The internet began as a hobby and information network. Within a year or two business people were beginning to understand that the internet could be a way of making money too. Their companies could list their products on a website and then encourage people to visit their retail stores in order to make their purchases.
Pretty soon those same stores worked out a better system – people could order their products and then have them sent to them via mail order. This created an issue – how could people pay for products over the internet?
Several solutions developed. Credit and debit card companies allowed their cards to be used online, and eWallets such as PayPal and Skrill soon appeared. When banks started creating internet banking facilities a third online payments system developed. InstaDebit is one of the many such systems that were created and like most of them, it is centred upon one location. InstaDebit is only available to people in Canada.
A Brief History of InstaDebit
InstaDebit was created in 2003, just as commercial hands were getting their hands dirty with the internet for the first time. Created in Toronto, Canada (where it is still based), the creators of InstaDebit did so with the intention of allowing people to make payments directly from their bank account to online merchants. A number of banks swiftly came onboard with the InstaDebit scheme.
InstaDebit eventually created a similar global payments system called iDebit that too was accepted by a decent number of online casinos. However, in 2020 iDebit too became ‘Canada only’.
InstaDebit – Pros and Cons
- Uses the same encryption protocols as banks
- Used by many internet casinos that accept Canadian players
- No need to mess around with opening an account
- Only available to casinos players in Canada
- Cannot be used easily for withdrawals
How to use InstaDebit at Online Casinos
The most convenient aspect of InstaDebit perhaps is that you do not need to open an InstaDebit account in order to use it as a payment provide. You can open what is called an ‘InstaDebit Balance Account’ if you so wish, which means that you will be using your InstaDebit account as an eWallet.
The one thing you do need to have though is an account at a participating bank. The list of participating banks is as follows:
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- National Bank
- Royal Bank of Canada
- Simplii Financial (formerly PCF)
- TD Canada Trust
For security purposes, you will need to verify your bank account with InstaDebit before you can make a payment if you are opening an InstaDebit Balance Account. When you open an account InstaDebit will transfer a small amount of money to your account. When you confirm the amount sent, your InstaDebit Balance Account will be verified. If do not intend to open an InstaDebit Balance Account, then there is no reason for you to verify your account.
No matter the way you choose to run your InstaDebit payments, when it comes to making a deposit at an online casino you will need to head to the cashier and select InstaDebit as your payment type. Also, set the amount that you wish to deposit.
Once you have confirmed everything an applet will pop up that displays a list of banks. Select the bank where you have the account from which you are moving money. Another applet will then pop up that will be familiar to you – it will be your bank’s internet banking facility. This applet is provided by the bank and not by your online casino or InstaDebit. This means your financial details are kept safe.
When you have confirmed the transfer, your money will be transferred to the online casino. Most trusted online casinos will process your deposit instantly.
If you want to make a withdrawal via InstaDebit then you will need to set up an InstaDebit Balance Account. Online casinos cannot transfer money from your casino account directly to your bank account via InstaDebit. You will need to transfer money to your InstaDebit Balance Account and then withdraw that money to your bank account via the InstaDebit site or app.
You will be charged CA$1.95 for a bank-to-online casino transaction by InstaDebit. You are not charged if you make deposits from an InstaDebit Balance Account. If you withdraw via an InstaDebit Balance Account to your bank account, you are charged CA$2 per transaction. Your online casino should not make any charges for deposit or withdrawals.
For casino players in Canada InstaDebit provides an ideal and secure way of transferring money from their bank accounts to their online casino account. Because InstaDebit uses the same encryption protocols as used by banks, any online transactions that are made are entirely secure.
Perhaps the only issue with using InstaDebit is that you have to set up a Balance Account (practically, an eWallet) to accept withdrawals. However, doing so is not difficult and is also free of charge.
No matter the way in which you choose to use InstaDebit, remember always, always to gamble responsibly. Be sensible with your money and never, ever chase your losses.
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Can I use any currency with InstaDebit?
What’s the difference between InstaDebit and iDebit?
My online casino wants to charge me for an InstaDebit deposit? What should I do?
Can I use InstaDebit if I am not based in Canada?