Interac is the best deposit method in Canada
If you live outside Canada, you may not have heard of Interac. That’s a shame. They’re a top-shelf payment method trusted by bettors throughout Canada. But just because they’re popular in the Great North doesn’t mean gamblers from other territories cannot use them.
They offer international services. And most impressively, they combine the use of bank transfers with the services of an e-wallet, making them an ideal payment method for bettors who want—or need—to keep their options open.
Here’s what you’ll find in our Interac betting overview:
Interac is the most secure and widely accepted deposit method in Canada.
No fees will be charged from Bodog when making a deposit with Interac. This includes if you’re using their debit card.
Deposits made with Interac take effect instantly at Bodog. Their payout service is also on the quicker end for those using Interac via e-wallet.
For the bettor who doesn’t travel much, Bodog is the perfect place for Interac transactions. However, because Bodog can be difficult to access outside Canada, even for already registered users, those who travel internationally might want to consider an alternative.
Sports Interaction does not charge a fee for processing deposits with Interac.
Both Interac e-wallet and card deposits are processed immediately at Sports Interaction, so you’ll be able to place wagers with your own money in just seconds.
On-the-go betting is more important than ever these days. Sports Interaction excels at maximizing the Interac experience for those on mobile devices and apps. Transactions don’t take any longer to process, and the user workflows are clearly labeled and easy to navigate.
Bovada will not charge any fees on your first Interac card transaction. After that, there will be a 5.9 percent surcharge attached to every deposit you make with a credit card. There will not be a few with the wire transfer service unless doing a currency conversion.
Funds will hit your account immediately when you make deposits using Interac.
Bovada is a great home for Interac bettors, even with the potential fees involved. They wrap up transactions quickly, accommodate both low- and high-stakes bettors, have built one of the best mobile betting experiences in the business and offer one of the most extensive sportsbook selections around.Read Bovada Review
Interac deposits at PowerPlay will not be subject to any surcharges regardless of whether you’re using their card or e-wallet service.
Deposits made using Interac at PowerPlay are processed instantly. Withdrawals, however, can take up to a few days to complete.
Who doesn’t like free? PowerPlay does a fantastic job of limiting your overhead on deposits and withdrawals while not sacrificing industry-standard speed and sportsbook selection.Read BetOnline Review
Where other payment methods specialize in one service, Interac dips their toes into a bunch of different ones. There is no shortage of options for better looking to complete transactions.
Interac has a tangible debit card that they offer to their users. This works much in the same way any other debit card does. You can only spend what’s in your account, and you process online transactions like you would for credit cards. On top of that, they also have an actual credit card option for those who want to go that route and are approved via their online application.
At the same time, Interac also functions like an e-wallet and bank transfer. Funds are withdrawn directly from your bank account when you make deposits to your Interac. From there, you can then use that money to bankroll your sportsbook purse. Interac likewise allows you to carry an account balance as well, so you can process inbound transfers, just like any typical e-wallet.
Creating an Interac account is easy. Just visit their website, input a few personal details and you’re done. Throughout the process, Interac will help you customize your experience, determining whether you want or need a card and if you should be opening a business account.
But remember: In order to have an Interac account, you must have a Canadian bank account. You can still use the service abroad, but you must have an account with an accredited Canadian banking agency as well.
We could say that using Interac at sportsbooks is just like using other e-wallets or debit cards, because it is. But it also depends.
When you have Interac Debit or Interac online, this holds true. Interac Debit is used just like any other card would be when making sportsbooks deposits. Interac Online is used just like an e-wallet; you would input your information in the field of your online gaming site’s e-wallet section.
Basic Interac use, though, consists of transferring money from your account to another banking account. This means that you’ll have to contact the customer service department of your sportsbook for account information in certain cases. You’ll then take the numbers they give you and punch it in to your transfer information window. Once more, you needn’t jump through these hoops with Interac Debit or Interac Online, but basic use of this payment method requires you to have a bank account number to which you’re transferring funds.
Many, many sites allow you to use Interac, but here are our five favorites:
When making a transfer from a Canadian bank to another account or institution, you will be subject to conversion fees unless the recipient processes those on your behalf free of charge. These surcharges are not flat fees, but rather, they vary by the currency you’re trying to convert to and the bank from which you’re sending funds. Similar, it also matters where you’re sending the money to. Banks in different territories will charge different prices to process your international transaction. If you’re not careful, you could wind up paying an arm and a leg in extra fees.
Searching for the best deposit bonus is the obligation of every bettor. But that hunt is especially important here. Unless you’re using a Canadian sportsbook, you’ll be on the hook for currency-conversion fees. Capitalizing on great deposit bonuses is a great way to offset that cost. Our recommendation is that you stick to online bookies that offer to match 50 percent or more of your investment.
Figuring out how to avoid currency-conversion fees altogether is another good strategy. Sticking with Canadian sportsbooks is a great way to do that, but you can also go on the prowl for online gaming sites that do their own currency conversion free of charge. It’s a lot easier to find these than you think, too. Plenty of sportsbooks offer this service, in large part because they need to accept payments in U.S. dollars no matter which territory they reside in.
With so many options from which to choose, Interac has the security to match. It isn’t just that they employ the latest in online safety technology; it’s that they give you so many different ways of using—and, thus, protecting—your money.
Using Interac Debit or Interac Online is a great way to keep track and cap your spending. Meanwhile, the basic function of Interac allows you to transfer funds to a vast collection of sportsbooks without having to enter sensitive financial information into everyone. Like e-wallets, Interac provides a central spending point, which in turn allows you to limit the number of times you’re relaying bank account or credit card numbers.
Three Different Ways to Use Interac
You have three different ways in which you can use Interac. There’s Interac Debit, which is an actual card hooked up to your Interac account and can be used accordingly. There’s Interac Online, which permits you to complete transfers to e-wallets rather than the receiving party’s bank account. And then there’s just plain Interac, which basically entails you sending money from your Interac purse to a recipient’s bank account.
Contact Customer Support at Your Sportsbook
Many Interac transactions will require you to contact customer support at your sportsbook. They need to provide you with an account number to which you’re sending the funds. They also need to make sure that account is backed by an accredited Canadian bank, otherwise your Interact transaction will be rejected.
Payouts Using Interac
Users will need to have an Interac Online account to receive payout transfers from their sportsbook. If they don’t, they’ll have to request withdrawals in another form. And even if you do have an Interac Online account, you need to make sure your sportsbook is willing to cover all currency conversion costs, so that you don’t need to foot the bill yourself when you go to transfer that money into your bank account. This is another question that requires you to speak with a customer service representative at your preferred sportsbook.