Interac transfers are a payment vehicle used exclusively in Canada.
It’s not available in the United States, or anywhere else. In most cases, it functions as a method to allow personal and business bank accounts to transact with each other.
Buying Bitcoin via Interac E-Transfer is a popular option for Canadian residents.
These days, it’s pretty easy to do thanks to the exchanges we mention below.
In short, the best exchanges to buy Bitcoin via Interac are:
Coinsmart is a 100% Canadian exchange dedicated to helping cryptocurrency beginners buy their first coins. Featuring instant verification, 24/7 customer support, and a large variety of methods, it’s a great option for beginners.
Coinsmart’s fees include trading fees, withdrawals, and funding fees. When it’s all said and done, expect around a 1.2%-2.7% fee on your cryptocurrency buys and sells. Last but not least, Coinsmart’s assets are secured by BitGo by a 100M insurance policy.
Bitbuy.ca is a popular exchange in Canada that has been buying and selling digital currency since 2013. After creating an account on Bitbuy you will need to fill out some basic information. The exchange has automatic verification making it quick and easy to purchase cryptocurrency.
Bitbuy offers competitive low fees for buying (.75%) and selling (.5%). You can buy and sell with market orders, or set your own price with a limit order. If you are doing a larger order, Bitbuy has a dedicated in house OTC desk to facilitate large amounts.
These fees are pretty low compared to other options, but where Bitbuy.ca makes their money is through deposits and withdrawals. Their deposit options include Interac e-Transfer, bank wire, and Flexepin. Bank transfer deposits are typically .5%-2% fees while the fees for withdrawal are 1.75%-3%.Visit Bitbuy Read Review
Coinberry is another Canadian cryptocurrency option that allows you to purchase Bitcoin in minutes. What's great about them, is they have 0 withdrawal and deposit fees as well as purchasing limits of just $50!
Trading fees are .5% which may appear high compared to other traditional exchange options. That being said, they have no other hidden fees or cryptocurrency premiums making them a very realistic option for purchasing Bitcoin in Canada.
Their user interface is also pretty sleek making it simple for beginners to get started with cryptocurrency. For funding methods, Coinberry allows cards, Interac Transfers, and bank transfers. Like many other exchanges and brokerages, they are an extremely secure option featuring industry-standard cryptocurrency cold storage.Visit Coinberry
Coinsquare calls themselves the home for digital currency, and for good reason. They've been serving Canadian residents since 2014. In 2018, they added supporter for many European countries. In addition to Bitcoin, they also offer many altcoins such as Ethereum, Ripple, and more.
Payment methods on the service include bank deposits, credit & debit cards, Flexepin, and Transfer.
For fees, Coinsquare charges a .1% maker fee (offering liquidity) and a .2% taker fee (taking liquidity). On top of trading fees, some deposit and withdrawal methods have a respective fee attached. Overall, their trading fees are pretty competitive with all other exchanges. However, the deposit and withdrawal fees are certainly something to consider.
In terms of limits, Coinsquare will have different ones depending on the method. The minimum for most methods is $100 while wire transfer limits are unlimited. For the most part, limits shouldn't be too much of an issue.Visit Coinsquare Read Review
MyBTC.ca is Canadian Bitcoin brokerage site that allows Canadians to buy Bitcoin with both instant and same-day payment methods. These include:
In terms of buy buying limits, you can purchase anywhere from $50 all the way to $100,000. The exchange requires ID verification that can be submitted online and is usually approved within 1-hour.
If you prefer to complete it yourself in-person you can, thanks to an agreement with Canada Post and their 4,000+ locations nationwide.
For support, the exchange is available through live chat, SMS text, phone or email.
Lastly, in terms of fees, the exchange ranges from 4.75-7.75% depending on the payment method used.
Interac is definitely one of the best payment methods for Canadians buying Bitcoin. This method features much lower fees than if you were to use a credit or debit card to buy Bitcoin. It’s also a trusted payment method in the finance world, so safety issues are not really a concern.
Interac has been proven to be a safe option for transactions. The only possible downsides are delivery speed and the possible fees that certain exchanges will charge for Interac compared to other options. For the most part, we would say no, there are no downsides to using Interac E Transfer.
Now you have some background on the possible ways to buy Bitcoin in Canada using Interac. It’s a great safe method of purchasing Bitcoin that’s pretty low in the fee department. Please note due to the nature of bank transactions, funds or delivery may be delayed until the clearing system receives the funds.
To recap, the best exchanges to buy Bitcoin in Canada with Interac are: