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.