Bank transfer or wire transfer, as it is also known, is one of the most popular payment methods used at online casinos and is one of the most widely accepted as a result. This method has its pros and cons, like all others, and having this information will help you to decide if bank transfer is the way to go.
| Payment Method | Name | Depositing | Withdrawing | Withdraw Time |
|---|---|---|---|---|
|
Bank Wire | $10 - $50000 | $10 - $100000 | 1 - 3 days |
Here is a break down of what each casino that offers Bank Wire as a payment option can provide you with:
Bank transfers are one of the oldest ways of sending money and predates online casinos by a good long while. The system is even older than the internet and has been in use for decades for a variety of different purposes.
Many online casinos accept transactions via bank transfers – even those with just a few payment options will always include this one. That’s because it’s safe to assume that if you are old enough to gamble, you also have a bank account, so this is an option that requires no additional steps.
In this internet era, many people have concerns about their privacy, particularly when it comes to online transactions. The biggest problem people have with bank transfers as a payment method is that they reveal the user’s details to the receiving party. While it is in casinos’ best interests to keep that information as safe as possible, security breaches can happen and having that data out in the world is not a comforting thought.
That said, banks are very concerned with keeping their customers and their money protected, so banks invest a lot of time and money in ensuring that transactions are as safe as can be, employing the best possible defences in the process.
Users who need a little more reassurance on the security front can easily open a new bank account and use it solely for casino gambling. Many people already use this technique to keep their online spending money away from savings, which can minimise the damage should an attempt to breach the account be made.
Bank transfers can take longer than e-wallet transactions, particularly if the user and the casino have bank accounts based in different jurisdictions. Transfers between two UK-based bank accounts might completed within the day but could take longer if the accounts are set up in different countries.
This delay might be inconvenient but it can also serve as a way to keep control of one’s gambling habits. If it takes some time to move money into a casino account, the player will be more likely to pace themselves while playing and stick to a budget. It’s also much harder to transfer funds on a whim and risk spending more than you can afford.
So there are advantages and disadvantages to using bank transfers to top up your casino account. On the whole, this popular payment method is widely accepted and users appreciate that there are no additional accounts to sign up for and passwords to remember. And there’s the fact that banks are pretty serious about security, as you might imagine, and they will be doing everything possible to ensure there are no issue.
To make a bank transfer to your casino account, you will need a few bits of information. These are the account details for the receiving party i.e. the online casino, and it’s important to get them right, as they will determine where you money ends up. Casinos will make this information available to players when they begin the depositing process.
The next step is the transfer itself. Thanks to advances in technology, banking is now much easier online and account holders can simply sign into their online banking facility, on desktop or mobile if they prefer, and authorise payments without ever having to set foot in a bank. From there, it’s a simple matter of deciding how much you want to top up with and inputting the receiving account details (look out for fields labelled IBAN, Swift or Sort Code).
To make a withdrawal from your casino account, it’s the other way around. You will need your own bank details to hand so you can input them on the relevant page at the online casino. Again, it’s very important that you provide the correct details. Think of these codes as the address to which your money is sent. You don’t want someone else receiving your winnings after all!
Bank transfers are perfectly legal around the world. Indeed, this method is probably the one that is most widely accepted across the board, thanks in part to the strict laws and regulations in place to protect these transactions. Few other payment methods are as closely monitored and controlled as bank transfers.
While some common sense precautions are advisable – never give anyone else access to your account details or leave them lying around, always check that the receiving party is legitimate, be very suspicious of Nigerian princes wishing to send you money – on the whole, bank transfers are a tried and tested way to move money around safely.
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