In recent years a few nation-specific payment methods have started to spring up. Most of those let you deposit via direct transfer from a bank account. They exist to let you deposit – or make other purchases – without needing a card or e-wallet.
iDebit is one of those new payment services. It’s a Canadian company and is available to use with a handful of sportsbooks for punters in Canada. You’ll find a list of the betting sites that accept iDebit immediately below followed by an explanation of what it is and how to use it.
Best iDebit Betting Sites: Top 3
The following is a list of the best sites for betting with iDebit:
*Info accurate as of 01-06-2020.
Deposits & Withdrawals: Limits & Times
|William Hill||$20-$5000||Instant||up to 24 hours||0%|
|888Sport||$20-$2500||Instant||up to 48 hours||0%|
What is iDebit?
iDebit is a secure online payment method. It lets users pay direct for online purchases with funds from their bank account. The service acts as a kind of go-between. It connects your online bank with any affiliated merchant you wish to pay, without a card.
How It Works…
You can sign up for an iDebit account if you wish, but you don’t have to in order to complete a transaction. If you don’t want to create an account, the service lets you ‘checkout as a guest’ whenever you want. Creating an account simple speeds up future transactions.
In order to use iDebit you have to be over 18 years old and have a bank account with one of the service’s supported banks. At time of writing, iDebit is a Canadian-only service. The banks that support the online payment provider are as follows:
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- National Bank
- Royal Bank of Canada
- Simplii Financial (formerly PCF)
- TD Canada Trust
If you don’t bank with one of those institutions, you can’t use iDebit.
If you do have online banking with one of those banks, you can use iDebit with any affiliated merchant. There are plenty of Canadian merchants and betting sites that serve Canadian customers which accept iDebit.
Unlike some other online payment services – like Klarna or Euteller – you can also use iDebit like an e-wallet. If you sign up for an iDebit account, you can fund it in the same way as you would an e-wallet. You can then use your iDebit balance for online transactions. That’s rather than paying direct from your online bank.
How to Use iDebit for Online Gambling
As we mentioned above, you can use iDebit like an e-wallet. The main service from the firm, though, is its instant payments from your online bank account. The following are the simple steps to follow if you want to fund a betting account via that service:
- Go to your chosen betting site and log in to your account.
- Head to the area of the account where you can make deposits. This is usually titled either ‘Deposit’ or ‘Cashier’.
- Locate the list of available payment methods and select ‘iDebit’.
- Enter how much you wish to deposit in the dialogue box provided. Click the ‘Confirm’ or ‘Deposit’ button.
- You will then get redirected to the iDebit website. If you have an iDebit account, you can now log in.
- Whether you have an iDebit account or not, you’ll get asked to choose the online bank you use. That will be from a list of the eight that iDebit supports.
- Once you’ve chosen your bank, you’ll get taken to the relevant website. You should then log in to your online banking in the same way as usual.
- You’ll then get asked to authorise the transaction to the betting site. You can do so in the same way as you’d verify any transaction via online banking.
- When you’ve authorised the transaction, your funds will get added to your betting account.
How To Withdraw:
If you choose to only use iDebit for direct payments from your bank, you can’t withdraw via the same method. You’ll need to withdraw any funds by traditional bank transfer or another method of your choice.
Withdrawals are possible, though, if you create an iDebit account and use it like an e-wallet. You can withdraw funds via your sportsbook’s cashier to your iDebit account. Then, you can log in to your iDebit account and choose to withdraw those funds to your bank account.
Fees Associated with iDebit
What fees you may have to pay for using iDebit for gambling depends on how you use the service.
It’s always free to create an account with iDebit. Each direct payment from your online bank to your betting account, however, incurs a fee of 1.50 CAD charged by the payment provider not the bookmaker. Any payment to a betting account from your iDebit balance (if you use the service like an e-wallet), is free of charge.
You won’t get charged a fee for transferring funds from a betting account back to your iDebit balance. A charge of 2.00 CAD per transaction does apply, though, when you transfer funds from your iDebit balance to your bank account.
Using iDebit as a payment method, then, can be quite a bit more expensive than other similar options.
Advantages & Disadvantages of iDebit
There are a few major positives and negatives of using iDebit for online betting. These are the main ones on each side of the equation:
- The payment method benefits from high-level security. Direct payments from your bank are protected by the bank’s own cyber-security measures. iDebit themselves also use top-level encryption and other security features.
- iDebit provides a buffer between your bank account and any betting sites. No information about the betting sites will appear on your ban statement.
- Deposits made via iDebit are instant. You don’t have to wait around for the funds to appear in your betting account.
- iDebit is only available to punters who bank with one of eight Canadian institutions. If you live outside Canada, the deposit option isn’t open to you.
- At least at one stage of the deposit and withdrawal process – if not more than one – you have to pay fees to use iDebit.
- You can only withdraw via iDebit if you sign up and use the service like an e-wallet. Even then, withdrawals often take a number of days to fully process.