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The eternal battle between iDebit and Instadebit Both are great payment methods to deposit and withdraw at online casinos, but which one is better? We have tested both to see which one has higher fees, is available at more online casinos, or is more secure. So let's get into it and decide which one is the winner of the iDebit vs. Instadebit match!
- Learn more about these payment services
- Find out which Canadian banks accept iDebit and Instadebit
- Withdrawing funds has never been easier – we will teach you how to do that
- Find out who won our test.
What is iDebit?
It is an online banking payment system that allows you to use your online bank account to make instant deposits and withdrawals. iDebit is only available in Canada and offers a secure, convenient, and fast online payment option. You don't have to set up any accounts or verify your identity to use iDebit, which is always a big plus.
iDebit is like a middleman between you and your Canadian bank. You can transfer funds directly from your online bank account to the merchant you're paying, so there is no need to wait for a wire transfer or use a credit card. Internet debit services are becoming more popular in Canada, and iDebit is one of the most reliable ones out there.
What is Instadebit?
Instadebit has been around since 2003, so it’s a well-established payment method in Canada. It is an online payment system that works just like iDebit. You can use your Canadian bank account to make instant casino transactions as well. However, there are a few differences between the two payment systems. Let's jump into that next!
Instadebit vs iDebit: The Battle Begins
One of the biggest differences between iDebit and Instadebit is that Instadebit requires you to have an account before you can use it. You’ll need to verify your identity and provide some personal information, which can take some time. Instadebit seems like an e-wallet at first glance, but it is really just a payment processing service like iDebit.
Not many Canadians are aware of this, but you can store funds for 28 days with Instadebit.
After that, your money will be automatically returned to your bank account. You might ask, Why is Instadebit not considered an e-wallet? Well, you can’t use it to store funds for a longer time or send money to friends, so it doesn’t really fit the definition of an e-wallet.
iDebit, on the other hand, gives you more freedom as you don’t have to open an account or verify your identity prior to using it. You just need to be connected with a bank, and you are ready to go. However, you can create an iDebit account to store funds for future use and track your transactions as well. 1 point for iDebit!
Banking Options Comparison
|Available Accounts||1 account||1 account|
|Available Currencies||CAD, USD||CAD, USD|
|Account Creation Required||Yes||No|
|Guarantee of refund in case of fraud||Yes||Yes|
Pros of Using Instadebit and iDebit
Both payment processors are very similar, so they have a lot of similarities regarding advantages. Here are the pros of using Instadebit and iDebit:
- Low fees – both iDebit and Instadebit have low fees, which is always great for any Canadian citizen!
- Fast processing time – both payment systems can process payments instantly, even withdrawals at an online casino.
- Availability – Instadebit and iDebit are available at most online casinos in Canada. You can also use them to make payments at other merchants, like online stores.
- No need to use a credit card – since both payment options are linked directly to your bank account, you don’t need to use a credit card.
- Secure – both payment systems use the latest security measures to protect your funds and personal or banking information.
Cons of Instadebit and iDebit
There are some cons to both payment systems as well. Here are the most important ones:
- Limited availability – both payment systems are only available in Canada, so you won’t be able to use them if you live outside of the country.
- Needed to create an account with Instadebit – if you want to use Instadebit, you’ll need to create an account with the company. This could be a hassle for some people.
- Not all banks support iDebit – this is a huge drawback. Unfortunately, not all Canadian banks support iDebit, so you might need to double-check if your bank is supported.
iDebit vs Instadebit: Fees
Both iDebit and Instadebit have pretty low fees, which is great for all Canadian gamblers. The differences are marginal but iDebit does have slightly lower fees for deposits. You will pay a C$1.5 flat fee for deposits and C$2 for withdrawals from your iDebit account to your bank. Instadebit has the same fee for payouts but a slightly higher C$1.95 fee for deposits. 1 point for iDebit!
|Account management fees||free||free|
|Deposits||1.95 CAD||1.50 CAD|
|Withdrawals from your account to bank account||2.00 CAD||2.00 CAD|
Availability at Canadian Online Casinos
Both payment payments are widely accepted at Canadian casino sites, so you won’t have any problems finding an online casino that supports them. Most of the top-rated sites in Canada accept both of them.
However, Instadebit is a bit more popular than iDebit. There are 290+ gambling sites that accept Instadebit and 250+ iDebit casinos. So, if you want more options, then you should choose Instadebit. 1 point for them!
How to Fund Your Online Casino Account With iDebit and Instadebit?
Funding your online casino account with iDebit or Instadebit is easier than you think. All you need to do is choose one of the banking methods and follow the steps below:
Total Time: 3 minutes
Select your method
Log into your casino account and select iDebit or Instadebit in the casino cashier.
Log in to your Instadebit account/iDebit account or select a guest option if you don’t have an account.
Enter your details
Enter your bank account details and the amount you want to deposit.
Once all the information is entered, click “confirm” to complete the transaction.
Smash your favourite games
Your online casino balance should be updated instantly once the transaction is completed. Enjoy your favourite casino games!
Instadebit vs. iDebit: Which One Is Accepted By More Banks?
Instadebit is accepted by more Canadian banks than iDebit. While iDebit is available at most Canadian financial institutions, Instadebit is by all of them. So, if you have a bank account in Canada and want to use Instadebit, you’ll most likely be able to do it. Here is the list of banks that support iDebit:
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- National Bank
- Royal Bank of Canada
- Simplii Financial (formerly PCF)
- TD Canada Trust
HSBC and Laurentian Bank are two of the biggest banks that don’t support iDebit but do offer Instadebit. It needs to be annoying for Canadian players who have bank accounts there and want to use iDebit. So, we’ll have to give this one to Instadebit!
Final Verdict: Which Payment Method Is Better?
We have tested both, and to be fair, the process is quite similar. Both payment methods are secure and offer low fees, so you won’t have much to worry about. In our test, it was a draw (2:2). On the one hand, you don't have to create an account with iDebit, and it has lower fees for deposits. On the other hand, Instadebit is accepted by more banks, and it's a bit more popular in Canadian casinos. If we had to pick a winner here, it would be Instadebit.
I think that the number of supported banks is more important than slightly lower deposit fees or the fact that you don’t have to create an account with iDebit. But in the end, the choice is yours! So go ahead and pick whichever one you like best.
What Is The Withdrawal Time For iDebit and Instadebit?
The withdrawal time for both payment methods is usually instant. However, some casinos process withdrawals within 24 hours, so make sure to choose fast payout casinos for the best experience.
Are There Any Limits When Using iDebit or Instadebit?
Yes, there are usually limits when you use these payment methods. Most casinos have a minimum deposit of C$10, and the maximum is usually around C$10,000. Some gambling sites might have higher limits, so make sure to check that before you start playing.
Are These Payment Methods Secure?
Yes, both iDebit and Instadebit are highly secure payment methods. They use bank-level encryption technology to ensure that all your data is kept safe and secure at all times.
Is iDebit Casino Deposit or Withdrawal Faster Than Instadebit?
No, the deposit and withdrawal times for both payment methods are usually instant.
What Are The Advantages of These Payment Systems Over Other Banking Options?
You can deposit straight from your bank account; there is no need to create a new account or provide your card details. Also, they offer low fees, fast payouts, and high-security measures. Additionally, they are accepted by many online casinos and offer buyer protection if there’s an issue with the transaction.
Last Updated on July 20, 2023 by Dan (Danny) James