Bank transfers are among the oldest methods of moving funds electronically from one person or entity to another. The process involves moving money between bank accounts and is also referred to as a ‘credit’ or ‘wire’ transfer. Bank transfers have evolved greatly over the past few decades. Today, one needs only an internet connection, an online banking account and a computer (or even a mobile device) to process a bank transfer.
Prior to the introduction of electronic wallets, bank transfers were among the best options available to players who wanted to boost the balance of their online casino accounts. The popularity of bank transfers has declined following the rise of online payment processors such as Neteller, PayPal and Skrill, yet many players still prefer to use them, as bank transfers allow for larger deposits and are generally considered a risk-free payment method.
How Does a Bank Transfer Work?
Sending money via a bank transfer often proves to be rather time-consuming. First, players are required to have an online banking account with their financial institution if they wish to initiate a bank transfer from the comfort of their own home. Otherwise, they have to visit their bank in person to send the money.
In addition, certain details need to be at hand to initiate the transfer. These include the bank account numbers of both the payer and the payee, their names, and the banks’ addresses. The BIC and IBAN codes of the payee (in this case, the online casino) also need to be provided to make the transfer. If you are looking to receive money via bank transfers, you will need to provide your bank’s BIC (also called the SWIFT) code as well. Please note that it is advisable to check in advance whether your bank permits incoming and outgoing international transfers.
Once the payer has this information readily available, they can proceed with the transfer itself. The payer, or in this case the player, must instruct their bank to transfer the payment. This can be done via online banking, over the telephone, or in person at a brick-and-mortar branch.
The player’s bank will verify the transaction and contact the online casino’s bank, which in turn should verify and confirm the transfer details. Most players steer clear of using bank transfers as they generally require more time to complete, owing to this verification process—often between several hours and five business days, and sometimes even longer. That is why some gaming enthusiasts opt to deposit using credit/debit cards or third-party payment processors such as InstaDebit or Trustly, as these transactions are carried out immediately.
Generally, there are two types of bank transfers—international and domestic. If you wish to send a deposit to an offshore online casino based in another country, bear in mind that you will incur significantly higher fees for your international bank transfer.
Watch Bank Transfer Video
Depositing at Online Casinos via Bank Transfers
If a player wishes to fund their account via a bank transfer, they first need to select this type of payment in the Cashier section of their online casino. They will then be redirected to a page containing all the information necessary to initiate the bank transfer, such as the casino’s IBAN and SWIFT/BIC codes. Another option is to contact a member of the support team and request the casino’s bank account details.
Once you have the necessary information, you can either visit your bank in person or opt to initiate the transfer through your online banking account. If you decide in favour of the second option, you simply need to fill in the online banking form correctly and confirm the transaction. You will be notified via email as soon as the online gambling provider has received the money.
Withdrawals with Bank Transfers
Some web-based casino operators support bank transfers as a withdrawal method as well. The procedure closely resembles that of depositing via a bank transfer – the player is again expected to provide their banking and personal details, such as their name, bank account number and SWIFT/BIC code. However, some banking institutions impose higher fees for processing international bank transfers, and the money may not reach your bank account for several business days.
If you are looking for a more time-efficient method to cash out your winnings, it is advisable to contact the casino’s support team and discuss suitable alternative ways to withdraw the funds.
Fees and Security
Since bank transfers involve moving money from one bank account to another, the fees vary depending on the online casino at which one plays and the banking institutions that process the transactions. More importantly, the fees for processing international bank transfers are much higher than those imposed on domestic transactions of this type. That is why players are advised to contact their banking institutions and request further information prior to initiating a bank wire transfer to avoid costly surprises at the end.
As far as security goes, bank transfers are largely considered a reliable and safe method of depositing and withdrawing funds to and from one’s online casino account. After all, it is your banking institution that carries out the transaction and no sensitive information is shared with third parties in the process. Of course, it is of paramount importance to register an account with a dependable and legitimate online gambling provider. Typically, licensed casino operators take the necessary measures to protect their players from fraudsters and utilise reliable encryption to secure all sensitive information concerning the transaction.
Advantages of Using Bank Transfers at Online Casinos
The foremost advantage of using bank transfers as a payment method at your favourite online casino is security – no third parties are involved in the transaction, which takes place between the banks of the player and the online gambling operator. Accessibility is another benefit, as many online casinos support payments via bank transfers.
Yet another advantage arises from the fact that players can both deposit and withdraw via bank transfers, which is not the case with some other payment solutions such as prepaid vouchers and certain credit card brands.
Last but not least, bank transfers are usually the payment method of choice for high-rollers, as financial institutions rarely, if ever, impose limits on the sums one can send or receive.
Disadvantages of Using Bank Transfers at Online Casinos
Bank wire transfers have several serious downsides despite being one of the oldest methods of moving money between bank accounts. Many players deem this method inconvenient because the payments are not processed instantly. In fact, players are forced to wait between several hours and several business days before the money is at their disposal. Note that this applies to both deposits and withdrawals carried out using this method.
Then again, the expenses associated with this payment solution are not to be underestimated, as financial institutions often charge exorbitant (and flat) fees for processing deposits and withdrawals via bank transfers. Of course, it depends on your bank’s individual policy, but in some cases fees can reach £30.
Finally, players who consider using bank transfers as a deposit method must bear in mind that chargebacks are virtually impossible with this payment solution.
Conclusion
Despite their disadvantages, bank transfers are still widely used by online casino players who place safety above all else. However, they are often slower to process and involve hefty fees, which cause many gaming enthusiasts to look for more time-efficient, flexible and affordable methods of payment to move funds to and from their online casino accounts. Notwithstanding their declining popularity, bank transfers continue to be accepted by a great number of reliable and licensed online casino providers.
Submit your review | |
I have deposited to many online casinos by way of bank transfer. This payment method is much slower than most others and is relatively more expensive. But that is the price that you pay for extra security. An advantage of bank transactions is that the money can go both ways, you can make deposits and withdrawals with no set limits. If you are playing with large sums of money this will certainly come in handy. Bank transfers are one of the best ways to make transactions, however, they are more suited to a certain kind of player. If they don’t meet your particular needs there are many other methods to use.
Bank Transfers are the oldest and perhaps the safest way to move money. When it comes to online casinos, you will find that most, if not all, give you the option to deposit and withdraw funds via Bank Transfer. This method has several advantages and disadvantages. As mentioned above, Bank Transfers are reliable and secure. Unlike some other services, there is no mediator, all of the business is handled by your bank and that of the casino. These institutions have the highest level of security and the possibility for error is almost non-existent. On the other hand, Bank Transfers are the slowest way to deposit and deposit money, since the transactions can take up anywhere between 3 to 7 business days.
As a person who doesn’t like to use third party services to manage my money, Bank Transfers are an excellent option for me when depositing to online casinos. While the transactions take a few days to clear, I believe that serves as a counterbalance to the added security of banks. I simply do not trust Internet eWallets or prepaid services to handle my money and would much the safety of banks. High rollers will also appreciate the fact that there is practically no limit to how much you can transfer. A negative side of bank transfers is that the banks will normally charge you for each transaction.
Sending money via Bank Transfer is often hassle-free and more secure than other payment services. When it comes to online casinos, bank transfers are one of the most preferred deposit and withdrawal methods. They offer increased security and virtually no chance for fraud. The higher wait times can be a pain though, with a transaction taking up to several days to clear. The higher fees are also a disadvantage. Much like every other payment service, bank transfers have their positives and negatives, and it is up to you to decide if this service suits your needs.