Interac Betting Sites

Written by Pavel Kateliev

Pavel Kateliev

Pavel Kateliev is a popular sport journalist, particularly in the fields of football, basketball, tennis, and hockey. He writes daily for Sportingpedia and his work has been translated into at least 20 languages and featured on renowned outlets such as BBC, Yahoo, MCN, Sun, and Evening News, in Italian, English, Spanish, and Portuguese.

, | Updated: September 24, 2024

Interac is a safe and prompt payment solution that caters to the needs of Canadians. The payment service partners with various reputable financial institutions, allowing users to transfer funds from their bank accounts in a near-instant fashion. At the moment, Interac is the leading debit card system and funds transfer network in Canada.

In the past, there were two companies that offered Interac-branded products, including Interac Association and Acxsys Corporation. The first company was established in 1984 by Canada’s most prominent financial institutions. The other company, Acxsys Corporation, was founded in 1996 as a joint venture of eight financial institutions.

Top Interac Sportsbooks Ranked by Trustpilot Rating

Comparison of Top Interac Sports Betting Sites

Top 15 Betting Sites for Interac

1. Sports Interaction

   

   Bet Now Review

   Licenses

   Kahnawake Gaming Commission; The Alcohol and Gaming Commission of Ontario (#OPIG1242525)

   Min Deposit

   $10

   Min Withdrawal

   $10

   Withdrawal Time

   • Bank cards - 3-5 banking days• E-wallets - within 8 hours• Bank Transfers - 3-5 bankig days• Instant Banking - instant

   Deposit Methods

   

   Sponsorships

   NHL

   Contact Details

   Live Chat: Yes email: Contact Us Form Phone: N/A
   

   

   • High withdrawal limits
   • Secure payment options
   • Plenty of betting options on popular sports
   • Daily Odds Boosts
   • Refer A Friend program
   • Round-the-clock customer service

   Sports Interaction is widely known for being the first sportsbook specifically tailored to meet the needs and requirements of the Canadian sports betting market.

   The bookmaker diligently covers all fan-favorite sports such as American football, baseball, golf, soccer, and tennis, among others. Punters will find a great diversity of NFL Player Props and Futures betting markets. Fans of horse racing, cricket, and rugby will not be disappointed as well.

   Customers of Sports Interaction are offered Daily odds boosts on the most popular events. A Refer a Friend program is also available. The brand operates in full compliance with the regulatory requirements of the Kahnawake Gaming Commission and the Jersey Gambling Commission.

2. bet365

   

   Bet Now Review

   Licenses

   UKGC (#055148-R-331498-001) MGA (#MGA/CRP/531/2018) Government of Gibraltar (#076) +10 jurisdictions (including US states)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€10

   Withdrawal Time

   * E-wallets - 1-4 hours* Debit Card - 1-4 hours* Credit Cards - 1-5 days* Wire Transfer - up to 12 hours

   Deposit Methods

   

   Sponsorships

   UEFA Champions League

   Contact Details

   Live Chat: Yes email: support.eng@customerservices365.com Phone: 00 800 1236 5365
   

   

   • Broad experience on the online gambling scene
   • Several bonuses and promotions
   • Responsive customer support
   • Several gambling products
   • Advantageous odds
   • Great market coverage

   Bet365 is an exclusive brand enjoying global popularity and delivering punters with a betting experience of the highest quality. Canada-based bettors have at their disposal a variety of banking methods, both international and local.

   With regard to the widely popular Interac transactions, minimum deposit limits stand at $10, while maximum withdrawals are set to $10,000.00. Withdrawals from betting accounts are handled in a fast and secure manner.

   In terms of sports, betting markets, and functionalities, the brand offers a diversity second to none in the industry. Licensed and regulated by a number of eminent gambling institutions around the world, bet365 delivers an entirely safe betting environment.

3. 22Bet

   

   Bet Now Review

   Licenses

   Curaçao (#8048/JAZ2017-067) Kahnawake Gaming Commission (#00882)

   Min Deposit

   $/€1

   Min Withdrawal

   $/€10

   Withdrawal Time

   • Cryptocurrencies - 15 minutes• E-wallets - up to 24 hours• Credit & debit cards - up to 7 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes email: support-en@22bet.com Phone: +357 99 816806
   

   

   • Coverage of over 1,000 sporting events each day
   • Over 100 payment methods
   • Minimum deposits of $1 only
   • A broad range of limited-time and recurring sportsbook promos
   • Native iOS and Android apps
   • Dedicated customer support in several languages

   Established by truly passionate sports enthusiasts in 2018, 22Bet has quickly transformed into a leading global online betting platform. The operator has managed to attract the attention of thousands of sports betting devotees over the globe, including ones based in Canada.

   The sportsbook is uniquely characterized by its customer-centric approach with numerous customization options including more than 60 languages, 6 odds formats, and over 100 payment methods to choose from. Among the various payment processors, Interac is a much-favored banking solution, specifically tailored to Canadian users.

   Every single day, customers of the brand have access to more than 1,000 sports events from different sports, including football, tennis, ice hockey, cricket, and many more.

4. 888sport

   

   Bet Now Review

   Licenses

   UKGC (#039028-R-319297-012) MGA (#MGA/CRP/543/2018) Government of Gibraltar (#112 and #113)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€10

   Withdrawal Time

   • E-wallets and Rapid Transfer - 2-3 days• Visa and ApplePay - up to 6 days• Wire transfer - 5-8 days

   Deposit Methods

   

   Sponsorships

   National Football League (NFL), Dundalk Football Club, Cardiff City FC

   Contact Details

   Live Chat: Yes email: support@888sport.com Phone: N/A
   

   

   • In-Play betting
   • Long history in the gambling industry
   • Dozens of payment solutions supported
   • Wide range of sports
   • Good mobile support
   • Dedicated mobile app

   Set up in 2008 as a subsidiary of 888 Holdings plc., 888sport is a well-established brand on the global sports betting scene. The platform features an extensive selection of sports and multiple betting markets. As a dynamic and fast-paced operator, it delivers great live betting opportunities on a variety of sports.

   Besides VISA and MasterCard payments, among other international banking methods, the operator provides Canada-based punters the opportunity to handle their online transfers securely and promptly through Interac.

   Betting tips and news are available in 888sport’s blog section, along with tools and guides, all designed to contribute to a successful and rewarding betting experience.

5. Betway

   

   Bet Now Review

   Licenses

   UKGC (#000-039372-R-319367) MGA (#MGA/B2C/130/2006) GGL (#RPDA-Dez. III. 34-73c 38.01/8-2019/13) Western Cape Gambling and Racing Board (#10181496-010)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€10

   Withdrawal Time

   • E-wallets - up to 24 hours• Debit cards and bank transfers - 2 business days

   Deposit Methods

   

   Sponsorships

   Arsenal FC, West Ham United FC, Brighton & Hove Albion FC, Atletico Madrid FC

   Contact Details

   Live Chat: Yes Email: support@betway.com Phone: varies according to country
   

   

   • Over 10 years of experience
   • High betting limits
   • Prompt and professional support service
   • Great odds for more than 30 sports
   • Available in 11 languages
   • Live streaming of major sporting events

   Betway is yet another leading international betting company based in the United Kingdom and founded in 2006. The enviable success of the brand is largely due to the numerous benefits it has to offer including the lucrative bonus offers and the great abundance of markets.

   The platform boasts an exclusively user-friendly layout, enabling punters to navigate through the various sports and markets with great ease. The bookie’s betting markets, features, and tools are available when accessing the site from a mobile device, so bettors on the go will face no difficulties at all.

   Canada-based bettors enjoy super fast and secure withdrawals, especially ones handled through Interac.

6. 20Bet

   

   Bet Now Review

   Licenses

   Curaçao (#8048/JAZ2017-067) Kahnawake Gaming Commission (#00882)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€10

   Withdrawal Time

   • E-wallets - 12 hours• Cryptos - 24 hours•Credit/debit cards - 7 business days

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes email: support@20bet.com Phone: N/A
   

   

   • Great coverage of top sporting events
   • A generous Welcome Offer
   • Supports different secure and easy-to-use payment methods
   • All punters automatically join the VIP program of 20Bet
   • Android and iOS users can bet on the fully-optimized mobile version of 20Bet
   • 24/7 live chat customer support

   Punters who prefer to handle their online transactions through Interac and other convenient payment processors such as Skrill and Neteller, will most certainly be thrilled with what 20Bet has to offer. Besides a decent range of payment processors, the brand delivers a great diversity of markets and tools.

   The exceptional sports betting portfolio of 20Bet is without a doubt the most substantial benefit, with more than 40 disciplines to choose from. Soccer, tennis, basketball, and ice hockey are among the favorites, all featuring competitive odds.

   From registering and funding the betting account to dealing with payments and making use of the available betting functionalities, punters will be excited with the user-friendliness of the platform.

7. Rabona

   

   Licenses

   Curacao (8048/JAZ)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€20

   Withdrawal Time

   Bank cards - 2-5 days Ewallets, Crypto - instant

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes Email: support@rabona.com
   

   

   • Great odds on top leagues
   • A variety of horse racing markets
   • Plenty of Virtual Sports markets
   • Fast payouts
   • Responsive and knowledgeable customer support
   • Customer VIP Levels

   Rabona is an innovative, stylishly designed online betting venue that has been welcoming punters since 2019. Although a new betting platform, it has already attracted thousands of customers and has everything necessary to compete with other well-established sportsbooks.

   Rabona stands out from the rest of the newly created sportsbooks as it ticks all the boxes of the requirements of even the most demanding punters. When it comes to the safety of financial transactions, punters can have complete peace of mind, as the operator utilizes a high level of encryption.

   A great diversity of markets, advantageous odds, fast payouts, and responsive customer service are among the other advantages that this sportsbook has on offer.

8. N1 Bet

   

   Licenses

   The Curacao Gambling Commission (8048/JAZ2020-013))

   Min Deposit

   €/$20 - bank cards, e-walletsiDebit, Interac - CA$30BTC - 0.0001

   Min Withdrawal

   €/$20

   Withdrawal Time

   Bank cards - up to 7 business days eWallets - up to 12 hours Cryptocurrencies - less than 24 hours

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes Email: support@n1bet.com Phone: N/A
   

   

   • Cibersports
   • Live schedules
   • Full statistics
   • Full Cash-out
   • 40+ sports
   • Cards, e-wallets, and crypto payment solutions

   N1 Bet is one of the freshly launched sites that has taken the world of betting by storm. The bookie debuted on the global sports betting scene in 2021 and operates in compliance with the regulatory requirements of the Curaçao Gambling Authority.

   N1 Bet is quite distinctive in the online betting industry as the catalog comprises more than 25 sports and a broad range of markets. Bettors get to choose among a variety of payment methods including cryptocurrencies and Interac.

   When punters visit N1 Bet’s website for the first time, it becomes clear that the operator is dedicated to delivering the best possible service. Overall, N1 Bet delivers results that meet the highest standards of quality and performance around the world.

9. Casumo Sports

   

   Bet Now

   Licenses

   MGA (#MGA/CRP/217/2012) Irish Revenue Commissioners (#1015523) AGCO (#OPIG1239089) Swedish Gambling Authority (#23Si773) Gibraltar (#126 and #127) UKGC (#061549)

   Min Deposit

   $/€10

   Min Withdrawal

   $/€10

   Withdrawal Time

   • Credit/Debit Cards - 1-5 days • E-wallets - Up to 48 hours • Trustly - Up to 48 hours • Bank Transfers - 1-5 days

   Deposit Methods

   

   Sponsorships

   N/A

   Contact Details

   Live Chat: Yes Email: hey@casumo.com Phone: N/A
   

   

   • Casumo Blog
   • An extensive sports catalog
   • A highly-functional mobile platform
   • A great diversity of betting markets
   • Live betting
   • Cash-out feature

   Casumo debuted in the online sports betting world in 2012 and includes a sportsbook and a casino product.

   With multiple credible licenses and certifications behind its back, the Casumo sportsbook offers a safe betting environment. Deposit and withdrawal methods are extremely secure and some of the most popular ones include card payments, Skrill, Neteller, and Interac. As far as cashouts via the latter are concerned, they appear in the customer’s accounts instantly, once verification procedures are completed.

   The Casumo app, available to download on Android and iOS devices is equipped with all neat features to make betting easier and more rewarding. The Live Chat feature is present and the customer reps are friendly, knowledgeable, and quick to offer working solutions.

10. Betsafe

    

    Review

    Licenses

    MGA (MGA/CRP/108/2004) Ireland’s Revenue Commissioners (#1011286) Swedish Gambling Authority (#23Si2178)

    Min Deposit

    $/€10

    Min Withdrawal

    $/€10

    Withdrawal Time

    * Bank cards - up to 5 business days* E-wallets - up to 24 hours* Bank Transfer - up to 5 business days

    Deposit Methods

    

    Sponsorships

    N/A

    Contact Details

    Live Chat: Yes Email: support-en@betsafe.com Phone: +44 808 238 0028
    

    

    • A trusted and legitimate website
    • Wide range of payment services and currencies
    • Great customer support 24/7
    • Dozens of betting markets
    • Licensed by the MGA
    • Great live betting selection

    Betsafe made its official entry into the sports betting realm back in 2006 and promptly established itself as one of the most trustworthy operators. The bookie’s product line includes more than 30 sports disciplines and a great supply of betting markets to choose from. Popular leagues such as MLB, UFC, and NFL are easily accessible on the home page, so punters can place their wagers within seconds.

    Other features worth mentioning are the in-play betting section, the single-game parley offers, Statistics, and live scores, as well as Bet History. Overall, this operator has the all-important features of a premier online betting destination.

11. Tonybet

    

    Bet Now

    Licenses

    The Estonian Tax and Customs Board (#HKL000393, HKT000016, HKL000098, HKT000015) Kahnawake Gaming Commission

    Min Deposit

    $/€10

    Min Withdrawal

    $/€10

    Withdrawal Time

    • E-wallets - within 12 hours • Credit/Debit cards - up to 7 business days • Cryptocurrencies - less than 24 hours

    Deposit Methods

    

    Sponsorships

    CPL

    Contact Details

    Live Chat: Yes email: info@tonybet.com Contact Us Form Phone: N/A
    

    

    • In-play betting
    • Live streaming
    • Full and partial Cash-out
    • Edit Bet
    • 25+ sports
    • Sports results

    TonyBet is a well-established and reputable online bookmaker committed to delivering punters from around the world with a secure, transparent, and dependable online betting environment. Originally established as OmniBet in 2003, the brand was acquired by poker player Atanas Guoka and subsequently renamed to TonyBet.

    The company is distinguished for its great range of football-focused products. The diversity of markets provides punters with all that is needed for a completely rewarding betting experience. This is not to say that other disciplines are lacking depth and diversity of markets. On the contrary, bettors will find a great array of sports to bet on such as tennis, basketball, hockey, volleyball, and American football, to mention a few.

12. VBet

    

    Bet Now

    Licenses

    UKGC (#44662) Curacao Gaming Control Board (#OGL/2024/802/0282

    Min Deposit

    $/€10

    Min Withdrawal

    $/€10

    Withdrawal Time

    Up to 72 hours

    Deposit Methods

    

    Sponsorships

    AFA, AS Monaco, OGC Nice, Pyunik Yerevan, Malta Premier League, Malta Football Association, Ukranian Football Association, FC Dynamo Kiyv, FC Oleksandriya, NK Veres

    Contact Details

    Live Chat: Yes Email: support@vbet.com Phone: +1 (323) 3955131
    

    

    • Properly regulated online betting platform
    • Low minimum deposits
    • 45,000 events per year
    • Plenty of pre-match and in-play markets
    • An array of promotional offers
    • A wide selection of payment methods

    Founded in 2003 as a land-based betting venue in Armenia, VBet commenced its operations as Vivaro. The brand launched its online product in 2006. Besides its initial license from the Government of Curaçao, the company gained the regulatory approval of the Malta Gambling Authority in 2015, followed by several other certifications from local gambling authorities across Europe.

    The sportsbook boasts a large portfolio of sports, more than 45,000 events per year, and an impressive range of 250 markets per single event for some of the sports. Bonuses and special promotional offers enhance the betting experience even more. The company keeps ahead of the competition by giving innovations a top priority, whether through distinctive features or cutting-edge platforms.

13. LVbet

    

    Bet Now

    Licenses

    MGA (#MGA/B2C/282/2015) Ministry of Finance of the Republic of Poland (#PS4.6831.9.2016.EQK) Latvian Lotteries and Gambling Supervisory Inspection (#TI-14)

    Min Deposit

    $/€10

    Min Withdrawal

    $/€20

    Withdrawal Time

    • Debit cards - up to 3 business days • E-wallets - up to 24 hours • Bank transfers - 3-5 business days

    Deposit Methods

    

    Sponsorships

    Hamrun Handball Club, WKS Śląsk Wrocław, Piast Gliwice FC

    Contact Details

    Live Chat: Yes Email: support@lvbet.com; support@lvbet.lv Phone: N/A
    

    

    • Betbuilder
    • A broad selection of in-game markets
    • ESports and Virtual Sports markets
    • Cash-out feature
    • VIP Club
    • Statistics

    LVBet is yet another leading supplier of online betting services that has prioritized implementing fast, secure, and convenient payment methods. Interac is one of those payment processors enabling withdrawals within 24 hours. Bettors will find a great selection of sports and eSports to choose from, as well as excellent promotional offers and competitive odds.

    Although detailed and informative, the website of LVBet is easily navigable and very well structured. The live betting section and the live streaming functionality of select popular sports events offer a frictionless experience and a great opportunity to accumulate greater profits. The popular Cash-out functionality is also available, as well as extensive statistics.

14. Betsson

    

    Review

    Licenses

    Malta Gaming Authority (MGA/CRP/108/2004)Swedish Gambling Authority (SGA)Danish Gambling Authority (DGA)

    Min Deposit

    €10

    Min Withdrawal

    €20

    Withdrawal Time

    Bank Transfer: 2 to7 daysCards: 2 to 5 daysE-Wallets: Up to 24hours

    Deposit Methods

    

    Sponsorships

    Atletico NacionalInter MilanOFI CretePremier Padel

    Contact Details

    Live Chat: YesEmail: support-en@betsson.comPhone: +356 2260 3300
    

    

    • Numerous betting markets
    • In-Play betting
    • Accepts various hassle-free and safe payment methods
    • Properly regulated virtual sportsbook
    • Great Customer Support
    • Live streaming of big events

    With more than 15 years of experience behind its back, Betsson has managed to build a reliable, transparent, and trustworthy betting environment for its customers from multiple jurisdictions.

    The company sets itself apart from the competition because it does not concentrate on just a single aspect of the services it offers, but rather delivers an all-encompassing package that meets the requirements of all bettors.

    The sports betting selection, features, payment methods, and customer service of the brand are in line with the highest standards within the industry. Punters based in Canada will find that the popular Interac solutions are available as a fast and secure payment option.

15. 1xBet

    

    Licenses

    Curacao (1668/JAZ) Irish Revenue Commissioners (#1019276)

    Min Deposit

    $/€10

    Min Withdrawal

    €20 - Trustly€10 - Jeton, Skrill€5 - Skrill€1.50 - Other methods

    Withdrawal Time

    * Bank cards - Instant/up to 7 days* E-wallets - 15 min - 24 hours* Bank Transfers - Up to 5 days* Crypto - 15 minutes

    Deposit Methods

    

    Sponsorships

    FC Barcelona, Paris Saint-Germain, LaLiga, Serie A TIM, CAF, ESL, MIBR, Beastcoast, Aurora, LOSC Lille, IHC

    Contact Details

    Live Chat: Yes Email: support@1xbet-team.com Phone: +44 127 325-69-87
    

    

    • Live streaming
    • Multi-Live feature
    • Edit bet and Bet Builder
    • eSports
    • Statistics
    • 40+ crypto payment options

    With more than 10 years of experience within the sports betting industry, 1xBet is a great online betting destination, offering a complete range of features, betting markets, and bonus offers.

    The selection of payment options available at 1xBet is particularly impressive, with popular processors such as Interac, Skrill, and ecoPayz, as well as a wide range of crypto solutions. Furthermore, the betting platform features some great customization options such as a choice between 6 odds formats, background color, font size, and the way stats are displayed. Bettors get special offers for live accumulators of the day, as well as access to the Bet generator feature.

In 2018, the two companies reorganized their corporate structures to create a single entity, Interac Corp. Since the amalgamation of the two companies, all Interac-branded products have been offered by Interac Corp. Over the years, the company has added more services to its portfolio. In 2021, Interac appeared in first place in the financial services category for yet another year.

Interac is a reliable payment solution supported by many online merchants, including web-based sportsbooks. It has revolutionized the way Canadians can initiate payments to and from their sports betting accounts. Many sports betting platforms seeking to establish a strong presence on the Canadian market support Interac payments.

How Interac Functions?

Interac is an easy-to-use payment service that allows you to make payments safely and promptly by transferring funds directly from your bank account. In other words, you can make a transaction with an online merchant only if you have enough funds in your bank account. This way, you are protected from spending money you do not have and running into debt. You can also receive money via Interac. Please note that if your bank does not support Interac, you cannot receive funds. As mentioned above, Interac offers several products, including Interac Debit, Interac Flash, Interac e-Transfer, Interac Cash, and Interac Online.

Interac Debit

Interac Debit is among the first products offered by the company. It allows users to make payments online and at various retail locations across Canada in real-time. Besides, you can use your debit card at over 2 million retail locations in the US. Interac debit cards can be added to Apple Pay, Google Pay, and Samsung Pay, allowing users to make in-app and in-browser transactions.

Interac Debit works in a very straightforward way. After the purchase amount is entered, you have to insert the card into the POS terminal and enter your PIN. The sum will be automatically deducted from your bank account.

Interac Flash

With Interac Flash, you can make contactless payments by tapping or holding your card near the POS terminal. The device will connect with your bank account, and the payment will be finalized within a few seconds. Interac Flash is accepted at many retail locations in Canada. Payments are processed safely, and a limit of $100 applies to every transaction. The cumulative spend limit is $200. When you reach it, you have to insert your card into the POS device and enter your PIN. This protects cardholders from fraud.

In 2013, the company launched Mobile Interac Flash to bring contactless debit payments to the mobile space. This product provides users with the opportunity to pay for items by hovering their mobile devices over a contactless terminal.

Interac e-Transfer

Interac e-Transfer is the most popular service among Canadians. It allows them to make payments and receive money easily, safely, and promptly. A crucial thing to note is that Interac e-Transfer transactions are irreversible.

You can send money from your bank account to someone via Interac e-Transfer by logging into your online banking. After that, you have to choose the Interac e-Transfer option and select the Send button. Then, you have to enter the email address or the phone number of the person you want to send money to. You can also add the reason for the transaction.

As an additional security measure, you will be required to set a secret question and answer. The recipient should answer the question, and if it coincides with the answer set by you, the recipient can collect the money. You can discuss the secret answer and question with the recipient in person or over the phone. If you enter the answer to the security question incorrectly more than three times, the transaction will be canceled.

If you are the recipient, you will receive an email, notifying you the transaction is underway. You have to follow the link attached to the notification and choose a preferred financial institution. Then, you have to provide the answer to the secret question to receive the money that has been sent to you. With Interac e-Transfer, you can also decline the transfer. But keep in mind that a declined transaction cannot be reversed.

Note that you have 30 days only to accept the transaction. If the transaction expires, the sender will be notified that the transfer was not accepted and will have the opportunity to reclaim the funds.

Interac Cash

Interac Cash is a service that provides you with the opportunity to withdraw money from an Automated Banking Machine (ABM). Users can cash out funds from their bank accounts in a safe and prompt manner. To pull out funds using Interac Cash, you have to find an ABM that carries the Interac logo, insert your debit card, and select the sum you wish to withdraw. Then, you will be required to enter your PIN. Note that charges might apply to such withdrawals.

Interac Online

The most recent Interac-branded service is Interac Online. It allows users to make online payments without sharing their personal information. If you want to transfer money via Interac Online, you should select Interac Online as a preferred payment solution from the online merchant’s banking page. Then, you have to choose your bank, log into your online banking, enter the amount you want to transfer, and confirm the payment. You will be redirected to the online merchant’s website, indicating that the payment is processed.

Opening an Account

What makes Interac a preferred payment solution among Canadians is its ease of use. You do not have to open an Interac account because Interac is not an eWallet, and it does not hold your funds. Instead, it is a network of reputable Canadian financial institutions. Thus, if you open a bank account with a participating bank, you can use Interac’s services. According to Interac’s official website, the participating financial institutions are nearly 300.

Depositing to Your Sportsbook Balance

Punters who want to use Interac to deposit funds to their sports betting accounts have to find a sportsbook that supports this payment solution. Many reputable betting platforms that accept bettors from Canada employ this payment method. Since Interac allows you to transfer money directly from your bank account, the funds in your bank account should be sufficient to cover the transaction.

Visit the banking section of the sportsbook you have an account with and select Interac as a preferred payment method. Then, you will be provided with a list of participating financial institutions. Select the financial institution you are registered with and log into your online banking. Choose an account to pay from, and enter the amount you wish to transfer to your sports betting account.

Then, you will be redirected to the Interac banking page, where you have to select your bank and complete the deposit. The funds should appear in your sports betting account instantly. If a secret answer and question is required, you have to discuss it in advance with the sportsbook’s customer support representatives.

It is crucial to note that the different financial institutions might apply transaction limits. You can check this information on the official website of the bank you use or contact them. Usually, the Interac e-Transfer sending limits are as follows: C$3,000 per day, C$10,000 per week, and C$20,000 – C$30,000 per month.

Withdrawing from Your Sportsbook Balance

Unlike some payment solutions that support deposits only, Interac allows users to receive money. Reputable sportsbooks usually employ a closed-loop payment system. In other words, they process withdrawals back to the payment method used to make a deposit. Of course, some bookies will provide you with the opportunity to choose a preferred withdrawal method.

Before requesting a withdrawal, familiarize yourself with the withdrawal limits employed by the specific sportsbook. Keep in mind that sportsbooks have pending periods that vary from a couple of hours to 5 days, or even more. This means that the speed of your withdrawal depends not only on the payment solution but also on other factors such as pending time.

To withdraw your earnings from your sports betting account, you have to visit the sportsbook’s virtual cashier and select Interac as a preferred withdrawal method. Enter the amount you wish to cash out and confirm the payment. You will be required to provide your first and last name, email address, and phone number. After that, log into your online banking, select the receive money via Interac option, and accept the transaction.

Apart from the minimum and maximum withdrawal limits sportsbooks apply, you have to comply with the limits set by your financial institution. If you use Interac e-Transfer, you can withdraw up to C$10,000 daily, C$25,000 – C$70,000 monthly, and C$50,000 – C$300,000 monthly.

Cost and Fees

Many Canadians opt for Interac as a preferred payment solution due to its low fees. Most online sportsbooks geared toward the Canadian market do not impose fees on deposits and withdrawals via Interac. Note that some online sportsbooks charge their patrons a small fee for using Interac, but these are few and far between.

Being a payment service supported by a network of financial institutions and banks, Interac users do not have to set up an Interac account and pay for it. Furthermore, there are no fees for topping up your Interac account, because Interac is connected to your bank account.

However, the different financial institutions have the right to charge their users for various services. But such fees are not imposed by Interac. In this section, we will cast light on the fees Interac charges. Before we continue, we would like to explain what Interchange and Switch Fees are. The Interchange Fee is paid by the owner of an Interac-compatible POS to the financial institution. The Switch Fee is paid by the POS Acquirers and issuing financial institutions.

Interac Debit users should be in the know that a Switch Fee of $0.010123 applies to ABM withdrawals. Furthermore, ABM withdrawals are subject to an Interchange flat fee of $0.75, applicable per completed withdrawal transaction. A Switch Fee of $0.008998 applies to Interac Debit contactless and e-commerce payments. If you add your Interac Debit to Apple Pay or Google Pay, an Acquirer service fee of $0.025 applies to all transactions. An Interchange Fee of $0.02 to $0.035 applies to Interac Flash payments.

Interac contactless payments are subject to an Interchange Fee that varies between the different types of merchants. Interac distinguishes between three types of merchants depending on the average transaction size. With low-ticket merchants, the average transaction size is below C$20. These include fast-food restaurants, convenience stores, bakeries, and others. A flat fee of $0.020 applies to contactless payments to low-ticket merchants.

High-volume merchants meet a transaction volume threshold of 20 million Interac Flash transactions as for the last calendar year. The Interchange Fee for Interac Flash payments to high-volume merchants is $0.025. All other merchants have to pay an Interchange flat fee of $0.035 for utilizing Interac-compatible POS terminals.

Security and Privacy

The major concern among online punters is the safety of their hard-earned money. Interac has been in business since 1984. Its longevity is the first sign of its trustworthiness. Furthermore, only reputable banks support Interac, which would not be the case if the payment service was not reliable.

Interac transactions are processed by the receiving and sending bank. Financial institutions are known for their ironclad security systems. Furthermore, Interac also employs sophisticated safety measures, making it the most secure way to transfer and receive money in Canada. Like most reliable payment solutions, Interac uses end-to-end encryption technology.

To enhance safety, the participating financial institutions have one of the most secure login processes. You have to provide your confidential user ID and password to log into your online banking. In order to send money, you have to set a security question and answer. The recipient has to provide the right security answer. Otherwise, the transaction will be canceled. This minimizes the risk of sending money to the wrong recipient.

Here are some tips for improving the safety of your Interac transactions:

• Select a strong password and do not share it with anybody
• Send money only to trustworthy merchants and individuals
• Avoid including the answer to the security question in the question
• Beware of fraudulent messages and scams

Advantages of Interac

Interac has become a popular payment solution among Canadians. On average, 6 billion transactions are processed via Interac. To understand why Interac is a preferred payment solution, we would like to take a look at the advantages it offers to its users.

Interac provides its users with the opportunity to send and receive money easily. You do not have to set a separate account to use Interac’s services, meaning that there is no need to memorize login credentials. To transfer funds to someone or receive funds takes only a few minutes. Furthermore, you can use Interac even on your smartphone, meaning that you can send money even on the go.

Many punters residing in Canada opt for Interac as a preferred payment solution due to its promptness. Deposits are carried out instantly. Hence, sports fans do not have to wait to place a bet on their favorite sporting event because the deposited money will appear in their betting accounts right away. Withdrawals might take up to 3 days, which is still faster compared to some other withdrawal options.

Safety is yet another reason why so many Canadians use Interac for their financial transactions. Regardless of whether you want to deposit funds to your sports betting account or buy something online, Interac will process the payment in a safe manner. The payment service utilizes various safety measures to protect its users’ financial transactions. Furthermore, sports fans do not have to share their banking credentials with the bookmaker when depositing or withdrawing funds via Interac.

Interac is a budget-friendly payment service that does not charge its users an arm and a leg to send and receive funds. Punters realize that the less the fees are, the more money they will be left with. Furthermore, Interac allows its users to transfer money directly from their bank accounts. Hence, if the funds in your bank account are insufficient, the payment will not be processed. This helps sports fans to manage their bankroll and stay out of debt.

Disadvantages of Interac

Although Interac has plenty of advantages, one should also consider the disadvantages. As explained above, Interac is a payment service offered by participating financial institutions and banks based in Canada. This means that Interac caters to the needs of people residing in Canada and the only currency it supports is CAD.

There are plenty of online sportsbooks that accept punters from Canada. Although Interac is a widely used payment solution in Canada, not all betting platforms support it. Furthermore, some bookies impose fees on deposits and withdrawals via Interac. While it is true that the fees are usually nominal, you can avoid them by using an alternative payment method.

Another disadvantage of the payment service is that it does not offer live chat support. Thus, if you have inquiries about Interac’s products, you have to dial 1-855-789-2979 or send an email at info@interac.ca.

Interac users should keep in mind that they cannot reverse e-Transfer payments. This means that once you confirm the payment, you can not cancel it. Thus, you have to be careful when selecting the recipient of the funds.

Conclusion

Interac is a Canadian-friendly payment service. It provides its users with the opportunity to initiate hassle-free payments at any time. Furthermore, Interac offers several different products to correspond to the needs of everyone. Interac e-Transfer and Interac Online are the most commonly used Interac-branded products in the online sports betting industry.

Interac is the best payment solution for punters who wish to fund their betting accounts on the spot. Furthermore, bettors can also cash in their profits via Interac. Financial transactions are processed safely at almost no cost to you.