Interac betting sites – Fast & secure transactions

Sports betting in Canada is a perpetually growing industry, with bettors able to take on a wide variety of betting options on a wide variety of devices. There are also a wide variety of payment options that can be used to fund an account on one of these sites, with Interac being an example of one of those options that can be utilized should a player choose to do so. In my guide to online sports betting with Interac, be prepared to find out everything you need to know to perform transactions with this service. You will read more about the many pros and possible cons of the method, how to make deposits and withdrawals and many more interesting facts. Before that you will see a table with interesting bookmakers.

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Pros and cons

Interac is what is known as an e-transfer service, where players can send a sportsbook money straight from their bank account. In a sense, it almost feels like they are able to email money from one destination to another given that it is the same process that barely requires a few clicks to complete.

One of the biggest positives of Interac is just how easy it is to use. Players simply need to have an email address, access to online banking, and the email address of the place you want to send your money to. Sportsbooks will need to have an Interac-friendly email address handy to take those types of payments, although Interac does offer other payment options that could be compatible with sites that do not. If you want to make deposits via Interac, take a look at this image and see how it works.

Interac deposits a step by step guide

Flexibility is another huge positive of using Interac, as bettors can use the e-transfer service or set up their Interac accounts to work alongside services like Apple Pay, Google Pay, and Samsung Pay. Having multiple payment options within one payment service is a huge boost for players who don’t want to have to move their money around to several sources just to fund their accounts. In the case of Interac, they absolutely check that box.

Security is another big perk of using Interac. Given all of the different transaction types that Interac offers, it’s no surprise that security is a huge priority for them. Bettors don’t have to enter their actual banking information into a site when they use Interac, which can reduce any threat of a cyber attack impacting them. Not that bettors will normally have to deal with any such issues, but the added peace of mind is always a plus.

Perhaps the only real negative to using Interac to fund a sports betting account is how convoluted the fees situation might be when using them. A look at the fees explainer on their website is a positively labyrinthian experience, where bettors are likely to be confused as to what they might owe due to the fact that nothing is stated in as concrete a fashion as they might like. Most other payment options list their fees much more clearly, which is a knock against Interac.

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Did you know that Interac provides better security compared to other online credit card payment methods? Also, it offers so many advantages and convenience that even universities accept it´s use for the payment of tuition fees.

How to make a deposit

Making a deposit so that Interac betting transactions can take place is very simple as the following image shows. Bettors first need to make sure that they have accounts at both the sportsbook of their choice that accepts Interac, as well as with Interac itself. From there, a bettor should make sure that they have all of their account information put into Interac so that they are linked up to their bank.

Interac deposits a step by step guide

Once all of the account details are sorted out at both sites, a bettor can finally start making their deposit. This is done by going to the cashier or deposit section of a chosen sportsbook. Once there, bettors can choose Interac as their funding method, assuming that it is available to them. They can then choose how much they want to deposit using Interac and send it off. It is a straightforward process that should yield a deposit on a fast turnaround.

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How to make a withdrawal

Making a withdrawal using Interac should also be easy, as bettors have the opportunity to reap the fruits of their sports betting labor with it at websites that use the service. To get started making a withdrawal using Interac, bettors should first go to the cashier section of their sportsbook. This will usually take an extra click compared to getting to the section to make deposits, but still shouldn’t be hard to find.

From there, bettors can select that they would like to make a withdrawal, and select Interac as their chosen method of doing so. Picking how much money should be withdrawn is the next step. From there, a player can request their withdrawal. What happens next depends on the player’s experience with making withdrawals. If a player has already had experience cashing out with a site, they will likely have to wait for the withdrawal to go through.

On the other hand, bettors who have yet to make a withdrawal with a site may have to verify their information first. This often requires providing some kind of documentation like a driver’s license and a utility bill. It may feel a bit personal, but that discomfort is worth it so that your sportsbook knows that they aren’t giving your money away to someone that you don’t know.

Are there any costs and fees?

Fortunately for sports bettors, most sites no longer charge fees to process financial transactions. They used to do so far more often in the past, but competition against one another for the dollars of their players limited the amount to which that process takes place today. But that is only one side of the equation, as Interac and a bettor’s financial institutions may still charge a fee depending on the services used.

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For the e-transfer options, bettors may be subject to a fee from their financial institution if the funds being deposited are coming straight from their bank account. There are other scenarios in which a bettor may encounter fees using Interac, but their explanations of these fees are difficult to follow. Bettors are advised that they should ask someone with Interac or their financial institution about what fees they may encounter for their specific situation using their services to avoid any confusion or mishaps.

How long do Interac transactions take?

It is important to remember that bettors should expect a bit of a wait when they choose to make a withdrawal using any service, as those simply take longer than making a deposit. Therefore, if you need your money, be sure to request it ahead of time so you can have it in time for whatever you are using it for.

Transactions with Interac vary in how long they take depending on the kind of transaction being performed. In the case of deposits, you can be confident that your transactions are going to go through instantly. This is because both Interac and your sports book work together to make those processes happen smoothly, with no need to verify any information beyond what you input and verify on your own.

As for withdrawals, those can take longer. The reason that those take longer is not because of Interac, but rather because the sportsbooks want to make sure that they are sending funds to the right people and that everything is squared away for them to do so. Withdrawals at most sportsbooks using Interac take somewhere in the range of 5-7 business days. This is something of a long time if you need your money right away, but is worth it to make sure that the sportsbook is living up to expectations from a security standpoint.

Alternative payment methods

Interac is definitely a strong choice as far as a payment and withdrawal method at sportsbooks. But it is also a good idea to find a website that will accept alternative methods of funding, which just about all of them do at this point. This comes in handy should Interac go down or if there is a more convenient method for your financial needs at some point in time.

Included in the list of common alternative methods of payment are popular eWallets such as Skrill, Neteller, and PayPal. These methods allow bettors to use either their balance on those sites or their bank accounts to make deposits quickly, and are also available for withdrawals. Credit and debit cards are also an option, with Visa and MasterCard transactions routinely allowed on most sports betting platforms. There is also the potential to use straight-up bank transfers and checks if a bettor would prefer in many cases.

Of course, bettors need to be sure to check with each individual site as to what they offer. While most sites have largely the same menu of payment options, a slight variation in what options are available or what fees come along with those options could be the difference between a positive and negative funding experience.

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The conclusion

As a whole, the popular payment method Interac has a lot of convenience to it thanks to its flexibility and ease of use. While determining what fees you may have to pay can be convoluted at times, that is a small price to pay for the overall convenience found around the rest of the site.

James Cooper, Editor-in-Chief
Interac is one of the most popular payment methods that Canadian players use and my article has shown you many sites that accept it.

James Cooper, Editor-in-chief

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