What to Know First
Sometimes referred to as wire transfer, virtually all online casinos accept bank or wire transfers as a deposit method as it is one of the oldest means of sending money. In fact, it even predates the Internet by a number of decades.
Given how long this payment method has been around, it’s not surprisingly that it is still popularly used among casino players today.
In this article, we’ll tell you about the pros and cons, and why you should consider this payment method when deciding how to deposit money into your online casino account.
The Pros & Cons of Using Online Casino Bank Transfer
- High Acceptance
- Slow processing time
- Associated Fees
The greatest benefit that comes with using direct bank transfer to deposit funds into your online casino account is that you are fully protected by the unmatched security systems that are used by your financial institution, giving you a peace of mind in know that all your financial details are safeguarded at all times.
In addition, the online casinos themselves also protect your details by using the highest degree of digital SSL security encryption.
Wire transfers also do not require the customers to disclose much of their personal details, meaning greater anonymity, security and privacy for the user.
Despite the cons mentioned below, it’s worth noting that the main reason many players still use this form of deposit method is because of its high acceptance rate at most online casinos.
Unsurprisingly, as one of the oldest payment method, one of the main thing that you need to be mindful of when choosing to use this method is that it comes with a rather undesirable con in the form of slow processing. The actual processing time ranges between venues and is partly based on your financial institution, but expect it to be at least several days, and even weeks.
This is another downside of applying for a bank transfer as a means of online casino payment. You can spend up to $20 on wire transfer based on the currency of use and the amount you are transferring.
How Bank Transfers Work
Bank transfers work in a very simple manner. For one to make a direct bank deposit, all they would be required to do is to sign into their casino accounts and choose direct bank transfers within the cashier section. You’ll then be asked to clarify on the country that you intend to make the deposit from before you continue further. Once you have made your selection, you will be granted the relevant banking details that are required for the transfer. These details would include a bank address, an account number, the casino BSB, the SWIFT code as well as the institution number.
With these details in your possession, you will then make a choice on how to carry out your transfer. You can choose to log into your online banking system or make the payment in a similar manner as to paying other bills online. It can either be by dialing your phone banking and following the steps to carry out the transfer, or by bringing the casino banking details into a real bank location and instruct the cashier to process the transaction for you. Once the transfer has been made, you will have to wait for a specified amount of time before the processing of the payment is done and funds sent to your online casino account. That is how simple an online casino bank transfer is.
Why Use a Wire Transfer for Online Casino Payment
One of the major reasons why so many players opt for an online casino that accepts wire transfers is the fact that they do not put their trust on any online material, and they are also hesitant in giving out personal details, and private financial account details to any kind of online site.
In this era of identity theft, this is one thing that is very understandable. The fees that are paid for using a wire transfer at any online casino are thus acceptable for the sole purposes of offering security. But that is not the only reason why this method of online casino payment has been able to gain so much popularity.
The other reason is that it is one of only a few means that American players can confidently rely on when it comes to depositing and withdrawing funds into and out of their online casino accounts.
The other reason is that it is one among the few means of players from the US can withdraw or fund monies obtained from their games to and from their own accounts. Unlike other means of payments, wire transfers are not in any other way by the banks and online financial organizations’ regulations.
Bank transfers appear to take longer when compared to other methods of payments. This is positive since a longer wait period will assist the gamblers to take control of their activities and avoid unsustainable habits in gambling. They might be an older means of doing payments but they have many benefits especially to casino players who are conscientious in nature.
FAQS About Wire Transfer
Do banking institutions generally allow online casino play?
There are some banks that would question direct payments from your bank to the online casino, and this might render your account functionless unless you get in touch with your bank’s customer service. Even though this measure is mainly done to safeguard from cases of fraud, at times, it can be so frustrating. That is the reason why some players choose other means of payments when it comes to the online casino world.
Are there some fees to pay?
You can end up paying large processing fees when you opt for wire transfers as a means of payment for online casinos. It is therefore very imperative to check carefully how much the payment would be and avoid any surprise.
Does it have any downside?
The downsides that are associated with this method of online casino payment are only two; the long waiting hours as well as the substantial fees that come with it.