A lot of sites out there (including this one) are quick to explain the various ways that you can make deposits at an online sportsbook like Sports Interaction.
But what happens when you go on a hot streak, build up your betting account balance and are ready to cash in your winnings by making a withdrawal? Even though it’s a nice problem to have, withdrawing money from your betting account can also be a bit stressful if you aren’t familiar with the process.
In this article, we’ll list the five main ways to make a Sports Interaction withdrawal in 2018, explain the pros and cons to each method, and recommend our favourite option.
How To Make A Sports Interaction Withdrawal
Before we get started, there are a few things you need to know before making your first Sports Interaction withdrawal:
- Due to Know Your Customer (KYC) protocol, you’ll need to submit colour copies of your Canadian photo ID (such as a passport, driver’s license or government-issued ID) and your Canadian bank account statement before requesting a withdrawal.
- First-time withdrawals and withdrawals after any update of personal information are subject to clearance by Sports Interaction’s security department (hopefully this clearance takes place within 3 days)
- Sports Interaction will not charge you a fee for your first withdrawal of a given month. However, fees will be charged for any additional withdrawal requests in that month.
- In order to use a particular Sports Interaction withdrawal method, you must have first used that method to deposit at Sports Interaction (with the exception of EcoCard).
- In order to keep any sign-up bonus that you received from Sports Interaction, make sure that you’ve satisfied your rollover requirement before making your first withdrawal. Sports Interaction’s standard rollover requirement on its 100% cash bonus is 10 times your initial deposit+bonus (if you originally deposited $100 and received a $100 bonus, you’d need to wager the equivalent of $2,000 (10 x $200).
- More information on Sports Interaction’s withdrawal rules and policies can be found on their website in their Help Centre.
Now that we’ve got the fine print out of the way, here’s a look at the 5 main ways to make a Sports Interaction withdrawal!
1. Wire Transfer
Pros:
- Transaction typically completed within 3 business days
- One free wire transfer withdrawal per month ($7 fee per withdrawal after that per month)
- You can withdraw up to $7,500 at a time
Cons:
- The bank or cash office you’re dealing with may charge you a fee to receive the funds
- You need to provide your name, account number, full address and more information in order to receive a wire transfer
- Minimum withdrawal amount is $100
Wire transfers are when funds are transferred electronically, whether from one bank account to another or via transfer at a cash office (such as Western Union). Many people prefer wire transfers when sending or receiving money because of their security and efficiency.
In order to make your Sports Interaction withdrawal via wire transfer, you’ll need to know your bank account number as well as the address and postal code of your home branch. The minimum withdrawal amount for a wire transfer is $100 and the maximum is $7,500.
2. Instadebit
Pros:
- Money should arrive in your bank account 2-3 days after the withdrawal is processed
- One free withdrawal per month, and just $2 per withdrawal after that
- You can withdraw up to $10,000 at a time
- Available at all major Canadian banks
Cons:
- You need to set up your InstaDebit account by providing your personal banking information
- InstaDebit charges you $2 to withdraw funds back to your bank account
InstaDebit is an electronic wallet that acts as an intermediary between your bank account and your sportsbook account. You can use it to easily deposit or withdraw money to betting sites.
In order to use InstaDebit as a Sports Interaction withdrawal method, you need to provide InstaDebit with your bank account number, branch/transit number and institution number. All of this information can be found on a standard cheque.
The minimum you must withdraw using InstaDebit is $50, and the maximum is $10,000.
3. Instant Banking by Citadel
Pros:
- Send and receive money using your normal banking credentials
- One free withdrawal per month ($3 fee per every withdrawal after that per month)
- Money should be credited to your bank account within 3 days of Sports Interaction processing it
Cons:
- Instant Banking will charge you a small fee when you receive money, with the size of the fee based on the amount you receive
Instant Banking by Citadel is a secure online payment method which enables you to make payments directly from and receive payments directly to your bank account. When you choose “Instant Banking” as a deposit or withdrawal method at Sports Interaction, you’ll be brought to a screen in which you log into your online bank account with your normal banking credentials.
The minimum withdrawal amount using Instant Banking is $50, and the maximum is $4,000.
4. EcoCard (EcoPayz)
Pros:
- One free withdrawal per month (3% fee for every withdrawal after that per month)
- Withdrawals are processed extremely quickly
Cons:
- You cannot send or receive money in Canadian currency
- EcoCard will charge you a 2% transaction fee every time you transfer money from your EcoCard to your bank account
EcoCard is a product of EcoPayz that is similar to a pre-paid credit card, allowing you to send and receive money internationally with ease. After you open your free ecoAccount and apply for an EcoCard, you will receive an EcoCard in the mail that you can then fund using your online bank account, credit card, debit card or even cash. Unfortunately, EcoCard is not available in Canadian dollars, so you’ll have to fund and receive money to your card in U.S. dollars, Euros or British pounds.
When you make a Sports Interaction withdrawal to your EcoCard, the money will be credited to your EcoCard balance. You will have to pay a fee in order to transfer money from your EcoCard to your bank account. The fee will be 2% of your total transaction, with a minimum charge of $1.50.
5. Instant eChecks
Pros:
- No exchange of banking information required
- Cheaper than receiving a wire transfer
- One free withdrawal per month ($2 fee for every withdrawal after that per month)
Cons:
- Takes longer to receive your money than a wire transfer (typically 3-5 business days after processing)
eChecks are simply an electronic version of the paper checks that have been used for decades. It’ll basically take as long for an eCheck to clear as it does a traditional check (3-5 business days). You can use several different online payment platforms to set up an eCheck account, but the most popular one is PayPal.
eChecks can work for you if you want similar safety and security to using a wire transfer but are willing to trade waiting a few extra days for saving a bit on fees.
Which Sports Interaction Withdrawal Option Is The Best?
As we’ve explained in this article, each of the five main Sports Interaction withdrawal methods for Canadians have both pros and cons.
Personally, we recommend InstaDebit as the easiest and most efficient way to both withdraw and deposit money with Sports Interaction. It’s really easy to use once you’ve set up your account, and it’s a method that is also accepted at virtually any of the other top sportsbooks for Canadians.
Ultimately, however, the method you should use for making a Sports Interaction withdrawal is the one that is the best fit for you. If you like the convenience of having funds land directly in your bank account, wire transfers or eChecks (if you don’t mind waiting a few extra days) are your best option. Or if you like the ease of online banking, Instant Banking and ecoCard are solid choices as well.
And don’t forget, having to make a Sports Interaction withdrawal is a great problem to have because it means you’ve been beating the books. Congratulations, and here’s to making plenty more withdrawals from Sports Interactions and other betting sites in the future!