Much of the gambling business involves money transactions. During the last few decades, all big companies on the global market have opted for online payments. This resulted in simplifying the process and reducing the fees for all kinds of bank transfer. It is extremely important to choose a reliable way to transfer our money when making a deposit or when we have to withdraw our winnings. The Bank Transfer will always be the best payment solution for punters who don’t want to meet any of the risk nor stress of having to deal with too much new technology.
Gamblers who are not keen in entering their personal data into the casino site forms, can deposit and withdraw funds through the Bank Transfer method. This is one of the safest way for money transfer. And this is because you can verify at any time your bank account when using this method. In addition, your bank can contact you in case fraudulent activity happens. The only disadvantage is that there is some time requested for funds to be deposited or withdrawn and actually receiving the funds on the player's account. Usually this time is 3 to 5 working days.
What is a Bank Transfer?
The Bank Transfer is also known as a wire transfer, SWIFT transfer, direct bank transfer or fast bank transfer. This is a simple bank to a bank money transaction. You can visit personally or contact your bank by phone. Then you will instruct them to make a transfer of a specific amount of money into a casino's bank account. The money transfer is usually made by your personal bank. This service can be also offered by companies such MoneyGram and Western Union. You could use a money transfer company, but we would recommend that you use banks. When making the transfer on an international plan banks are the safest and most reliable option of doing money transactions.
A bit of History
In the very beginning, money was transferred from a person to an institution (telegraph office or bank) and then to the intended person or agency. Usually the entire process took a lot of time. It was also very costly for each party. But the days when wire transfer came through and the whole procedure started to be managed electronically, the whole process became faster and easier. Nowadays, with the digital value of money, funds can be transferred between banks all around the world without the need for actual cash to go from hands to hands.
Bank Transfer used in Online Casinos
When it comes to Bank Transfer and online casinos, the process is rather simple and not difficult at all. You will need either physically visit your bank branch and complete a form for a wire transfer at the teller. The other option is to arrange the wire transfer on the phone. The bank will need to verify your identity and you will need to answer a few questions, then the bank can carry out the payment at your authorization.
Steps you will need to follow for Making a Deposit:
- Visit the Cashier page of the casino site;
- Press the button to make a deposit;
- Select “Bank Transfer” as a method of payment you have chosen to use;
- You will get access to the casino banking details, including IBAN and BIC codes;
- Visit your bank branch to give them the amount you wish to transfer and the casino banking details;
- A digital transfer of funds will be performed between the two banks;
- Within 3 to 5 days the casino will contact you to let you know that the money have been received and you can now start gambling.
Necessary steps for Making a Withdrawal:
- Visit the Cashier page of the casino site;
- Press the button to make a withdrawal;
- Select “Bank Transfer” as your preferred method of payment;
- You will get access to a page where you will have to supply your banking details to the casino so that they can perform money transfer to your bank account.
- You will be able to receive your cash wins within 3 to 5 days.
Bank Transfer Advantages
The Bank Transfer provides a high level of safety for all online transactions. And this is because it is executed electronically. The transaction will be performed by the bank institutions. During the entire process money is kept track of with the help of an identification number.
When you make a deposit via a Bank Transfer you won't be required to supply your sensitive banking data to the online casino site. This means that none of your personal details can be compromised. They will be kept in privacy and not exposed at risk.
When you claim your withdrawals to be performed via Bank Transfer, you will find how easy can the process be as that the money will be paid directly into your personal bank account.
With the Bank Transfer method you will be able to deposit and transfer large amounts of money in the country and beyond the borders. Especially when you have won the big jackpot and you would like to cash it out.
Bank Transfer Disadvantages
The main negative side with this method of payment is that Bank Transfers are dependent upon a lot of interlinked procedures. These procedures are rather complex and result in slower service for the customer. After the transfer is approved, the player will need to wait 3 to 5 days before being able to gamble. In comparison to the simplicity of e-wallets and credit cards methods of payment, this process of payment takes too long to be completed.
Additionally to this, Bank Transfers could cost a lot of money. Bank fees might be very expensive, especially when you are transacting a big sum of money and a currency exchange is needed. Another reason might be the fact that the bank sets rates for the service. Today there are far cheaper methods of payment available to online gamblers.
In general all banks around the world offer the Bank Transfer method of payment. But in some countries such as the USA regulations have been accepted to prohibit banks from paying funds over to online casinos.
Players who prefer the Bank Transfer can check our list of trusted and recommended online casinos that support this method of payment. They are all legal and regulated online casinos offering Bank Wire Transfers. Before making any transaction be sure to read carefully the terms and conditions of payment the casino have set on limits for deposits and withdrawals transactions.