iDebit originates from the Canadian-focused payment method known as InstaDebit; in fact, there are plenty of similarities between the two payment methods.
In our iDebit casino guide below, we shall look into the advantages and disadvantages of iDebit in more detail, and also introduce you to a number of reliable iDebit casinos that you can join today!
How does an iDebit casino work?
iDebit is a virtual wallet which allows you to make casino deposits and other online purchases directly from your bank account.
Unlike some other e-wallets, such as PayPal, you do not even need to have a credit card in order to use iDebit – only a bank account which has partnered up with this provider.
iDebit will then serve as an intermediary between your bank and the casino operator.
Advantages of iDebit casino payments
iDebit comes with plenty of advantages for online casino players. We’ve listed the most important ones for you below:
- Instant deposits and withdrawals – Once a casino approves your withdrawal requests, you can expect to see the money in your iDebit account instantly.
- Very secure – iDebit comes with ‘bank-level security’ in the form of 128-bit encryption, and also serves as the middleman between a casino and your bank, which means that sensitive information is not shared with the online casino.
- It’s free to sign up for – more on iDebit fees in the next point.
- No hidden fees involved – the casino should not charge you for deposits and withdrawals to your iDebit account. However, if you use iDebit to purchase something directly from your bank account (as opposed to your funded iDebit balance), then there will be a C$1.50 fee. There are also fees for transferring from your iDebit account to Instadebit, and to your bank account though. If you decide to transfer money from iDebit to your bank, you will incur a fee of C$2.00.
- It’s widely accepted at online casinos – iDebit is getting more popular with Canadian online casinos. If you don’t see the iDebit option at on online casino site, look for Instadebit, as the process will work in more or less the same way.
Disadvantages of an iDebit banking casino
There aren’t so many disadvantages when it comes to using iDebit.
Perhaps the most important factor to note is that whereas withdrawals from an online casino to your iDebit account will be instant, it will take about 5 days for withdrawals from your iDebit account to reach your bank account.
Secondly, since last May, funds in your iDebit account must be withdrawn to your bank account within 28 days of receiving them, or re-used for other online purchases within that timeframe.
So unlike PayPal, you cannot decide to keep an iDebit balance indefinitely. Thirdly, not all online casinos and sportsbooks accept iDebit, although this method is getting more widely accepted as we speak!
iDebit supported banks
In order to be able to use iDebit for online casino payments, you need to have an online bank account with one of the iDebit supported banks listed below:
- Royal Bank of Canada
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- National Bank
- Simplii Financial (formerly PCF)
- TD Canada Trust
Can you get a casino bonus if you deposit with iDebit?
If you’d rather not miss out on the best online casino bonuses, then you’ll be pleased to learn that depositing with iDebit will not exclude you from getting a bonus or qualifying for a promotion at most online casinos.
Whereas certain e-wallets are excluded, this is not the case with iDebit!
Differences between IDebit and Instadebit
Instadebit is iDebit’s older sister.
The former is more Canadian-focused (you must be a Canadian citizen to open an account), whereas iDebit was created with the intention to become more widely available.
Withdrawal fees from an Instadebit and iDebit account to your bank account will be the same, whereas transfers from your bank account to the merchant cost CA$1.95 with Instadebit, as opposed to the slightly lower fee of C$1.50 with iDebit.
On the other hand, Instadebit claims that withdrawals back to one’s bank account take only up to 2 business days, whereas with iDebit, this may take up to 5 days.
What’s more, whereas Instadebit is supported by all banks in Canada, so far iDebit supported banks are limited to those 8 listed above.