Interac vs. PayPal

Depending on where you're playing from, across online casinos, you may face difficulties finding an online banking method to use. Not all payment methods are global, and not all accept players from any country across the world. But the good thing is, operators know this, and ensure to provide you with long lists of accepted payment solutions so that you can find at least one or two you can consider and use.

Across international online casino sites, there are some pretty popular methods, and most often offered. Such a solution is PayPal. The global eWallet, accepted in many countries in the world, can be found on the lists of accepted methods at most, if not all, online casinos. At Canadian-facing online casinos, on the other hand, you’ll certainly find Interac. That’s because this payment method is among the top in the country, on-demand by Canadian players. Why are PayPal and Interac so popular across online casinos?

About Interac and PayPal

Interac and PayPal are pretty different solutions, functioning on different principles. But they have things in common, things that actually make them popular across online casinos. The former is a national payment network offering several products, while the latter is one of the world’s most popular eWallets, even though it also offers other solutions. What they have in common is the ease of use and bulletproof security.

Operated by a non-profit organization, the Canadian national payment network Interac is one of the most trustworthy in the country. It is a payment network connected to all the major banks and financial institutions across Canada, over 200 of them, therefore, it has the biggest number of customers.

It was launched sometime around 1984, therefore, it has been operating successfully in the country for years. Throughout the years, due to its stability, integrity, continued innovations and improvements, and spotless track record, it has gained customers’ trust and has, naturally, become one of the best solutions to use to transact online.

Canadians use it for all kinds of purchases and payments, daily, and are more than satisfied with its offering. On that note, there are three products offered by it, Interac Online, Interac eTransfer and Interac Debit. Depending on their needs, once enrolled with the network, customers can use all three products, as it suits them.

The best part is, Interac has been evolving and has implemented multiple-platform compatibility to all three, therefore, users can use them for anything they might need, on any device. So, it should come as no surprise that the solution has found its way in the online gambling industry. Many of its participating banks are supporting online gambling transactions, therefore, it is perfect for online casino deposits and withdrawals. As introduced, this is a solution found at most, if not all, Canadian-targeting casinos, so if interested in transacting with it, you should know right away that you won’t experience any problems finding it at your favourite online casino site.

PayPal is, without a doubt, the world’s most popular eWallet. Ever since it was launched in 1998, its user base has been increasing insanely. When users see all the perks it has to offer, they instantly choose it over any other. Sure, throughout the years, it has had its ups and downs, but it has managed to maintain its position as a leader in the world of finance. That’s mainly because it is accepted in more than 200 countries all over the globe, which is not something any other eWallet can match.

The security it implements is unrivalled, as is its compliance with regulatory rules in different countries across the world. Blindly following the regulation in the accepted countries, PayPal ensures that its players and its reputation stay its main priority.

That’s why it has withdrawn its services from Germany, and in the US in the past, and has re-entered the US market when the regulatory issues were solved. For this dedication to security and safety, PayPal has received over two dozen prestigious awards in the finance scene, further strengthening its position as the absolute leader when it comes to eWallets.

But as mentioned, PayPal also offers other products. In collaboration with MasterCard, it offers the PayPal MasterCard product. Some years ago, it has launched its PayPal Connect product, which is a line of credit, available to those who meet the criteria. And, in 2020, being on track with all the innovation and tech developments in the world, it has even started approving transactions with cryptocurrencies, mainly Bitcoin, but several other popular digital currencies, as well. Therefore, it goes without saying that PayPal is one step ahead of everyone in the eWallet game, delivering impeccable services.

How to Get Started?

It should be made clear right away that getting started with both solutions would be an extremely easy process. Mainly, because you can do all of that online, without ever needing to visit your bank, for instance.

To get started with Interac, you would have to enrol with it. You would need to register an account and connect it to your online banking account. You don't need to visit your bank, provided you have already set up your online banking account. Considering it collaborates with over 200 leading Canadian banks, you probably already have an account with at least one of those banks, so you shouldn’t experience any problems here.

As mentioned, once you enrol, you can use all three products, Interac Online, Interac eTransfer and Interac Debit. But across online casinos, you will only find the Online and eTransfer products. That’s because they are really suited for online casino banking.

After you create your account with Interac, log in to your online banking account and shortly, you’ll receive an SMS or email with security questions and passwords, and instructions on how to continue. Follow the step-by-step instructions, go through the verification and authentication procedure and you’ll be able to start using it.

The background process goes like this. As soon as you request a transaction via Interac, your bank gets informed. Through secure pathways, Interac initiates the transaction and the money you requested to transact arrive on the recipient's account in an instant. The intermediary service that Interac provides comes with a $1.5 fee, regardless of the amount of money transferred, which is a symbolic fee that covers the basic costs of the transfer. But this is nothing compared to what other intermediaries charge, and is thanks to the fact that the payment network is operated by a non-profit organization.

With PayPal, the process is much shorter. You just to visit its official website, and click on the Sign-Up button on the right corner of the screen. You'll start the registration process. You would need to fill out the designated fields with information about yourself. Your name, surname, home address, social security number and email are mandatory. As are ID documents and other needed documents for verification. PayPal complies with the Know Your Customer rules, so providing copies of ID documents is obligatory. As soon as you provide all the mandatory info and docs, you can continue to fund your account.

Funding your eWallet account would be a piece of cake since you can do it with any credit card, other PayPal products you may already have or bank transfer. Funding it with credit cards, and depending on the credit card brand, would come with a fee of around 3%. With bank transfer, no fees apply. But a 2.5% fee applies for funding your account with a currency that’s different than the one you set to be your default fee.

Depositing and Withdrawing

Once you’ve set up the respective account, you will see that depositing and withdrawing with both solutions would be extremely easy. You should know that it would not be difficult to find a casino that accepts either because both Interac and PayPal are quite popular across international online casinos.

After you find a casino that accepts Interac, make sure you create an account with it. During the registration procedure, you will be asked to select a default Deposit method. From the list of accepted methods, choose Interac. From here, to make a deposit with it, you would need to:

1. Log in with your online banking credentials.
2. Specify how much you wish to deposit.
3. Enter the casino’s email address in the designated field.
4. Enter the security question you received when you created your Interac account.
5. Wait for the casino to provide the security answer.
6. Watch the money arrive on your online casino balance in an instant.

After you use your money to play your favourite casino games, you would probably win something and want to withdraw your winnings. Luckily for you, not only is it available for withdrawals, but Interac is one of the best withdrawal methods for Canadian players. Ask for a feedback by any Canadian player, and you’ll see. To withdraw your winnings with Interac, you would have to go through a process similar to the depositing one. This time, however, you would need to wait a while for the casino to approve your request. Provided the casino approves it, the money will arrive on your bank account directly. You will receive a transaction notification via SMS or an email.

If you wish to make a deposit with PayPal, you would need to join a casino that accepts it. Once you do, go to the Banking or Cashier page and choose PayPal as your deposit method. Then, follow these steps:

1. Log in to your PayPal account.
2. Go through the mandatory authentication process.
3. Specify how much you wish to deposit.
4. Double-check the info you provided and confirm the transaction.
5. Your money will instantly arrive on your online casino account.

Since your PayPal account is pre-funded, you won’t need to wait for any bank approvals for the funds to be transferred. You will see your money arriving on your online casino balance in an instant. Withdrawals with it, on that note, are also pretty quick, near-instant, and that’s PayPal’s strongest suit. You won’t waste time waiting for the money to arrive on your eWallet, and that’s why PayPal is one of the best, most used online casino methods.

Advantages and Disadvantages

Interac and PayPal, as introduced, are solutions that work on different principles, but do have a common mission, and that’s enabling safe and instant transactions for their respective users. They are both compatible across multiple platforms and are both suited for online casino transactions as they can be used for both deposits and withdrawals.

The two offer different advantages and disadvantages to their users, though. On the downside, Interac can only be used by Canadian players. It is a national payment network that is not available to users who don’t have a bank account with a Canadian bank. Its limited availability is basically its only downside. With PayPal, the fees are pretty high compared to Interac’s $1.5 fee for any transaction.

Other than the hefty fee, PayPal has no flaw. The solution is a global one, available to most online casino players. It is easy to use and accepted at most, if not all, international online casinos. You don’t need to meet any strict criteria to use it, and you can get started with it whenever you want, without prior requirements. It has been used by online casino players for years and has a spotless track record. It uses the most innovative technologies and concepts to provide users with as many services as possible, so there's no doubt why it is the number one eWallet used across online casinos.

Interact, on the other hand, is the number one solution for Canadian players across online casinos. Since it collaborates with over 200 leading banks in the country, players would experience no problem getting started with it, as they probably already have an account with one or two participating banks. It is operated by a non-profit organization, and that’s why it only charges a basic $1.5 fee to cover basic costs.

Its transactions being cost-effective, instant and safe is what makes it so popular among online casino players, because that’s all players are looking for. Therefore, if a player from Canada, make sure you choose it over any other method. If from elsewhere across the globe, PayPal should be your first choice. The two are excellent solutions to use across online casinos, so whichever suits you better, make sure you give it a try.