Banking Method: Bank Transfer

Benefits of using bank transfer for online casino transactions


If you are one of the punters who is not very tech-savvy or doesn’t want any third party payment methods connected to them, then the bank transfer will always be the safest option when depositing at an online casino. Not only because you will need to verify your bank account when using this method through the casino itself, but also because your bank can contact you in case fraudulent activity happens. This way you can rest assure you will always be in good hands.

Players are able to deposit and withdraw funds through the bank transfer method, the only downside is that there will be a small time frame between requesting funds to be deposited or withdrawn and actually receiving the funds on the player’s balance. This is fully dependant on the player’s bank and usually spans a time frame of 3 to 5 working days. Although slow, the bank transfer method is widely available at all reputable online casinos and can be used safely without having third parties interfering or spying on you, due to most online casinos being encrypted. For players who wish to make sure their funds arrive without trouble, the bank transfer is one of the best options to use at any online casino. 

  • Fees
    Depending on the bank you are with
  • Deposit
    3-5 days
  • Cashout
    3-5 days
  • Overall Rating
    7/10

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How do bank transfers work?

 

1.    Register an online banking profile
Firstly, you will need to ensure that you have an online banking profile with your bank. Nowadays, when opening your banking account, your bank representative should ask you if they can assist you with setting up an online profile for your convenience. Should you however have an existing bank account, but do not have an online presence as yet, you can undertake to do one of the following:
    Go onto your bank’s website and search under Internet Banking Services, and select to register an online profile and follow the prompts given to you by the system. Final verification may need to be issued either over the phone by a banking representative at customer care, or by someone at inquiries/information at the physical bank.
    Go into the physical branch and ask inquiries/information for help in setting up your online profile.
    If you are unsure on anything, give your bank’s customer care line a call and someone will most assuredly advise you on the steps that you will need to follow.
TIP: If you have multiple accounts with the same bank, request that they link all of your accounts to your one online profile to ensure convenient management of your accounts. You will then be able access statements and complete funds transfers between your accounts at will.
2.    Load a Recipient
Before a transaction can take place, the banking details of the respective receiver must be loaded onto your payment profile, along with the bank SWIFT code, if it is outside your country's borders. Once this is done, payment can be released.
3.    Payment happens in the following way:
    The Payee gives the transfer order to the bank by way of the ‘PAY’ button on the profile. IBAN and BIC codes are then automatically generated and given to the bank so that they know which bank to pay.
    The sending bank transmits a message to the receiving bank via a secure system (SWIFT or Fedwire), requesting that it effects payment on behalf of its client in accordance with the instruction given.

FEES

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.

DEPOSITS AND CASHOUT TIMES

Deposits
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.
To make the deposit, 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
    Login 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 Payment
    Wait 3-5 days for casino confirmation of funds received.
    Start gambling

Cashouts
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.
How to cashout:
    Go to the cashout page
    Select via Bank Transfer
    Select your bank from the list
    Follow the prompts

SECURITY

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 incorporate multiple layers of encryption upon their communication methods.

Bank transfers are often safer than other forms of online payment, as your sensitive informational data needs only be inputted once when setting up your banking profile, and does not need to be shared on multiple platforms. This minimises 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.

REWARDS

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.  

SUPPORT

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.

PAYMENT OPTIONS

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.

SPECIAL FEATURES

In the case that the funds 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.

The history behind banking

A bank transfer is also called a Wire transfer in some countries and an Electronic Funds Transfer (or EFT) in others. It is both the oldest and most popular way of making payments online.

A bank transfer is literally the function of transferring funds from one bank account to another one over the internet. This convenient way of transacting payments is not only faster than going in to the bank to complete a funds deposit in person, but it is safer than carrying around huge wads of cash, and the transfer costs are cheaper than conventional deposits for both senders and receivers.

In ancient times a bank transfer was something that was undertaken personally, by a person physically having to carry their wealth, in coins, to a physical money holding institution (bank), who in turn would then physically carry the funds to the next institution to make payment to the receiver’s bank. The receiver would then have to physically go to the bank and withdraw the funds there.

In the 4th Century BC, the first forms of banknotes started making their appearance. This ushered in the idea of making transfers a mere numbers game; something more abstract than mere gold, silver and bronze. Transfers then became a function of merely subtracting numbers from one book and attributing them to another book.

Later on, down the line, transfers were made easier with the introduction of cheques. Cheques were and are simply a form that is filled out to give permission for the receiver’s bank to request that your bank pay over said funds. 

With the invention of telegraph machines, the very first electronic transfers could take place. The pioneers and first institution to introduce this service was ‘Western Union’, who successfully transacted their first transfer in 1872. 
‘Western Union Transfers’ were operated by using passwords, and code books. A telegrapher in one office would “wire” money that had been paid in at that branch to a telegrapher positioned in another branch across the country, where the receiving customer was based. Within 5 years (by 1877) the telegraphing wire service had transacted nearly $12.5 million (around $2.5 million per annum) across locations in the United States of America. This type of transfer was termed, “Telegraphic Transfer”. Even to this day, although wire transfers are done over the internet, some places still refer to a bank transfer by this archaic name.

Along with the telegraph, both the invention of the telephone, and the facsimile would slowly start to increase the pace on the banking front; all of these stages required to lead up to the ultimate tool in communications development - the internet.
Once the internet was released to the mainstream public by the end of the 1980’s and early 1990’s through the phenomenon known as email (electronic mail), it opened up unparalleled capabilities in the financial sector. Today, anyone with a PC and internet connection can manage their own online banking profile and release funds at the press of a few buttons from the luxury of their own homes. Currently applications exist for mobile devices too, where you need only pull out your phone to release your wealth around the world. It is no wonder that bank transfers have been the ‘go to’ service for consumers around the world in the last decade or so.

CONCLUSION

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 its salt having this service available to its clients.