iDebit is a popular online payment method, which provides customers with security, flexibility and time-efficiency. It enables everyone who uses it to make safe online purchases by directly paying with funds from their bank account, instead of using credit or debit cards. This is what makes iDebit so convenient and contributes to its enormous popularity.
iDebit is based in Canada and offers its services to customers who reside within the country. It is important to note iDebit is not exactly an e-wallet like those provided by Skrill, Neteller and PayPal. This payment service simply enables those who use it to pay for online purchases directly through their online banking accounts.
The service’s principle of operation is relatively simplified. This is how it works – customers are first asked to open an account with iDebit and then, log into their online banking accounts using the same username and password they have registered with at the payment processor’s website. Finally, they simply need to approve the transaction and that is all. This method is exceptionally secure as none of your personal and financial details are revealed in the process.
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The payment solution has so many advantages that it enjoys huge popularity among sports betting fans as well. Many punters opt for using it to deposit and withdraw funds from their online sports betting accounts. What is more, the method’s popularity continues to increase and at the present moment, some of the biggest names in the sports betting industry like bet365, Pinnacle and William Hill accept it as a payment option. What makes iDebit the preferred method of payment of so many punters? Deposits to betting accounts are processed very quickly, there are no hidden fees and the method is exceptionally secure.
Please read on for more detailed information on how iDebit works.
How Does iDebit Work
Canadian punters will have no issue to use iDebit for their deposits and withdrawals at numerous virtual sportsbooks. One of the most convenient things about the service is that it also allows quick payments without a registration. Nevertheless, those who want to regularly use this solution for their sports betting payments can register with iDebit in just a few minutes and enjoy fast and secure transactions.
Checking out/Depositing as a Guest
Let us start with payments processed through Guest accounts. Unregistered users should simply select iDebit from the bookmaker’s Banking section when they wish to make a deposit. To complete the transaction, click on the Guest Check-Out button and select your bank from the drop-down menu. Please note, as iDebit is a Canadian-based payment processor, it works only with Canadian banks. Punters are expected to have an account at a Canadian bank in order to use it. At least in most cases, because iDebit supports payments from banks based in several other countries. If your bank’s name is not present on the list, you can easily cancel your deposit.
Don’t forget you are expected to have an online banking account. If you don’t, you can contact representatives of your banking institution and open an account to manage your funds over the web. Now, after you have selected your bank from the menu, you will be asked to log in with your online banking ID and password. There is absolutely no need to worry about security as your banking credentials and personal details are not shared with any third parties. It is safe to say iDebit basically assumes the role of an intermediary between you and your banking institution. Finally, you need to approve the transaction and the money will be instantly transferred to your sports betting account.
Registering with iDebit
Sign-Up is optional with iDebit, as punters are provided with the opportunity to check out as guests. Nevertheless, you can feel free to register with an account first before you proceed to use it for sports betting purposes. Moreover, registered iDebit users enjoy faster check out times, so it is advisable to sign up.
The process of registration is extremely simplified and quick to complete. This is what you are required to do. You must fill in a short registration form containing some of your personal and financial information including your name, postal code, email and street address, date of birth, as well as the last four digits of your social insurance number. Once you have completed your registration, you can proceed to make deposits to your sports betting account via iDebit. The process is the same as checking out in Guest mode, but you are expected to log in with your email address and iDebit password. Again, the money will be transferred to your betting account right away.
Punters who intend to use iDebit as their deposit method at online bookmakers should note it is not allowed to split a payment between two separate bank accounts for a single transaction. The deposit must be processed in its entirety from the same bank account.
Withdrawals with iDebit
This payment solution allows punters to cash out winnings from their sports betting accounts as well, and the process is just as simple and convenient as depositing. Head to your bookmaker’s Banking menu, select iDebit from the list and specify what sum you wish to cash out. Bear in mind, if this is the first time you initiate a withdrawal, you will be obliged to provide some information about your bank account. This fact should not cause any concerns, however, as iDebit protects its customers and does not share any information they disclose to third parties.
What is important to take into consideration here is that unlike deposits with iDebit, withdrawals might require some time to complete. After a bookmaker approves the withdrawal via iDebit, the transaction may usually take between 3 and 5 business days. Once your winnings are available in your iDebit account, you can either use it for any future online payments or you can decide to withdraw the funds from your iDebit bankroll. The processing time depends on the method you use to withdraw the funds. Punters, who wish to transfer the funds to their bank accounts should wait for 5 business days until they receive their winnings. Checks and money orders pose as a quicker alternative as they are mailed within 1 or 2 business days. Please bear in mind this feature is not available in all countries.
What’s so great about using iDebit as a sportsbook deposit method is that you will not be charged with any hidden or excessive fees for using this payment service. What is more, registering with an iDebit account is completely free of charge.
Deposits at online sportsbooks and payments to web-based merchants processed directly from your iDebit account balance are free of charge. Nevertheless, as iDebit is connected to punters’ online banking accounts, their banking institution might charge them a fee for the electronic transfer they have initiated with this payment service. In most cases, the fee that iDebit users might be charged for payments via online banking is CA$1.50. However, if the payment is made from the balance available in your iDebit account, you will not be charged any fees. Whenever they wish to transfer funds from their iDebit balance to their bank account, users will need to pay a surcharge of CA$2.
Usually the fees for paying from your bank account are quite reasonable, but might differ from one bank to another. That is why it would be wise to consult your banking institution prior to initiating any payments with iDebit and inquire about the fees that may be imposed on your transactions.
A small fee will be deducted from your iDebit balance each time currency conversion is necessary. The sum will be converted depending on the current foreign exchange rates.
|Deposit to bookie||Instant||free|
|Withdrawal from bookie||3-5 business days||free|
|Deposit with card||N/A||N/A|
|Withdrawal to card||N/A||N/A|
|Deposit with bank account||Instant||CA$1.50|
|Withdrawal to bank account||Up to 5 days||CA$2|
When it comes to online payments, there is one pending question on everyone’s mind, namely “Is this method of payment secure?”. Punters, who intend to use iDebit to deposit and withdraw funds to and from online sportsbooks can rest assured there are absolutely no reasons for concern. iDebit takes all the necessary precautions to ensure its customers’ safety and convenience.
First of all, each time you initiate a payment via iDebit, you don’t disclose any sensitive personal or banking details to anyone. Online merchants and sportsbooks are not granted any access to private information concerning your bank account number, for example. The banking credentials you disclose stay secure between you and the banking institution you have opened your bank account at. Each customer’s identity is protected by iDebit as risk assessments of the information they share are performed on a regular basis. All transactions to and from customers’ accounts are monitored at all times by the best security certification firms in the industry.
Each time you initiate a transaction via iDebit from your online banking account to a given web sportsbook, your identity needs to be authenticated – iDebit wants to make sure it is really the account holder that initiates the transaction. That is why punters are required to enter their complete bank log-in credentials as well as their bank’s security question. And finally, each iDebit transaction is heavily encoded by the latest 128-bit encryptions to bring the risk of fraudulent activities to the absolute minimum.
Most punters demand greater flexibility when it comes to betting and payment processing. That is why in many instances they tend to use payment methods which have a downloadable mobile application on offer. Unfortunately, at the present moment, iDebit does not have its own mobile application. Nevertheless, you should not be too quick to give up on this method of payment just yet.
The official website of iDebit is fully mobile-responsive. This enables punters to simply type the address into their portable devices’ browsers and directly load the page. iDebit’s website is compatible with all widely used devices, including Blackberries, Windows, Android and iOS-based smartphones and tablets.
If you are betting on the go, either via a sportsbook app or a mobile version of a bookie, you will still be able to handle your payments via iDebit. The transactions will be processed the usual way, with the sportsbook asking you to log into your iDebit account to authenticate the deposit or the withdrawal. Even though you will be initiating the transactions via mobile devices, they will still be protected via industry-standard security tools to keep your money and sensitive information safe.
If you are utilizing a mobile banking app, your payments on the go will be even easier to handle. Once you have completed the payment via iDebit, you can open your mobile banking app and check whether the transaction was carried out successfully. What is more, whenever you have requested to withdraw your iDebit funds to your bank account, you can easily check when the funds will be available in your account by checking your mobile banking application. As you can see, Canadian punters will have no issue handling their real-money wagering even when they are on the go, with iDebit’s webpage being fully-optimized to run on a vast variety of handheld devices.
Advantages of Using iDebit
It is not very difficult to see why iDebit presents itself as a rather beneficial option for those of you who choose it as their method of payment at web-based sportsbooks. The first advantage of using iDebit has to do with the convenience and flexibility it provides customers with. You are able to deposit money into your sports betting account directly from your personal bank account. There is no need to use any credit or debit cards for the purpose.
The payment process is rather simplified as the funds are transferred in a matter of seconds. The registration process is quick and easy to complete and there is always the option to send your first deposit without signing up. As we have mentioned earlier, punters can check out as guests and then, proceed with their registration if they are pleased with the service. Moreover, iDebit provides adequate and timely customer support via Live Chat or email, so if you have any questions you need answered, you can turn to the friendly support team any time you choose. The team is at customers’ disposal 24/7.
The exceptional level of security iDebit guarantees is not to be underestimated, either. Merchants and online sportsbooks are not granted access to any sensitive personal or financial information of yours. Besides, each transaction is closely monitored and heavily encrypted for optimal safety.
The time it takes to complete a given transaction also needs to be taken into account. In this respect, iDebit stands out with great time-efficiency as deposits are transferred right away so that punters can start placing their bets immediately. Withdrawals may require some time to complete, but the same applies to most online payment processors.
Disadvantages of Using iDebit
This is one of those payment solutions where it is virtually impossible to find any weak sides. While iDebit is without question one of the most convenient and simplified methods of payment out there, it has one major fault. The service is currently available only in Canada, significantly restricting the availability of the payment method. While for a few years, iDebit was also available in a few other countries, nowadays it is working exclusively only with Canadian banks.
Since iDebit can be utilized only by Canadian punters, it is natural that the payment solution is not that widely accepted across many betting sites. This means that finding a sportsbook to use iDebit for your deposits and withdrawals may take more effort than opting for a website that accepts more popular payment solutions. That said, bookmaker brands that cater mainly to Canadian bettors often make sure to add iDebit to their lists of supported payments.
Another setback of using iDebit as a method of payment at web-based bookmakers is that the option of withdrawing money is not supported in every sportsbook. For further information punters are advised to visit the official website of the respective bookmaker and check the list with supported withdrawal options. Alternatively, they can also check with the bookie’s customer support to be sure they can withdraw their winnings via iDebit.
Speaking of withdrawals, many punters may find it a bit inconvenient that withdrawals via iDebit may take longer to be processed. While e-wallets can often ensure same-day cashouts, those who resort to iDebit payouts may have to wait several days.
Countries Where iDebit is Used for Sports Betting
This method of payment is quickly gaining popularity among sports betting fans, a tendency which can easily be explained with its convenience, time-efficiency and reliability. The number of online sportsbooks that list iDebit as an accepted payment option continues to increase. As the payment service is based in Canada, it is punters from this country that can use it more frequently. The payment processor works with several banking institutions based in Canada and punters are expected to have opened a bank account at one of the supported banks, if they wish to use this service. Currently, the Canadian banking institutions that support iDebit transactions include Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, National Bank, Royal Bank of Canada, Scotiabank, Simplii Financial (formerly PCF), and TD Canada Trust.
Currency also should be taken into consideration. Unfortunately, punters will not be able to set up their iDebit accounts in a currency different from CAD or USD. Those who use another currency will most likely be charged for currency conversion as apparently iDebit works only with the two aforementioned currencies.
Naturally, before you make any attempts to deposit funds into your betting account via iDebit, you should register with an account at a web-based bookmaker. There are hundreds of sportsbooks on the web, but unfortunately, not all of them are to be trusted. That is why you should choose carefully and look for transparent and reliable online bookmakers that accepts sports fans from your country of residence.
That being said, it is also important to mention that all punters are expected to first check whether or not placing bets online is legal in the country they reside in. Why is this important? First of all, because breaking the law is not something to be particularly proud of. But more importantly, if online sports betting and gambling in general is illegal in your country, you might fail to cash out your winnings or make a deposit with iDebit. As we’ve mentioned earlier, iDebit is a payment processor that transfers funds from your online banking account. If online gambling is illegal in your country, your banking institution might decline to complete any transactions to and from online sports betting providers.
The feature of iDebit that allows you to make payments as a guest, without registering with the service can be used for any of your deposits at a virtual sportsbook if you do not feel like opening an account. That said, after you have deposited as a guest, you can easily create your iDebit account as you have already entered your online banking details during the transaction. What is more, if you want to enjoy withdrawals that are easy and fast, you will need to create an iDebit account.
No. To be able to make iDebit payments, including those that are initiated as a guest, you will need to utilize online banking. If you are not using this type of service, you can contact your bank and activate your online banking account. All of the Canadian banks that support iDebit transactions offer their customers online banking.
If you head to the official website of iDebit, you can use your username and password to access your iDebit account. This will allow you to check your available funds, all of the transactions that were processed as well as your transaction limit.
Yes. Currently, iDebit works only with several Canadian banks. This means that only customers of the respective banking institutions will be able to use iDebit for the sportsbook deposits and withdrawals. In addition to that, due to being a country-specific method, iDebit can be used only at sportsbooks that cater to Canadian punters and are also working with one of the aforementioned banks.
Yes. Even though iDebit does not offer its own native mobile app, that does not mean that punters cannot initiate iDebit payments while betting on the go. The payment process on sportsbook apps that support iDebit payments is extremely easy and allows bettors to handle their deposits and withdrawals in a fast and secure manner.