Instadebit is one of those mysterious online payment processing companies that are online casino friendly and work in a weird way so that many beginner-level gamblers start wondering how to use Instadebit and whether it is convenient enough to use.
However, Instadebit is really cool and completely in line both with Canadian banking laws and also with most online casinos’ policies. This is why it is one of the frequently recommended payment methods; reviewers often advise Instadebit casinos for safe real money gambling.
However, obviously, all gamblers must be aware of all the nuances about Instadebit, its functioning and performance, and of course its real pros and cons, in order to be able to make an informed choice. One of the main catches is that online casinos tend to add their extra rules and limitations on top of those applied by payment processing companies, and it becomes confusing for the player to assess this or that banking option if they do not understand what rules are applied by what party.
How Does Instadebit Work in Gambling?
Initially, Instadebit was founded as an e-wallet. In 2003, e-wallets started gaining popularity and were in demand as online sales increased. However, after an analysis of the market and the real needs of the users online, Instadebit became a facilitator between Canadian banks and online merchants.
Today, Instadebit works for Canada and also around 30 other countries, and the interesting part is that the service works differently for its native country and all other jurisdictions.
Working with Canadian banks, Instadebit is completely in line with current legislation and all the corresponding limitations and rules. At the same time, adding an extra layer of anonymity and safety to the bank and the individual user, Instadebit enables transactions between online merchants and users directly to and from the bank account.
Instadebit is easy to use; one just has to make sure their preferred bank works with this company, and open an account with Instadebit. After the user verifies the account, all payments go really quickly and seamlessly.
Advantages of Instadebit
To get a better idea about Instadebit perks, all gamblers are recommended to check out the following list:
● CAD is accepted – while this may be obvious for many people, yet this is an advantage considering that many casinos still only accept USD, and EUR, and that’s all
● accounts for other fiat currencies can also be opened – some Canadians may prefer gambling with other fiat currencies, such as EUR or USD
● one user can have multiple Instadebit accounts linked to several bank accounts – the user can send money from and receive money to more than one bank account which adds flexibility to their payments
● fast transactions – undeniable advantage, no comments are needed
● Instadebit works with many Canadian banks – more and more users can pay from their bank account without the need to open one with a bank that specifically works with Instadebit
● allows both depositing to and withdrawing money from online casinos – in contrast to many other payment options that only allow deposits
● adequate fees – the users always know their fees which are not that big by the way
● flexible transaction limits – Instadebit, of course, sets the limits according to the bank but it makes the limits rather flexible so the user has what to choose from
The list of perks is indeed impressive, especially if Instadebit gets compared to many other banking channels that seemingly offer the same services but turn out way less convenient if you look at them closer.
To really be able to evaluate whether Instadebit is the right payment option for a particular player at a particular casino site, this player has to be aware of the real drawbacks of Instadebit. Of course, things often change fast, but at the time of writing this post, the pitfalls are as follows:
● every other currency can only be used via a separate Instadebit account – this is a disadvantage because it requires additional registrations and so on, but it only goes messy if the user allows it to
● gamblers cannot deposit to and withdraw money from online casinos via Instadebit when in other countries – this makes sense because as it was mentioned, Instadebit works in Canada and in other countries in somewhat different ways
● some local banks still do not work with Instadebit – this is a drawback but probably it is a matter of time.
Hopefully, these lists will help players make their choices in a wise way!