Canadians: iDebit or InstaDebit

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  • dmm
    SBR MVP
    • 04-03-20
    • 1164

    #1
    Canadians: iDebit or InstaDebit
    Fellow Canadians, I'm looking for a way to deposit into Bet365 without the high credit card "balance transfer" fees.

    What's the difference between iDebit and InstaDebit? Fees? I can withdraw for free using wire transfer, so I'd be using only for deposits. Unless of course Bet365 will force me to use iDebit or InstaDebit for withdrawals? In that case the fees might be cheaper using a credit card.

    Any help would be appreciated!
  • Stallion
    SBR MVP
    • 03-21-10
    • 3617

    #2
    Instadebit is quick and easy once you set it up, it is for Canadians only and fees are $1.95. I would trust it over idebit.
    Comment
    • dmm
      SBR MVP
      • 04-03-20
      • 1164

      #3
      Originally posted by Stallion
      Instadebit is quick and easy once you set it up, it is for Canadians only and fees are $1.95. I would trust it over idebit.
      Thanks Stallion! Have you used both? Any reason for the distrust of iDebit?
      Comment
      • Stallion
        SBR MVP
        • 03-21-10
        • 3617

        #4
        Instadebit is a Canadian Company so I would trust it more. I haven't used either; What about interac E transfer?? Fees are low for that.
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        • Krashman
          SBR MVP
          • 07-24-09
          • 3733

          #5
          Instadebit is a wallet, you can load it, hold funds in it.

          Very cheap to use.

          It will accept both USD and CAD funds.

          So for example when you have no funds in the Instadebit wallet, you can use it to deposit CAD into your USD gambling site account from your linked bank account. Then when you withdraw from that USD gambling site, it hits the wallet and is held there in USD for you for max 30 days, you can then deposit into another USD gambling account, save exchange fees this way. Or wd to your bank. If you withdraw CAD from a gambling site it will hold CAD for you.

          I never used iDebit but was told it is the same company without the wallet, so they just handle the transfer direct from your bank to the gambling site and back again.
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          • dmm
            SBR MVP
            • 04-03-20
            • 1164

            #6
            Originally posted by Stallion
            Instadebit is a Canadian Company so I would trust it more. I haven't used either; What about interac E transfer?? Fees are low for that.
            I use Interac eTranfer for every book that accepts it. Zero fees. Unfortunately Bet365 doesn't accept it.
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            • dmm
              SBR MVP
              • 04-03-20
              • 1164

              #7
              So it looks like iDebit might be the better option. Deposit fee is $1.50, no account required. Instadebit is more expensive at $1.95 and requires an account. Only drawback to iDebit is that it's available at only 8 Canadian banks, whereas Instadebit is available at all Canadian banks.
              Comment
              • dmm
                SBR MVP
                • 04-03-20
                • 1164

                #8
                Looks like Bet365 forces you to withdraw with iDebit or Instadebit, which incur withdrawal fees. So it's almost the same cost to deposit/withdraw with credit card. Not worth the hassle of dealing with these providers.
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                • Stumpage
                  SBR MVP
                  • 09-21-05
                  • 2906

                  #9
                  dmm, I'd go with Instadebit...I don't have any experience with iDebit, but do have 12 years with Instadebit and they are very cheap, reliable and easy to use. I had one nightmare week with them earlier this year when my account was suspended for reasons that to this day have never been made clear, but 1 week out of 12 years is still pretty good.

                  They picked up the slack bigtime when Moneybookers gave Canadians the finger. Just my 2 cents of course but good luck...
                  Comment
                  • Stallion
                    SBR MVP
                    • 03-21-10
                    • 3617

                    #10
                    Agree with the post above.
                    Comment
                    • icon
                      SBR MVP
                      • 01-09-18
                      • 3394

                      #11
                      iDebit/Instadebit are the same company. Headquartered in Toronto's financial district.

                      The major difference between the two is that an iDebit transaction is processed in real time ie withdrawn from your bank right away via online banking. It cannot "bounce".

                      Instadebit transactions occur a banking day or two later and are done via EFT (electronic funds transfer). If you transfer an amount and its not available at the time the transaction is processed overnight it will fail/bounce.

                      For iDebit you don't need a bank account on file to use for deposits only withdrawals. Instadebit requires a validated bank account on file so they can access it via EFT.

                      So for depositing to a book iDebit is less risky, no chance payment fails.
                      Comment
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