Last updated: 16 June 2021
With the US Supreme Court repealing the Professional and Amateur Sports Protection Act of 1992 (PASPA), all eyes were directed to the US online gaming market. Unbeknownst to most, their Canadian neighbors have experienced significant growth as well. Much of this is due to Canada’s well-developed fintech scene, which is spearheaded by payment methods such as iDebit. Whilst Interac and Instadebit have garnered more press in these last few years, iDebit came through with a plethora of interesting features. This led to a slow, but steady increase in market share in the Canadian online payments market.
If you know us at Casino Banking Methods, you’re aware that we always like to tackle payment platforms that experience sudden surges in popularity. Given the fact that our Canadian readers are shifting towards more secure payment methods each day, we decided to fully dissect iDebit, its features, and its flaws. The following sections contain everything there is to know about iDebit, with a particular focus on Canadian online casinos that accept this payment method. Soak it all up and get ready to play!
iDebit entered the fintech market in 2012, much later than most of its counterparts. Interac and InstaDebit, two of Canada’s most famous payment platforms, have several decades’ worth of experience. However, that doesn’t mean iDebit is comprised of rookies and newbies. The team of experts behind the company is comprised of individuals that have dabbled in banking, credit card payments, and eWallets ever since the early 2000s. This time spent in the payments industry allowed them to observe all the key developments, and to apply them to their product.
Initially, they found it hard to sign contracts with banks, as Interac and InstaDebit had already snatched most of the market. Despite these initial hardships, more and more financial institutions became interested in collaborating with them. As the number of member banks grew, so did the popularity of iDebit. Today, they hold a significant part of the Canadian online gaming market. Players love iDebit because it’s easy to use and provides many more advantages than traditional credit cards and bank transfers. As the online payments industry is slowly becoming more advanced, it’s just a matter of time until iDebit becomes a true force to be reckoned with.
We at Casino Banking Methods are always unsure how we should treat platforms that are only available in a single country. In a vacuum, it could be said that it’s a shame great brands aren’t available worldwide. This is especially true for iDebit, as we believe other eWallets and online payment systems simply don’t have the level of security they have.
From this perspective, we can say that iDebit only being available in Canada is a flaw. However, it’s simply not fair to observe all payment methods this way. PayPal, ecoPayz, and others made it their mission to be available internationally from the get-go. iDebit never made such a claim, so we don’t want to judge them too harshly. It’s a Canadian platform meant for Canadians (and everyone who finds themselves in this country at a certain moment). They are clearly devoted to working with domestic banks, and the system is so far working quite nicely for their userbase.
Speaking about banks, this is the point where we were first disappointed with iDebit. So far, only eight banks support the use of this platform. They are:
- Bank of Montreal
- Canadian Imperial Bank of Commerce
- National Bank
- Royal Bank of Canada
- Simplii Financial (formerly PCF)
- TD Canada Trust
According to the Corporate Finance Institute, Canada has a total of 83 banks – 29 domestic ones, 27 fully-operational foreign banks operating in the country, 24 subsidiaries of foreign banks, and 3 subsidiaries of foreign-lending banks. If we calculate the percentage, we come to the conclusion that iDebit collaborates with only 9.63% of all banks available in Canada.
Frankly, this is terrible coverage, as millions of users are left without the option of making casino deposits in a safe and secure manner. Availability is definitely the best quality a payment method could have. iDebit definitely fails to make itself accessible to the growing player base in Canada. We sincerely hope that they will do something about this in the future. Ultimately, even if this was the best online payments platform in the world, it’s worthless if you have to open up a new bank account to use it.
When it comes to available currencies, transactions are available in CAD, USD, AUD, EUR, and GBP. This is definitely a plus since most other Canadian banking platforms only work with Canadian and US dollars.
Visit the official website
Type in idebitpayments.com in your web or mobile browser to get started.
Click the Log In/Sign Up box
Once you do this, a page with multiple empty boxes will appear. There, you will have to enter your personal information, such as your name, surname, date of birth, email, phone number, and the final four digits of your Social Insurance Number (SIN). While it may seem unsettling to share all this, you don’t need to worry. The purpose of these requests is to verify your identity and prevent fraudulent transactions.
Register your bank account
By entering your basic credentials, you will validate that the bank account is actually yours. As an added security measure, you will also need to authenticate the process by entering a code that’s sent to the phone number you entered during the previous step. And that’s it! You can now make deposits at online casinos and enjoy your favorite games.
This has to be one of the easiest, yet most secure account creation processes. It’s impossible to create a fake account. Believe us – we try this with every payment method we test and iDebit noticed every single bit of false information. That’s what we call great security.
If you don’t want to bother with creating an iDebit account, you can also log in as a guest using your bank credentials. You can do this after entering the deposit amount, and the money will instantly land in your casino balance.
However, we do advise you to take a bit of time and create an iDebit account. This will allow you to add money from your bank account and get rid of most of the fees involved in the process (more on that later). We also liked the fact that you can easily edit your basic information, at any time. This is great if you like you change your email or password often.
There are two ways in which you can deposit money via iDebit. The first way is without creating an account. This is usually the fastest way, but it requires you to pay a fee for each transaction straight from your bank account balance. Here’s how to do it:
- Go to the Cashier/Banking/Deposit section of your casino.
- Select iDebit as your deposit method of choice.
- Enter the amount you wish to add to your balance. Once you do this, select “Log in as Guest” and just enter your bank credentials. You will then be redirected to your eBanking page, where you will have to verify the transaction. And that’s it!
However, if you want to avoid paying unnecessary fees (let’s face it – they’re all unnecessary in this day and age), you should create an account. You can find the instructions on how to accomplish this in the previous section. Once you’re done, here’s how to pay directly from your iDebit balance:
- Head over to the Deposit page of the casino site.
- Pick iDebit as your preferred payment method.
- Enter the amount you want to deposit.
- Log in with your email and password (make sure you’ve picked a complex one). You will be redirected to your iDebit account, where you have to confirm your payment. That’s all!
iDebit withdrawals are even more simple. Here’s how you can claim your winnings from online casinos:
If you have an iDebit account, you just need to go to your casino’s Withdrawal page, enter the amount, pick iDebit as the withdrawal method, and the funds should be added to your iDebit balance. After that, you can either use iDebit to pay for products and services at other merchants, or you can request a withdrawal to your bank account. It’s quick and simple!
Here’s where things go a bit downhill. Creating an account is free of charge, and so is making payments directly from your iDebit balance. Withdrawals to your iDebit account are also free, which is great to see. What’s not great to see is that you need to pay C$1.50 for transfers directly from your bank account, which happens when you log in as a guest while depositing money to your casino account. This is clearly not a big deal, that is unless you are making a number of small payments.
Even so, the fee can be avoided if you create an account and use your iDebit balance as the basis for every payment you make. A fee that can’t be sidestepped is the one that is imposed when withdrawing from your iDebit balance to your bank account. However, C$2.00 per transaction is unlikely to eat away into your casino profits.
iDebit is actually great when it comes to waiting times. All deposits, regardless of whether they’re from your iDebit balance or directly from your bank account, are instant. This is awesome, especially when players want to refill their balance quickly in order to get back to their favorite game.
The only waiting you will have to endure is when you’re withdrawing money from your iDebit account to your bank account balance. It’s the standard 3-5 business days, so it takes a bit of patience. All in all, iDebit seems to invest a lot of effort into making their platform as efficient as possible.
If there’s something we absolutely can’t stand, it’s shady business practices. The reason we’re saying this is because iDebit doesn’t have flat transfer limits, which is pretty much normal everywhere else. Instead, every account is assigned custom limits for both deposits and withdrawals.
To make matters even worse, iDebit’s customer support agents say they can’t disclose the criteria used to determine these limits. What gives, iDebit? We really don’t know why they’re acting like they’re giving out bank loans. This is just terrible, especially in a time where transparency should be a priority for every fintech company.
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Simply put, iDebit is absurd when it comes to security – and we mean this in the most positive of ways! Here are just some of the measures they apply in order to protect their users:
- Unlike most other payment methods, iDebit works in sync with your bank’s existing security systems and leverages all available software and hardware to ensure that your data always stays protected.
- No online casino will ever have an insight into your information, as iDebit acts as an intermediary between your bank account and the merchant.
- Risk assessments are constantly performed, and potentially fraudulent or suspicious payments are flagged and stopped.
- You have to answer your bank’s security question in order to complete every transaction.
- Third-party security certification firms monitor and verify every transaction.
- 128-bit SSL encryption is used to shield all user data.
- iDebit’s servers are guarded 24/7 and require employees to scan their palms in order to access them.
Other than the lack of transparency when it comes to transfer limits, iDebit’s customer support deserves an A+. All the agents we were in contact with were helpful, cordial, and more than willing to answer even the most mundane and ‘obvious questions.’ Email correspondence was much smoother than we initially expected, which is a big surprise.
However, live chat is by far the best way to reach iDebit, as they never take more than one minute (yes, you read that right!) to respond. Of course, the illogical policy on transfer limits is not the agents’ fault, so we can’t really blame them. Keep up the good work.
Not surprisingly, casino players have a generally positive view of iDebit, as far as we were able to see on online forums and review sites. Most people praised them for their efficiency, especially when it came to waiting times. Customer support also receives a lot of positive comments, which is something we expected.
The only negative comments we related to, you’ve guessed it – the poor policy on transfer limits. Casino aficionados are simply baffled by the audacity of iDebit, as it’s completely normal for payment platforms to treat all users equally. Other than that, we saw no allegations of fraud, withheld funds, or anything of the sort.
iDebit comes up short in this department, as their only features involve transfers straight from your bank account, and via iDebit balance. That’s pretty much basic, so you should look for another casino banking method if you’re in the market for some extra perks or features. This is not a bad thing by any means, but it’s not particularly positive either.
Unfortunately, iDebit doesn’t have an app for either Android or iOS. If they’re also an eWallet, we don’t see why they can’t allow you to make deposits through a single app. Even though the mobile browser version has an enticing and simple UI, it can be a hassle to have to access the site every time you need something. We hope to see native app support ASAP. You can do it, iDebit!
- Even though the payment method can only be used from Canada, iDebit supports a total of 5 currencies.
- iDebit faces an uphill battle with Interac and Instadebit for market share, as it only has partnerships with eight Canadian banks.
- iDebit has been on the rise over the last few years and the payment method operates as both direct deposit option and an electronic wallet.
- iDebit payments cannot be cancelled, but customers can contact merchants to request a refund.
- iDebit Payments Inc. employs a number of security protocols, making iDebit one of the safest online payment methods.
Yes, they are cleared to operate by the Canadian government. Additionally, they collaborate with some of the country’s biggest banks. That’s as legit as one can get, really.
Unfortunately, no. iDebit uses geolocation technology to know where you are, and you won’t be able to access your account if you’re outside of Canada.
All withdrawals to your iDebit balance are instant. If you wish to further transfer your winnings to a bank account, you will have to wait up to 5 business days.
You don’t have to, but we strongly advise you to do so if you want to get rid of those annoying deposit fees.
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