Interac vs. CASHlib

If you’re a frequent online casino player, who has played across many online casinos, you probably know that each site offers its own list of payment methods players can use for deposits and withdrawals. These lists are filled with excellent banking solutions for you to choose from, but how to decide on which one would suit you most?

Reading the pros and cons of the payment methods that interest you the most would be of great help. And if you doubt whether to use Interac or CASHlib across online casinos, then this overview of the two methods would be quite helpful for you. Which one to choose Interac or CASHlib.

Interac vs. CASHlib – A Short Overview

Both Interac and CASHlib are extremely popular payment methods in the respective countries they are available at. They are also both safe and trustworthy solutions and allow for instant transactions; something online casino players appreciate and look for in payment methods. But they are quite different in terms of use and availability, so you should know more about them before you attempt using them across online casinos.

Interac…

…is a payment network that is only available within Canada restrictions. If you’re an online casino player from Canada, you have probably heard of it or even already used it across online casinos, since it is one of the most used payment solutions in the country. Canadians use it for everyday online purchases and are satisfied with all the services it offers them.

First of all, Interac offers three different products which users can use for different purposes. Secondly, as a popular payment solution in the country, it is connected with and functions through all the major banks in Canada, which have the biggest number of customers. And then, there’s the fact that it is a highly-secured solution that has been around since 1984, gaining people’s trust throughout the years with all the things it has to offer and the improvements it continuously introduces to make online payments easier and faster than ever.

On that note…

…Interac has managed to introduce novelties to attend to users’ needs, such as multiple platform compatibility, which is something paramount today. With its easy and speedy transactions and spotless safety and security measures, it has become the number one payment solution in Canada, so naturally, it found its way in the online gambling industry, on the Canadian gambling market.

Online casinos targeting Canadian players make sure to include it in their payment methods lists, due to players’ interest in playing with it, and due to its integrity and track record. If there’s one thing for sure, it’s the fact that you will find it in any Canada-focused online casino, as an eligible payment method to use.

CASHlib…

…on the other hand, is available to users from a completely different continent, Europe. It is a voucher system used by online casino players from several European countries. It was launched back in 2015, when the financial sector had a lack of prepaid cards, in order to attend to the needs of users who wish to keep their bank account details to themselves and still make online transactions.

Don’t let the word “voucher” discourage you, because CASHlib is anything but a regular voucher. In fact, contrary to any other types of vouchers you may have come across, CASHlib is among the very few that can be funded both offline and online. With most vouchers, users need to go to a retailer store and purchase the voucher there. But with this spectacular voucher, you can either do it that way or online, whichever way suits you more. This is one of its strongest suits, in addition to the fact that you won’t need to share bank account details for online transactions, but there are certainly more benefits you can get by using it.

On the other hand…

…to address the elephant in the room, it is evident that it is a voucher system available only in several European countries, which is considered one of its main downsides. Only if you’re a player from the following countries, you could find offline locations to purchase the voucher and use it across online casinos:

• Spain;
• The UK;
• Germany;
• The Netherlands;
• Belgium;
• Greece;
• Poland;
• Luxembourg;
• France.

Similarly to Interac, CASHlib is a widely-used payment method across the listed countries. Online casino players that have access to it are choosing it over any other method, mainly due to the fact that you can purchase it online and use it to make a deposit at an online casino without sharing any banking details with it.

How to Get Started?

One thing you should know about both of these payment methods is that they are pretty easy and straightforward to start with.

With Interac…

…you would have to open an account. As mentioned earlier, you have different solutions to choose from, Interac Debit, Interac Online and Interac eTransfer. And while they are all great solutions offering different services, across Canadian-oriented online casinos, you will probably find Interac Online and Interac eTransfer only. They are both connected with more than 200 leading Canadian banks, so whichever you choose, you will get top-notch gambling time with it.

The best part is…

…you won’t need to go to a specific bank in order to start with Interac; as long as you can log in to your mobile or online banking account, you’re good to go. After you create your Interac account, you need to log in to your banking account, after which you’ll receive an email or SMS giving you passwords and security questions, along with other instructions on how to use the service.

Follow the instructions, and in no time, you’ll be ready to start making transactions with it. We have mentioned that transactions with it are instant.

But how when a bank is involved?

Well, as soon as you request the transaction, the bank is informed, and through secure pathways, it initiates the transaction instantaneously, with the money arriving on the recipient’s account in a blink of an eye. Considering Interac acts as an intermediary, non-profit organization, only a fairly small fee of $1.5 covering the very basic costs of the transfer would apply for each transaction.

With CASHlib…

…you have two ways to get started. As introduced, it is a voucher that can be purchased either offline in the nearest retail store, or online via the BeCharge platform.

If you decide to go to a store, you would have the chance to purchase your voucher without involving your bank or credit card, by only providing the staff with cash that you want to fund the voucher with. To find the nearest location where you can buy the voucher, you can visit CASHlib’s official website and find the store locator. This is a tool that helps users find a store in their vicinity, by entering their home address. 

If you go with the online version…

…though, you would need to visit the BeCharge platform and purchase the voucher via the online payment methods available. However, you should know that the online voucher purchasing service is only available in a few of the previously mentioned countries, France, the UK, Spain, Luxemburg, the Netherlands and Belgium.

Regardless of the way you choose to purchase the voucher, when you top it off with funds, you will receive a 16-digit code, which you would need to use whenever you want to make an online casino deposit with it. It will be your ID, for you to be able to use the funds on the voucher.

Speaking of funds, there are some limits that apply as to how much money you can top it off with. The maximum you can fund your voucher is €250, while the minimum €10. Fortunately, you can buy yourself up to 5 vouchers, so if all combined, you could make a €1,250 deposit at your chosen online casino with it.

Making Transactions Across Online Casinos with Interac and CASHlib

We’ve come to the part where you will learn another major difference between the two payment methods. Interac can be used for both deposits and withdrawals, but CASHlib, being a voucher, can only be used for deposits. Let’s explain the procedures, and you’ll see that depositing with both methods is pretty easy, but withdrawing with CASHlib is impossible.

To make a deposit with Interac…

…you would have to go to the casino's Cashier/Banking/Deposit page, find its icon and click on it. On the new window, enter your bank account login details. Add the amount you wish to fund your online casino account with, the casino's email address and the security question you received on your email or via SMS upon registration. The casino would need to make the next move, ergo, submit the security answer for the transaction to be completed. As soon as the casino does that, the money would be on your casino balance. 

Withdrawing…

…with it is the same, only instead of looking for Interac in the Deposit page, you need to look for it in the Withdraw page and repeat the same steps as for deposits. Here, you should expect the casino to take its time to review your request. The casino must establish that the money you're wishing to withdraw can be withdrawn, hence, that you've met all the requirements to withdraw them. Nevertheless, whenever the money arrives on your bank account, you will receive an email or an SMS informing you of the transaction.

Depositing with CASHlib…

…is way easier than with Interac. All you need to do is find its logo in the Cashier/Banking/Deposit page, click on it, enter the amount of money you wish to deposit, the 16-digit code and confirm the transaction. Since the money is already on the voucher, ready to be transferred, as soon as you enter the right 16-digit code, the transaction is executed, and the money is immediately on your casino account.

No withdrawals…

…can be made with the voucher, though, due to its nature. It is a voucher for which you were never required to create an account, and you bought it from a store or an online platform for one-time use. No return address exists this way, so even if the casino is willing to send the withdrawal it cannot, because there is no withdrawal service.

If you decide to play with this as your deposit method, therefore, you would need to choose an alternative method to withdraw any winnings you've made playing your favourite games.

Advantages and Disadvantages

Let’s start with the obvious disadvantages. What both of these payment methods share as a disadvantage is the fact that they are very limited. One is only available in Canada, and the other one in certain European countries, and that’s it.

This is what makes them different than internationally-used payment methods like credit cards and eWallets, and this is what limits their availability across international online casinos.

CASHlib has two other downsides

The fact that no withdrawals can be made with it is what usually changes online casino players’ minds when they decide to use it for deposits. The other drawback is that it cannot be reloaded, making your deposits restricted. But this is a minor disadvantage, considering you can purchase up to 5 vouchers at one time and use them all to make a deposit.

On the plus side…

…they both implement the latest security measures, providing you with transactions no one can tamper with. They are also both very convenient deposit methods for online casino players in the respective countries, widely available across online casinos that target these players.

Interac complies with the rules in Canada and collaborates with over 200 leading banks in the country, while CASHlib allows for transactions where you won’t need to mention your banking details.

While this makes them quite different, it also makes them both perfectly safe solutions for online payments, in their own ways. Make sure you consider their ease of use, read through the pros and cons once again, and choose the one to use since they are both payment methods worth considering.