Bank Transfer Casinos
Bank transfer casinos (or sometimes called a wire transfer casino) were one of the main method for deposits and withdrawals in the times before E-wallets really took off, and they're one of the oldest methods still available for players to use.
Even though a bank transfer casino isn't as prevalent or popular today, a wire transfer is still a viable payment method at many top UK casinos, and a lot of the punters who don't like or trust E-wallets and paying by phone use bank transfer to fund their online gambling.
List of Bank Transfer Casinos
Bank transfers were among the first ways of depositing money into an online casino and withdrawing your winnings, so let's take a quick look at what they are, how they work and the advantages and disadvantages of them.
How Does a Bank Transfer Work and How Do I Do One Exactly?
A bank transfer is one of the more time consuming options for moving money about in the casino world, but it does have its bonuses (which we'll dive into later). You need to make sure you have an online bank account at your bank to get started, or you could go in and visit the bank in person.
You also have to have a few bits of info to get the transfer started aswell – yours and the casinos bank account number, names and the address of the banks involved. You'll also need the IBAN and BIC codes of the casino you're depositing money into.
If you want to receive money via bank transfer – withdraw your winnings – then you'll need to have your banks SWIFT or BIC code handy aswell. It's also adviable to make sure you can do this whole process with whatever financial institution you're a member of aswell since some of them don't do it.
The next step in the process is the player will have to intruct the bank to make a transfer – there's various ways to do this including over the phone, over the internet via online banking or even in person. The bank will then make sure the transaction is verified and contact the bank of whatever online casino the player is using. The casinos bank should verify the transaction and everything should be good for the transfer.
The thing which makes most punters stay well away from a wire transfer is the extra time it takes the banks to verify the codes and the details of the transfer – this can be anywhere from a couple of hourse to several days and even longer in some cases!
In terms of types of transfer, they can all be summed into two different categories – a domestic transfer where you're transferring money to an account that's in the same country and an international tranfer – which is as the name suggest international. Sending a tranfer offshore internationally may accrue some fees, so that is something to be aware of.
Another small thing to realise is that not many casinos will offer a first deposit bonus for using bank transfers as a payment method.
Is There Any Fees Involved With Using This Payment Method?
Fees for these kinds of transfer vary widely depending on who you bank with, where your casino account is and where the money is going to. If the money from the transfer is going internationally, prepare yourself for much higher fees! This is why it's always best to contact whoever you bank with and see what the fees are when it comes to both domestic and international payments.
What is the security like for Payments Via Bank Transfer?
In general, this method is seen as one of the safest methods to deposit and withdraw funds to and from a casino. This is because it's your bank carrying out the transaction and non of your sensitive personal information is ever shared with third parties.
This doesn't mean you're protected on all fronts though, and it's mega important to make sure you're playing at a licenced and legitimate casino for total ease of mind about your transfer. Playing at a legitimate casino that has been regulated by the correct gambling boards will enure you're taking one more step in keep the fraudsters and scammers away.
The Advantages of Using The Bank Transfer Payment Method
This is the number one advantage – and probably the main reason people still use bank transfers when playing in an online casino – is the security. Unlike using another method such as PayPal or Skrill which have a fast money transfer, your details arent being stored by a third party – the payment is going directly from your bank to the bank of your casino account, making it one of the secure ways to move money. We both also know banks are some of the most secure places on the planet and protect their customers money in their bank accounts incredibly well!
Used by many online casinos
The second big advantage is the fact that it's still one of the most widely used payment methods by online casinos, making the choice of actual online casinos to play on wide and varied for the punter who wants to use bank transfer. These casinos can also have an extremely low deposit minimum for when you're using bank transfers – sometimes as low as just £5!
High deposit and withdrawl limit
This is a great deposit method for high rollers, as the limits are really high for these bank transfers thanks to the unrivalled security. In fact, banks and financial institutions will rarely put limits on how much players can send or receive via wire transfer!
Can be used for both withdrawing and depositing funds
Finally, using this method allows a player a full spectrum of both getting money into the casino and getting it out. You can't do this with some other options such as prepaid cards and pay by phone options (Boku) as these services will require you to set up two accounts with two different payment methods – a method for withdrawing and a method for depositing. You don't have any of this with a bank transfer.
The Disadvantages of Using The Bank Transfer Payment Method
There sheer frustration of having to wait around for both banks to verify the payment can be a huge downside for many players, and wishing there was a fast bank transfer option when playing on an online casino. Whilst some casinos do a sort of fast bank transfer, many leave a player starting the transfer and sitting eagerly waiting for it to go through, and this applies to actually getting hold of your winnings through a withdrawal aswell! something to note is that the bare minimum processing time at most banks is usually 1 working day and the maximum is 10 working days.
Some banks and financial institutions charge incredibly high fees – often a flat fee – for doing a transfer to an online casino like this. This can be a % of the amount involved or even up to £30 flat fee at some places! Financial institutions and banks in the United Kingdom can sometimes also charge a fee for the players to make fast bank transfers.