Whereas there is no PayPal available in Canada (for legal issues, just like in some other countries of the world), the rise of alternative money transfer and payment systems for Canadian people was only a matter of time. One of such is the iDebit system. It is somewhat similar in the name to InstaDebit system – another payment and money transfer option that is used by Canadians but these are two different systems.
It is simple to get started with iDebit – just follow these simple steps:
- make sure your bank provides support for iDebit
- register in the system by opening the account
- after the opening, verify the connection of your bank account with iDebit’s account by going through the verification procedure initiated from your iDebit interface
- when you will be redirected to your bank’s interface, confirm the transaction according to your bank’s process.
The next step is optional – refilling your balance – as there is no such a demand by this system to make an obligatory initial replenishment to make it work. Do it when necessary.
Pros of iDebit
1. There are low fees when you make a transaction. They are not that many: for money withdrawal from iD to your bank’s account or paying from your iDebit account elsewhere. There is no fee for the replenishment of an account.
2. Your bank’s account is debited instantly and the real balance update comes within a few days – convenient in order not to wait for the positive clearance from your casino or a payment recipient.
3. Privacy and security: payments are protected by iDebit’s own system and your bank’s one. There are no details available on the account’s receipt so that iDebit will not be detailed in payments conducted within the system.
Cons of iDebit
1. There are only a few banks in a few countries that actually work with this system.
2. You can replenish your account if you are not a Canadian citizen but you cannot withdraw money from this system if you are non-Canadian.
3. As a rule, iDebit’s expenditures are not included in various loyalty and bonus programs of bankcards.
It is safe to use iDebit but not all banks support it. While withdrawal money from a bank’s account is fast, the backward process is slow.