June 30, 2022

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What is iDEAL and What is it Used for?

 

iDEAL is probably the most important payment method in the Netherlands, and it is now even used in several other European countries. With it, you can make payments reliably and securely. The transfers can be made using the mobile banking app or the online version of your bank. This banking method was introduced in 2005 and has quickly grown to even surpass credit cards in terms of payment volume. The payment method is owned by Currence, the Dutch organization. Currence also owns PIN and Chipknip. In this guide, we will learn more about this payment method, and what it is used for.

Use in Online Casinos

iDEAL has emerged as a major payment method in online casinos. You can see a list of available iDEAL casinos at https://casinokix.com/payments/ideal-casinos/. As mentioned earlier, this banking option is mostly used in the Netherlands, so casino players from other countries may not be able to access this payment method. Some benefits of using iDEAL casinos are that they don’t have any transaction fees and offer instant deposits. You will even be able to make the payments without creating an account. This is because iDEAL will automatically transfer the funds from your bank account. You should remember that this payment method only supports payments made using the Euro. Another thing to note is that you cannot withdraw your casino winnings using iDEAL.

Use in Online Shopping Websites and Apps

This payment method has also been adopted heavily in online shopping sites in Europe. Here is a summary of how the payment method works in online shopping platforms:

  • Customers start by selecting the payment method from the available options. This could also be a QR code.
  • They are then directed to the login page of their bank website.
  • The bank will then display the transaction data.
  • The customer will then add their account number and use the 2FA system to sign the payment.
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The bank will then authorize the transaction in real-time, and the purchase will be completed.

Pros of iDEAL

Here are some benefits of iDEAL:

  • You don’t need to sign up in order to use the service. You can simply choose the payment method and pay directly through your bank account.
  • It is extremely secure and hasn’t had any serious security concerns over the past years.
  • The payments are completed instantly, and the details of the transaction will be instantly visible on your bank account statement.

Cons of iDEAL

There are also a few disadvantages of iDEAL we should note. They include:

  • The payment method only works with the Euro and is only available to people in the Netherlands.
  • You cannot use iDEAL to transfer your funds from a website to your bank account.

Conclusion

iDEAL is the biggest payment method in the Netherlands. It is used in online casinos and many other online stores. A key benefit of this payment option is that it does not require users to enrol in order to use it. You can simply make the transfer without signing up. However, you should note that it only supports payments made using the Euro.