Instadebit idiocy

    • Jimanyjerk
      Jimanyjerk
      Bronze
      Joined: 29.12.2010 Posts: 366
      This is just a warning aimed mostly at Canadian players who may be considering playing on Betfair: If you use Instadebit as your main method for transferring funds between rooms, you may ONLY deposit money to Betfair. Apparently, you may not withdraw using Instadebit in any way shape or form.

      I'm pretty pissed off by this because I'm a micro-stakes noob and in order to withdraw my funds I will incur at least a $15 fee from my bank and possibly fees from the sender as well. In other words, at least 7.5% of my bankroll will disappear.

      My other option is to set up another E-wallet like paypal just so I can get my money.

      *update: looks like My bank will charge me $15 and Betfair will charge me another $15.

      Furthermore,I have found no mention, in any of the steps for depositing onto betfair through instadebit, that you will not be able to withdraw your money in this fashion. I'm sending them a complaint immediately and to be honest, despite the fish and the good quality software and promotions, I won't be back after I withdraw.
  • 3 replies
    • UPAY4DINNER
      UPAY4DINNER
      Silver
      Joined: 27.09.2009 Posts: 21,982
      Thank you for the heads up Garet, this is definitely frustrating :(
    • CRI4BRA
      CRI4BRA
      Bronze
      Joined: 14.02.2008 Posts: 152
      Originally posted by Jimanyjerk
      This is just a warning aimed mostly at Canadian players who may be considering playing on Betfair: If you use Instadebit as your main method for transferring funds between rooms, you may ONLY deposit money to Betfair. Apparently, you may not withdraw using Instadebit in any way shape or form.

      I'm pretty pissed off by this because I'm a micro-stakes noob and in order to withdraw my funds I will incur at least a $15 fee from my bank and possibly fees from the sender as well. In other words, at least 7.5% of my bankroll will disappear.

      My other option is to set up another E-wallet like paypal just so I can get my money.

      *update: looks like My bank will charge me $15 and Betfair will charge me another $15.

      Furthermore,I have found no mention, in any of the steps for depositing onto betfair through instadebit, that you will not be able to withdraw your money in this fashion. I'm sending them a complaint immediately and to be honest, despite the fish and the good quality software and promotions, I won't be back after I withdraw.
      hello Jimanyjerk

      i'm using moneybookers as main processor for poker

      i was considering instadebit registration because i thought this would be an easy way to channel my funds to my bank account

      moneybookers can send money to my bank account also, but the process takes at least one week

      in my experience moneybookers is the best for canadians who play poker. the only problem with them is the currency exchange fees they will take on withdrawals to moneybookers in other currency than CAD, beware of that. But with pokerstars for example is super easy and superefficient because ps have CAD as currency and you can move funds in cad only.

      but if the pkr room has only USD for ex , as many have , you're in trouble with currency exchange at moneybookers, bc mb is english company , they will change usd in gbp and then gbp into cad. this causes around 5% losses only because of the exchange. but on the bright side the fees for transfer is very low, not like 15$ in and 15 out

      take care
    • Jimanyjerk
      Jimanyjerk
      Bronze
      Joined: 29.12.2010 Posts: 366
      Hey thanks a lot for the reply.

      I've ended up getting it sorted out alright and will hopefully be seeing my money shortly. I was going to do Moneybookers but time was a major factor and also my bank would charge $30 for me to send money out to them. When the currency exchange stuff is added into the equation it's not much better than just straight withdrawal to a bank account (I hope, we'll see.)

      I do still like instadebit in general, I'm waiting to see how they deal with a deposit I made at Fulltilt to acquire my funds, but so far the only problem I've had with them was the Betfair debacle. I don't doubt that if I had moneybookers already set up I'd be better off though.

      Thanks again for the reply!

      G.