Each country has its own favourites when it comes to online casino payment options. Instadebit is one of Canada’s most popular options. As well as being one of the most widely accepted banking methods you can find at Canadian online casinos, Instadebit is also one of the safest and most secure ways that you can go about depositing and withdrawing at online casinos in Canada. Offering instant transaction times and low fees, it is no surprise that Instadebit is the go-to deposit option for so many online casino players in Canada.
What Is Instadebit?
For those of you who don’t already know how Instadebit works, the process behind it is like paying with a cheque online. It is not an e-wallet like Neteller and Skrill and is not a cryptocurrency, credit or debit card option.
So, what is Instadebit?
Instadebit allows you to deposit instantly at an online casino, provided you have a bank account with a recognised financial institution in Canada. Once your account has been verified, Instadebit will allow you to deposit funds into your online casino account through that bank. They will then debit your bank account for the amount deposited. You can also choose to top-up your Instadebit balance with your bank card and use those funds to play online. What could be simpler? By using Instadebit over a traditional bank transfer, you can get away with never having to provide your credit card details to any online casino.
Is Instadebit Accepted at Canadian Online Casinos?
Of course. Instadebit is actually tailor-made for Canadian players and is rather useless for any player who isn’t Canadian or lives in Canada. The main reason for this is that to use Instadebit, a player must have a bank account with a certified financial institution in Canada. This naturally limits the number of people who can use Instadebit to deposit and withdraw at online casinos. However, it is quite clearly very advantageous for Canadians who wish to bet online.
How to Deposit Funds Using Instadebit
To begin using Instadebit, you need to open an account. This can be done free of charge by visiting the Instadebit website. Now, bear in mind that Instadebit is not an e-wallet, so once you have an account with Instadebit, you do not need to top-up any sort of balance. Note that you can top-up your Instadebit balance if you want to, though. What you must do is verify your bank account, though.
Instadebit will deduct a small fee ($2.00 or thereabouts) from your bank account for verifying your account. If you visit your Instadebit account page and confirm that you have had this sum deducted from your bank account, you will be granted higher spending limits with the payment method.
- Once your bank account is verified, you need to head to your online casino.
- Visit your casino and click on the banking/cashier page.
- Select Instadebit as your method of choice.
- Enter the amount you wish to deposit.
- Log-in to your Instadebit account on the second screen and confirm the transaction.
Instadebit will then credit your online casino account, and debit your bank account for the same sum, or subtract the sum directly from your Instadebit balance.
Your money should be available to play with immediately.
How to Withdraw Winnings Using Instadebit
You can also use Instadebit to withdraw winnings from your account at some, though, not all Canadian online casinos. Any online casino which offers this service will ask you to go through the following process:
- Once more, visit the cashier/banking page at your chosen casino
- Select Instadebit as your withdrawal option
- Enter the amount you wish to cashout
- Log-in to your Instadebit account on the second screen
- Confirm the transaction
Once your winnings have been processed, the funds will be temporarily held in your Instadebit account. You can then opt to have them transferred directly to your bank account, or you can use them to make another deposit (or purchase something else entirely) from your Instadebit account.
Fees and Transaction Times
Like most payment methods, there are a few fees involved with using Instadebit, and it is worthwhile knowing what these are before you decide to use the payment method. Let us take a look at some of them.
There is no charge or fee associated with opening an Instadebit account. There is, however, a $1.95 charge issued when you make a payment to your online casino through Instadebit using your bank card. Depositing at casinos using your Instadebit balance is free of charge. Similarly, there is no fee for withdrawing from a casino to your Instadebit balance. However, you will be charged $2 per transaction if you wish to transfer money from your Instadebit balance to your bank account. Additional fees may be charged for NSF transactions.
Deposit times using Instadebit are instantaneous. However, Instadebit may not debit your bank card for up to 2 days, if you chose this method. Casino withdrawals typically take 2-5 days to arrive in your Instadebit account, and it is a further 3-5 days before withdrawals from your Instadebit balance arrive in your bank account.
The Pros and Cons of Using Instadebit at Canadian Casinos
There are both advantages and disadvantages of using Instadebit at Canadian casinos. Here is what you need to know:
Safe and Secure: Instadebit deposits are both safe and secure. The company uses 128-bit SSL (Secure Socket Layer) encryption to protect your data. Moreover, payments are monitored 24/7. As you don’t need to hand over your bank details to the casino, you cannot have your bank data stolen.
Speedy Times: Instadebit offers instant transaction times for deposits, allowing you to play immediately.
Ideal for Canadians: As it is affiliated with Canadian banks and financial institutions, Instadebit is one of the few casino payment methods which is totally Canada-friendly. Moreover, the Canadian dollar is the currency of choice with this payment method.
Withdrawal Concerns: While Instadebit withdrawals are fast (at up to 72 hours) and free of charge, not all Canadian online casinos permit cashouts with Instadebit.
Find Top Instadebit Online Casinos for Canadian Players Today
If you want to play with one of the best Canada-friendly internet payment methods, then you have come to the right place. Hop over to our online casino review section to find a plethora of top Canadian casinos which accept Instadebit as a deposit and withdrawal option today.