Canadian iDebit Casinos - Deposits and Withdrawals
iDebit is a secure, safe, and fast Canadian online banking option that lets customers pay for online products and services with a Canadian savings or checking account. Of course, there are other similar payment services, such as electronic check or Instadebit, but the key difference is that these payment services take 24 to 48 hours while iDebit casinos offer instant transactions.
This payment provider is available only to Canadian players and is affiliated with participating Canadian banks, including Royal Bank of Canada, TD Canada Trust, Simplii Financial, Scotiabank, National Bank, Canadian Imperial Bank of Commerce, Bank of Montreal, and Desjardins. Payments can be made in both Canadian and US dollars.
How iDebit Works
iDebit is basically an online payment processor and e-wallet like PayPal. It's an instant payment option used to send money directly from your checking or savings account to the casino of your choice as it works as an intermediary. This will slash the processing time for payments.
To deposit funds into your gaming account, you don't have to create an account at this Canadian payment service. But to withdraw cash from your gaming account, you'll need to set up an account at this payment service.
iDebit Casino Withdrawals
At iDebit casinos, withdrawals are as easy to make as deposits. All you have to do is select this withdrawal option at the betting site's cashier page and confirm the transaction. It's that simple!
Cash-outs via this Canadian payment provider are instant as well. But you'll need to wait some time for your funds to be moved from your gaming account to your checking or savings account. You'll also need to pay for this transaction. As such, the processing time for this withdrawal can be up to five days which isn't the fastest online casino payout in Canada.
It's nice to have the same option for making cash-outs and deposits and iDebit casinos make this possible. So you shouldn't miss out on using this payment method to withdraw cash from your gaming account whenever it's available at an online gambling site.
The charges involved in using this payment option are in fact quite low. Also, there are only three forms of fees to pay. It's completely free to register an account with this payment provider and it's also free to receive money from your betting site.
But making a virtual banking transaction with this Canadian payment service attracts a fee of CA$1.50. Depositing money that's already in your iDebit casino account is absolutely free, though. It costs CA$2.00 to withdraw cash from that account to your checking account.
The third charge you might have to incur is for currency conversion. But this Canadian payment processor doesn't specify the rate as currency values change every day. In addition, you'll need to pay some commission due to the risk associated with providing currency conversion services.
There's also an extra charge that only kicks in when you're due for a refund but you refuse to provide your banking details. This may refer to your bank's name, account number, or routing/Swift/IBAN number. In that case, iDebit can send your refund through money order or check straight to your address. You'll need to pay CA$25 for every transaction.