Bank transfer or wire transfer is proven to be an effective, safe, and secure way to transfer or receive funds from one bank to another. Banks take security very seriously; hence, there are no questions in terms of its security. Although bank transfers are secure, this kind of service comes with a fee that could pile up. Check if bank transfer is a good option for your online casino gaming.
- Safe and secure payment methods
- Quick processing
- Low to no cost transfer within your country
- Wires are processed one by one
- International bank transfers are costly
What is Bank Transfer?
Bank transfers, sometimes referred to as bank wires or wire transfers, are the most common and widely used electronic payment method used by almost every online casinos. This is a kind of method used to transfer money from your account to another person’s account. Bank transfers allow transfer of funds from one bank to another whether domestically or internationally. SWIFT is a universal payment system used by banks for bank transfers anywhere in the world. Bank transfer in casinos require higher deposit limits if you wish to play big, bank transfer is a good option. There is also a fixed fee charged for bank wire transfer plus other variables fees depending on the amount sent.
How to make a Bank Transfer with online casinos?
Bank transfers with an online casino are possible as, like what was mentioned, almost every online casino offers bank transfers as one of their deposit and/or withdrawal methods. You can purchase casino credits via wire transfer by just logging on to the online casino and navigate to their banking menu or cashier option. Bank transfers with online casinos can be done over the counter, via phone, or through internet banking. You can also transfer money in and out of your casino account via bank transfer to designated partner banks with your banking details. Bank transfers with online casinos also automatically convert currencies and bank exchange rates.
Advantages of Bank Transfer
Bank transfers, in general, whatever bank account you have, are quick and secure. This kind of payment method usually takes only at least a few minutes, or 24 hours at most. All you need is a bank account and a reliable and trustworthy casino. Thus, you can start your online casino gaming immediately.
Another advantage of bank transfers is that it is everywhere. You can literally take your bank account anywhere, no matter where you are. Almost every online casino you will encounter accepts bank transfers as a payment method.
Moreover, bank transfers within your country are quite cheap. Sending money within your country costs a small amount of fee, some even for free.
Bank transfers also secure your privacy. Bank transfers are secured by Society for Worldwide Interbank Financial Telecommunication (SWIFT) and SWIFT number codes are provided when receiving payments, and this is a proven way to prove the security and privacy of bank transfer.
Disadvantages of Bank Transfer
Sending within your home country is cheap, but sending money internationally is an expensive option. Aside from the fixed fees set by the bank and the variable fees that depend on the amount of money you send, there are also the hidden fees reflected in the exchange rates. Banks generally have poorer exchange rates than the real one. What’s worse is that they keep it for themselves. And because banks have poor exchange rates, you totally have no control over it.
Another disadvantage of bank transfer outside your country is the slow-paced processing. Bank transfers internationally usually take 4 to 5 days at max. This is a serious drawback when it comes to bank transfers because of its potential delays and penalties can be charged.
Bank wires do not accept wires in batch. These are processed one by one, so if you have multiple transactions to accomplish, then maybe it’s time to look for another payment method.
Fees for bank transfer also differ depending on the bank, on the amount you are transferring, or where you will transfer those funds. Fixed fees are present, as well as the variable fees or the additional fees depending on the amount you plan to transfer. Here are fees you can expect for wire transfers at almost every bank:
- Incoming domestic fee: For receiving money from another bank account within your country.
- Outgoing domestic fee: For sending money to another bank account within your country.
- Incoming international fee: For receiving money from a bank account internationally.
- Outgoing international fee: For sending funds to a bank account outside your country.
- Initiation fee: For conducting a wire transfer through over-the-counter or phone, not online.
The best people to contact when you have questions, concerns, complaints, or violent reactions are the online casino you’re playing with and the bank in charge of the bank transfer transaction. Sometimes, problems with bank transfer are not with the bank but with the casino. There are several ways to contact them, some casinos have it all – phone, email, live chat, and social media support. Banks also have every method to contact their customer assistance team. Customer support all depends on the casino and on the bank.
Bank transfer is one of the oldest payment methods ever made and using a bank transfer method may be old fashioned but nonetheless, bank transfers are safe, secure, and swift. But this is also a known method that is too costly. This kind of deposit and withdrawal method is recommended if you transfer funds from your country as it is a quicker and cheaper way. It is also recommended for those who do not obtain any credit or debit card. But if you wish to transfer funds internationally, wire transfer is not a good option. International wire transfers are too costly, slow-paced, and are processed one by one. Overall, the bank transfer method is proven to be a nice way to transfer your funds.
What is bank transfer?
Bank transfer or wire transfer is a widely used online payment method. This method allows players to process online purchases using their personal bank account. In online casinos, players will be able to fund their accounts using their bank accounts. They can also transfer winnings directly to their bank accounts.
Is bank transfer a legitimate payment method used at online casinos?
Yes, bank transfer is a secure and legitimate payment method which players can use for both deposits and withdrawals. Participating banks always make sure that their customers’ transactions details and banking information are kept confidential and secure.
What are the benefits of using bank transfer for online casino transactions?
One major advantage of using bank transfers is its accessibility. It’s globally recognized so a lot of online casinos allow deposits and withdrawals via bank transfer. Players around the world can use this payment method. Top-notch security is also provided by banks to protect its customers’ banking details and personal data.
What are the downsides of using bank transfer for online casino transactions?
One of the major disadvantages of completing online transactions via bank transfer is the long processing time for both deposits and withdrawals. Another downside is the banking fee or processing fee that the user has to pay for every transaction completed.
How can players use bank transfer for deposit transactions?
The first thing he has to do is go to the banking page of his chosen casino. Then, he must select “Bank Transfer” from the available payment options. He’ll be asked to select his country, and then his chosen bank. The user will be asked to log in to his banking profile. The user will see the online casino’s banking details. The next step is to go to a branch of the user’s preferred bank. He must fill out the bank transaction form with the online casino’s details. After completing the transaction at the counter, the bank will start processing the deposit.
How can players use bank transfer for withdrawal transactions?
For withdrawals, the process is pretty similar when making deposits. The user must go to the cashout page of his preferred online casino. Then, he must select bank transfer from the list of options. He will then be asked to select the bank that he’s currently using. A detailed instruction will be shown to the user.
Are players required to register for an account to be able to use bank transfer?
Players don’t need to create an account at a third party provider. Anyone who has a savings account at a participating bank can use this payment method.
How can a player start using bank transfer for online transactions?
The first thing that a player needs to do is open a bank account--only if he doesn’t have one already. He also needs to make sure that his chosen bank allows wire transfers and online payments. Once he has successfully opened an account, he can use bank transfer for both deposit and withdrawal transactions at online casinos.
What’s the average processing time for deposits and withdrawals using bank transfer?
Deposits and withdrawals using bank transfer take a little longer to process. For deposits, transactions can be completed in 1-5 days.
For withdrawals, it will take 3-5 days before the withdrawn winnings appear in the user’s bank account balance. It all depends on the user’s chosen bank and country of residence.
Which online casinos accept bank transfer as a payment method?
Majority of online casinos process deposits and withdrawals using bank transfer. Here are some of the online casinos where payment transactions can be completed using bank transfer: ComeOn Casino, 888 Casino, Hello Casino, SlotsMillion Casino, Jetbull Casino, PlayFrank Casino, Casumo Casino, Intercasino, Videoslots Casino, NordicBet Casino, Casino Cruise, Cherry Casino, Karamba Casino, and Thrills Casino.
What are the fees to be paid by the player when using bank transfer for both deposit and withdrawal transactions?
Banks usually charge a small percentage of the transferred amount for both deposit and withdrawal transactions.
What are the minimum and maximum amounts for deposits and withdrawals using bank transfer?
The minimum and maximum deposit and withdrawal amounts usually depend on the chosen bank and the online casino. The usual minimum deposit amounts range from €10-€20. For withdrawals, the usual minimum amount required is around €20.