Bank transfers, also known as wire transfers, are the oldest and therefore, one of the most trusted methods to transfer money from a given bank account to another. The method is widely used by millions of people on the global scale as a means to send or receive money or to pay for various purchases. Many people who use bank transfers consider them just as safe as paying in cash and they have a point – bank transfers usually do not involve the physical transfer of money between bank accounts. The balances of the sender’s and recipient’s accounts are merely modified and both parties involved are identified prior to the transfer’s initiation.
The method first gained popularity when the telegraph was invented in the 19th century since it allowed for a quick communication over long distances. It was then that Western Union first emerged to become the biggest wire transfer service in the entire world. Today, this method is also commonly supported as a payment option by the majority of online gambling operators and is normally accepted for both deposits and withdrawals. Despite the explosion of digital wallets and online banking processors which has taken place in the past decade, many casino players still prefer to use bank transfers to deposit or withdraw to their favorite web-based casinos.
Using Bank Transfers for Gambling Transactions
Bank transfers will never go out of fashion since they pose as a familiar and above all, extremely secure method of payment. In order to use it to boost their casino accounts’ balance, players simply need to hold an account with any given banking institution. There are two ways to go about processing a bank transfer – going to the bank personally or using its online banking services from home.
The first method is less convenient as it requires bank account holders to visit their banking institution or one of its cash offices in person. In order to execute the transaction, players will need the banking details of their preferred online casino. Make sure you collect all the necessary information in advance.
For the purpose, you have to get in touch with the members of the casino’s support staff and obtain the gambling operator’s IBAN (International Bank Account Number) and SWIFT codes. The majority of financial organizations are issued one such code which can contain either eleven or eight characters. Some banking institutions may use BIC (Bank Identifier Code) instead of SWIFT. Either way, one such code is needed to establish the identity of the receiver.
Once you have collected the banking information you need, you are required to instruct your bank to transfer the funds from your personal banking account to that of the casino by filling in a transfer form. Some banks which support online banking have such forms available at their websites, allowing casino players to initiate the transaction from the comfort of their homes. Be very careful when filling in the form – any mistakes in the information you provide will lead to undesirable delays.
Bank Transfer for Gambling Transactions Additional TipsAlso, the casino will give you a special code while the money transfer is processed to identify the deposit at your bank. Save this code until you receive a confirmation the operator has obtained the funds. Once the casino has received the deposit, they will send an email for confirmation to the player that the money is available in their balance and ready to use.
The second option which involves Internet banking is preferable – you can visit the online casino’s cashier, select bank transfers as your payment method, and fill in the necessary information there. Once you hit the bank transfer button, you again need to enter all the information necessary to initiate the transaction. This includes the name of your bank, your permanent address, and the number of the bank account. The gambling operator you deposit with will give you the casino’s banking details but at times an online account number (or VAN – Virtual Account Number) is used. Another alternative is to use telephone banking but many casino aficionados prefer to use online bank transfers due to the greater convenience they offer.
Bank transfers are also a suitable method for cashing out the winnings one has generated at their chosen online casino. The process is largely similar to depositing as once again you input personal information like your name, the number of your bank account, and the SWIFT/BIC code of your financial institution. Then you simply have to wait for the sum you want to withdraw to end up in your bank account.
Advantages and Disadvantages of Bank Transfers as a Casino Deposit Method
Similarly to the majority of online casino payment methods, bank transfers, too, have both their strong points and downsides. Some players view bank transfers with a certain degree of derision and consider them a remnant of the past. However, the fact of the matter is bank transfers remain one of the safest methods to deposit funds at online casinos or transfer money between bank accounts. One of the reasons for this is the player is not required to share any of his banking information with any third parties. Only the two banks involved in the transfer (that of the player and that of the casino) have access to the data you input when initiating the deposit.
Furthermore, banking institutions use state-of-the-art encryptions to protect all transactions they process between bank accounts of customers. The same applies to trusted online casinos which normally would encode the information players share with the latest encryptions to protect it from fraudsters. More importantly, most people are already accustomed to using this method. This familiarity is precisely what gives them confidence their money is well protected since one would typically trust the banking institution they hold an account with.
Another positive of using this method is that it is supported as a payment option by the vast majority of online gambling operators. Unlike some other payment solutions available at online casinos, bank transfers can also be used to receive funds to your bank account which renders them a viable alternative for cashing out your casino profits.
Additional Advantages and Disadvantages of Bank TransfersAs most players know, there are usually limits imposed on the sums they can transfer to their casino balance per transaction. Bank transfers enable people to send more substantial amounts of money, which makes them the perfect option for high rollers who like to bet big. Casino fans who opt for this payment solution can scoop a nice deposit bonus, to boot. Many renowned gambling operators would offer additional bonuses for deposits, made with this method.
Being an old-fashioned payment solution, the bank transfer has several downsides you might want to know about prior to using it at online casinos. Many gambling enthusiasts consider this method overly complicated. There are sometimes too many steps to go through to make one such transaction. This complexity may result in errors on behalf of the player which translates into annoying delays and frustration.
On that note, it is also worth mentioning that bank transfers are less time-efficient when compared to more “modern” payment solutions such as digital wallets and credit cards. Often, it requires time for financial institutions to process a bank transfer and this applies to both deposits and withdrawals carried out in this fashion. The necessary time frame varies wildly depending on the bank. The transfers may be completed in a few hours only, but more often than not players need to wait several working days until the money ends up in their casino balance. This is bad news for those who suddenly feel the itch to place bets but have no funds left in their online gambling accounts.
Another downside stems from the fees that are associated with bank transfers. These also depend on the banking institution whose services you use to make the casino deposit. Sometimes the said fees can be rather exorbitant which causes many players to avoid the method altogether. Note that occasionally bank transfers can be completed at no charge but on one condition – the sender (the player in this case) and the receiver (the online casino) need to hold accounts at one and the same bank. The chances of this happening are nil as your online casino almost certainly will be based outside your country of residence which means you will be forced to initiate an international bank transfer.
Fees for Gambling Transactions with Bank Transfers
As was already hinted, bank transfers are generally a costly method to load money into your casino account. There are fees involved but the worse part is these differ from one bank to another. Fees may also be associated with withdrawals, with the sum being deducted from the amount you cash out.
How the charges are calculated also depends on the policies of your bank. Many financial institutions have flat fees but others deduct a percentage from the transferred sum – the larger the amount, the higher the fee would be on such occasions. To prevent mishaps and unpleasant surprises, players should get in touch with representatives of their bank and request information on its policies regarding transfer fees.
Another thing players should take into account is whether they are carrying out a domestic or international bank transfer. Since most people normally register at online casinos based outside their country of residence, there is a good chance they will have to make an international bank transfer to deposit. Unfortunately, these are associated with even heftier fees because the transfer would involve banks located in different countries. Add conversion of currency to the mix, and you may end up with paying even higher amounts in fees.
Processing Times for Bank Transfers
Bank transfers may be a familiar and rather secure method to move funds between bank accounts but they certainly lack in the time-efficiency department. Even more so, if we compare them to commonly used modern payment methods like e-wallets, third-party online banking processors, and debit/credit cards.
Using this casino deposit method may sometimes be a logistical nightmare. Some players need to go to their banking institution in person to fill in their money transfer forms, especially if their bank of choice does not offer such forms on its website. This visit should be paid to the bank after one has already spoken to the casino’s customer support and have obtained the necessary banking details to make the transfer possible. Enter a single digit incorrectly in the form and your deposit will not go through.
Bank transfers that involve SWIFT codes can require between 3 to 5 business days to complete, but sometimes it is possible to have to wait a little longer than that. The reasons for this vary but normally these delays can be attributed to several circumstances, such as time zone differences, currency conversion, or identity confirmation. The processing time may further be extended depending on what day of the week it is in the country the casino’s bank is based in – public holidays and weekends may further delay the transaction’s completion.
Mobile Bank Transfers
Since this payment method is somewhat old-fashioned, it is not always possible to use it when you wish to make a deposit to your favorite online casino on the go. However, if the bank you hold an account with supports the service online banking, you still will be able to transfer money from your personal account to the bank account of the casino. Many financial institutions have developed their own mobile applications to grant their customers’ quick and convenient access to their online banking services.
The procedure is fairly simple – after you log into your casino account on the go and select bank transfers as your preferred payment option, you will be automatically redirected to a page which contains links to all large banking institutions in your country of residence. You tap on the bank you have an account with and are sent to its online banking page where you need to log into your online banking account to initiate the deposit.
It is also possible to make an instruction for the payment by using the telephone banking service of your bank, if available. To make the money transfer, you need to dial a special number that is set up by the banking institution itself and authenticate the transaction. Such services are sometimes carried out via automated systems with voice recognition but many banks supporting this option would normally have a team of live support representatives for the purpose. The support agents will talk you through the process and ask you various security questions to confirm your identity.
Please note that if you wish to make such telephone transfers, you will need to apply for the service and receive your customer number and password. However, we believe using your bank’s online banking service to conduct the transfer would cost you fewer hassles and would be more time-efficient.
Security at Bank Transfer Casinos
There may be quicker and more advanced methods of payment to use at online casinos but the fact remains bank transfers are still one of the safest ways to carry out gambling-related transactions on the Internet. A good number of players prefer it over other payment solutions simply because they do not trust third-party payment processors. If you use bank transfers, there will be no need to share private and financial information with anyone other than the banks responsible for the transactions. No third parties are involved in the process which also enables casino fans to retain their anonymity when placing bets on the web.
Banking institutions themselves have adopted the strictest security policies to protect customers, their money and financial transfers. The bank initiating the money transfer would send the receiving bank a message using a security system to encode the transaction. This encrypted message contains all the instructions concerning the payment.
What further boosts the protection against cyber-based crimes is the fact the transactions can be tracked because they are conducted by your banking institution itself. If a given player’s deposit fails to go through and the funds are not added to their casino balance, they can pinpoint the reason for the issue by contacting their bank and making an inquiry.
While it is impossible to reverse a transaction carried out in this manner, your banking institution may choose to issue a refund of the deposited amount. However, the easiest way to avoid such issues would be to pick carefully the online casinos you are playing at – if you sign up with a gambling operator of good repute, you can rest assured you will not have to deal with delayed or failed deposits.
Bank Transfer Casinos FAQ
We have condensed the answers to some of the most frequently asked questions concerning the use of bank transfers as a method to pay for your betting-related activities at online casinos. We hope you find the information you are looking for among the answers below.
Yes, it is possible to extend your betting session’s duration a bit by depositing with a bank transfer. Many leading online casinos offer reload bonuses for such deposits as a means to give players an additional incentive to bet on their websites. Of course, the bonuses in question are not massive as they normally would amount to 10% or 15% of the deposited sum. But still, the free casino credits you receive will boost the value of your gaming session.
Speed, or the lack of it, is one of the reasons why many players prefer not to use bank transfers as a casino deposit method and ignore it in favor of other, faster solutions like e-wallets, prepaid cards, debit and credit cards. Unlike the majority of other payment solutions casinos accept, deposits with these transfers are not carried out instantaneously and the player is often required to wait for days until the deposited amount is added to their casino account’s balance. Add the excessive fees banks usually charge for international transactions to this inconvenience and you will understand why bank transfers are losing popularity in recent years.
No, visiting your bank in person is not a necessary requirement to process a deposit to your online casino via a bank transfer. Provided that your banking institution supports an online banking service (nowadays most banks do), you will be able to give your casino balance a good boost using your desktop computer or mobile device. Some people hold accounts at a given bank without using online banking, in which case they will have no other option but to apply for this service. In this instance, such players may have to pay their financial institution a visit.
Note that many major banks enable players to download and fill in the registration form at home but submitting it to the branch where they hold their accounts is usually a requirement. Once you enroll for the service, you will be given an envelope that is sometimes referred to as “online banking kit”. This contains a unique user ID and a password to log into your online banking account with. Once logged in for the first time, players would normally have to activate their accounts by entering the activation number listed in the kit. Of course, if you already have taken advantage of the online banking service of your financial institution, there will be no need to go through these procedures.
The majority of casino fans who use this payment method would normally transfer the funds from their personal bank accounts to the account of the online gambling provider. However, it is possible to send a wire transfer without actually holding an account with a particular financial institution. One way to achieve this is by visiting one of the offices of a third-party, money-transfer company like Western Union or MoneyGram.
For this purpose, one normally needs to get in touch with the casino’s support staff in order to obtain the operator’s details to pass to the servicing agent at Western Union. After initiating the transfer, the player is given a receipt and has to contact the casino’s support again to provide them with the MTCN code on the receipt. This is a unique, 10-digit number that is generated for every transaction the player processes at Western Union. The code needs to be given to the receiver aka the casino so that they can pick up the player’s deposit. Note that Western Union also supports an online payment service – you can register with them to spare yourself the visits to their landbased offices on every deposit.
Despite the decrease in popularity bank transfers have suffered as of late, the majority of credible online gambling operators continue to list it among their accepted banking methods since they aim to meet the individual preferences of all players who register at their websites. If you are unsure as to whether or not a casino you are interested in supports this as a payment option, you can always contact their support team via the live chat facility and make an inquiry – the agents normally respond quickly and will assist you through the entire process if needed.