Payments
Bank Transfer
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Payment via bank transfer, sometimes also referred to as wire transfer or bank credit, is one of the oldest methods for making online transactions. Using online banking, money is transferred directly between accounts, without the use of intermediaries.
Ever since the proliferation of alternative online payment methods, bank transfer transactions have been declining in popularity. However, you will still find this option available at practically every casino site, and a considerable proportion of customers have chosen to stick with the method.
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Casinos with Bank Transfer
As we will see, there are still plenty of advantages to using bank transfer when making deposits and withdrawals at an online casino site, and it’s clear that many players consider these to outweigh any disadvantages. If you still haven’t made up your mind about how to deposit and withdraw money from a casino account, then read our simple and complete guide to everything you need to know about this payment option.
How to Make a Bank Transfer Deposit
Making a deposit at an online casino using this method can take longer than some other payment providers, especially if you’re using it at a particular site for the first time. The easiest way to deposit via bank transfer is to use internet banking, although it can be achieved with phone or even physical banking if you don’t have this option available.
Depending on whether you are playing at an international or domestic casino, the details you need will be different, but the casino site will provide you with the specifics of what is required. The process may vary slightly from site to site, but below you will find the basic steps to follow to make a deposit:
- Navigate to the casino’s secure cashier page, find deposits, and select bank wire transfer or similar.
- Enter the amount you wish to deposit – check the minimum and maximum deposit limit for the casino beforehand.
- When you select ‘deposit’, the casino will provide you with their details – this can include a SWIFT or BIC code, account number, an IBAN for international payments, and the name of the recipient.
- Contact your bank to make the payment – the best way to do this is to log in to your online banking account.
- Wait for the money to appear on your casino balance.
Unlike some e-wallets, depositing money via bank transfer requires a little patience, since transactions can take between one and five working days to clear into the casino account. This is the most significant drawback of using this method, but as we will see later, there are also some pretty appreciable advantages to it as well.
Bank Withdrawal
You can make a withdrawal to your bank account if you have deposited via this method, or via some other methods that don’t support withdrawals. Be warned that making your first withdrawal, or if you are taking out a large sum of money, you may be subject to the casino’s ID verification procedure, which will add more time to the process.
As with deposits, the exact steps will vary slightly between casinos, but the steps to take will be broadly similar, as follows:
- Navigate to the casino’s secure cashier page, find withdrawals, and select bank wire transfer or similar.
- Enter your bank account details, according to the instructions.
- Enter the amount of money you wish to withdraw.
- At this point, you may also need to submit ID verification documents to the casino.
- Wait to receive notification that the money has been transferred to your bank balance.
Withdrawals via bank transfer can take even longer than deposits, but it is a reliable way to take money out of your casino account. Take note of withdrawal limits – at some casinos you may have to withdraw a big win in instalments.
Advantages of Bank Transfer Payments
While making transactions via this method take longer than other options, there are some very valid reasons to prefer it over other payment pathways. Here we will take a look at all the advantages of using bank transfer as your chosen casino payment method.
Security
This is the number one factor that players cite as their reason for preferring bank transfer payments. The transaction is between the banking institutions of the player and casino, with no third party involvement. Banks employ the highest security methods online, so your money will be safe from interference. In fact, the heightened security is the very reason that this method takes longer to process. Of course, it is vital to play only at casinos that are fully licensed and regulated by a trusted gambling authority. All the casinos endorsed by CasinoAdvisers are trustworthy and compliant with regulations.
Wide availability
Whichever casino you choose to play at, it is almost 100% certain that bank transfer will be one of the available payment options. This means that you have the widest choice of online casinos, and are not limited to only those that provide a particular payment method.
Two-way transactions
Some deposit methods, such as pay by phone or certain credit cards and prepaid vouchers, do not support withdrawals. If you have used such a method to put money into your casino account, withdrawing to your bank may be the best solution.
Higher limits
Many high-rollers choose bank transfer for transactions, as the maximum limits on both deposits and withdrawals tend to be more generous.
Bonus guarantee
Some e-wallet deposit methods are not eligible for bonuses, but with a bank transfer you are almost always guaranteed to receive any bonus that the casino is offering.
Disadvantages
As we have already noted, the waiting times for both deposits and withdrawals are significantly longer than for many of the newer payment methods. The other big drawback is that banks usually impose transaction fees, which are often set at a flat rate. For this reason, many players prefer an alternative option, especially when making multiple small deposits. In conclusion, you may well find that making either deposits, withdrawals or both at an online casino is best achieved via bank transfer. Despite the advantages that the newer and faster payment providers offer, nothing beats a bank transfer for security, availability or convenience.