iDebit is a safe, secure and speedy Canadian online payment method that allows consumers to pay merchants directly for internet purchases straight from their bank account. iDebit has a similar name to Instadebit which naturally leads people to believe that it is the same company but this is a common mistake. iDebit was launched specifically for the Canadian market and addresses some shortfalls of Instadebit.
The sign-up process with iDebit only takes a few minutes. Users simply have to verify personal information and follow the instructions. There are no set up fees.
iDebit deposits are the same as electronic checks in that they are processed immediately, but the debit only reflects in your bank account a few days later.
Typically internet casinos process a withdrawal within a few days and iDebit transfers it to the customer’s bank account within 2 – 3 days after that. It is important to note that unlike deposits, iDebit withdrawals are only available to Canadian citizens.
- Money transfers to merchants
When wiring funds to merchants and the balance in the iDebit account is insufficient to cover the amount, the system will send a transaction to the user’s bank account to cover the deficit.
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iDebit Deposit Instructions
- Verify that your bank accepts iDebit as a payment method.
- Select the product or service you wish to obtain.
- Select iDebit as your preferred payment option.
- Select your bank.
- You will then be taken to your bank’s web page and asked to enter your usual credentials to log in.
- Confirm and authorize the payment instruction, and the process is completed.
Advantages of using iDebit
- Because iDebit connects customers directly to their bank account to make real-time payments, there is no need for a physical credit card to be present to do the transaction.
- Bank transfers are confirmed in an instant.
- Merchants are notified immediately, so you don’t have to wait long for transactions to clear.
- Privacy – details of your iDebit transactions won’t appear on your bank statement, so your casino action will remain completely anonymous.
- Security – iDebit customers are secured on two fronts; first through iDebit’s encryption features, then again through their own bank’s security features when logging into their account.
- All personal information is kept securely between you and your bank, and is not disclosed to the merchant at any stage.
Disadvantages of Using iDebit
- At present, iDebit is only available to around 30 countries and supported by a handful of banking institutions in each.
- iDebit online purchases do not qualify for any credit card loyalty programs or customary refund guarantees.
- The service is not entirely free. While there are no charges for making deposits into your iDebit account, a fee will be charged to your bank account when withdrawing money from a merchant or paying from your iDebit balance.
iDebit could be a good e-wallet alternative to PayPal, which isn’t accepted at Canadian online casinos. There is just a slight concern around the fees and general lack of banking support that may affect its feasibility in the long run. Therefore we recommend that players use the iDebit service with some caution until these issues have been ironed out, rather than applying it to all online purchases.