- Convenient and fast transactions
- Low to no transaction fees
- Accepted a wide range of sportsbooks
Canadian Sportsbooks that Accept Interac E-Transfer
On this page, Canadian bettors have access to all the information they need to use and understand betting on sports and using Interac e Transfer betting sites. Some things you will learn in this betting guide include the basics of Interac e-transfers as a deposit method, the benefits of using it for online sports betting, how to send an Interac e transfer, and how to receive an Interac e transfer
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What is an Interac e-Transfer?
An Interac e-Transfer is a direct email transfer of funds to or from your bank account to another bank account. This payment method is popular for paying rent, buying goods and services from small businesses or individuals, and if you need to email money to your friends and family.
Interac e-Transfers are also now a way to make withdrawals and deposits – directly from your bank account – when you bet online.
Benefits of an Interac e-Transfer
There are many benefits to using Interac e Transfer Canada to fund your online betting account. We highlight the most important ones below.
Reliable and Secure
Interac Canada is very serious about keeping your money and information safe and secure. Sending money from your bank account through an e-transfer requires multiple security steps, including verifying you added the recipient. It may also need a personalized security question – depending on you or the receiver of the money set up their account. Interac e transfer Canada does not share your information with any – including online sportsbooks.
Interac e-transfers are also exceptionally reliable. They send quick and only on rare instances are unavailable – typically when your financial institution and Interac Canada are doing maintenance on the service.
Money Comes Directly from Your Bank Account
Like using a bank wire or Instadebit, transactions when using Interac e-Transfer come straight from or go directly to your bank account. This process saves an extra step and any potential fees a third-party middleman may charge. You also avoid interest and cash advance fees that you could be charged if you use a credit card such as American Express or Mastercard.
Low or No Fees
Fees associated with Interac e-Transfers depend on your financial institution and your banking plan. Some Canadian financial institutions never charge for e-Transfers. Other banks charge a fee unless you have a specified banking plan.
If you use e-Transfer regularly, you should know whether your bank charges you. If you do not, check your banking details, as each e-Transfer could cost up to $3.95 – which does add up if you make frequent small deposits on multiple sportsbooks. You should always check the sportsbook or sportsbooks you use to see if they charge any fees for individuals using e-Transfers.
Send Money Internationally
Maybe not something you will often use when betting online, but e-Transfers allow you to send money internationally. For example, if you have an American bank account, you can send an e-Transfer to it from a Canadian bank. However, suppose you have an American bank account. In that case, you can not Interac e Transfer US to Canada – as American banks do not offer e-Transfers. Americans instead use third-party companies such as Venmo or the Cash App to send money to friends and businesses.
You could also use this payment method to fund your account in USD. However, betting in American money is expensive due to the exchange rate and many fees.
How to Send an Interact e-Transfer
There are a few steps before you can send an e-Transfer to an online sportsbook. You first need to set up an account with a sports betting site or sites that accept e Transfer. Once you enter all your information and the information is verified, you can make your first deposit. Here is what you need to do to deposit by Interac e-Transfer.
- Go to the deposit page on the sportsbooks and select Interac or Interac e-Transfer
- Enter the amount you want to deposit and continue
- Click generate payment details*
- Select your financial institution and login to your bank’s (on either your phone, tablet, or computer)
- Find the e-Transfer section and add the generated payment details
- If you need a security question, any question will do. Just make sure you make the answer the same as what was provided in the generated payment details
Make sure you grab the welcome bonus before you make your first deposit. A welcome bonus will match some or all of your first deposit – giving you extra money in your bankroll.
One small drawback to using Interac e-Transfer is you will need to enter different details every time you make a new deposit. Make sure you enter all information accurately – that includes sending the exact amount you put in your deposit request. Any issues or differences or delay your deposit or worst, the e-Transfer is rejected.
Deposits speeds depend on your financial institution and range from instantaneous to up to 60 minutes to appear in your betting account.
You should also check the minimum and maximum amount you can spend in a single e-Transfer, as well as how much you can send in a day, week, and month. Most sportsbooks cap a single transaction at $1,000. Maximum deposit totals for a day, week, and month vary from sportsbook to sportsbook.
How to Receive an Interac e-Transfer
If you do not know how to receive Interac e-Transfer with your winnings, the steps are relatively straightforward and similar to making a deposit.
- Go to the withdrawal section on your sportsbooks
- Select Interac or Interac e-Transfer
- Enter the amount you want to withdrawal
- Next, you will receive an email to confirm you entered the correct email
- Once your email is confirmed, you will receive a follow-up email or text message with the password
- Enter the password when you receive your e-Transfer from your sportsbooks, or if you have auto-deposit on, it will go automatically into your account.
- That’s it!
You should also review the minimum and maximum withdrawal amounts, as well as if there are any fees associated with withdrawals. Each sportsbook sets its own mins and maxes amounts on how much you can withdraw in a single transaction.
Also, look to see how many transactions you are allowed in a period and if additional transactions incur fees. Additionally, make sure you accept e transfer from the sportsbook. Otherwise, it will return to your account – and that could take a few days.
Difference Between Interac e-Transfer and Debit Transaction
If your debit card is linked to the same account you make Interac e-Transfers from, the two transactions methods work quite similarly. Both involve taking money from your – generally speaking – your chequing account.
The difference is a debit card is used to make purchases at a business or online, while an e-Transfer is used to send money to another bank account. Some sportsbooks accept both debit cards and e-Transfers.
Some online sportsbooks do not accept debit cards as payment – or at least, debit cards from specific Canadian financial institutes. The reason, some bank blocks transactions with certain online sportsbooks. When this is the case, and you want to easily and securely send money from your bank account, using Interac e-Transfer is the way to go.
You also do not need to share your debit card or bank account number with a sports betting website if you use Interac e-transfers.