iDebit vs Instadebit

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

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:

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!

Availability at Canadian Online Casinos

Both payment methods 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!

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 available at 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
• Desjardins
• National Bank
• Royal Bank of Canada
• Scotiabank
• 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.