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INSTADEBIT is a popular payment method in Canada, and for good reason, as there are plenty of pros!
In this guide, we suggest a list of recommended INSTADEBIT sportsbooks in Canada, as well as walk you through INSTADEBIT fees, deposits and withdrawals, and more!
INSTADEBIT Betting Sites for 2022
What is INSTADEBIT?
INSTADEBIT is a secure online payment option available to Canadians. This well-known payment method lets you make payments directly from your bank account.
How does it work?
Unlike an e-wallet, you don’t need to pre-register for an account. You can create your INSTADEBIT account during your first transaction.
You just need to select the INSTADEBIT option on your selected betting site, log in to your INSTADEBIT account, and approve the transaction.
Take note that in order to use INSTADEBIT, you need to have a Canadian bank account. You also need to provide your date of birth and the last 4 digits of your Social Insurance Number (SIN) in order to confirm your identity.
Pros and Cons of INSTADEBIT
Like any other payment method, INSTADEBIT has both its pros and cons. Let’s take a look!
Safeguard Your Personal Details
When using INSTADEBIT, there’s no need to reveal your bank account details to the sportsbook.
Moreover, these transactions will appear as ‘INSTADEBIT’ on your bank statements, rather than a direct link to a betting site.
This helps protect your private information and prevents identity fraud.
Processing Times
INSTADEBIT withdrawals tend to be processed within 24 hours. This is a faster process than 3 days for credit cards, or 3-5 days for bank transfer.
Can Be Used for Deposits and Withdrawals
INSTADEBIT is a payment method that allows both deposits and withdrawals. Betting sites prefer this because it speeds up the payment process!
INSTADEBIT Fees
As we explain further on in this guide, INSTADEBIT has a few charges. These are very low fees, so we don’t consider it to be a big disadvantage. However, it’s still important to keep in mind.
Is INSTADEBIT Legit?
Yes, INSTADEBIT is a perfectly secure payment option. All transactions are monitored and regulated by VeriSign, which is a leading security certification firm.
Moreover, any communication is transmitted using 128-bit encryption technology, which protects your data from fraud.
Are there any INSTADEBIT Fees?
Creating an INSTADEBIT account is free.
There’s a $1.95 charge if you deposit at a sportsbook directly from your bank account. You can avoid this by making payments from your INSTADEBIT balance account.
For withdrawals, there’s a $2 charge to withdraw funds from your INSTADEBIT account to your bank account.
To avoid this extra charge, we suggest keeping your funds in your INSTADEBIT account, and only transfer to your bank account when you’ve accumulated some money. This helps reduce fees.
Other than that, betting sites won’t charge any additional fees when using INSTADEBIT.
How to Deposit with INSTADEBIT
Depositing with INSTADEBIT is easy! Here’s a step-by-step guide:
- Check out our list of INSTADEBIT sportsbooks, and pick one.
- Visit the betting site and create an account.
- Log in and go to the cashier section. Select INSTADEBIT as a payment option.
- Input your deposit amount. Most INSTADEBIT betting sites have a $10 minimum deposit.
- You will be prompted to enter your INSTADEBIT credentials. If you don’t have an INSTADEBIT account yet, visit INSTADEBIT’s official site and create an account. This requires basic contact information, banking details, and the last 4 digits of your social insurance number.
- You can now place your preferred bets!
Can You Withdraw with INSTADEBIT?
Yes, unlike payment methods like Flexepin, INSTADEBIT allows for both deposits and withdrawals.
On average, sportsbooks process INSTADEBIT withdrawals within 24 hours, which makes it one of the faster payouts.
However, if you’d like the balance to be transferred to your bank account, factor in another 3-5 business days.
INSTADEBIT vs iDebit
One of INSTADEBIT’s direct competitors is iDebit. There are a lot of similarities between the two methods, but there are a couple of differences as well.
While INSTADEBIT requires the creation of an account, iDebit allows you to use the service without registering an account (although you can also register an account if you want to).
Both payment methods require you to have a Canadian bank account, but INSTADEBIT has a wider bank coverage. On the other hand, iDebit is supported by the following banks:
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- Desjardins
- National Bank
- Royal Bank of Canada
- Scotiabank
- Simplii Financial
- TD Canada Trust
So which payment method should you pick? In our opinion, both payment methods are great options for Canadians.
iDebit is slightly easier to use because there’s no need to set up an account. However, its limited list of banks can be restrictive.
FAQs
Can I use INSTADEBIT at Bet365?
Yes, Bet365 offers INSTADEBIT as a payment method.
Can I use INSTADEBIT at online casinos?
Absolutely! Popular casinos that offer INSTADEBIT include Bet99, Bet365, and Betway.
Is INSTADEBIT safe to use at sportsbooks?
Yes, INSTADEBIT is perfectly safe to use, and protects your data from fraud.
How long do INSTADEBIT withdrawals take?
Betting sites process INSTADEBIT withdrawals in around 24 hours. However, if you want to transfer your balance from your INSTADEBIT wallet to your bank account, factor in another 3-5 business days.
