While there are many good sportsbook deposit methods for Canadians, Moneybookers (now Skrill) and InstaDebit stand alone as the best and most popular options. The other funding methods are either too slow, too expensive, not widely accepted, or unsafe. Both are electronic wallets (e-wallets), work differently, and have pros and cons.
Here is our comparison of the two services for Canadian sports bettors looking for a fast, cheap and reliable electronic deposit method. For more information, see our Moneybookers review or InstaDebit review.
More sportsbooks accept Moneybookers as a banking option than InstaDebit. The bigger, more established online sportsbooks accept InstaDebit, but it doesn’t have near the adoption rate of Moneybookers across the industry. One problem with InstaDebit is that sometimes a sportsbook offers it as a deposit option but will not allow withdrawals back. That forces bettors to request a cheque instead, defeating the purpose of using an e-wallet to move money quickly and efficiently.
Below are the best sportsbooks for Canadians that welcome each deposit method.
Instadebit doesn’t charge fees for consumers, which makes it the winner in this category. Moneybookers does have fees, although they are quite reasonable.
Upload money from a Credit Card: 1.9% flat fee
Upload fees for bank transfers: Free (your bank may charge you for a bank wire)
Withdrawal by cheque: $3.50 flat fee (or currency equivalent)
Withdrawal to bank account: $1.80 flat fee (or currency equivalent)
Note: If you use your Moneybookers account frequently you may be elevated to VIP status, resulting in many benefits like higher limits and NO fees on deposits.
InstaDebit is a faster, smoother service because it is integrated in the Canadian banking system and uses electronic cheques instead of bank wires to move money to and from your bank account. The result is very fast and efficient processing of InstaDebit withdrawals and deposits through online sportsbooks. Moneybookers is fast as well but will use a wire transfer to deposit back to your bank account, which takes longer than electronic cheques. InstaDebit withdrawals will hit your bank account in about 2-3 days. Moneybookers withdrawals take about 3-7 days.
One other important advantage to using InstaDebit is that you don’t need to have money in your InstaDebit account to use it. There is a slight downside to this benefit: InstaDebit needs protection that you can cover the deposit so your limits may be lower as a result. Read our InstaDebit review for more details on limits and potential credit checks they will run.
You need to have money in your Moneybookers account before you can use to deposit at a sportsbook.
Moneybookers limits are much higher than InstaDebit limits. InstaDebit suffers here for the same reason it excels with speed: it works on a credit-type system for deposits as you don’t need to have money in your InstaDebit account before using it. Instadebit provides the funds for you and issues a debit against your bank account, receiving the funds days later. With your Moneybookers account, you can only spend what you have available so Moneybookers limits are higher.
InstaDebit is regulated in Canada and Moneybookers is regulated in the UK. Neither is as secure as a bank, but they are the most secure of all the e-wallet options for Canadians.
Moneybookers accounts can be used to do more than InstaDebit accounts. Both can be used for funding sportsbook, casino or poker accounts but with Moneybookers you can also send money to other members and make payments at auction sites and more retailers around the world.
Moneybookers also has a referral program so if you direct your friends to use the service you will get paid.
Overall, we recommend Moneybookers over InstaDebit for sports bettors in Canada looking for a e-wallet account because of the number of sportsbooks that accept it and the much higher limits. Both options are safe to use and are much cheaper, easier and faster than dealing with cheques or credit cards.
However, InstaDebit remains an excellent option for Canadians who don’t need the ability to send more than $500 in a week and want to join a sportsbook that accepts InstaDebit as a deposit method.