What is Bank Transfer? Is It Worth Using for your Casino Transactions?
Bank transfers, also known as wire transfers, are one of the most popular payment methods used in online casinos these days.
To use instant bank transfers to deposit funds on an online casino, you will need to use a bank account under your own name and make sure your current account is supported by that particular casino’s system. This may vary from casino to casino, depending on which country you are playing from. There are some casinos that accept transfers from any established banking institution, while there are some that have strict regulations and specifications. If the casino you’re playing from doesn’t support bank transfers to or from your current bank account, you will have to consider other deposit options.
How a Bank Transfer Works
Wire transfers are completed in several steps. Before you can make a deposit or withdrawal, first you should check with the casino that they accept bank trasfers from your bank. Then with your bank manager that they will allow you to make the transfers and if they require any specific forms or permissions. You may need to submit a formal written request to your bank to transfer the amount you want and where. Your bank will then run their own security checks before they send any money and will contact the receiving bank, which belongs to the casino, before they allow the first payment to go through. This process may be frustrating, but it is a safeguard on both sides for your security and is only for the first bank transfer. Thereafter, there should be no further delays or obstacles.
Depositing Funds to Your Account through Bank Transfer
Once you’ve confirmed that it’s possible to deposit funds to your casino account using bank transfers, simply log into your casino account. Look for the "Banking" section and choose the bank transfer service from the options available. Simply enter the amount of money you want to deposit then follow any specified instructions in order to successfully complete the transfer.
To prevent any confusion, it is a good idea to ask the casino’s customer service how long it will take to complete the transfer. There are some banks that complete transfers almost instantly, while others may take up to 5 business days. As always, knowing this will help take the frustration out of the process. As long as every bank transfer is from the same account and to the same account, however, thereafter you can either make the transactions online or contact your bank to make the transfers manually.
Take note, however, that usually percentage fees apply when transferring money from your bank account to your casino account because most of the casinos are located offshore. In some cases, if you request same day transfers, it can even cost you upto £40 just to deposit funds to your account using an instant bank transfer casino method.
Why Use Bank Transfer
The main advantage of a casino bank transfer method is that it’s really the most secure method of deposit and withdrawal. After all, the transaction needs to pass the rigid security checks of both the casino and the bank. However, after the initial transactions, the process becomes faster and less complicated as long as you are using the same bank and casino account for each transaction. The other advantage is that your bank will notice if there is a significant change in your deposit amounts and will flag or perhaps even stop the transaction. This is a great safeguard to any casino betting blowouts that might occur on, say, your birthday or a night out with your mates. So if you want to play online, but are security conscious and want an extra safeguard on your money, then bank transfers could be ideal for you.
Another advantage of using bank transfer is that you can make large transfers both to deposit and to withdraw. In the process of setting up your casino account to accept bank transfers, you have already provided more than enough confirmations, so thereafter you are given a lot more freedom to manage your own money affairs, both from the casino and from the bank.
So Should I Chose Bank Transfers?
Bank transfers are becoming less and less popular in online casinos because of the extensive checks and balances required to set up the accounts. It may also not be the fastest withdrawal online casinos have to offer, and the fact that other payment methods are quicker and easier have also diminished its popularity. The extra time it takes for a deposit to go through may mean you could miss out on surprise opportunities to play and win in the casino. Bank transfers nevertheless remain the most secure method of deposit and withdrawal available at any online casino site.
To find out more about casino payment and withdrawal options, click here!