Instadebit is currently only available to Canadian Players
Instadebit gives online casino players the ability to make instant deposits directly from their bank accounts and it has some big advantages over using traditional bank transfers. Think of Instadebit as writing an online cheque only a lot easier, faster and safer. Added security, privacy and of course the instant processing time are some of the biggest reasons online gamblers choose Instadebit to make deposits and withdrawals. There can be some drawbacks, however. This biggest is that if don’t live in Canada, you can’t use Instadebit. As of right now the service is only available to Canadians with a Social Insurance Number and a bank account at a Canadian financial institution.
If you meet the criteria, Instadebit is a great option for moving money to and from your online casino account.
Signing up for an Instadebit account is free and takes just a few minutes. Once you’ve registered an account you’ll be asked to enter your chequing account information which can be found at the bottom of each of your cheques, or in your online banking system. You’ll be asked to verify your account and then you’re free to start using Instadebit to move money from your bank account to your online casino account. The best part is, when you make an Instadebit deposit the money will be in your casino account instantly so you can start using it right away to play games and make bets.
Keep reading to learn more about how Instadebit works, whether it’s a good option for you, average Instadebit wait times and extra fees for making online gambling transactions.
Advantages to Using Instadebit for Online Gambling
Instadebit facilitates transactions from your bank account to online vendors including internet casinos and bookmakers. So why not just use traditional bank transfers? Instadebit has lots of advantages over using your bank’s wire and transfer options. These include price, speed, security and convenience. As long as your bank and online casino both accept Instadebit – and a lot of them do – it can be a strong option for making online gambling transactions. The easiest way to see if your casino accepts Instadebit is to visit the cashier and find the deposit and withdrawal options. If you see the Instadebit logo you’re good to go.
Some of the biggest advantages of using Instadebit for online gambling transactions include:
- Instant Casino Deposits – Traditional bank transfers take many days to process, meaning you have to wait forever before you can start making bets and playing your favourite online casino games. Instadebit deposits are exactly what they sound like: Instant transactions from your bank account. When you make a deposit using Instadebit the money is ready to use immediately which is a big plus for a lot of people.
- Enhanced Security – Some people aren’t comfortable doing banking transactions directly with online casinos. They don’t want to share their bank account details. That’s where services like Instadebit shine. By using a secure service like Instadebit, the online casino never comes into direct contact with your sensitive financial information. All the casino gets to see is a deposit from the Instadebit system while your specific info stays well protected.
- Flexible Currencies – Instadebit allows transactions to be made in four currencies: GBP, EUR, USD and CAD. That means you can deposit at lots of different online casinos, provided they accept Instadebit as a deposit option. Also remember that when you make currency conversions there will be an additional fee charged by Instadebit in addition to the daily exchange rate.
The biggest downside to Instadebit, at least right now, is that if you don’t live in Canada you can’t use the service. But if you live in another country and want to move money on and off your online casino account, don’t worry. There are tons of other fast and secure options that allow you to make online gambling deposits and withdrawals.
How to Make Casino Deposits with Instadebit
One big thing Instadebit has going for it is its ease of use. If you’re a Canadian with a bank account at a Canadian financial institution, you can be up and running using Instadebit in minutes. The only other conditions are that you’re over 18 years old and you have a Canadian Social Insurance Number.
To get started you can go to the Instadebit website and register an account or you can actually sign up for your account as part of your first transaction with an online merchant. To create an account you’ll need to provide basic personal information like your name, home address and email address. You’ll also be asked to provide your date of birth and the last four digits of your Social Insurance Number. It’s important to remember that Instadebit will never ask for your full SIN. Instadebit needs this information to verify your identity and safeguard your account and transactions against other people.
To connect the Instadebit system to your bank account, you’ll need a few details that can be found on the bottom of your cheques, or in your online banking. You’ll be asked to enter the transit number, financial institution number and account number. After you’ve connected your bank account you’ll notice a small deposit in your account from Instadebit, usually for just a dollar and change. It will appear in your account in 3-5 days of opening your account and is used to verify your account. After you see the deposit you can log into your Instadebit account and enter the exact amount of the deposit to verify that the bank account actually belongs to you. Instadebit will reward you with higher transaction limits if you complete this step of the verification.
To make a deposit at an online casino go to the cashier and find the deposit options. Click on the Instadebit logo and follow the instructions to put money into your account. Withdrawals work much the same way. Find the withdrawal option, click on the Instadebit logo and follow the instructions to withdraw funds.
Instadebit Wait Times and Extra Fees
As the name implies, deposits using Instadebit are indeed instant. After you make the transfer, the money will be credited to your casino account immediately, ready to start playing with. A lot of players don’t even consider banking options that take days or sometimes more than a week to land in your account since they want to sit down and start making bets right away. If speed is a priority for you when it comes to online casino transactions, Instadebit is a great option.
Withdrawals aren’t quite as fast but they are relatively quick compared to other banking options. Wait times for withdrawing money from your online casino account to your Instadebit account depend on the individual casinos but generally it takes 1-2 days to process. Regarding fees, there was a time when using Instadebit was mostly free. Over the years they’ve introduced a few new fees but the truth is, it’s still relatively very affordable compared to some other online casino banking options.
Making a payment to a merchant like an online casino costs $1.95 CAD and there’s also a currency conversion fee associated with making transactions with a merchant dealing in a different currency. In addition to the daily exchange rate, Instadebit says on their site that they charge a “fee to compensate for the currency risk involved in the provision of the service,” although they don’t specify how much that fee actually is. Withdrawing money from your online casino account to your Instadebit account is free but if you want to move the money to your bank account it comes with a $2.00 transaction fee. The Instadebit site also says that when you move money from your Instadebit account to your regular bank account it takes 3-5 days to process.