iDebit is often confused with Instadebit for obvious reasons. But they’re actually different entities. Whereas Instadebit has been around for a while, iDebit is pretty new to the game. Nonetheless, it offers a very similar service. Users can transfer money from their checking or savings account directly to the merchant/online casino of their choice. The only major differences relate to processing times which tend to be faster with iDebit. Currently though, the company only has partnerships with 10 Canadian banks - a far cry from the 200 financial institutions on Instadebit’s books.
iDebit was founded in 2003, during what could be considered a watershed point for the iGaming industry as the capabilities of the World Wide Web made massive strides alongside the increase in Internet service speed. Notably, 2003 would also see the establishment of Instadebit, from which the two companies would form a serious rivalry in Canada over the years.
As an instant banking service provider, the way that iDebit works is that it links your existing bank account to an online account that you can manage separately. This iDebit account will allow you to make money transfers and other types of online transactions to online casinos and retailers that are set up to accept payments through the iDebit service.
Getting started with using iDebit for your gambling payments involves a few simple steps, which we've outlined for you below:
You can do this through the iDebit website, and will take a few basic steps.
To make sure that the financial information you provided is correct, iDebit will go through a verification process that can take up to 4 days to process. Though it can take a while, this step will only be performed once.
Once the verification is complete, you can start using iDebit for your online payments.
Depositing money into your online casino is a bit easier with iDebit than directly through online banking for a couple of reasons:
To do it, simply use iDebit as your selected payment method in the casino deposit page and provide your iDebit account details to initiate the transfer.
Similarly, withdrawing funds through iDebit is also a relatively easy process, requiring that you use iDebit as your payment method when cashing out through your online casino account dashboard.
iDebit is quite popular among Canadian gamblers because of their transaction speed, even in withdrawals—the money you cash out from your online casino account can appear in your bank in as soon as 2 days.
iDebit is just as safe and secure as any other online transaction service. Transactions are fully- protected by 128-bit encryption. The latest security measures are also in place to protect your funds and private data. In addition, your banking credentials remain confidential and are never stored or shared with merchants. According to the website, the iDebit servers are hosted in a ‘restricted access, state-of-the-art data center’ that can only be accessed by passing biometric palm scanners. And to top it all off security guards patrol the site on a 24/7 basis. So that’s kind of encouraging.
Wide bank support: Compared to many other online casino payment methods, iDebit itself is headquartered in Canada, which means that all of their perks and features are generally available for users in the country. This is most evident in the fact that iDebit supports many of the major banking institutions in the country, which include:
Protects banking details: Since the iDebit account has identifiers that are completely separate from your bank, making online casino payments through iDebit will protect your banking details since the online casino will only see the details from your iDebit account.
Swift and secure transactions: iDebit prides itself on providing very fast transactions times for all players in Canada. And indeed, online casino deposits made through iDebit are processed instantly while withdrawals take about two days at most.
Transaction fees: Although iDebit does advertise not having any transaction fees, this only applies to transactions made using any existing funds that you already have in your iDebit account. Adding money to your iDebit account costs C$1.50 per transaction, while moving money from iDebit to your bank account costs C$2.00.
Requires bank account: Since iDebit uses bank accounts as its fund source, you will need a bank account in order to use iDebit for online casino payments.
For most Canadian gamblers, there are few reasons to not use iDebit for your online casino payments. With speed, ease of use, and reasonable transaction fees all on its site, iDebit is a very good option for funding your online casino account.
However, gamblers who may want the additional security that comes with completely separating their online casino accounts may want to look into other payment methods such as prepaid cards.
iDebit casinos are a popular option for gamblers in Canada thanks to their speed and security as a payment method compared to more traditional payment processors. Although they are not as large and widespread of an instant banking network as something like Interac online, their services are more than good enough to be worth a try if you have yet to try instant banking.
Yes, iDebit is available in Canada and is supported by many of the biggest banking institutions in the country.
Yes, you can use iDebit to make real money transactions with your online casino account.
To cash out with iDebit, select it as your payment method when you make a withdrawal request on your online casino account page and enter the required account details connected to your iDebit account.