Last updated on October 16th, 2018 at 01:07 pm
Bank Transfers are one of a few methods to fund online casino accounts. The number of payment methods has increased with time and technology.
Banks transfers are the oldest method, and one of the most trusted funding methods even today. As the name itself indicates, Bank Transfer, or Wire Transfer, is used for transferring money from one bank to another.
It is either from the bank account of the player to the bank account of the online casino or vice versa. The roles of the payer and payee alternate depending on whether the action is a deposit or a withdrawal.
How Casino Bank Transfers Work
Transferring money from one bank account to another was once done by having the player order the bank where he or she maintains an account to deduct funds and add it to the bank account of the recipient.
In the very early stages, it was done physically, but then modern methods made it possible for funds to be ´wired´ electronically.
Eventually, internet banking surpassed all earlier technologies allowing everybody with a computer to make Bank Transfers from the comfort of their own home.
Bank Transfer to an Online Casino
How does a Bank Transfer work inside an online casino environment? The Bank Transfer procedure is carried out via several steps. It requires player identity details in the banking area.
The first thing to do if you wish to make a deposit is select Bank Transfer from the list of payment methods at the desired casino venue.
You get directed to a separate page showing the bank account details of the casino or a page with a list of banks that cater to your local community.
Bank Transfer options will differ subject to where you live.
A first case scenario, you need to copy the casino’s bank account details and use them to fill out the Bank Transfer Form provided by your internet banking service.
The second option is better as it allows you to choose your bank right away, log in into your internet banking account and carry out a transaction directly.
As instructed, your bank will transfer the money to the casino´s account, but the transaction, in most cases, won´t be carried out instantly.
Casino Bank Transfer Fees & Time Frames
For the transaction to complete in the case of a Bank Transfer, processing times range from 3 to 5 business days.
An Online Casino will send a confirmation email, to tell you that a deposit has arrived. You are then free to use it for wagering, having fun and enjoying yourself at the Casino site.
Some banks need longer processing times depending on where you live. As for fees, they are regular around Bank Transfers; every bank has its fee policy.
It is likely that you’ll have to pay between £€$5 and £€$$20 in processing fees to fund your casino account. Most reputable online casino sites will compensate you for this cost with bonus money for the bank transfer.
Bank Transfer Pros & Cons
No payment method is perfect, it all comes down to personal preferences, and we look at the pros and cons of Bank Transfers. Bank Transfers are attractive as they are safe.
Banks carry out encrypted transfers and security is never an issue. Another advantage would be the possibility to also complete withdrawals via Bank Transfer, not just deposits.
Ultimately, what’s advantageous about Bank Transfers is that it is familiar to casino players and there is no limit on how much money you can send or receive with this method.
Bank Transfer disadvantages include the fact that it is a slow and old-fashioned method. We live in the era of instant gratification, if you make a player wait for funds to be received, that´s not good.
The process of making a Bank Transfer request can be lengthy
Casino Bank Transfer Verdict
Paying with Bank Transfer at an online casino is safe and secure but a lengthy and often time-consuming process. Modern online casino banking options are instant and just as reliable.
Bank Transfers are a secure payment and convenient withdrawal method in some gambling markets.
Due to the expansion of e-wallets and instant payment systems, Bank Transfer, or Wire Transfer as some call it, is less common these days.
It does though remain a safe and secure way to get jackpot funds of that progressive jackpot you’ve been playing
Visit our Casino Banking Page for more Casino Payment Methods.