We are all witnessing the surge in different digital payment solutions, with new ones emerging continually. The main reason for so many cashless solutions on the market is the need for easily accessible and mobile-friendly payment systems. One of those revolutionizing solutions is INSTADEBIT, an online payment method that facilitates direct payments from a bank account.
The company operates in Canada and was founded in 2004. Initially, its services were accessible in many different countries, but in 2014 the company changed its policy and decided to focus on Canada only. Although INSTADEBIT has USD in its offer, people from the USA are not able to use this service. Hence, it is essential to emphasize that this virtual payment solution is available to Canadian customers only and is accepted by all major Canadian banks as it is fully compliant with the country’s financial regulations.
Opening an account is easy and, most of all, fast. There is no waiting on account activation or any additional approval. The only thing you need is a bank account at any major Canadian financial institution. A new account could be opened on the spot when making a payment or depositing cash. You need to select INSTADEBIT and finish registration in a flash. As an intermediary payment option, operating between the bank and online casino (merchant), there is no need for providing any personal or banking credentials to the casino.
It’s not a classic e-wallet as you cannot transfer funds from your bank account and store it. Therefore, we can say that INSTADEBIT is the equivalent of online cheque payment, being even more straightforward.
How to Deposit via INSTADEBIT?
Making an online casino deposit with INSTADEBIT is as easy as opening the account. However, the main obstacle is the number of casinos (with a good live casino) offering this payment option. As mentioned above, It’s a Canadian-exclusive service, although they do offer the USD currency. In reality, only Canadian residents can utilize this digital payment solution. Nevertheless, the number of online casinos starting to include INSTADEBIT in its offer is growing.
To deposit funds in your online casino account with INSTADEBIT, you firstly need to have a required amount of cash in your INSTADEBIT account. Pay attention to have the correct currency to avoid conversion fees calculated by the day’s exchange rates. You can quickly check these rates on the INSTADEBIT website.
The next step is to visit the cashier section and search for INSTADEBIT. If the casino has it in its offer, select it, sign in or register a new account. Once you have done this, insert the amount you want to transfer, and approve this transaction. The funds will almost instantaneously be available on your online casino balance. Yes, it’s that simple!
How to Withdraw with INSTADEBIT?
The withdrawal is as easy as depositing. Yes, this is the main flaw – it is rarely available. This is why, before starting to play, you first need to check if this website has INSTADEBIT. So, if an online casino has this service, to cash out your winnings, you first need to pull it onto your INSTADEBIT balance account. Then you can decide if you want to transfer further to your bank account. In case you need to exchange the currency during the withdrawal, the fees are the same as for the depositing procedure.
Transfer Times, Fees, and Security
Important information regarding INSTADEBIT is that it might take up to 5 business days (from 3 to 5 days) to finish the transaction. However, usually, this is much faster, without fees. As for the fees, if you have an INSTADEBIT account, you will not incur transactional or any other cost. However, if you decide to transfer money from the INSTADEBIT balance to your bank account, charges are applicable.
So, if you desire to pay a casino directly from your bank account through INSTADEBIT, this transaction will be charged a 1.95 CAD. If you want to move the funds from the INSTADEBIT account to your bank account, this service will be charged a 2.00 CAD.
As a third-party service between the online gaming website and your bank account, it protects your personal and banking data. The system doesn’t share anything with the end-user: online casino.
The service uses 128-bit encryption technology to protect all your sensitive data while leading security certification firm VeriSign monitors and regulates all transactions.