3. Bank Transfer
3.1 How to Get Set up with Bank Transfers
Online casino bank transfers or “wire transfers” are one of the most common ways to pay. Getting set up is simple enough – if you have a bank account, simply set it up for online banking with your personal details, username and password, and an activation code if necessary.
3.2 How to Get Set Up for Online Gambling with Bank Transfers
When you want to make a payment via bank transfer, you will need your online casino’s details before you begin. This should be provided to you by the casino when you choosing this payment method, and might include details such as the account number, sort code, and “SWIFT” or “BIC” (Bank Identifier Code) codes where relevant. However, you may instead be offered links to major banks from your country. If so, choose a bank with which you hold an account.
To make the payment, you can arrange it at your local bank branch, by telephone, or online – though for speed and ease, especially across multiple payments, the last is the most convenient. Simply enter the details provided, the amount, and follow the given instructions to make your payment.
3.3 Advantages and Disadvantages of Bank Transfers
Bank Transfers in a Nutshell
- As secure as your bank
- Most widely accepted payment method
- High lower limits on deposits
What are the Advantages of Bank Transfers?
Apart from physically handing over money in a betting shop, online casino direct bank transfers are the only payment method in which none of the transaction occurs on the casino’s website.
As the bank is in control instead, it’s as safe as it would be in any other bank payment. Given bank attention to security, this makes bank transfers one of the safest methods of paying.
Moreover, not only are bank transfers accepted by the vast majority of bookmakers, and very secure, they also allow the highest limits on maximum deposits on the vast majority of gaming sites – up to hundreds of thousands of pounds, dollars, or euros, and lack the deposit or withdrawal fees associated with other payment methods.
What are the Disadvantages of Bank Transfers?
Bank transfers can be slow during both deposits and withdrawals, which can mean that you’re slower to play and to receive your winnings. While the process of the transaction is brief, there’s a processing period which prevents the money from immediately appearing in your account – which can last between two and ten (working!) days.
On this point, it’s worth noting that some bookmakers offer “fast bank transfers” as an alternative payment method, which can shorten the process.
While the deposit upper limits are high for online casino direct bank transfers, so are the lower limits. Many online casinos don’t accept transfers of anything less than hundreds of pounds, so those looking to place smaller bets might want to use a different payment method.
Privacy may also be an issue for some players. Because of the nature of online casino bank transfers, the site’s name will appear on their bank statements. This might be a concern for some and should be taken into consideration when choosing a payment method.