InstaDebit vs iDebit
In an ongoing demand for speeding up online transactions, especially when it comes to transferring funds to and from an online casino account, iDebit and InstaDebit are the latest inventions in digital technology intended for facilitating that request. Utilizing robust legal framework and contracts with all the major banks in Canada along with cutting edge security protocols, InstaDebit and iDebit casinos are more convenient and accessible than ever before.
In a nutshell, InstaDebit and iDebit are global e-Wallet digital services that directly connect to your bank account, allowing customers to use these methods to perform faster transactions with few steps less than when using their bank accounts.
Here’s an overview of the main properties of these payment methods and their advantages and disadvantages.
How Does iDebit Work?
One convenient thing about iDebit is that you don’t have to set up an iDebit account to get started. You can simply deposit via iDebit at the gambling site of your choice, and they will process the transaction instantaneously. However, if you’re cashing out or withdrawing funds, you will need to create an iDebit account so you can transfer those funds back to your Canadian bank account.
Here is how you can deposit funds in your casino account using iDebit:
- Visit an online casino of your choice
- Select iDebit as your preferred deposit method
- Enter your banking login information
- After you verify the transaction, the funds will be immediately transferred to your casino account.
How Does InstaDebit Work?
The major difference between InstaDebit and e-Wallets is that InstaDebit doesn’t allow you to transfer funds from your bank account to your InstaDebit account. Instead, it acts as an intermediary between the bank and the casino, facilitating the payment process.
This basically means that you can transfer money from your private bank accounts to casinos that accept InstaDebit without disclosing any sensitive banking data. InstaDebit is a Canadian-oriented payment service, meaning that Canadian gamblers can get a lot of benefits from using it on casino sites, such as special deposit bonuses. Before you start making casino deposits using this method, you need to register for an account at the InstaDebit website.
Once you’ve successfully set up an InstaDebit account, just follow these simple steps and you’ll be able to spin the slot reels in no time!
- Head on to a gambling site that accepts InstaDebit
- Click on the cashier section and chose InstaDebit as your preferred deposit mode
- A window for login into your InstaDebit account will pop up
- Enter the amount you wish to transfer and confirm that you typed the correct numbers
- In a matter of seconds, the money will be sent over to your online gambling account.
Unlike most payment methods that offer only one-way services, InstaDebit works both ways, meaning you make both your deposits and withdrawals through it. What’s more, there are no hidden or exorbitant fees attached to InstaDebit transactions because it acts as an intermediary service between the casino and your bank account.
Difference Between InstaDebit and iDebit
Both of these payment services allow for rapid transactions. The difference between the two is that InstaDebit requires that your InstaDebit account is fully funded with the amount you wish to transfer. Only then will you be able to transfer the funds to the casino that accepts InstaDebit.
Of course, if you already have funds in your InstaDebit account, the transfer is processed instantly. But if you don’t, you will have to wait between 3–5 business days until the money appears. With iDebit, you can set up an account before making transactions, but it’s not mandatory. Withdrawals from iDebit and InstaDebit work in the same way, while with iDebit you have to pay a $2 flat withdrawal fee.
InstaDebit is also widely accepted at all financial institutions where iDebit is only supported by Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, National Bank, Royal Bank of Canada, Scotiabank, Simplii Financial and TD Canada.
Advantages of Using InstaDebit and iDebit
If you are in a hurry to make casino wagers, there is no better way to do it than by using InstaDebit and iDebit account. Especially if you take into consideration the sluggishness of credit card transactions that are mainly dependent on web traffic. Even in a boutique, it can happen that your credit/debit card suddenly stops working. Using these methods is the only way to make online purchases that are processed through your bank account when your credit card doesn’t work.
What’s great about these methods is the fact that you can use them for both depositing and withdrawing cash, unlike most payment methods which allow only one-way services. Another reason why these banking methods are so popular among Canadians is that they are incredibly easy to use — you only have to set up your account (with iDebit this isn’t obligatory), and you’re good to go!
Furthermore, both of these payment methods are perfectly safe to use. In fact, they’re even safer than other bank-related methods due to the fact that your account information is never shared. This drastically improves security against hackers and keeps your confidential data safe.
When it comes to choosing a banking method for casino transactions, the two most important factors are confidentiality and security, and you have both with iDebit and InstaDebit. On top of that, the fees, if applicable, are comparatively low.
Disadvantages of Using InstaDebit and iDebit
Apart from the occasional fees for withdrawing cash via InstaDebit and iDebit, there is another huge drawback. Namely, you cannot withdraw money via iDebit if you are not a Canadian resident. You can replenish your account and deposit into a casino account, but you would have to use another banking method to withdraw your funds.
With InstaDebit, you cannot set up an account without a Canadian bank account or without the documentation necessary for verifying your identity. Furthermore, you can only use one bank account for InstaDebit payments, meaning you cannot split your payment between several accounts.
The main disadvantage of iDebit is that, currently, not many online gambling establishments accept it. However, online casinos are starting to realize that lack of such support might turn off potential customers, so, we’re seeing more and more casinos implementing this payment method into their platforms.
Who can use InstaDebit and iDebit?
iDebit is supported by the following banks:
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- National Bank
- Royal Bank of Canada
- Simplii Financial
- TD Canada Trust
InstaDebit is supported by all Canadian financial institutions.
What is the withdrawal time for these methods?
The withdrawal time depends on the casino you’re playing at. On average, it takes up to 72 hours before the cashouts are credited and processed.
Are InstaDebit and iDebit secure payment and withdrawal options?
Yes, they are. When making deposits via these methods, you never share any of your personal or banking information, thereby reducing the number of potential problems that a site might have with its security. Also, these services use state-of-the-art security and encryption technology for protection.
Can I change my InstaDebit and iDebit account information?
Yes, you can change your email address and password by logging into the services account. If you want to change other details like home address, name, or bank information, you will most likely have to get in touch with InstaDebit/iDebit customer service team. You will probably have to provide some proof of identity like a driver’s license, passport, or some other government-issued photo ID.
What are the advantages of InstaDebit and iDebit compared to other payment platforms out there?
One major advantage of InstaDebit and iDebit is that they don’t reveal any personal information to online casinos. This could be a matter of some concern in regions where gambling is illegal. In Canada, it’s quite handy, especially if you bump into a fraudulent or dishonest online casino.
InstaDebit and iDebit are much faster compared to other payment methods like bank or wire transfers. This means that you start playing your favorite casino games without wasting time on waiting for deposits to settle.