As it is seen from its name, INSTADEBIT system is destined to make instant transactions. It is popular amongst Canadians and operates within the borders of this country only.
You must be a Canadian resident or a citizen and to have the Canadian bank account in order to open an INSTADEBIT account.
How to open an account
Opening an INSTADEBIT account is a simple process:
- A user enters his or her personal requisites: name, address, and so on. This stage also cuts off the non-Canadian citizens: as a registering person must enter 4 last digits of own social security number.
- Then goes verification of bank account details. It usually debits some small random amount from the user’s account to verify the belonging of this account to him/her and returns it back in several days.
- Then goes verification of a personality using scans of documents, as a rule or other verification is done according to internal procedures.
- When the financial and personal verification are completed, the account’s creation is verified and a user may use it.
Pros of INSTADEBIT
1. It is free of charge for its user – that was a number one reason that triggered a broad popularity amongst the Canadian people. All fees are borne by the casino or the other recipient-legal entity.
2. It is fast and easy to transfer money to INSTADEBIT’s account and its balance is updated within seconds.
3. It is very secure.
Cons of INSTADEBIT
1. It is only available for adult Canadians who have Canadian bank account and social security.
2. The withdrawal of money from online casinos can take up to 5 banking days.
You may have seen this come up as some of the payment options available to deposit or withdraw monies. That’s because this option is indeed one of those options.
But there are some differences to this than most other systems.
For one this one makes instant transactions. Because of this many people use this a lot.
Using this is as simple as opening an account. Before getting to it, you need to first be a Canadian citizen, and have a bank account within Canada.
From there, you need to input some information in order to create the INSTADEBIT account. You do that through their website.
Once information is verified, you can set it up. This process could take several days.
You need to make an account first.
Verifying is a matter of making an account and filling it with information that is true about you. Things like name, date of birth, address, etc.
This system is convenient for Canadians and will be absolutely meaningless for non-Canadians as it only operates in Canada. Aside of that initial limitation, it is very useful to receive and transfer money fast on INSTADEBIT account, especially when it comes to online casinos, as they are often the matter of worry of each Canadian gambler. Once he or she wins, it is easy and safe to transfer the won money to INSTADEBIT account and to use it as one wishes afterward: input in this or another casino, withdraw, transfer to someone else or to return to a bank account.