Interac is the name of a Canadian based payment method, which gives locals the option to make a transfer to another person in the same country, without even knowing their banking information.
Interac is an interesting payment method because it allows someone to send funds to another person (or a casino in this case), through their internet banking account. The sender of the funds needs two things. The first one is obviously an internet banking account. The second one is a way to let the other party know that they’ve been sent some money. The way they do that is either via email, or via text message. As long as you know someone’s email address or phone number, you can send them money, even without having their banking information. Once the transfer is initiated, the other party gets the message that they have money incoming, and they get the option to go online and give Interac their banking details, so that the money can reach them. A transfer of this type is not fast, but it is easy to do, and the money reaches its destination.
In order for someone to send an Interac deposit, the internet banking account needs to have this option. Most of the Canadian banks offer this option, but you can find a complete list on the Interac official website if you want to make sure.
The downside of this payment method is that you can’t get your money back once it’s deposited in the other party’s account. If you get scammed, there is nothing you can do about it, and that’s one reason why you may want to use another deposit option when you’re doing an account funding at your favorite casino.
Ways to deposit with Interac
Your first method is the classic one, using an internet banking account. The deposit can be made through the web based internet banking account, or through the mobile portal that does the same thing for smartphone owners.
If the bank you work with doesn’t support this method of payment, you can register on the Interac website and get them to send the money as a transfer to your bank account. Between 4 and 6 business days are required for a transfer to be completed. The fee associated with this transfer is $4 for each transaction.
Interac can be a great way to send funds, especially to parties you trust. You do need to be in Canada for it to work though, and it’s not something that should be used to make payments online.