Account Setup: Under 1 hour
Availability of Funds: Instant
What is InstaDebit?
InstaDebit is an intermediary between your bank account and your sportsbook account, and one of the best sportsbook deposit methods available to Canadians at sports betting sites. Depositing and withdrawing money between an online sportsbook and a bank account in Canada is quick, easy and inexpensive with InstaDebit.
How does InstaDebit work?
You never have to fund your InstaDebit account before using it to transfer funds to a sportsbook. It’s like paying directly from your bank account.
When you open an InstaDebit account, you will give your Canadian bank account information (transit number, institution number and account number, just like if you are signing up for direct deposit) and they will assign you a temporary weekly transaction limit. Then you can instantly deposit into your sportsbook account up to your weekly limit. The money will come out of your bank account within a few days.
In order to increase your transaction limit, you must first verify the bank account you are using. InstaDebit will deposit a small amount of money (under $2) into your bank account when you sign up. To verify your bank account, just tell InstaDebit the exact figure they put in your bank account.
Sportsbooks That Accept InstaDebit
InstaDebit is accepted at most online sportsbooks, including many on our top sportsbooks list. Currently the following online sportsbooks take InstaDebit as a deposit method for Canadians.
Best InstaDebit Sportsbooks
|View Website||Betway offers a signup bonus for Canadians. Proline players should consider this sportsbook for better odds and great betting interface on mobile devices.||ReviewBet Now »|
|Best Odds (No Bonus)||The best online sportsbook odds. No sportsbook pays faster. No sign up bonus though.||ReviewBet Now »|
|View Website||The best sportsbook licensed and located in Canada.||ReviewBet Now »|
|View Website||Solid sportsbook, great mobile site and poker room.||ReviewBet Now »|
Is InstaDebit safe?
Our InstaDebit review wouldn’t be complete without discussing safety features. InstaDebit is very safe to use, probably the safest option besides Paysafecard (formerly Ukash).
One reason we really like this deposit method for Canadians is that it’s so easy and fast to move money that there isn’t much reason to keep cash in your InstaDebit account which really reduces risk.
What are InstaDebit fees?
There are no InstaDebit fees for opening an account, and just a small one ($1.95) for depositing at sports betting sites. Many sportsbooks will reimburse your fees when you deposit or withdraw using InstaDebit.
The only InstaDebit fees you’ll may actually encounter would be on withdrawals back to your Canadian bank account, which are only $2 per withdrawal.
How do I set up an InstaDebit account?
Visit InstaDebit and sign up from their home page. The registration is straightforward and takes very little time.
You’ll need to know a few things about your bank account in order to set up the direct withdrawal and deposit: Your branch/transit number, institution number and account number. You can find all of this information on a standard cheque.
What are InstaDebit limits?
InstaDebit temporary limits can depend on your credit rating and other factors. When we signed up, we were given a temporary limit of $3,000 per week.
If you don’t like your initial limit, you can get it increased by verifying your account. We explained how to do this earlier in the ‘How does InstaDebit work’ section of this article.
You can withdraw from InstaDebit to your Canadian bank account directly for a $2 fee. Withdrawals usually take 2-3 days to hit your account, making InstaDebit perhaps the fastest way to move money to and from online sportsbooks.
InstaDebit Account Currencies
When you sign up, you actually get two currency accounts — one in Canadian dollars and the other in US dollars, which is handy if you have sportsbook accounts using each currency. There is a catch, however: you cannot move money between the two currency accounts.
So if you have money in your US dollar account and none in your Canadian dollar account and you deposit through Pinnacle Sports in Canadian dollars, the money will be withdrawn from your bank account and not taken from your US dollar InstaDebit account.
We wish they would add a feature where you could simply transfer cash between your two currency accounts, but you can avoid this by using sportsbooks that offer Canadian currency. This includes Pinnacle Sports, Bet365, Bodog, Sports Interaction and William Hill.
The Bottom Line…
InstaDebit is one of our favourite sportsbook deposit methods and one of the most popular choices for Canadians.
Moving money to and from your InstaDebit account is a snap, and fees are very low.
If you’re new to sports betting and want to start betting immediately, we highly recommend using InstaDebit sportsbook deposits.
For more information about InstaDebit, view their FAQs page which is quite good at answering more detailed questions.