Interac is the best deposit method in Canada
If you live outside Canada, you may not have heard of Interac. Thatâs a shame. Theyâre a top-shelf payment method trusted by bettors throughout Canada. But just because theyâre popular in the Great North doesnât 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 wantâor needâto keep their options open.
Hereâs what youâll find in our Interac betting overview:
Interac is the most secure and widely accepted deposit method in Canada.
Low minimums
Instant processing
Zero fees
Hard to access when traveling
Fees
No fees will be charged from Bodog when making a deposit with Interac. This includes if youâre using their debit card.
Speed
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 doesnât 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.
Minimal fees
Quick Approval
Great mobile site
Higher minimum deposit
Fees
Sports Interaction does not charge a fee for processing deposits with Interac.
Speed
Both Interac e-wallet and card deposits are processed immediately at Sports Interaction, so youâll 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 donât take any longer to process, and the user workflows are clearly labeled and easy to navigate.
Immediate processing
High spending limits
Easy mobile transactions
Only the first deposit is free from fees
Fees
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.
Speed
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
No Fees
Instant Approval
High Welcome Bonuses
No Horse Racing Odds
Fees
Interac deposits at PowerPlay will not be subject to any surcharges regardless of whether youâre using their card or e-wallet service.
Speed
Deposits made using Interac at PowerPlay are processed instantly. Withdrawals, however, can take up to a few days to complete.
Who doesnât 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 whatâs 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 youâre 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 siteâs e-wallet section.
Basic Interac use, though, consists of transferring money from your account to another banking account. This means that youâll have to contact the customer service department of your sportsbook for account information in certain cases. Youâll then take the numbers they give you and punch it in to your transfer information window. Once more, you neednât 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 youâre transferring funds.
Many, many sites allow you to use Interac, but here are our five favorites:
Interac Deposit Screenshots
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 youâre trying to convert to and the bank from which youâre sending funds. Similar, it also matters where youâre sending the money to. Banks in different territories will charge different prices to process your international transaction. If youâre 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 youâre using a Canadian sportsbook, youâll 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. Itâs 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 isnât just that they employ the latest in online safety technology; itâs that they give you so many different ways of usingâand, thus, protectingâyour 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 youâre relaying bank account or credit card numbers.
Three Different Ways to Use Interac
You have three different ways in which you can use Interac. Thereâs Interac Debit, which is an actual card hooked up to your Interac account and can be used accordingly. Thereâs Interac Online, which permits you to complete transfers to e-wallets rather than the receiving partyâs bank account. And then thereâs just plain Interac, which basically entails you sending money from your Interac purse to a recipientâs 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 youâre 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 donât, theyâll 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 donât 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.
About the Author
Trent's your man when it comes to all things sports. He covers a wide range of sports for Sports Betting Sites, and has been published in some pretty reputable outlets, such as USA Today Sports, Vice, Bloody Elbow, Fight! Magazine, UFC 360, and Narratively. Trent's got the inside track on all the happenings in the world of sports.
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