An Introduction to Bank Transfers
One of the simplest ways of transferring funds to your online casino account is through a bank transfer. A bank transfer is a type of wire transfer and involves transferring money from your bank account directly into your online casino account. There are different ways of transferring funds through bank transfer.
The simplicity of the process involved in a bank transfer is what makes it a popular choice among many online gambling enthusiasts. Also, you can use bank transfers to not only deposit money into your casino account but also withdraw from it. However, a number of casinos offer this method only for withdrawing funds from your casino account.
The method of bank transfer to fund your online casino account has been around for a while, almost from the time the gambling industry went online. Over time, the emergence of the large number of alternative deposit methods, including e-wallets, has taken some of the sheen off this popular method. This has been primarily because of the ease of transfer associated with these methods and also the bonuses that some of the casinos offer for using an alternative payment method. However, it continues to be the method of choice for a sizeable number of the online gambling population even today.
In this article, we will discuss at some length about funding your online casino account through a bank transfer and also a number of issues associated with it – ease or difficulty of use, types of transfers, and more.
Online Casino Accounts and Bank Transfer
A bank transfer involves transferring money from your bank account to another account, in this case an online casino account, electronically or otherwise. It is referred to as a wire transfer when the transfer is processed electronically. Electronically in the earlier times would refer to a telegraphic transfer possibly; today it simply means transferring the money over the internet or even through your cell phone (in the case of mobile banking).
To transfer funds from your bank account to your online casino account is a simple process. First, when you are registering an account with the online casino, opt for bank transfer as the preferred method of payment. Then, open your bank account online, give the necessary data to establish you as the owner of the account, mention the account you want to send the money to – you will need to provide the necessary details about where you want to send the money, send the money, and confirm the transaction. There will also be a processing fee involved usually when you opt for a bank transfer.
To withdraw money from your online casino account using the bank transfer method, the process is the same as for depositing funds into it. The only difference is that the transaction happens in reverse here; the money is routed from your casino account into your bank account. There will usually be a fee involved for using this method to withdraw your winnings from your casino account.
More about Bank Transfers
As mentioned earlier, a bank transfer is one of the more commonly used wire transfer methods. There are other similar methods as well, including using your debit card, e-checks, and more. A debit card can be considered another wire transfer method because the money finally goes out directly from your bank account into your casino account. The same is the case with an e-check.
An e-check, while being a kind of bank or wire transfer, has a slight edge over the other types of bank transfers available. Basically, it involves funds transfer between a player’s checking account and online casino account. The transaction occurs much faster than other types of bank transfers, and this method is usually favored by players from the US and Canada with checking accounts, though players from other parts of the world can also use it as long they have a checking account.
A bank transfer can either be a local bank transfer or an international bank transfer. The difference between the two, apart from the fact that one happens locally and the other across different countries, is the processing time for a transaction. A local bank transfer can be processed in approximately one to three days, while an international bank transfer takes slightly longer, i.e. five days.
Pros and Cons of Bank Transfers
Like all payment methods, there are advantages and disadvantages associated with using a bank transfer as the payment option for your online casino deposits and withdrawals. One of the biggest advantages is the security aspect. Bank transfers are totally secure because both your bank and the online casino employ high-end online security technology to provide a completely secure environment for funds transfer.
One of the biggest disadvantages of using bank transfer to transact with an online casino is the time factor. Bank transfers take far more time than any of the other payment methods that online casinos support.