What is iDebit and How Does it Work?
iDebit is an ‘alternative payment method’, also called APMs, that allows users to transfer money from their bank accounts to the casinos they’re gambling at. The only difference is that it doesn’t require you to share any personal information, as a credit or debit card does.
Bettors need to have a valid Canadian bank account and be located within Canada in order to use this payment method at Canadian casinos. However, the service is also available in other countries, such as Australia, Belgium, Sweden, etc. The sign-up process is quite easy and you can begin with your first deposit right away.
The cherry on top is that the process works for deposits as well as withdrawals. This is one of the most attractive features for casino players, as they don’t need to rely on multiple payment methods to fulfill their transactions. All you need is one iDebit account, and you can use it for depositing as well as withdrawing money.
Gamblers even have the option of using iDebit for their casino payments without making an official account. If you have a bank account in any of the partnering banks, you can use iDebit as your payment facilitator or middleman, without registering for the service. This is a plus point for people not looking for a long-term commitment to the service.
A History of iDebit and its Use in Online Casinos
iDebit emerged as a payment method quite recently, in response to Instadebit, which is another similar payment option. Before iDebit, Instadebit was dominating the Canadian market as an alternative payment method, but iDebit brought some changes to that.
While Instadebit is just limited to the Canadian space, iDebit has partnered with financial institutions from several other countries as well. This has enabled the payment provider to achieve a wider global presence, as compared to Instadebit.
Soon after its emergence, iDebit quickly gained popularity as a payment method for online casinos and gambling sites, because of the level of safety it provided. Bettors are tired of having their gambling fun overshadowed by the fear of losing their banking details. However, iDebit solves that problem.
With iDebit, none of your personal details will be released to the online casinos that you’re gambling at. The payments are also instantaneous, which means you don’t need to wait a long time for your deposited money to show up in your casino wallet. Furthermore, bettors have the option of using USD as well as CAD.
Because of these benefits, iDebit quickly became a leading payment method for Canadian casinos, being used by many of them. If you’re interested in using this mechanism to gamble at an online casino of your choice, just make sure to check that the casino accepts this form of payment.
Understanding iDebit Casino Deposit and Withdrawals
The iDebit deposit and withdrawal process is fairly straightforward and not difficult to understand. All you need to do is follow a few simple steps and you’ll be on your way to make your first deposit or withdrawal in no time.
Let’s take a detailed look at how deposits and withdrawals work with an iDebit account, especially for Canadian online casino players:
Depositing Money Using iDebit
There are two distinct ways to make payments using an iDebit account. The first method doesn’t require you to sign up for a distinct account on iDebit. All you need to do is select iDebit when you’re making a payment at your casino and then directly connect with your main bank account. This process is meant for first-time or one-time users, who aren’t yet sure if they want a long-term account on the service.
The second method is to open your own iDebit account and use that for making the deposit. The process for that is as follows:
- Create an account on the iDebit website and then check the list of banks that are compatible with this payment method.
- Verify your bank account through the required documents so the payment provider can ensure that the account is legitimate and belongs to a valid account holder.
- Log in to any of the top online casinos that accept iDebit payments.
- Go to the banking page and select iDebit. From here, you’ll be asked to log in to your iDebit account in order to make the final transaction. Note that there is a small fee attached to the transfers.
- Once your transaction is completed, the page will redirect you back to the casino’s website. You can check your wallet to find the transferred amount in a few minutes.
- Now sit back and enjoy betting your money on your favorite casino games, including online slots and live dealer games.
Withdrawing Money in an iDebit Casino
Because iDebit is a two-directional method, gamblers can also use it to withdraw the money stored in their casino accounts. Here are four simple steps to accomplish this process once you're done gaining money from your slot games:
- Check whether there’s a minimum withdrawal amount for iDebit at this particular casino.
- Go to the withdrawal page and click on iDebit as your chosen payment mechanism.
- Enter the amount you would like to withdraw. Just make sure it is within the upper and lower withdrawal limits.
- Wait for your withdrawal to occur. Remember that withdrawals are not as instantaneous as deposits and can take up to a few hours, or even days, to go through. The exact time limit for the withdrawal depends on your particular casino.
⚠️ Read the Terms and Conditions Thoroughly
This is perhaps the most important thing to remember when it comes to making online payments through iDebit. Whether you’re depositing money or withdrawing it, there can be certain terms and conditions attached to the process.
This is most often in the form of wagering requirements or minimum/maximum limits. Not every casino will have such restrictions, but it’s a good idea to check whether the one you’ve selected does.
Do make sure to check these limitations individually on each casino site you visit, because they might differ from place to place. All of this information is easily available on the banking page of each casino’s website.
Advantages of iDebit Online Casinos
We’ve already established some of the reasons why iDebit has become a popular payment format at online casinos in Canada. However, let’s take a comprehensive look at each reason that makes iDebit a beneficial payment choice for gambling online:
👍 Data Protection
iDebit uses a proper layer of encryption between the user making the payment and the online casino on the receiving end. Because of this extra protection, your bank details or any personal information is not revealed to the gambling site. This allows bettors to keep their information private, staying safe from hackers and any potentially dangerous individuals.
👍 No Hidden Fees
Deposits and withdrawals through iDebit incur a minimal transaction fee, but it has a flat rate for each time you conduct the transaction. This means that the fee does not change depending on the amount of your transaction.
Bettors can also rest assured that there won’t be any hidden charges on their transactions. You will already be aware of the fee amount you will be charged, and hence, you can anticipate the money going through in each transfer.
👍 Available in Many Regions
One of the best things about iDebit is that it is not limited only to Canada. Bettors in other countries around the globe can also access this service, which makes it a great choice for people who frequently travel between different nations.
👍 Easy to Use
The process of signing up for an iDebit account and then making your transfers is fairly simple. You don’t need to figure out any complicated financial processes, and neither do you need to worry about making sense of the system.
In fact, one of the best things about shifting to iDebit is that the service can be used without even signing up for an account. However, if you plan to use it for routine transactions, we recommend signing up for an account. The process is easy and won’t take you more than a few minutes.
👍 Dual Currencies Available
Another plus point for iDebit users is that they can conduct their online casino transactions in Canadian as well as American dollars. This is beneficial because it saves you from the extra exchange rates and conversion fees. Whether you want to bet using CAD or USD, iDebit lets you do both.
👍 Low Transaction Fees
Lastly, one of the biggest benefits of using iDebit is that not only are the transaction fees flat-rate and transparent, but they’re also quite low compared to other payment mechanisms. This is one of the biggest reasons why gamblers find themselves attracted to this particular payment method.
Disadvantages of iDebit Online Casinos
We have taken a look at all the good things about the iDebit payment method, but there are also things to be wary of. Every payment method will also have some drawbacks, and this one is no different. Here are some of the biggest disadvantages of a method like iDebit:
👎 Fewer Partner Banks
One of the biggest issues with iDebit is that it has a limited list of partner institutions. Not all Canadian banks accept iDebit as a payment method, which can be an issue for many gamblers. Thus, before you decide to rely on this method, do check the iDebit website to confirm whether your bank allows its payments or not.
👎 Limited Online Casino Options
The issue of fewer iDebit partnerships is not just limited to banks. The list of Canadian casinos accepting iDebit is also considerably smaller as compared to some other payment methods.
However, this is still a new payment method and is becoming increasingly popular. Thus, online gamblers can hope that more online casinos will put iDebit on their roster in the coming years.
Is iDebit Still Worth It?
Every payment method has its pros and cons - there’s no such thing as the perfect payment option for online casino gambling. After comparing the benefits and drawbacks of iDebit casinos, you might be wondering whether it is a payment option that you should consider.
According to our expert opinion, iDebit casinos are worth considering, mainly due to the safety and anonymity they offer. These characteristics don’t come with every online casino payment mechanism and thus, iDebit offers something that many other payment options don’t.
Comparison With Other Payment Options
The good thing about Canadian online casinos is that there is no shortage of payment options. If you don’t like using the traditional and conventional methods, there’s a whole list of alternative methods to pick from.
The best way to make your choice is to look at the pros and cons of all these methods, so you can decide which one sounds the most feasible for your circumstances. Thus, let’s evaluate iDebit in comparison with some of the most popular online casino payment methods out there:
iDebit vs. Credit/Debit Cards: Credit and Debit cards are the most direct way of transferring money from your bank accounts. They don’t require a middleman, and hence, they might even be quicker than many other payment methods. However, the issue with this method is that it’s not anonymous.
If you want your bank account and its details to stay private, going for iDebit might be the better option. This will also work with banks that might not allow gambling transactions, for any reason. Thus, when the choice is between a bank card and iDebit, the choice comes down to what you prioritize.
If anonymity means more to you, then you’re better off using iDebit. But, if you want a straightforward method that doesn’t require any extra steps, use a bank card instead.
iDebit vs. E-Wallets: iDebit is considered to be an e-wallet by some individuals, but there are also slight differences between the two methods. You can deposit money directly into an e-wallet account like Skrill. However, with iDebit, you can only transfer money from your bank account to your merchant.
If you’re looking for a place to deposit money, then the better choice for you would be an e-wallet like Neteller or Skrill. But, if you just want to quickly transfer money from your bank account to the casino you’re playing at, then consider going for iDebit.
iDebit vs. Cryptocurrency: Cryptocurrency is one of the newest payment methods in the online gambling world. This is why it’s slightly more difficult to figure out, because people are still navigating their way around using this option.
The good thing about cryptocurrency is that it offers anonymity in the same way that iDebit does. However, the con is that this method is not as regulated as other payment mechanisms. Thus, there might be certain difficulties attached to its usage.
If you don’t mind that, then cryptocurrency is a good option to consider. But, we don’t recommend it for beginners. On the other hand, iDebit is a straightforward method that anyone can try using.
Remember that there’s no one-size-fits-all answer to which casino payment mechanism you should go for. Your choice will depend on your individual circumstances and preferences. This is why you should always consider your own situation when deciding what casino payment method to use.
iDebit vs Instadebit - Which is the Better Payment Option?
iDebit and Instadebit are both alternative payment methods that are quite similar to each other. They work in almost the same way and have become quite popular in the Canadian online gambling industry. However, there are two main differences between these two methods.
Instadebit is accepted by a wider range of online casinos and banks. This is a department where iDebit is still lacking. However, the latter makes up for this by being available in a wider range of countries, whereas Instadebit is only available for Canadian gamblers.
The other main difference between the two is that iDebit has a lower deposit fee than Instadebit. The withdrawal fee is the same for both, amounting to C$2 per transaction.
But apart from these two elements, there aren’t many differences between iDebit and Instadebit. If you want cheaper transactions, go for iDebit. But if you want to bet on a wider range of casinos, pick Instadebit.
Final Thoughts - Why You Should Consider iDebit Casinos
iDebit casinos have become quite popular in Canada and for good reason. This payment method offers safety as well as anonymity, which makes it a great choice for Canadian gamblers using an online casino account.
Even though not many casinos currently accept this method, its growing popularity shows that it's only going to become widely accepted from here onwards, which is great news for iDebit fans! Keep an eye on online casino deposits and your best online casino sites might soon start accepting iDebit.
