Even though most players tend to look into what kind of games, bonuses, and promotions a casino offers, it’s also essential to determine which payment methods they can use to deposit and withdraw their money. This article compares two popular banking options for Canadian players: Interac and Paypal. Picking between these two can be tricky for some, so let’s take a thorough look at which method you might want to consider using and the advantages and disadvantages of each choice.
A Short Overview of PayPal and Interac
Before we start comparing the two options, let’s briefly overview everything you should know about them. PayPal is a worldwide famous payment platform that allows you to open an electronic wallet very quickly and start depositing and withdrawing money to your bank account and debit cards.
The company was established in 1998 and has become one of the most popular payment options in the world. It became famous by introducing a swift and efficient way to send and receive money. Nowadays, there are millions of PayPal users all across the globe.
This method makes Internet purchases, direct money transfers, and fund management straightforward, and that is why it has become a global brand that anyone can recognize. The online gambling industry is also no stranger to PayPal transactions since many brands tend to allow its usage, but we’ll get to that later.
On the other hand, we have Interac, a Canadian national payment network and debit card issuer, which has been operating since 1984. The system comprises Interac Debit, Interac Online, and Interac e-Transfers services, which have multiple purposes, including sending and receiving money between bank accounts.
This is a payment method exclusively used by Canadian punters. The network supports over 200 banks nationwide so you won’t have any issues setting everything up. You will primarily use the Interac e-Transfer service for casino deposits and withdrawals, which allows direct money transfers.
PayPal and Interac are undoubtedly different in their structure. One is an electronic wallet, while the other is an entire payment network, but they are both viable options for casino transactions, so let’s dive into all the details and see which one is better.
Availability in Casinos
A crucial thing to consider when choosing your primary banking method is its availability in online casinos. It doesn’t matter if you’ve found an option with all the benefits if none of the operators accept it as a valid tool for deposits and withdrawals. As a rule of thumb, you will always want to pick one widely used in the industry.
This will allow you to try out many different platforms without worrying about whether you can transfer your money. For security reasons, it’s generally advised not to switch your payment method too often. Try to stick to only one, and switch when you have no other options.
Unfortunately, few global online casinos offer Interac. Since this is a Canadian-only payment method, you will have more difficulty finding an international gambling platform that accepts it. If you’re determined to use it, you will likely have to play at a Canadian-owned and operated casino.
Luckily, there are plenty of regulated, trustworthy, and reliable Canadian brands you can visit and enjoy your time in. Most of these will have the Interac e-Transfer or Interac Online options so that you will have no issues depositing and withdrawing funds from your account.
On the other hand, PayPal is much more prevalent than Interac. Since this is a global payment electronic wallet, thousands of online casinos offer it as a banking option. While other e-wallet methods, such as Skrill and Neteller, are objectively more popular for punters, PayPal is far from unusable.
Generally speaking, if you’re looking to create an account and play games on a gambling platform that a Canadian operator doesn’t own exclusively, chances are you will have a much better time using PayPal. This is something you will carefully want to consider. Many Canadian punters are content with playing in local environments, but others might like to experiment more.
Transaction Times
Quickly depositing and withdrawing money without waiting for a prolonged period is undoubtedly a massive advantage of any payment method. In recent years, we’ve seen an increase in the usage of cryptocurrencies, and fast transaction times are certainly one of the main reasons for this.
But crypto isn’t the only fast banking option, as Interac can also provide speedy processing times. When it comes to deposits, you won’t have to wait anything, as you are guaranteed instant transactions. This means you can quickly increase your casino balance and enjoy the fun.
The same thing can be said for withdrawals. In most cases, you won’t have to wait for more than 10 minutes to see your winnings being transferred to your bank account. While there have been instances where punters had to wait up to 6 days, these kinds of situations are infrequent.
Regarding PayPal, you can also expect instant deposits when trying to refill your balance, but things get a little worse regarding withdrawals. On average, you must wait up to 48 hours to transfer your winnings. Even though these aren’t the slowest processing times when compared to other payment methods, they certainly are when compared to Interac.
Suppose you regularly deposit and withdraw money from various casinos. In that case, you will benefit more significantly when using Interac, as having instant transfers makes a huge difference.
Processing Fees
Besides faster transaction times, players want small or non-existent processing fees when withdrawing and depositing money in online casinos. While this isn’t usually the deciding factor in what they will use, it can significantly influence the decision.
Canadians will also be happy to know that Interac trumps PayPal in this department. Withdrawing money from a gambling platform is only associated with a small flat fee, usually around 1 Dollar. This is very affordable and much lower than most other payment methods used in the industry.
When using PayPal, in most cases, you will experience variable fees. And while these usually aren’t all that big, having flat fees is objectively better, as you know what to expect when withdrawing money every time. This can also play a huge role for those who frequently deposit and withdraw.
Over time, fees can accumulate, so using Interac is a much smarter choice, especially if you’re looking to be extra careful with your budget spending, which we wholeheartedly recommend.
Customer Support & Security
Another vital thing to consider when choosing a payment option is what kind of customer support care you will be inclined to receive. Being able to contact a representative to ask questions or resolve issues is something you should always have as an option.
The two methods we are talking about are very different in this department. Since Interac functions as a mediator between your bank account and the casino, customer support is provided by the bank itself. As you can imagine, this results in varied qualities regarding the service you will receive.
PayPal features 24/7 customer support service, which you can contact for any issues or concerns. They are known for being reliable and quick to respond, and you can get in touch with them through either the live chat service, the telephone number, or by emailing them.
Regarding vulnerabilities and protection, both options have great security measures. Whether you use Interac or PayPal, you won’t have to worry about your data being stolen or leaked if you play in regulated and licensed online casinos.
The Registration Process
Many punters consider the registration process of payment methods they are looking to use, which is only natural. When it comes to Interac, you will have an effortless time setting things up. Since it doesn’t involve creating a profile, you only have to connect your bank account.
This means the process will only take a few minutes to start. Simply download the app and link your bank information, and you can start depositing and withdrawing money with no issues whatsoever.
PayPal will require you to put in more effort for its registration process. After downloading the application, you’ll need to create an account. Once you’ve finished that, you will likely have to verify your identity by submitting a document such as your ID or passport. Lastly, you must connect your debit card or bank account before completing the process. Even though this may take a bit longer, you can fully utilize the platform once you’re done.
Conclusion: Which Should You Choose?
Once we consider everything, your choice between PayPal and Interac as your primary payment method will ultimately depend on your preferences. We recommend using PayPal if you regularly switch online casinos and try new platforms. Similarly, you shouldn’t look further than Interac if you want faster transaction times and smaller processing fees.
There isn’t an objectively better choice between these two, as each has its own advantages and disadvantages. We recommend carefully considering what will benefit you the most before deciding on your preferred banking option.
