Interac e-Transfer is an upcoming form of money transfer in Canada. It allows bank account holders to send money to a third party in such a very short duration of time. What is even better is the fact that it is an online money transfer system that is available in all Canadian banks. It is used by gamblers to play real money casino games. All that is required to participate using this service is a bank account that has enough funds to be channelled to a casino of your choice. The payment system is a rather easy one to understand and use.
- Withdrawals are instant from the bank.
- All money is transacted from an available balance hence no surprise bills.
- It is a fast method of making payments.
Using Interac e-Transfer for Online Casinos
Interac e-Transfer works in somewhat of a similar way, regardless of the bank used to send money from. All that a customer requires is to have funds available in the bank account. He/She will then have to key in the recipient’s email address for sending the chosen amount to the receiver’s bank account. A unique aspect of the whole process is that the sender has to type in a security question that is sent to the addressee via the email. It is mandatory to notify the recipient of the answer to the security question. After this process is completed, the money is debited from the sender’s bank account. The receiver will have to type the answer to have the money credit his/her bank account.
Interac e-Transfer uses this model in all transactions that go through its system. It is a secure form of payment in any of the online Interac e-transfer casinos. There is a surety that the player’s safety and financial security are put first. Most casinos allow this process in their systems regardless of whether they want to or not because it is a default payment system in Canadian banks. In cases where it is too cumbersome of a process to use the bank and email, an Interac debit card can be utilised. Authenticating these payments only requires a pin number to complete.
Opening an Interac e-Transfer account
Setting up an Interac e-Transfer only requires the player to have direct access to online banking. In recent times, the surging demand for flexibility and mobility in the banking industry has made it possible to use mobile devices as trading and banking tools albeit securely. The Interac e-transfer service is also available on mobile devices via the traditional mobile banking feature. These are not the only available methods that players involve themselves with the transfer service. Being a customer at any given financial institution in Canada also warrants access to the service. It is slowly claiming a market share in the Canadian online money transfer sector. The last real requirement that facilitates its functionality framework is an email address that is vital for the relay of sensitive information, such as the answer to the security question. Less hustle and an easy-to-the-eye security protocol that shuts out corrupt fraudsters make it among the best choices among players to make payments to their online casino accounts.
Using Interac e-Transfer in Canada
Interac e-Transfer is heavily utilised in Canada because of the stringent security setup it has. Personal information is never shared, and making illegal payments is almost unheard of. No transaction can go through without adequate communication with the third party. Only after the third party gets the information of the details relayed via email, and types them into the transaction section as per the requirement, can the sender’s bank release the funds. There are no special requirements to qualify for this service, other than the fact that a player wishing to deposit funds using the service and willing to pay the Interac e-transfer fee into a casino should be a member of a financial institution within the Canadian jurisdiction.
Fees and Limits
Interac e-Transfer has a very high-level security set up that makes most potential clientele assume high costs of transactions. That is nowhere near the case! If anything, it is the complete opposite, which makes its use rampant in online casinos. Both the banks and the casinos play a vital part in setting the ceiling of the sending fees. The most important player first and foremost is the bank. All the money sent comes from a bank account pending deposit into another. These banks decide the fees which are then used as a benchmark imposed on other business entities such as casinos. Most have an Interac e-transfer limit and fee on the flat rate of around a dollar anywhere from the minimum $10 to the maximum $10,000 that can be sent using the platform.
Benefits and drawbacks of using Interac e-Transfer
Interac e-Transfer is an accepted form of online money transfer payments, with all the leading Canadian banks. Any gambler wishing to make payments into online casino accounts can, therefore, breathe a sigh of relief because all casinos accept the payment method. Banks such as Bank of Montreal, TD Canada Trust, RBC, President’s Choice Financial and Scotiabank house a majority of Canadian casinos. It is, therefore, difficult to see why payments by players using the above method would be impossible. Another major advantage is the simple yet highly functioning security protocol that instils confidence in its users. The step-by-step protocol which must be followed to the latter is straightforward to the eye, yet a guarantee to many of the platform’s users. If a gamer gets the details wrong, they can always reverse the transaction because the security question, its answer and bank account number must be to the same recipient. Otherwise, it fails and breaks down.
Interac e-Transfer is fast, with transactions going through in less than ten minutes. A debited amount is deducted from the sender’s total bank balance in less than five minutes. It is then ready to be credited into the recipient’s bank account in around ten minutes. The only reason cited as preventing the amount from reflecting on this bank balance is that the bank still holds on to the money until the security question is correctly answered. Interac has a few drawbacks that make gamers hesitant in using it. The major one happens to be the Interac e-transfer fee. Any gambler can attest that these charges levied on the total deposit or withdrawal especially after a couple of losses, and no wins amount to a compounded expense. Upon winning the effect, is rather mild, but on a losing streak, it is a blow to the gamer’s morale as well.
- It is a very secure means of payment.
- It is a fast means of payment
- It has transaction cost levied on the total amount sent.
- It is very popular in Canada making it easier to pay for goods and services.
Interac E-transfer Features and Review
Interac e-Transfer is a secure payment platform that is very popular in Canada, because all the leading banks embrace, promote and advise their clientele on using it. Its speed, accuracy and efficiency have led to the popularity that is brewing among gamblers about this mode of deposit. In the midst of the rush to place wagers in the games, some players may mistake the details. Considering the payment of Interac e-transfer is real money from the bank, there should be no room for error. The payment system, however, allows for mistakes to be made, and the gamer does not have to bear the brunt of them because one mistake means that the money is not debited/transferred but remains in the account.
Interac e-Transfer FAQ
Do All Casinos Accept Interac?
Not all Canadian casinos accept Interac as a form of payment, but most of the listed casinos do embrace it. Payments are made to the cashier section of the casino’s site, and within minutes of making a minimum deposit, a gamer can indulge in any of the favorite fan games and try their luck.
How Much Are the Fees for Using?
The charges imposed on each and every transaction depend primarily on the bank, citing different terms and conditions. Some banks levy a tax at a flat rate regardless of the amount sent, which in most cases ranges around a dollar or two. It applies to both the minimum $10 to the maximum $10,000 posted.
Is Interac Secure For Online Casinos?
It is among the safest forms of payment available in Canada, and it is no wonder major casinos allow it. The security protocol is well set up sealing loopholes that promote corruption and fraud. If the player makes a mistake while sending, in most cases it won’t go through because of the uniformity in the recipient’s details that is required to authorise the transaction.
What Are The Best Canadian Interac Casinos?
Among the online listed Canadian casinos, it’s hard having a pick on which is the better. Factors such as welcome bonuses, low minimum deposits and withdrawal, and deposit fees all contribute. Speed is another aspect, because gamblers require quick deposits into their online casino accounts, to use funds in making more wagers.
Is Interac e-transfer Fast?
It is a very fast means of payment, with transfers taking anywhere between five to ten minutes. As stated earlier, players need the funds readily available to place wagers as soon as possible. Delaying funds is at times the difference between winning and losing in the online casinos. Interac e-payment does not disappoint.
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