundering and fraud.
Even with all these security measures in place, it’s crucial to remain vigilant about potential safety issues. If you suspect any fraudulent activities, promptly contact your bank and the anti-fraud centre.
Additionally, make sure to use this payment method on licensed bookmakers in Canada. These are the only legitimate operators that legally offer sports betting services. Plus, they utilize the latest 128-bit SSL encryption software that protects all sensitive details revealed on their platforms.
Description
Details
Security features
Authentication and transaction encryption
Account registration required
No
KYC
Yes when opening a bank account
External integration
Over 250 Canadian banks and financial institutions
Pros and Cons of Interac for Online Betting
Using Interac at Canadian online sportsbooks comes with certain advantages and disadvantages, as shown below:
Pros
No need to register at Interac as you’re using your existing bank account
Interac itself doesn't charge any fees on personal transactions
It utilizes several security layers, including encryption
You can use Interac to apply for betting bonuses
Cons
Banks might charge transaction fees when using Interac
Withdrawals may take a while depending on the bank
A Canadian Solution Perfect for Online Sports Betting
Many Canadians use Interac on a daily basis for all sorts of transactions, including topping up their betting accounts. This payment method offers a simple and easy way of sending and receiving funds through your bank account. You won’t even need to register on Interac’s official website.
Next, it conducts super-fast deposits and features several security layers. However, Interac’s withdrawals may take up to 3 days to process. Also, the banks may input some small transaction fees, while Interac won’t charge any extra funds for personal transfers.
If you feel like Interac is the right fit for your needs, then we recommend using it at our top-rated online sportsbooks. All of them are licensed, safe, and secure for sports betting. So, pick an operator according to your personal preferences and make sure to play responsibly.
Alternative Payment Methods
If you experience certain issues while using Interac, then you might want to consider trying out a different payment method. Here are some good alternatives you can use on Canadian betting sites.
The majority of betting sites allow you to use this payment method when applying for a welcome offer. But remember that you can only claim such a bonus with your very first deposit on the platform. Also, make sure to check the minimum deposit requirement before transferring the funds.
Interac doesn’t include any transaction fees for personal users. But Canadian banks and other financial institutions can include transaction fees that usually go from $1 to $1.5.
Yes, you can use this payment method for withdrawing funds as well. However, keep in mind that some operators may not allow cashing out with Interac. So, make sure to check these details before you join an online sportsbook and start placing bets.
Using Interac for withdrawing funds usually takes up to 3 working days to execute. This somewhat long wait is due to banks’ slow processing and approval procedures. However, there are also some sportsbooks that may take longer to accept your withdrawal request.
No, you cannot use Interac without owning a Canadian bank account. This payment method works as an intermediary between banks and financial institutions. As such, it requires two bank accounts (one sender and one recipient) in order to conduct a transaction.
Nowadays, you can find numerous betting sites that accept Interac thanks to its popularity in Canada. We recommend looking through our top list for the very best Interac bookmakers currently available.
Yes, some betting sites allow you to use Interac Debit to deposit funds directly from your bank account. However, it depends on whether the operator supports Interac Debit as a payment option. So be sure to check their list of accepted payment methods.
