Instadebit Online Casinos
Instadebit is an online banking solution enabling to pay to a merchant or online casino directly from a bank account. If you have no Instadebit account, there is no need to pre-register there to perform any transaction because you can register and enter all details on the fly. Instadebit serves only customers who have an account with a Canadian bank. Today, Instadebit is widely supported by every major banking institution in Canada.
Instadebit is not an electronic wallet, so you cannot deposit money to it from your bank. However, it has a Balance Account that is used a buffer when you receive money from a merchant. Funds are stored on the Instadebit Balance Account and can then be transferred to your bank or used for transactions with merchants or online casinos that use Instadebit.
Transaction limits: New registrants are forced a 7-day transaction limit of up to CA$500 before the bank account is verified. Thereafter, there are no payment restrictions. All min/max limits a player is going to find during a transaction are imposed by online casinos that accept Instadebit.
Top 5 Instadebit Online Casinos
|Jackpot City Casino
|Royal Vegas Casino
|Leo Vegas Casino
Pros and cons to Instadebit online banking
This payment options has many advantages that contribute to the overall online casino experience. Some of the most appealing pros are:
- You can set up an account during your first transaction
- Security: your bank credentials are never stored or shared with an online casino
- No need to top up the Instadebit account beforehand in order to make transactions since funds are taken from your bank account
- You can make and receive payments in Canadian and American dollar, which eliminates exchange fees in some cases. Hence, it follows that a customer may have two balances: in CAD and USD
- Online casino transactions do not appear as such in a bank statement descriptor. Instead, a customer will see INSTADEBIT.com or a similar line that does not point at gambling
- Flat rates which makes it a great choice for big payments
Though this popular payment option has many advantages, it however has two minor cons:
- Instadebit withdrawal from an online casino can take up to five days before money appear in your bank account. Deposits to an online casino are also time-consuming
- You are only allowed to link one bank account with Instadebit, and may not split payments between several accounts
Instadebit account creation
You can create an account during your first transaction or do it in advance on www.instadebit.com. A customer has to enter just basic personal information such as name and address as well as the bank account information and the last four digits of the SIN (Social Security Number).
You will be able to make deposits to online casinos immediately, however the deposited amounts will be up to the initial spending limit (a few hundred dollars) until Instadebit completes bank verification. To do this, a small deposit (less than CA$2) will be made to the bank account.
Transaction fees in online casinos with Instadebit
Before opening an Instadebit account, it may be worth it checking the fees, which are the following:
- Transferring funds from a bank account to an online casino via Instadebit costs CA$1.95
- Withdrawal of funds to the Instadebit Balance Account is free of charge. But if you want to send the money to your bank balance, you have to pay CA$2.00 per transaction. Some gambling sites take extra fees for this kind of transaction but this is not a common practice.
Instadebit deposit and withdrawal with online casinos
A player needs to sign up at the online casino, go to the cashier, pick Instadebit and proceed through the following steps:
- Choose an amount to deposit
- Log in to the Instadebit account (if you have one) or click the New User Checkout button
- You have a choice of depositing money from the bank account (it takes a few days) or take it from the Instadebit Balance (if you have enough funds on it to cover the purchase)
- Check all the banking details carefully and confirm the transaction
Withdrawal of winnings is also easy to make. You need to pick the preferred payout option, log in to the Instadebit account and enter the sum you would like to get withdrawn.
Speed of Instadebit payments
If you want to perform an Instadebit deposit to an online casino, funds will be sent from your personal bank account within a few hours up to 2 days after the transaction has been approved. If the money goes directly from your internal Instadebit account, they will appear in the online casino within a few hours.
If you try to make Instadebit withdrawal from the online casino, it typically takes around 3–5 days for the money to be processed through the banking system and appear on your bank account. The pretty slow transaction speed draws fire from some online casino players; however, the numerous pros seem to far outweigh this con.