Registering your account and activating it can be done in just a few minutes. You aren’t even required to very any banking information until you’re making a withdrawal. InstaDebit, when founded in 2003, was widely used by Canadian and American Poker Players. The company that owns InstaDebit is InstaDebit International Solutions Ltd, which is headquartered in Toronto and the InstaDebit Global branch resides in Malta.
The service InstaDebit provides is basically a platform that customers use to make online payments directly from their bank account to the account of the merchant. Through its services, online casino players can transact without ever having to share their personal information with the casino they are playing at. They have managed to earn themselves a good reputation as an alternative to solutions like Paypal and Neteller, which aren’t available in Canadian online casinos.
Pros and Cons of Using InstaDebit
- Transactions are done instantly.
- A good level of Anonymity is maintained.
- Their services are available free of cost.
- Ensure the safeguarding of banking information.
- Withdraw directly into your bank account, without having to mediate through other payment solutions.
- Only available to Canadian Residents.
- Canadian Residents must have a bank account with a Canadian Financial Institution.
- Withdrawals take up to 4 days to process by the bank.
- They do charge a small fee of £/€/$1.50 for withdrawals.
- Without sending additional documents, the account limits are set to $3,000 CAD.
- Most of the world-renown online casinos that aren’t based in Canada, will not offer InstaDebit as a deposit or withdrawal option.
Deposits and Withdrawals
The biggest advantage of using InstaDebit is, it works both ways: As an e-wallet and as a middleman between your bank account and the merchants. So you are allowed to do deposits and withdrawals, free of cost. On the other hand, for transactions from your account, InstaDebit charges a small fee of $1.95 CAD to fund your account and $2.00 CAD to transfer funds from your account. Most e-wallets and popular payment methods, charge a small fee but the fact that there is an additional option to use the service free of cost, is very attractive for online casino regulars. Unless you choose so, no cards are involved and transfers are done directly from one account to another. They also offer you valuable information such as a history of your transfers and transactions.
Funding Your Account using InstaDebit
To fund your online casino account using InstaDebit, you first need to signup for an account with InstaDebit on their website. InstaDebit relies purely on bank accounts to transact. Once your account is up and running, go to any of the recommended InstaDebit Online Casinos that approve their transactions. In the Cashier or Deposit page, choose InstaDebit as the payment method preferred which will open a pop-up page. In this window, you will be asked to log in the same manner as you would into your bank account. The advantage of this is neither InstaDebit nor the merchant ever gets a hold of any of your sensitive banking information. Enter the sum you wish to deposit and confirm. Being an instantaneous service, your funds should be available in your online casino account within minutes. If you’d like to use the e-wallet feature and fund your InstaDebit account, you may do it by bank transfer, credit card or integrating an e-wallet. Depending on what method you choose to fund your account, the transaction may have a delay of up to 5 working days.
Withdrawing from your Online Casino Wallet to your InstaDebit Account
If you wish to make a withdrawal, follow the same steps as making a deposit. Enter into the Cashiers or Withdrawal page and choose InstaDebit as your preferred payment method. Enter the sum and hit accept, the funds should be available soon in your bank account. However, if you wish to withdraw into your InstaDebit account, you’ll need to go through a simple bank verification process. InstaDebit first makes a micro deposit into your bank account that takes 3 to 5 working days to show up in your bank statement. Just enter the amount of the micro deposit on the website and that’s it, you’ll be able to withdraw funds whenever you like. Though InstaDebit processes withdrawals immediately, banks may take up to 4 days to clear the funds. A small fee of $2.00 CAD is applicable, regardless of the amount you wish to withdraw.
Online Casino InstaDebit FAQ
- How do I increase my transaction limit?
Ans: Upon successful account creation, you are given a temporary limit immediately. To increase that, simply verify your bank account and you will receive a higher spending limit.
- Is InstaDebit an e-wallet or a payment mediator?
Ans: Both. InstaDebit can be used as an e-wallet or as a middleman between your bank account and the merchants.
- I’m a Canadian by birth but I have a bank account in the US, where I currently reside. I should be eligible to sign up with InstaDebit right?
Ans: Wrong. To use InstaDebit, you must be a Canadian resident and have a bank account with a Canadian Financial Institution.
Without a shred of doubt, InstaDebit is a very modern and convenient online payment method. The fact that you may use it as an e-wallet or a payment gateway, gives a whole array of options to players. Most players don’t prefer using their e-wallet service though because the main reason InstaDebit became so popular is because you can keep the cash flowing to and fro your active bank account, without the hassle of maintaining another e-wallet online, where you tend to lose some money to fees and let’s face it, some emotions too.
You don’t have to bother giving out any classified or sensitive financial information, which ensures a high level of anonymity. Though unfortunately, being available only to Canadian players is a huge downfall, we can only hope and pray that they will start to cater to the rest of the world.