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Introduction to iDebit

idebit

iDebit is one of the most popular payment methods used by punters in Canada to fund their betting accounts.

It connects people to their online banking directly from checkout, facilitating secure payments without a credit card.

iDebit is supported by many leading Canadian banks including Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce.

The system allows you to make payments from your bank to many bookmakers including Spin Sports and Sports Interaction. You can complete the process even if you haven’t registered with iDebit.

It is possible to proceed to checkout as a guest and create an account after you have successfully completed your first transaction.

Payments are conducted within the boundaries of your online banking, utilising encrypted technology to keep your funds and personal data safe.

Punters must enter their online banking details and correctly answer a security question to complete a payment, helping enhance the levels of protection on each individual transaction.

With excellent customer support options including email, telephone and live chat, iDebit is a great way for Canadian punters to make deposits and withdrawals from their favourite betting sites.

Advantages and Disadvantages of using iDebit

Pros

  • The ability to use iDebit without registration for the first transaction makes it a super-efficient way to get started on a betting site.
  • Keeping your personal data away from the bookmaker and within the confines of your online banking are another major plus point.
  • iDebit payments are completed within a matter of seconds, with the vendor and consumer receiving instant confirmation that funds have been transferred successfully.
  • As the system requires you to have funds in your bank account to make payments, it is also a great way to ensure that you are betting with money you can afford to spend.
  • Utilising the bank’s authentication process helps to ensure it is you making the payment, giving you additional peace of mind that your betting account isn’t being used fraudulently.
  • Bookmakers don’t usually apply any fees to iDebit transactions at their end, bringing it into line with many of the other popular payment methods used.

Cons

  • iDebit does implement transaction limits when you first sign-up, but these are quickly increased as you complete more successful payments.
  • The system applies small fees for paying a bookmaker from your bank account and when you transfer money from your iDebit account to your bank account, but these are generally very small.

How to deposit funds using iDebit

iDebit is widely available across most of the leading betting sites in Canada, making it a popular choice for punters there.

Some firms even offer special bonuses for depositing by iDebit, so search for these on BettingTop10 before signing-up for any accounts.

Once you have logged into your bookmaker’s site, click the ‘Cashier’ or ‘My Account’ button to start the deposit process.

You will be taken to a list of the different payment options. Search for iDebit and click the appropriate button to be taken to the payment page.

Although you can proceed as guest with iDebit, it is advisable to register with the service to speed up future transactions.

Type in the amount you wish to deposit up to the site’s limit, select your bank and enter your banking credentials as requested.

If you are happy with the details you have submitted, click ‘Approve’ and the payment will be processed instantly.

You will then be returned to the betting site and your funds will be immediately available for you to place wagers on your favourite events.

How to withdraw funds using iDebit

If you have made a deposit via iDebit you will also have the option to make withdrawals by the same method.

The funds will be transferred back to your iDebit account, giving you the choice to leave them there for future purchases or withdraw back to your bank account.

Withdrawals are easy to process, simply login into your betting site and visit the ‘Cashier’ or ‘My Account’ section to get things underway.

Click the iDebit option to make a withdrawal. Enter the amount you wish to take out of your account and you will be taken to the iDebit payment page.

Provide the requested details to confirm your identity, approve the transaction and your funds will be forwarded to your iDebit account.

Some bookmakers process requests instantly, while others may take between 24-48 hours to complete.

It generally takes around 3-5 working days for the funds to hit your account, a similar timescale to many other popular payment methods.

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