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.
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.