If you play at Canadian online casinos often, you may have seen the payment option Interac/Loonio or "Loonio powered by Interac." Many players seem to think they are the same, but they are not. Here's how they work together, what the connection means and what to do before using them for deposits or withdrawals.
Loonio x Interac: What Is It Anyway?
Simply put, Interac is the rail network that moves money between accounts. This is the platform, Loonio is the payment gateway, so casinos can accept those bank transfers safely and easily.
They appear together because Loonio has built its business around the Interac ecosystem - using the same trusted methods that Canadian players know. This does not mean Loonio and Interac are technically combined as one product; they are not. Rather, they exist within the same payment flow. You move the funds through Interac, but through casinos and payment paths, Loonio powers or certifies.
Such alignment makes payment more consistent: Casino operators rely on Interac's trusted banking network, while Loonio provides the modern interface and compliance layer.
What Is Interac?
Banks and credit unions are linked to Interac Canada, a national electronic payment network. That company processed more than six billion debit transactions and in excess of one billion e-Transfers in 2024, data from Interac Corp. indicates. With online banking credentials and our iGaming product of preference-Interac e-Transfer, move your money fast.
With Interac funds being charged directly from your bank account without having to have card information stored, it's one of the most secure and trusted ways Canadians make online payments. It provides the infrastructure for these transfers, but does not house funds at all. So the majority of legitimate Canadian casinos take Interac e-Transfer as a primary payment method.
What Is Loonio?
Loonio is a Canadian fintech payment solution powered by Interac. It is responsible for the user interface, bank selection and authentication and ensures that casinos using its service adhere to security and integration standards. Below we have included how Tapp can be and is used: Best of the best in technology, TAPP works with 100 banks/credit unions across Canada and shrugs millions of Canadians.
Loonio connects casinos and banks using simplified Interac - deposit faster, confirm what is clear to you, avoid failed transfers. It's not a replacement for interac - it uses interac! And the big difference? Loonio is your personal bank to the casino cashier.
Why You Shouldn't Use Loonio & Interac at Casinos
If you see both of those names together, it means that the casino leverages the Interac network for money movement and the Loonio platform for transaction and compliance assistance. Casinos manage the Loonio layer to let other ways - customers select a bank, log in and execute an Interac e-Transfer in a single flow.
For the players it's an adjustable period of becoming accustomed to virtually instant confirmation. The casino site is about Canadian banks & enforcements. It says more than 200 online casinos currently accept Loonio payments - which are exponentially expanding in the Interac-powered world.
How the Payment Flow Works
To start, pick one of theseinterac casinos and go to the cashier. So choose Loonio/Interac as the method, input the deposit amount and then pick your bank from Loonio's list. You subsequently confirm the transaction via a secure login at your bank. Once approved, Loonio will send the casino real time confirmation and your funds should be in your account within minutes.
If they support it, withdrawals follow suit. Choose Inerac/Loonio, enter a few details & the casino processes your cash out. The speed of the transfer varies based on what is acceptable at the casino and banking settlement time. Users and payment reviewers, like The Odds Calculator, report that deposit times are instantaneous and withdrawal reportedly takes anywhere between 30 minutes to 24 hours, not including ID verification.
Speeds, Fees, and Limits
Funded form Loonio / Interac are usually instant, due to routing straight into the Canadian bank rails. Cashout times are more of a crapshoot, especially since most casinos advertise "within 24 hours," but actual results differ from operator to operator.
The player also incurrs no fee when using instant banking at most casinos as the expense is covered by the casino; however, be sure to verify this with your selected online casino. It's rare that banks charge extra for basic e-Transfers, but there can be limits from account to account. Minimum casino deposits stand at C$5-10; maximums are determined by how much your bank allows you to transfer per day, usually equivalent to C$3,000-C$20,000.
The service is limited to a Canadian bank account, as the system uses banking infrastructure in Canada and is not supported by U.S. or internationally based banks. When it comes to playing online games of chance players must have an account in a Canadian bank or credit union that is affiliated with the Interac network.
Security and Compliance
Both Interac and Loonio use secure constructs. Interac transactions rely on bank-level encryption and multifactor authentication. Loonio also gives you a fail-safe as well, since you would never enter the card numbers or store sensitive data to the casino. You sign in on your bank's environment Your credentials are kept within your bank.
KYC Casinos that offer Loonio/Interac will still have to comply with the KYC (Know Your Customer) and AML (anti-money-laundering) rules prior to processing a withdrawal. While transfers are quick, there can be delays if compliance checks take longer. Users should also be on the lookout for phishing attempts that masquerade as Interac notifications: Make sure any messages you receive are from your bank or the real Interac domain.
Advantages and Disadvantages for the Casino Players
There are advantages to using Loonio / Interac. Transactions pull directly from your bank account and leave out credit cards or third-party wallets. Deposits are nearly instantaneous, and it's a system most Canadians will recognize. The mix of Loonio's intuitive UI and stable security from Interac, add the trust factor and ease of usage as well.
However, there are some limitations. The method is exclusive to Canadian banks though and not available for players outside of Canada. Not all casinos allow you to make withdrawals via the same method, and if they do, it's only as fast as individual operator withdrawal policies. There are also some banks or casinos that apply transaction limits which can hinder large transfers.
Alternatives and How Loonio Compares
Interac's foundational infrastructure is also leveraged by other gateways, such as Gigadat and Payper. Gigadat is the clear choice when it comes to many of Canada's most historic online casinos, but Loonio is becoming increasingly popular for its sleek user experience and quicker processing promises. Both function legally on Interac's rails; it just depends on bank coverage, merchant integration and consumer experience. Wider bank compatibility and ability to confirm real time as core benefits now for Loonio.
Things to do before spending on Loonio / Interac
Check that the casino accepts deposits and withdrawals using this method; some support deposits only. Verify your bank is on Loonio's supported list and log in to it using online banking credentials. Check out the casino's deposit and withdrawal limits, and ensure you have met any bonuses or playthrough requirements before cashing out. And last, make sure your bank permits Interac e-Transfers for online gaming transactions, as some financial institutions ban gambling-related transfers.
Summary
To see Loonio and Interac paired on Canadian gambling websites is one way that fintech and traditional banking have become commingled. Interac is what provides the secure, national payment network; Loonio is building the gateway and compliance layer that makes those transfers practical for casinos and players. For Canadians, that mixture is one of the quickest and most secure when it comes to performing gambling deposits or withdrawals. Still, the outcome is anywhere from inconvenience to a ban on casino play with the issuer in question, but it all depends on a given casino's verification rules and your bank's limits, so always check before you play.
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