Bank Transfer Online Casinos
Convenience is key when depositing and withdrawing at any online casino website. Luckily, when opting for transferring funds from your bank to your casino account or vice versa, all you need is to follow the instructions presented by your bank. This payment method is pretty easy, the bus has some disadvantages compared to other handy methods, such as Credit Cards.
How to deposit using bank transfer
Remember that making a deposit with this payment method is pretty easy and fast, but it's not immediate. You will need to wait sometime before receiving your money on the casino account. To make the deposit into your casino account, you will need to:
- Go to the payments page on the site and select bank transfer. You will generally be taken to a page where you can select your country and or bank from a list given;
- Select your bank in the list;
- Log in to your online banking profile;
- Capture the casino's payment details (Be sure to use the reference number that they give you on your payment notification);
- Release the payment;
- Wait 3-5 days for casino confirmation of funds received;
- Start gambling at your favourite casino.
How to cash out with bank transfer:
- Go to the cashout page in your casino;
- Select the withdrawal via Bank Transfer;
- Select your bank from the list;
- Follow the prompts.
Payment Fees at Online Casinos
Banks usually collect payment for the service from the sender and the recipient. The sending bank will collect a fee separate from the funds transferred, by way of a service fee, while the receiving bank will subtract its charges from the transferred funds received. NB! Be sure to check how much processing fees will cost before completing bank transfers, as these services can attract large transactional fees. Amounts levied differ from bank to bank, and country to country. Luckily, a highly competitive banking market stops the fees from amounting to highway robbery.
Banks in the European Union have been regulated strictly since 2009 to avoid massive overcharging. Transfers within the EU cost the same as domestic transfers, however, the receiving bank may charge a fee to exchange or convert currency if this is needed. Wire fees in the United States of America are however extremely costly, even though they are governed by federal regulation. A domestic transfer could fetch you a transactional fee of around $25 for a single transfer.
Deposit and Cash Out Times at Online Casinos
Deposit processing times at online casinos: Using a Bank Transfer for payments on casino/gambling sites can be a time-consuming business, and as such are not accepted by just any casino. After transferring funds, you will not be able to enjoy gaming until the funds clear in the casino account. You will normally get an email from the casino to confirm when the funds have been loaded onto your gambling profile. This can take up to an average of 3-5 days from time of transfer, and in some cases, may even take a little longer.
Cashout Times at online casinos: Most online casinos will accept Bank Transfers as a method of paying you out, so that you can redeem your wins. As with payments to casinos, you will also have to wait 3-5 days to receive funds via Bank Transfer.
Security of using bank transfers at online casinos
What makes Bank Transfers safe? With bank to bank wire transfers, each account holder must have a proven identity, which helps prevent fraudulent payments. Information contained within the parameters of wire transfer online forms incorporates multiple layers of encryption upon their communication methods.
Bank transfers are often safer than other forms of online payment, as your sensitive informational data need only be inputted once when setting up your banking profile, and does not need to be shared on multiple platforms. This minimises the risk of information leaks.
SWIFT and IBAN transfers are however not completely free of vulnerabilities, as each intermediary bank that handles your transfer along its journey from your bank to your receiver's bank, may pull handling fees from the amount without consulting either yourself or your recipient. In some instances, the funds may have to travel through several banks before landing in its desired destination, resulting in exorbitant bank charges. The European Union offer partial protection against such practices, but cannot stop the costs entirely.
Benefits of using bank transfer at online casinos
While certain banks may incentivise payments made from your online banking rather than cash methods, if yours doesn’t, you can be sure that there are still some advantages of using this type of payment method, that are as good as rewards, such as:
- There are huge safety and security advantages due to multi-encryptions.
- Bank Transfers can be used to both make payments and receive payments. With everything being done in one place, it leaves no room for confusion for the consumer.
- People become familiar with their banks and grow to trust their services the more and more they use the Bank Transfer. Because EFT’s are used by most modern families on a monthly, if not weekly basis, a relationship of trust is established. Being able to use your payment ‘friend’ for your favourite online casino will just set your mind at ease.
A bank transfer is processed from your own personal banking account, so it remains logical that should you have any queries or problems, that you contact your bank’s customer care line for a resolution. They have the means of looking into every step of the transactional process. Should the funds have passed onto the receiver, and there are issues, you may need to consult the customer care/support line of the online casino for resolution.
Transfers, in themselves, are paying options. All funds and fees allocated for services will be directly deducted from your bank balance when accrued. Automated billing is just another way the banking industry has made it easier for clients to pay their accounts, rather than you sitting and settling an invoice at the end of the month.
Using Different Types of Bank Transfers
In the case that the fund's transfer is being made to an online casino in your country, a simple Electronic Funds transfer can be done instead of a wire transfer which is traditionally made across borders, which needs a SWIFT code. Most banking institutions have easy to use banking apps available to download which can be used conveniently and easily from your smartphone for this purpose.
Should you not have an app for your online banking profile, be sure to download one from either the Android Play Store (for Android Smartphones) or the Apple i-Store (for I-Phones). Download your bank’s app, and sign in using your online banking login details. Verification should be sent to you via email or text message once completed.
In a world where everything is becoming so fast-paced, there is a growing need for fast and efficient ways of doing business, whether its personal business or professional business. This payment method is making huge strides in popularity worldwide, with just about every bank worth it's salt having this service available to its clients.