Interac vs. MoneyGram

Playing across online casino sites, players get many payment solutions to choose from, but when the time comes for choosing, make sure you consider using either Interac or MoneyGram, depending on what type of player you are. These two are quite different, and available to players from different countries, but they both have a lot to offer to you for online gambling transactions. They are both popular and safe solutions to use, so whichever you go with, you won’t make a mistake. Which one to choose as your online casino payment method, Interac or MoneyGram?

About Interac and MoneyGram

interac

Interac and MoneyGram have been around for years in the online gambling industry, offered to online casino players as some of the most popular and safe payment solutions. The two are suited for players from different countries, offering different types of services. However, you can rest assured that as long as you’re eligible to use one or the other, your online gambling experience will be seamless.

Interac is a solution designed to cater to users from Canada, therefore, you can only use it if a Canadian player. It was designed by a non-profit company way back in 1984, so it has been offering its services to Canadians for decades. During the years it has been active, it has managed to partner with the top Canadian banks, strengthening its position as a leading payment solution in the country.

Canadians use it for their everyday purchases and payments these days, and of course, for online gambling transactions. In fact, the solution is incredibly popular across online casinos, hundreds of them offer it as a payment solution. The main reason why is because it is incredibly safe and major Canadian banks have its back.

But what is it really? Well, this is a payment solution that offers a bunch of services, among which the most popular ones are Interac Debit, eTransfer and Online. The last two are especially important, as these are the ones used by online casino players the most.

Considering it is a solution offered by a non-profit company, it comes with extremely low, practically non-existent fees. Plus, being present on the financial scene for so many years, with such a long history, and backed up by premier banks, it has the stability and integrity like no other method in the country does. And, thanks to its continued efforts for improving its services and offering Canadians the most impeccable online banking, it has gained an indisputable reputation across the country. Add to that the fact that it is unbelievably easy to be used, and you’ll understand why people choose it over any other.

MoneyGram's history began even earlier than Interac’s, way back in 1940. This is the year Travelers Express was founded, a Minneapolis money order company that later merged with Integrated Payment Systems Inc to create MoneyGram in 1998. Travelers Express laid down the grounds of how the solution will function, which was previously only available to the US users, but rebranded to MoneyGram International and became globally available in 2004.

Now, throughout the years, the solution expanded in ways that didn’t seem possible. Today, everyone knows of or has used it for sending money overseas, as this is a truly global solution with a massive network. It has millions of branches all across the globe, catering to all those people who need their money to be sent and received in the fastest and most convenient way possible. Its strong land-based presence was further strengthened with the ultra-modern, API-driven digital platform, which took the solution to a different level. Today, it is a leading P2P digital payments provider, thanks to its partnerships with global brands which make the money transfer service the best out there.

150 million customers across the globe have put their trust in it, and that’s mainly due to all the perks it can offer. You get Plus Rewards as soon as you’ve registered, as well as 20% off the fee for the transfer. As you continue transacting with it, these perks increase. Not to mention how easy it is to use. You can visit one of the nearest branches in your city, its official website, or its mobile app, and in just a few simple steps, you’ll be able to request a transaction for which you’ll use your bank account or card. All of this has contributed to the solution’s popularity across online casinos, so regardless of which your country of residence is, make sure you consider using it for seamless deposits and withdrawals.

Getting Started with the Two Methods

moneygram

First and foremost, you should know that the two solutions are both pretty easy to get started with. That’s actually one of the main reasons why online casino players like to use them.

To get started with Interac, you would need to enrol with the network. You would need to create an account with it which will be linked to your bank account. As mentioned, over 200 top Canadian banks have enrolled with the network already, so you probably already have an account with one of them. If not, just simply open an account with any of the eligible banks, and proceed. Once you create your Interac account, meaning you’ve enrolled, you can use all of the services it offers. The two most used services across online casinos, as we already mentioned, are Interac eTransfer and Online. So, we’ll focus on them. The eTransfer service facilitates the transfer from one to another user account via mobile or online banking, using only the receiver’s mobile number or email address, while the Online service allows you to conduct a money transfer directly from your bank account.

As soon as your account is ready, Interac will send you an email or SMS with security questions and answers you’ll need for transacting. And, you’ll get instructions on how to verify your identity and start using the solution. Since this is only an intermediary solution, all of your transactions will actually be recorded by your bank. What Interac will do is facilitate the background process, meaning make sure that the money from your bank arrives safely to the desired destination, hence, the online casino. The entire transfer will cost as little as $1.5, which is a fixed fee that applies to all transactions and only covers the basic transfer costs.

We mentioned that MoneyGram has both a land-based and an online presence. As such, it gives you the chance to choose the way you’d like to use it. If not that into online payments, you can visit the nearest branch and request your payment from there. You can use the useful tool on its website to find the nearest location on the map. Once at the branch, give the desk clerk cash or provide it with the necessary bank account details to complete the transaction.

But, the online version is far less time-consuming, as you’ll never need to leave your home to complete a transaction. All you’d need to do is visit its official website and set up your account. Enter your email address, password, phone number and accept the Terms and Conditions. Or, download its mobile app, available on Google Play Store and Apple App Store for all Android and iOS users, install it and go through the same procedure as described for creating your account.

Then, just specify how much you’d like to send, the name of the person you’re sending it to, and how that person would like to receive it. The fees will be calculated and included in the total, so just pay the exact sum as displayed, either via your bank account or card, and you’ll receive a reference number. This number needs to be shared with the receiver for the transaction to be completed. Now, as far as the fees go, they would depend on several factors, such as the amount of money being sent and the way in which the receiver wants to receive it.

Using Interac and MoneyGram Across Online Casinos

You can rest assured that you will find both Interac and MoneyGram offered across hundreds of online casinos. These two are incredibly popular and both players and operators benefit from their services. So, the first step you'd need to make is to choose one online casino that offers either of the two you'd like to use, and join it. Create an account with a reputable casino to further ensure that your transactions will be safe.

From there, to make a deposit with Interac, you would need to do the following:

  1. Go to the casino’s Banking Methods/Cashier/Deposits page.
  2. Look for Interac’s logo and press it right away.
  3. You’ll be redirected to a page where you’ll need to log into your bank account using your online banking credentials.
  4. Specify the amount of money you’d like to send, and if not pre-entered, specify the casino’s email address.
  5. Enter the security question you received previously and wait for the casino to provide the answer. This is one of the security measures Interac uses.
  6. After the answer has been provided, the money will immediately arrive on your casino balance.

Believe it or not, cashouts with this solution are pretty quick, too. That’s why it is considered one of the best methods for withdrawals for Canadian players. The procedure is pretty much the same, only the other way around. As soon as requested, Interac makes sure the background process is put in motion and the money arrives safely on your bank account. Whenever it does, you’ll be informed either via email or SMS about the transfer.

The depositing process with MoneyGram was basically explained. You would either need to visit a land-based branch or use your online account to request the transfer. The step-by-step procedure goes like this:

  1. Head over to the casino’s Banking/Cashier/Deposits page.
  2. Find MoneyGram’s logo and press it.
  3. In the new window, log into your account and specify the amount you’d want to deposit.
  4. Fill out the required fields with the casino’s information, if not pre-filled, meaning the way it wants to receive the money.
  5. Use your bank account or card to pay the exact amount with fees included.
  6. The money will arrive on your balance as soon as the casino enters the reference number.

Not only are cashouts possible with MoneyGram, but it is considered one of the top withdrawal methods for US players! The procedure goes the other way around, of course, but it is basically the same one as for deposits. You'd just need to specify how much you'd like to withdraw and how to receive your money and wait for the casino to do its part. After you receive the reference number, enter it in the designated field and MoneyGram will make sure the money gets in your hands.

Advantages and Disadvantages

As evident, both Interac and MoneyGram have a lot to offer, and they both arrive with minor disadvantages. But let’s look at them separately to make the right conclusion.

Interac is a brilliant, reputable and trusted Canadian payment method. It cooperates with the leading banks in the country, which have its back, and it uses some of the most advanced security measures to ensure your money is safe. You can make both deposits and withdrawals with it, swiftly, and you will find it across many online casino sites.

MoneyGram is a money transfer service with both land-based and online presence, available all across the globe, so you can use it for receiving and sending money regardless of what your country of residence is, thanks to its global network. You can use it on any device, so your transfers will be spotless.

The shared disadvantage they both come with is

…the fact that they both arrive with fees. The fee with Interac is pretty small and fixed, at $1.5, but with MoneyGram, it can be quite hefty, depending on the methods used and the amount of money sent/received. Interac comes with another downside, the fact that it can only be used by Canadian players, so if not one, you cannot use it.

Therefore, compare the pros and cons, and depending on your country of residence, and the other factors involved, choose the solution that would suit you better. Both Interac and MoneyGram are popular and available for both deposits and withdrawals across online casinos, so you won’t experience any problems using either of them, that’s for sure.

Payment Methods Comparison
Payment methods name Interac MoneyGram
Available accounts n/a 1 account
Available currencies n/a USD
Exchange fees (FX) n/a Fees vary depending on where you are sending, how much, and how you are paying.
p2p Money transfer
Send money p2p n/a Fees vary depending on where you are sending, how much, and how you are paying.
Receive money p2p n/a Fees vary depending on where you are sending, how much, and how you are paying.
Link to terms & conditions https://www.interac.ca/en/terms/ https://www.moneygram.com/mgo/us/en/m/terms-and-conditions

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