iDeal is a payment service provider that allows its users to transfer funds immediately from one source to another. It is a quick and convenient way of sharing funds across many different platforms. It is available for customers in the Netherlands as a central point for internet banking from various financial platforms.
Introduction
iDeal was first set up in 2005 as a combined online and real world banking system for banks in the Netherlands. It is now by far the most popular way people in the Netherlands pay for online banking services. Over half of online transactions in the Netherlands are now performed using iDeal. The banks that participate in the iDeal scheme are:
- ABN AMRO
- ASN Bank
- Bunq
- Friesland Bank
- ING Bank
- Knab
- Rabobank
- RegioBank
- SNS Bank
- Triodos Bank
- Van Lanschot
If you have an account with one of these banks, then you will be able to use iDeal.
Pros and Cons
Pros
- Extra security for online transactions
- No need to have an iDeal ‘account’
- Can be used ‘real world’ too
- Fast deposits and withdrawals
Cons
- Only available in the Netherlands
Security
With all major banks in the Netherlands supporting iDeal, you would expect security to be extremely important – and you would not be wrong. iDeal acts as a ‘buffer’ between your bank account and any online casino you choose to frequent, meaning your personal financial details are not passed to the casino. All information at your chosen online casino will be encrypted anyhow, to minimise the chances of fraudulent activity on your account.
Deposit and Time
As iDeal is basically an eWallet scheme, the time taken for deposits to be made is one of the fastest possible for transactions online. Most online casinos will process an iDeal deposit as soon as you click the ‘OK’ button, and others should at the most take no more than an hour. Withdrawals will take a while longer, but the processing time should not be more than twenty-four hours. There is the casino’s ‘pending period’ to take into account too, which is usually between twenty-four and forty-eight hours.
Usability
You have to jump through an extra step or two when you use iDeal online, but it is not too much of a hassle. You do not have an account with iDeal itself – iDeal just provides the service. You select ‘iDeal’ as your payment method, and the bank from which you will be making payment. Once you have selected your amount, you will asked to choose how to receive your confirmation code. This can be done via a smart phone or tablet app, or an SMS message. Once you receive your code you input this as requested to complete your iDeal-powered transaction.
Conclusion
When it comes to both online and real world payments, iDeal is as ubiquitous in the Netherlands as ‘chip and pin’ is in the UK. Although not an eWallet scheme in the true sense of the word, iDeal is still an extremely secure way in which you are able to make payments online if you have an account with one of the banking institutions that accept iDeal payments. If you’re in the Netherlands and you want to fund your online casino activities, then iDeal is the ‘ideal’ solution for you!
