InstaDebit - Both An E-Wallet and An Electronic Check Account
InstaDebit is an e-wallet and electronic check system that enables you to make payments and deposits online, as well as transfer funds to and from your bank account. Founded in 2003, the service also provides casino players with the option to have funds in their casino accounts to be transferred directly into their bank accounts. This eliminates the need to transfer the funds into an e-wallet account beforehand, saving the customer time and money.
InstaDebit is accepted in hundreds of online retail sites and online casinos in 32 countries around the world. There are no fees for opening an account and for most transactions, which are processed quickly with only a few requirements.
How Does InstaDebit Work?
InstaDebit serves as both an e-wallet and an electronic checking system, from which you can make payments and deposits online. Requested funds are automatically drawn from your InstaDebit account if there is sufficient balance to cover the said transaction.
If there is not enough money in your InstaDebit account to cover the payment or casino deposit, the funds are requested from your bank account. They are then coursed through your e-wallet to the receiving casino’s account in a single transaction.
| InstaDebit Facts | |
|---|---|
| Type | e-Wallet / Electronic Check |
| Deposits | Yes |
| Withdrawals | No |
| Deposit Fees | £1.95 (funds drawn from bank account) |
| Withdrawal Fees | £2 (from InstaDebit account to bank account) |
| Typical Casino Limits | Deposits: minimum: £10, maximum: £10,000, Withdrawals: minimum: £25, maximum: £100,000 |
| Headquarters | Toronto, USA |
| Contact Details | Email: [email protected], toll-free: 1-877-88DEBIT |
| Website | https://www.instadebit.com/ |
How to Create an InstaDebit Account
Creating an InstaDebit account can be done via the InstaDebit website:
- Go to the InstaDebit sign-up page.
- Provide your personal information (name, address, email, and the last four digits of your Social Insurance Number).
- Add your bank account information.
- Verify your bank with InstaDebit.
Verifying your bank account enables you to use InstaDebit to receive funds withdrawn from online casinos, and to withdraw those funds into your bank account. The process involves a small sum (usually less than £2) being deposited into your bank account.
After the money appears in your account, which could take from three to five days, you should take note of the exact deposit amount. You then provide this figure to InstaDebit, which proves you own the bank account in question, thus verifying it.
Funding Your InstaDebit Account / Making A Transfer to A Casino Account
You don’t necessarily have to fund your InstaDebit account before using it to make a deposit into an online casino account. If the funds in your InstaDebit account are insufficient to cover your requested transaction, the entire sum will be requested from your bank. The transaction is pretty much seamless, and you don’t incur additional charges in the process.
The process for making a deposit into an online casino account via InstaDebit is as follows:
- Go to the casino’s “deposits” page.
- Select “InstaDebit” as the deposit method.
- Fill the details of your InstaDebit account.
- Specify the amount you wish to deposit.
- Confirm the transaction.
Depending on the casino in question, you may be given the option to deposit funds via fast bank transfer or real time bank transfer. Fast bank transfers will usually take from three to five days before the money is reflected in your online casino account. Real-time bank transfers give you the option to connect with your bank directly, with the funds being transferred within minutes.
Making a Withdrawal From InstaDebit
Funds from an online casino account may be transferred into your InstaDebit account. They can then be used to fund other transactions, or may be transferred to your bank account.
Here's how to withdraw funds from an online casino account via InstaDebit:
- Go to the casino’s “cash out” page.
- Select “InstaDebit” as the withdrawal option.
- Provide details of your InstaDebit account.
- Specify the amount you wish to withdraw.
- Confirm the transaction.
Most casinos will allow you to withdraw funds from your casino account into your InstaDebit account only if you have made a deposit via InstaDebit within the last 12 months. In addition, most casinos will only payout funds via the same method used for making the initial deposit.
Security and Privacy of Your Personal Information
InstaDebit is licensed to operate under the Canadian banking system, which ensures conformance with stringent banking rules and regulations. The company employs state-of-the-art protocols for ensuring total customer privacy and security, including ID verification, secure storage, fraud detection, and 128-bit SSL data encryption. The website is also protected by software from TRUSTe, McAfee, and Norton.
The InstaDebit payment process is set up so that payees never have access to the user’s personal and banking information. This ensures a high level of security with all transactions.
Fee Summary
There are no fees charged for opening an InstaDebit account or for making payments using funds already in your InstaDebit account. If the funds are drawn from your bank account however, there is a standard fee of £1.95.
There are also no fees for withdrawing funds from an online casino account into your InstaDebit account. If you wish to transfer funds from your InstaDebit account into your bank account, there will be a £2 charge.
Customer Service
InstaDebit offers email and phone support via a toll-free number. The company’s website also has a live chat feature which puts you in touch with a customer service representative immediately.