Interac e-Transfer is a safe and reliable player in the Canadian financial market providing funds transfer service between business and personal accounts at participating banks as well as other financial institutions in Canada. The company is quite popular in the country and a lot of bank customers use the service to receive funds and make payments. Many casino lovers in Canada also use Interac to receive funds and deposit money at casino sites because the service is very fast and relatively cheap. On the negative side, you are required to have an account with a Canadian bank or credit provider in order to be able to use the service.
- Super fast system for money transfers
- You can both deposit and receive money through Interac
- You don’t need to open a new account to be able to use the service
Using Interac e-Transfer for Online Casinos
Interac e-Transfer is being increasingly used for all types of financial transactions between bank accounts. However, there is a big catch and that is that you must have an account with one of the participating banks in Canada. So, it can be said that this is a service that basically is only available to a limited group of players. That said, Canada is a great country for all those interested in online gambling and casinos, and several of the large banks have relatively liberal rules as regards to the opening of accounts for foreign citizens. Thus, even if you are not a Canadian, you may still be able to use the service by opening an account with a participating Canadian bank.
Interac e-Transfer is used by lots of online casinos that are registered in Canada and it remains one of the most important and popular transfer services. The service can also be used for depositing funds at online casinos that accept Western Union money transfer, but you would still require you to have a Canadian bank account to be able to do that. The good news is that list of participating banks include the likes of the Big Five (The BMO, The Bank of Nova Scotia, Toronto-Dominion Bank, the CIBC and the RBC), Tangerine, Desjardins, President’s Choice Financial, National Bank as well as many other financial institutions.
Opening an Interac e-Transfer account
Interac e-Transfer is not an account in the true sense and you do not have to open one in order to use the service. However, you can, as we have already talked about, need to have an account with any of the participating Canadian banks. The participating banks have a special section for Interac, which you can see when you log in to your online banking account. In order to send money or deposit funds to your favorite online casino, you would need to navigate to the section for Interac and add the recipient to send the funds. As for receiving the money, you are sent a notification and you are required to click on the included link, select your bank and deposit the funds. So, as such, you don’t have to register on the site and open an account. Today over 250 banks and other financial institutions are allied to the service, and each has its own rules as to what is required to open an account and use the Interac.
Using Interac e-Transfer in Canada
A lot of Canadian casino lovers already know how safe and convenient it is to use Interac e-Transfer to securely and quickly make payments at their favorite Canadian online casinos. The Interac casino deposit process hardly takes any time at all, so you are ready to get in on the action super fast. In order to get started with casino Interac deposits, you simply decide on the amount you will like to to transfer from your bank account. Just log on to your online banking, navigate to the section dealing with Interac, add the casino name, and you are ready to transfer the funds. For online gambling, Interac remains the fastest electronic-transfer choice available, hands down. As for interac e-transfer fee, you are charged a flat rate for every transaction you make irrespective of whether you send $10 or $1000. Even better, there is absolutely no lag time!
Fees and Limits
Interac e-Transfer is a convenient transfer service that is known for its low fees. You are charged a flat amount on every transaction you make irrespective of the amount you transfer. That stands true when you are making the transfer within the country. However, what many casino players don’t know is that they are charged a fee when there is switch between different currencies. For those using Interac to transfer money to a diferent country or in different currency, the receiver is able to receive the funds via the Western Union money transfer service. Interac is quite inexpensive to use when transferring money to and from at an online casino and is one of the reasons for the popularity of the service among casino players in Canada.
Benefits and drawbacks of using Interac e-Transfer
Interac e-Transfer offers very many advantages. The transfers are super-fast and the charges are relatively low. The service is very safe and because you transfer a particular amount, you won’t risk losing a lot of money in gambling, a risk which is quite relevant if you opt for using a credit card instead. Unlike the prepaid cards, you are able to make transfers both to and from your bank account. Another advantage is that the service does not require you to open register with them or open an account. It is, instead, an option that is already active if you have an account with one of the participating banks. Interac actually happens to be a non-profit organization, and which is precisely the reason for its being so reasonable and inexpensive for receiving or sending money.
Interac e-Transfer service is considered a relatively secure transmission service. However, as always, when it comes to financial transactions online, there is always a risk involved. Another drawback of Interac is that the transfers time are so fast that if you ever want to cancel a transfer before the money reaches its recipient, it is almost impossible to do so. If you are asked to reply to an “Interac E-transfer security question” during a transfer you are making or when you are trying to access the service, it will be most probably the security question you entered for your bank account that needs to be answered. In terms of security, it is at all often a question of the security of the bank using the service rather than the security of Interac itself. And the major disadvantage of the service is, of course, that it is currently only available to casino players who have a Canadian bank account and want to play at casinos in Canada.
- Inexpensive way to transfer money
- The transfers are often very fast
- Only works for Canadian casinos
- Requires an account with a Canadian bank or credit provider
The Verdict And Review For Interac e-Transfer
Interac e-Transfer allows you to implement safe transactions quickly and it is also one of the cheapest ways to transfer money available on the market today. However, Interac e-Transfer is a relatively exclusive service, so it is only available to casino players who have a Canadian bank account and want to play at casinos registered in Canada. Apart from this, it is difficult to find something negative about the service, which, via Western Union money transfer, can also be used for making payments to casinos in countries other than Canada. But it costs a little more and you lose some of the high speed.
Interac e-Transfer FAQ
Why Is Interac e-Transfer Service Only Available in Canada?
Interac E-transfer emerged as a result of collaboration between various financial institutions in Canada. Since Canada is a large country, the domestic market is large enough in itself for a service like this. The system is structured in such a way that it is quite difficult to connect banks and other players from other countries.
Any Chance That This Service Will Be Available In Other Countries?
As of now, there is no indication that it is going to happen any time soon, even though you can already use it to transfer funds to other countries where they can receive it through Western Union Money Transfer. However, the sender will still need to hold a Canadian account to make the transfer.
Do I Need To Register With Interac Before I Use This Service?
No. You do not have to register with the site to start using their service for sending or receiving money. All you need is a bank account with one of the participating banks in Canada, and once you log in to your online banking account, you can use the service.
How Is It Better Than Other eWallets or Banking Methods?
Interac eTransfer can certainly be termed as superior to most of the other eWallets or e-transfer methods that are available today and there are plenty of valid reasons for that. Some of these are the super fast speed, super low cost, safety as well as reliability. Not all eWallets and e-transfer methods work the same way .
How Do I receive the Winnings In My Account?
You can use the Interac eTransfer service to withdraw your winnings into your bank account but the whole process may take 4-6 working days for you to see the money credited to your bank account. A small fee per withdrawal may be deducted from the withdrawn amount. Please check with your bank and casino support for more information.
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