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iDebit is currently one of Canada’s most popular payment methods and certainly one of Canadians’ most used payment methods in online casinos and sportsbooks.
But what is it? iDebit is an online payment method that lets users make purchases through online banking, including depositing money on online gambling sites.
It’s effectively an e-wallet that lets you connect to your bank account and make easy and quick payments online without having to worry about any possible payment problems regarding your bank, which sometimes happens.
The good thing about iDebit is that it’s accepted by many Canadian banks, including the big five banks of Canada. This is one of the main reasons for its popularity among Canadian gamblers. Here’s a list of the banks that support it:
- Royal Bank of Canada (RBC)
- Toronto-Dominion Bank (TD)
- Bank of Nova Scotia (Scotiabank)
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
- Desjardins Group
- National Bank of Canada
- Simplii Financial (formerly PCF)
Speed and Safety of iDebit Payments
iDebit allows you to make payments with a chequing or savings account, but unlike other similar services like Instadebit or an electronic cheque, iDebit is much faster. You don’t have to wait for a day or two to transfer funds, as iDebit does this instantly.
Security is also quite high, mainly because iDebit doesn’t share your bank details with the merchants; it only acts as an intermediary. In addition, all information is encrypted, so you can be confident that you will stay anonymous.
Transactions are very fast and secure but come with fees. Most notably, you have to pay a $1.5 fee when making a payment using online banking and a $2 fee when transferring funds from your iDebit balance to your bank account. However, when transferring funds from an online casino to your iDebit balance, you won’t have to pay any fees unless the casino charges one on its end.
How Does iDebit Work?
In many ways, iDebit is an online wallet, much like PayPal, for example. You can use it as a guest or create your own account. However, the result is always the same — you get to make payments through iDebit, using the funds you keep in your bank account.
You allow iDebit access to your bank account, and once connected, you can make payments with iDebit without having to wait on your bank to process payments and everything else a bank needs to do for transactions.
The important thing here is that your information stays encrypted, so the merchant or any other site where you are depositing or paying can’t know your bank details. iDebit doesn’t share that information with anyone. The banking credentials remain secured and known only by you and your bank.
How to Create an iDebit Account?
First and foremost, you need to make sure you have a bank account with one of the supported banks we’ve mentioned in the beginning. You also have to be 18 years old if you want to use iDebit.
After you open a valid account, you can start the registration procedure. All you need to do is visit the official iDebit website and create an account. Click the Log In/Sign Up button and fill in the necessary details to complete the registration procedure.
Once all of that is done, all you’re left with is registering a bank account. Just select this option in your newly created iDebit account and enter the bank information the site requires. Upon completing that, you can start using iDebit.
But remember, if you want to use iDebit for casino payments, you don’t even have to create an account if you don’t want to. You can always make payments using your guest status. However, if you plan on using the service often, it’s much easier to have an account.
When you want to make payments in an online casino, you only need to visit the Cashier area, choose iDebit as a deposit or withdrawal option, and follow the instructions to complete the payment. It’s that simple. Bear in mind that deposits are typically instant, while withdrawals usually take time, depending on how long it takes the casino to process the payment.
iDebit Security Systems
Just like all notable payment providers that work as mediators, iDebit does not store any of your banking information or send it to the merchant. That way, you can be sure that no one will ever get a hold of your personal information.
As for other information on you that iDebit keeps, it’s highly secure as it’s constantly kept on the company’s offline devices.
It’s also worth mentioning that iDebit uses SSL encryption on its website and other security measures, all to provide top-notch security and for you to have peace of mind just as you do with the majority of other payment providers.
What Data Does iDebit Store?
As we’ve already discussed, iDebit doesn’t hold any of your banking information. That’s because iDebit encrypts this information before it mediates a payment, while the actual data and access to it are kept only by you and your bank.
The only data iDebit keeps is the one you give to the company when creating an account. However, this information is always securely stored offline, so there’s no reason to worry about a breach or hack.
Doing Business With iDebit
iDebit is widely known across Canada, and people all over the country use it as an online payment method, but for their businesses as well.
It’s also widely used for online gambling. Most online casinos and sportsbooks offering their services to Canadians accept iDebit payments. That way, every Canadian gambler looking to join one of these sites will almost always find they have the chance to use iDebit.