Interac is a Canadianinterbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system. There are over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments.^{[citation needed]}

History[edit]

Interac Online can also be used for the withdrawal at a casino. If you've previously used it for the deposit you can also select it from the list of available options for the withdrawal. Fees may apply to the withdrawal, but these depend on your bank and if the casino charges them. Dec 19, 2019 Hi Guys and Girls, First of all, as usual, thank you all for your feedback, your kind words and constructive criticism. With regards to the Withdrawal Fee, I apologise if this is not clear on our website and I will do my best to advise the Content Team to see whether they can add it anywhere in order to show the 2 or more withdrawals per week charge clearer.

Dec 19, 2019 I have made two withdrawals by Interac and both were processed within a few hours. I received a text with a password within 24 hours and then received the Interac payment the day after. Guess it depends on the time of day as I'm in western Canada so it doesn't line up with UK time and can take a little longer. I'm impressed so far. Click the ' Withdrawal ' tab. Enter the amount you wish to withdraw. Choose Interac e-transfer as the withdrawal method. Click ' Withdraw ' to complete the transaction. Once the withdrawal is fully processed by us, Interac e-transfer will take an additional 1-3 days to prepare your funds for claiming. Interac Debit More than just a card. Interac Flash The faster way to check out. On Mobile Pay with your mobile device. E-Commerce Shop the web and in mobile apps. Interac Debit (Chip and PIN) Cross-Border Debit Pay with your card in the U.S. Interac Cash Withdraw cash at your convenience. Find an ABM Search for an ABM close to you.

The network was launched in 1984 through the nonprofitInterac Association, a cooperative venture between five financial institutions: RBC, CIBC, Scotiabank, TD, and Desjardins; by 2010, there were over 80 member organizations. The group founded a for-profit counterpart organization, Acxsys, in 1996, which launched additional Interac-branded services including e-transfers. Following several aborted merger attempts which were either blocked by the Competition Bureau or by some of the co-owners between 2008 and 2013, Interac and Acxsys were combined into a single for-profit organization, Interac Corporation, on 1 February 2018.^[1][2] Interac's head office is located at Royal Bank Plaza in Toronto.

Services[edit]

Interac is the organization responsible for the development of a national network of two shared electronic financial services:

Interac Direct Payment (IDP)[edit]

Interac Direct Payment (IDP) is Canada's national debit card service for purchasing of goods and services. Customers enter their personal identification number (PIN) and the amount paid is deducted from either their chequing or savings accounts.As of 2001, the number of transactions completed via IDP has surpassed those completed using physical money.^[3]Beginning in 2004, IDP purchases could also be made in the United States at merchants on the NYCE network.IDP is similar in nature to the EFTPOS systems in use in the United Kingdom, Australia and New Zealand.

Interac Direct Payment is a PIN-based system where the information entered on the PIN pad is encrypted and verified at a central server, rather than being stored on the card itself. Because of this, it is significantly more secure than traditional signature or card-based transactions. Despite these security features, there are ongoing fraud concerns, particularly when debit cards are duped or skimmed — a compromised automated teller machine or point-of-sale terminal will record the account information contained in the magnetic strip of the card, allowing for duplicate cards to be created at a later time. The owner of the card is then secretly video taped or observed entering their PIN, allowing a criminal to use duplicate cards to make fraudulent purchases.

Interac chip cards[edit]

In 2007, Interac announced it would be moving to EMVchip card technology.^[4][5] The main benefit to this technology over the existing magnetic stripes is that the chips are almost impossible to copy due to high levels of encryption.

Shared Cash Dispensing (SCD)[edit]

Shared Cash Dispensing (SCD): cash withdrawals from any ABM not belonging to a cardholder's financial institution. This Canada-specific service is similar to international systems like Plus or Cirrus. Virtually every ABM in Canada is on the Interac system.

Interac e-Transfer Service[edit]

The Interac e-Transfer service is offered by CertaPay. It allows online banking customers to send money to anyone with an e-mail address and a bank account in Canada. Prior to February 2018, this was an Interac-branded service operated by Acxsys Corporation. Interac e-Transfer service is designated as a prominent payment system and is subject to oversight by the Bank of Canada.^[6]

Interac Online[edit]

The Interac Online service allows customers to pay for goods and services over the Internet using funds directly from their bank accounts. Because no financial information is shared with the online merchant, the Interac Online service is more secure than online credit card payments. This service, an Interac branded service operated by Acxsys Corporation prior to February 2018, began in 2005 and is expanding as more merchants choose to participate.^{[citation needed]} Since November 2007, the service has been available to customers of four of the five largest Canadian banks: RBC, BMO, Scotiabank, and TD Canada Trust. CIBC, the sole outlier, uses Visa Debit for online payments from bank accounts. As of February 2009, the service is offered by roughly 300 merchants including two large universities (for tuition payments), two major wireless carriers, provincial lottery corporations, and a wide variety of retailers. Interac Online is an Online Banking ePayments service very similar to iDEAL in the Netherlands, Giropay^[7] in Germany, and Secure Vault Payments^[8] in the United States.

See also[edit]

References[edit]

1. ^The Canadian Press (12 February 2010). 'Bureau axes Interac request to become for-profit'. CTV News.ca. Bell Media. Retrieved 18 October 2013.
2. ^Bradshaw, James (5 February 2018). 'Major revamp gives Interac a chance to compete against rivals'. The Globe and Mail. Retrieved 12 February 2018.
3. ^Buchholz, Garth A. (22 July 2005). 'INTERAC Milestones in Canada Electronic Cash Payments: Canada Loves its Debit Cards, but Will the Cashless Revolution Happen in the U.S.?'. InformIT. Pearson Education. Retrieved 18 October 2013.
4. ^'What is Chip Technology Interac'. Interac.ca. 31 December 2012. Retrieved 18 October 2013.
5. ^'Interac Association Chip Guide'. EPOSS. Archived from the original on 7 January 2016. Retrieved 22 May 2014.
6. ^https://www.bankofcanada.ca/core-functions/financial-system/oversight-designated-clearing-settlement-systems/
7. ^'Home: giropay' (in German). Giropay.de. 18 September 2013. Retrieved 18 October 2013.
8. ^'Fast. Easy. Secure'. Secure Vault Payments. Retrieved 18 October 2013.

Bibliography[edit]

• Interac Association (2006). At the Merchant 2006. Retrieved 19 June 2006, from https://web.archive.org/web/20060717152738/http://www.interac.ca/en_n2_11_howitworks.html
• Interac Association (2006). At the Merchant 2006. Retrieved 19 June 2006, from https://web.archive.org/web/20060721144717/http://www.interac.ca/en_n2_12_benefits.html
• Interac Association (2006). At the Merchant 2006. Retrieved 19 June 2006, from https://web.archive.org/web/20060718165146/http://www.interac.ca/en_n2_13_fees.html

External links[edit]

Page updated on: 25.02.2021

Interac Corp is a company formed from the Canadian fintech companies Interac Association and Acxsys Corporation. Both companies have long-standing good track record and experience in the financial industry, spanning over 30 years in the financial market of Canada. They are one of the leading payment providers in Canada with an established position.

Interac Corp has agreements with many payment service providers, banks, merchants, credit unions and caisses populaires, including RBC Royal Bank of Canada, Scotiabank, CIBC, TD Canada Trust, HSBC, Tangerine Bank, BMO, Bank of Montréal and ATB Financial. You can use it with over 250 financial institutions.

Every day over 60 million transactions are processed, amounting to 6 billion a year, which is the result of the popularity and availability. Different payment services are available, including Interac Online and Interac e-Transfer ↱, which can be used to make payments to and from online casinos and many other online shops.

Advantages

• payments are processed through secured connections
• Casino withdrawal is also possible
• a good reputation and availability, and support from over 250 financial institutions
• no fees from Interac

Disadvantages

• only users with a Canadian bank account can use the service
• fees may apply from casinos

Top Interac e-Transfer Casinos in 2021

The list below offers you the best online casinos with Interac e-Transfer for casino deposits and withdrawals. Each casino has at least one valid licence and a good reputation with their players. We offer more information about these Canadian casinos in detailed reviews providing information about the payments, payment terms, fees, bonuses, terms and games available at the website.

Showing casinos for players from Germany

*Bonus Terms apply and they can change any time.

How does Interac e-Transfer work?

Interac e-Transfer is widely accepted as a payment method in at online shops in Canada, and many Canadian online casinos accept it as a payment method as well.

You can send and receive money from anyone with a mobile phone number or an e-mail address, or a bank account at a bank in Canada. You won't have to share any personal banking information with the receiving or the sending party, which makes payments really safe.

You can make fast and secure payments with Interac e-Transfer directly from your bank account, and you can send the payment to other bank accounts, online merchants or online casinos.

It's also possible to request money with Interac e-Transfer. Log in to your mobile banking or online banking and navigate to the tab to request money. You can request money from one of your existing contacts, or you can fill in the fields for e-mail address or a mobile phone number to request from someone else. Enter the amount and a message if you like, and send the request. The funds will be deposited into your bank account immediately after the recipient approved it.

Casino deposit with Interac e-Transfer

Making a deposit at an online casino with Interac e-Transfer is simple. Select it from the list of available payment methods at the casino, and then follow the steps on-screen.

Choose the account you wish to make the transfer from, and the amount how much you wish to deposit into your casino player account. The recipient of the funds will receive a notification of the transaction, and the money will be available in your player account within moments.

Casino withdrawal with Interac e-Transfer

Participating online casinos also offer Interac e-Transfer for the casino withdrawal. Choose the payment method from the list of available withdrawal options, which you can see if you've previously used Interac to make the deposit at the casino as well.

You can then initiate a withdrawal of your winnings from the casino, and they will be transferred to your bank account after the withdrawal has been accepted and processed by the casino.

How long it takes to process the withdrawal depends on the casino and their policies. Keep in mind that a withdrawal is subject to a number of checks at the casino, but once it has been accepted by the casino, the money will be credited to your bank account within moments.

Conclusion

Interac e-Transfer is a convenient payment method for users who wish to make a fast bank transfer. This service is only available to users with a Canadian bank account, and transactions will also appear on your bank statements.

If you wish to make more discreet payments to online casinos, we recommend using a different service, such as the Neteller e-wallet.

Interac e-Transfer is safe to use, and very popular with casino players. The payment option is available at many Canadian online casinos as well, making it a convenient choice.

Interac e-Transfer FAQ

♦ Which currencies are supported with Interac e-Transfer accounts?

Interac e-Transfer handles payments in Canadian Dollar (CAD) and US Dollar (USD). You can also make transfers in another currency, but in this case conversion fees will apply which can be hidden in the exchange rate of the currency.

♦ What are the fees for Interac e-Transfer?

Interac e-Transfer is mostly free for users, and online casinos or other vendors often carry the fees for the service. The company itself doesn't charge any additional fees to the users. However, in some cases, merchants or casino operators transfer their cost to offer the service over to the user, so it's important to take a look at the payment policies of the casino before making the deposit.

♦ How long does it take to send or receive money with Interac e-Transfer?

Payments made with Interac e-Transfer are processed instantly. You can also make withdrawals of winnings if you've used it for the deposit previously. A casino withdrawal is subject to a number of checks, so bear in mind that it can take a few hours or days for the approval of the deposit. Once the casino operator approved the payment and processed it, you'll have it credited to your account within moments.

♦ Can I use Interac e-Transfer in online or mobile casinos?

There are many mobile casinos accepting Interac e-Transfer , most of which also allow deposits in Canadian Dollar. Take a look at the best Interac e-Transfer casinos and information about the payment method here at CasinoDaemon.com.

♦ What are the minimum and maximum transfer amounts with Interac e-Transfer in casinos?

Interac e-Transfer can be used to make higher transactions, starting from C$10 or C$20 at most casinos, up to C$2500, whereas the maximum amount also depends on the casino policy and your available funds.

Similarly, withdrawals with Interac e-Transfer are also subject to the casino's payment policies, including maximum transaction limits and general withdrawal limits. you'll Take a look at the casino's payment policies to learn more about the minimum withdrawal amount, which often starts from C$10 or C$20 at licensed online casinos.

Some casinos have maximum withdrawal restrictions, which can include daily, weekly or monthly limits. We provide information about the withdrawal limits in our casino reviews for each casino, or you can find them in the terms and conditions of the casino.

♦ Where is Interac e-Transfer based and/or licensed?

Interac Withdrawal 401k

Interac e-Transfer is a product from Interac Corp, an established fintech company that has been around for over three decades, which is cooperation of Interac Association and Acxsys Corporation. The company has their headquarters in Toronto, Canada.

♦ Can I get a casino bonus with Interac e-Transfer?

Interac Withdrawals

Casino players from Canada are welcome at many online casinos, and they can also often claim a casino bonus. These welcome bonuses can also be claimed with an Interac e-Transfer payment, as this payment option is usually not excluded.

Take a look at the bonus terms to find out if there are any restrictions. The T&Cs will provide information about the wagering requirements of the bonus, and it's very important that you read them if you decide to accept bonus money.

♦ Is Interac e-Transfer a safe payment method?

Interac Withdrawal Fee

Interac e-Transfer payments are very safe, as they are secured through encrypted connections, and also because you won't have to share any personal or financial information with the recipient of the payment.

The company over 30 years experience in the financial business in Canada, which means that they can be trusted with safe payment processing.