Bank Transfer

Bank Transfer IconA bank transfer is often listed as the default payment method for funding a bankroll on online casinos. People have been sending money like this for as long as there have been banks. It is very straight forward. Money is sent directly from one bank account to another. The fastest bank transfers are done using the central bank of a country. This transfer is often what is called a real-time gross settlement. As you might have guessed from the name, transfers made on such a system don’t have any transfer times, they make funds available immediately. Unfortunately, most online casinos don’t have connections to the central bank, and their transactions are made using smaller bank transfer systems.

The fees that you have to pay to use a bank transfer can be off-putting, but a lot of players continue to use this method because of the safety and familiarity, or they don’t have a credit card. Bank transfers, don’t require that you make an account anywhere or enter your details with a third-party payment service. A lot of players don’t feel comfortable entering their credit card details online, and reason that the small fees, you have to pay, are worth it for the peace of mind.

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Markets and Currencies

The online casino will make it clear what currencies they can accept. It is not the bank transfer holding them back. Most online casinos just won’t deal with all countries, because it is difficult to get all of the license or maintain a high level of customer support for everyone. A bank transfer can be used in any currency, assuming that the receiving bank can process the currency sent which they almost always can.

Bank transfers are a popular payment method all over the world, and they are used in every market. The European Union, ruled that payments within the Single Euro Payment Area must not cost more than a domestic transfer. This had led to bank transfers becoming very popular in and around Europe. In America bank transfers are very expensive. This is problematic for American casinos. It makes this payment method unjustifiable unless players are requesting large amounts of money. The average cost of a bank transfer in America is $20. Worldwide, the majority of bank transfers are processed by The Society for World Wide Interbank Financial Telecommunications (SWIFT). Swift is linked to more than 9000 financial institutions, and it operates in 209 countries and territories.

Areas of Use

Bank transfers are used all over the world to pay and receive payment for a variety of goods and services. They are not very common for point of sale applications, and you are more likely to find bank transfers when larger sums of money need to be sent. Examples are B2B transactions and sending money overseas to loved ones.

Short Facts

Payment Method Name: Bank Transfer

Alternative Payment Method Names: Bank transfer, Credit Transfer

Supervised by: European Union Regulation No 924/2009 / United States Federal Regulation J

Transition Time: Instant – 2 weeks

Min Transaction: $0

Deposit Fee: 0 – 50 GBP

Established: 1872

Phone Number: Bank’s phone number

Security: Proven identity, encryption, bank’s security

Currencies: Approximately 210

Max Transaction: Set by bank

Withdrawal fee: 0 – 50 GBP

How it works

For a bank transfer to work, the banks in question must have a reciprocal arrangement with one another. When you send money, that information is communicated using a code specific to where the money is going. It is then deducted from bank A and sent to bank B. The online casino will then see this money arrive in their bank account. This is a simplified version of events, but it is more or less what happens. It can get complicated when there is no reciprocal arrangement between the banks. The two banks, will then use a third-party bank, and the third-party bank will send the money to the receiving bank. A major drawback of bank transfers is that there is nothing stopping the third-party bank from charging a fee to hold and transfer the money. If the money is passed through several reciprocal banks, the receiver can end up with a lot less than what was send.

How to make a deposit

Select bank transfer in your online casino and make a note of the details they provided. You can then either go to your bank, or a bank transfer service like Western Union, or if your bank does online transfers, you can do it that way too. You give your bank the details that the online casino provided, hand over the money, and then wait a few days until it is credited to your account.

How to make a withdrawal

To withdraw with a bank transfer you do more or less the same thing, but you give the casino all the information that they gave you.  IBAN, SWIFT code, account number, bank address, and home address. The amount of info you need to give them depends on where you are in the world and how paranoid your government is. After a few days, the money will arrive in your account.

Advantages

Bank Transfers are one of the most secure ways to send money

You don’t need to trust an online casino with your credit card information

No need to sign up to any third-party payment software

Disadvantage

Fees. Bank transfers are expensive, and if your money is rerouted through a third-party bank, they can deduct fees without your say so, and the amount that arrives is less than what you sent.

Long transfer times.