- Deposits are instant
- Safe and secure
- Supports Canadian and US currency
- Mobile compatible
- Transaction fees
- Cannot maintain an account balance for more than 28 consecutive days
- Not all Canadian banks support this payment method
Creating an Account
Open a new account at Instadebit is free, and you can use it to make a deposit at an online casino as soon as you set it up. However, you must confirm your identity and prove you are at least 18 years of age before you can process a withdrawal. Besides basic personal information, you need to provide the final 4 numbers, as shown on your SIN card. You must also provide banking information such as the 5-digit transit number of your bank, the bank’s 3-digit institution number, and your account number.
Instadebit will deposit a small amount of money into your selected bank account, which usually shows up on your statement in roughly 3-5 days. Once you know the amount of this deposit, you use it as a PIN number at Instadebit to verify the account and increase your limits. Go to the “Verify Bank Account” portal to complete the process.
Deposits and Withdrawals
One of the many upsides to using this payment option is that online casino deposits are instant, but they might not show up on your bank statement for a couple of days. One minor drawback is the CAD 1.95 transaction fee you incur whenever you make a payment from your bank account. This fee does not apply to payments made using funds that are already in your Instadebit wallet. Just as with bounced cheques, your bank will likely charge an NSF fee if you try to conduct a transfer that exceeds your bank account balance.
You can use the balance in the Instadebit web wallet to make deposits at online casinos, or the funds can be withdrawn directly to your bank. Withdrawals usually take between 3 and 5 days to process and show up in your bank account. Online casinos generally don’t charge any fees to withdraw money using this method, but moving money from Instadebit to your bank costs CAD 2 per transaction. As mentioned, regulatory changes stipulate that account holders may not maintain a balance for more than 28 consecutive days.
Instadebit’s customer care team is standing by 24/7/365 and can be reached by email, live online chat, or by using their convenient toll-free phone number.
Safety and Security
Instadebit secures all communications by using 128-bit SSL encryption and it is certified by VeriSign and TRUSTe, which are highly regarded. The site has one of the most advanced anti-fraud systems in the industry, and they will never share your banking information with anyone.