Interac vs. Visa Credit

Playing across online casinos, players know that they must make wise decisions when it comes to choosing the payment method to use for deposits and withdrawals. After all, they’re visiting online casinos with one purpose: to make more than they originally had. And to get the best out of their online gambling time, they need to have a payment method that would safely handle their money.

In the pursuit for the best payment solution, a player must check for fees, transaction times and availability. Two payment solutions which excel in all these three and more, are Interac and VISA. Both are popular solutions across online casino sites, even though suited for different types of players. Why why are Interac and VISA great options to use across online casinos?

Interac vs. VISA – An Introduction

Interac and VISA are some of the most frequently used payment methods across online casino sites. They both provide different types of players with many benefits, for which they have received the recognition they deserve. For one, they are both extremely safe networks, functioning for years. Two, they are both pretty easy to use. And three, they are both convenient solutions for their respective players.

Interac…

…is the number one brand in Canada. It is a national payment network that provides users with several products, among which the most widely-used ones are Interac Online, Interac eTransfer and Interac Debit. To use it, a player needs to have a bank account with any of the partnered banks, Canadian banks. But as long as they do, players can transact with it as effortlessly and as easily as possible.

As one of the most popular…

…solutions across the country, Interac managed to get its way to more hundreds of Canadian-focused online casinos. It is one of the most used, best withdrawal methods among Canadian players, and the reasons for that will amaze you. For starters, all you need to get started with it is a bank account at any of the 200 partnered banks, bank transactions that are accepted for gambling purposes. You don’t need to register anywhere, create no accounts, nada. The second reason is actually its availability across online casinos.

All leading casinos targeting Canadian players…

…actually accept it as a payment method. The third reason is the transaction speed with which it processes your deposits and withdrawals. And then, there’s the fact that it is available across all devices. Add to that the fact that it exists since 1984, and you’ve got yourself the perfect Canadian solution.

VISA, of course…

…is a worldwide-used payment solution. It is actually on top of the list of world-class payment solutions, and its popularity is well-deserved. Launched in 1958 in the US, by a Bank of America’s branch manager hoping to facilitate and make the processing of users’ bills faster and more efficient for every party involved, it started as a credit card program. But today, as you may as well know, the VISA brand has many other products, debit and prepaid cards, corporate and virtual cards included.

Its network covers the entire planet…

…and the brand is actually available probably in every single country in the world. It is used by industries, governments, financial institutions and end-users, mainly because it has gained their trust as one of the longest-operating credit card programs. Partnering with so many companies, VISA is one of the most-used payment methods, available in almost all banks and financial institutions, which are authorized to issue cards on its behalf. That’s one of the main benefits you’ll get if you choose to use it. It has partnered with most, if not all, banks and financial institutions across the world. So whichever your bank may be, any bank you may have an account with, would probably issue a VISA card to you.

Speaking of availability…

…most, if not all, online casinos accept it as a payment method, obviously. Whichever casino you try to join, you’ll see its logo on the bottom of the homepage, because there’s rarely any site that doesn’t accept VISA. Operators trust it due to its spotless reputation, security measures and two-factor authentication. They know VISA can provide their players with the most seamless transactions, and they make sure players have access to it.

Getting Started with Interac and VISA

As mentioned in the beginning, getting started with both Interac and VISA is pretty intuitive and easy. Before you choose either as your payment method at an online casino, make sure you do have a bank account.

You need to have a Canadian bank account…

…with one of the 200 leading banks Interac has partnered with in order to get started with it. That would be all you need. Seriously, other than a bank account, nothing else would be required from you to start using it if you already have a mobile or online banking account. After you join a casino, you’d have to choose which of the three products you’d like to use for your deposits and withdrawals. You’d probably choose either Interac Online or eTransfer since Interac Debit is rarely used by players and rarely accepted across online casino sites.

Just log in to your mobile or online bank account…

…and you can start transacting with it right away. After you send a request to use it, you’ll get an SMS or an email with further step-by-step instructions on how to proceed. You’ll also get the needed security answers and questions, and any credentials you may need later. And with that, you’re completely ready to use it.

At this point, you should know…

…that transactions with it would be near-instant, and really cost-effective. The thing is, Interac is operated by a non-profit organization, so the only fee you may need to pay is the $1.50-worth one, which is only charged to cover the basic transfer costs.

To get started with VISA…

…you also need to have a bank account, but this time, you’ll not be restricted to Canadian banks only. You can have a bank account with any bank in your country of residence, as VISA is a global method. Pay your bank a visit and submit your application for the card you want to get issued with. To fill out the application, you would need to enter your personal and bank account details, but also provide several ID documents, and proof of income and address documents. If the bank approves your request, your card would be ready in no time.

The bank will send your card…

…on your doorstep, via mail, if you want to. But you can always visit your bank and collect it from there. Anyway, you’ll get the card in an envelope containing a PIN code and other security codes you may need to enter out of authentication reasons. To finally start depositing with your card, you’ll need to have money on your bank account. So if you already do, you can start using it right away!

Making Deposits and Withdrawals

Reading so far, you have probably gathered that both Interac and VISA are actually pretty awesome solutions to use. But wait until you see how easy it is to transact with them!

To make a deposit with Interac…

…find a Canadian-focused casino which accepts it and join it. Go to its Banking/Cashier page and find Interac’s logo. Click on it, and a window will open where you’ll need to log in to your mobile or online bank account. Use your credentials, log in and enter the amount of money you’d like to deposit at the online casino site. Then, enter the casino’s email address, the security question you received previously via SMS or email, and wait for the casino’s response. The casino would have to provide the right security answer, and as soon as it does, your deposit will be found on your online casino balance.

Withdrawals with it are…

…as easy, as you would have to repeat the same process. Look for the solution in the Withdrawal section, send your request the same way, and wait for the casino to approve it. The casino would have to go over it, see whether you’ve cleared any wagering requirements, whether you can actually withdraw as much as you requested. As soon as you receive your approval, Interac will make sure to move your winnings to your bank account directly. You will receive an SMS or a notification by Interac informing you when will your money arrive on your bank account. 

Depositing with VISA…

…is just like shopping online. You know how to do it, you know how easy it is. Just find a casino that accepts it, join it and visit its Cashier/Banking page. Find VISA on the list of accepted methods and click on it. From here, as soon as the pop-up appears, you’ll know what to do. Enter the card expiration day, card number, your name as the cardholder and the CCV2 code. Specify how much you’d like to deposit and confirm your transaction. VISA processes deposits instantly, just like it processes shopping payments instantly, so you can start playing your favourite games right away.

To make a withdrawal with it…

…you would have to repeat the same procedure. The difference here would be the transaction time. Withdrawals are not instant but take 3 to 5 days, and in some cases even up to a week. The casino first needs to approve the request. It needs to check for wagering requirements, and whether you can withdraw as much as you requested. Then, VISA needs to transfer the money to your bank account. Since both the brand and your bank are involved, this would take a while. But rest assured that your winnings will reach your online casino account safely. 

You should know…

…however, that not all online casinos that accept VISA for deposits, also accept it for withdrawals. You may need to consult with the casino’s Customer Support agents, just to be sure. Most of them do accept it, but some would ask you to look for alternative solutions to withdraw your winnings.

Benefits and Downsides

It is more than clear that Interac and VISA are powerful, trustworthy and convenient payment methods to use across online casinos. They are both safe and easy to use. But, they each have their advantages and disadvantages.

When it comes to…

…Interac, it is a popular Canadian solution used by thousands of players across Canadian-targeting sites. It gives players the chance to experience effortless, easy and cost-effective transactions. In an instant, you can make a deposit for only a $1.50 fee. But on the negative side, the fact that it is only available to players from Canada who have a Canadian bank account is a real downside. Players from other countries across the globe cannot use it, even though it has proven to be quite a useful payment solution.

On the other hand…

…VISA is a name that resonates security, safety and convenience. It is available all across the world, so a player from any country can use it. Well, anyone who has a bank account. It is a solution you know that will provide you with seamless transactions, and keep your money safe with all the authentication and verification procedures you must go through to get to the money. Add to that the fact that you already know quite well how to use it, as you’ve been using it for years, and you’ve got yourself the perfect solution.

One of the reasons why…

…players avoid using it, though, are the fees that come with it. For each transaction you make with it, you need to pay a fee. Fees depend on your bank, but they are there. The fact that you cannot always use it for withdrawals is another drawback, as many players prefer using the same solution for funding their account and cashing out their winnings. So, make sure you compare all the benefits and downsides to both of these solutions and decide on the one to use according to your preferences. Whichever choice you make, you won’t regret it!