Online Bank Transfer Online Casinos

It is not simple for international online casino operators catering to players from all across the world to offer them their preferred local payment solutions, but with online bank transfer, they get to solve their main problem. Online bank transfer is available to players from any country around the globe, and as such, it is the perfect solution to be used by players who lack other local options. But it is great to use as your first choice, too, as you will see, because it can really provide you with more perks than you can count, among which convenience and ease of use prevail.

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Online Bank Transfer FAQs

About Online Bank Transfer

As an online casino player, you must have noticed that on the list of accepted methods, there are two types of bank transfers: the online and the wire transfer. Sometimes, players confuse the or use them interchangeably, but the two are fundamentally different. Sure, they are both internet money transfers, done through the internet, but in quite a different way.

Bank wire transfer is conducted directly from one ’s bank to another ’s. The money transfer goes from one bank to another using global wire networks like the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The money is moved from the sender’s with the aid of correspondent banks to the receiver’s bank .

With online bank transfer, it is a completely different process. This is a solution, as mentioned, that uses modern EFT (Electronic Funds Transfer) technology. No wiring networks are involved, and you don’t need to visit your bank for the transfer to happen. But, you do need to find yourself a reliable money transfer service company, which will help you send money anytime and anywhere in the world.

Contrary to bank wire transfer, this solution provides you with two important perks: safety and speed. In fact, this is one of the fastest solutions when it comes to international online payments, such as payments across online casinos. A typical payment with online bank transfer is completed within one working day, but if you’re lucky enough, it can even be completed within minutes, depending on the money transfer service involved in the process. Covered by fraud liability laws, which reverse all of your funds in case a fraud has happened, it is also one of the most secure solutions when it comes to the safety of your money.

Types of Services Offered

As you would assume, there are no choices when it comes to the services offered by online bank transfer. The solution only does one thing: it makes sure your money arrives safely and promptly to the desired destination. You’ll have the entire process for the transfer explained soon, but as you now know, there will be money transfer services involved.

To get started with it, you won’t need to visit your bank, but you do need to choose a reliable intermediary money transfer service provider. Depending on your country of residence, you may use online gambling industry, as well.

After you’ve chosen the money transfer service to go with, you can start using online bank transfer as your online payment solution. All you need to do is go to the online platform, in your case, your chosen online casino, select the chosen money transfer service and enter the required details. Complete the form entering the required bank details about you, the sender, and the receiver. The money transfer service will take it from there, and ensure that the transfer goes smoothly.

As you can see, without creating separate s, and with only a few clicks on your desktop or mobile device, you’ll complete the transfer easily with this payment solution.

How to Deposit with Online Bank Transfer

As mentioned, safety and speed are the main benefits you get when you start using it as your online casino payment method. And, as you could see, there’s no complicated getting started process with this solution. Thus, convenience is the third perk you get for using it since you don’t need to create an to use it, complicated s and names or anything.

Therefore, instead of investing your time doing that, you can use your time to make the right decision on the online casino to . The first criteria, of course, would be for the casino to accept online bank transfer, but the casino also needs to be licensed, offer games by popular deposit using this solution, do the following:

1. Head over to the casino’s Banking/Cashier/Deposit page.
2. From the list of offered payment methods, click on Online Bank Transfer.
3. If there’s no such tab, skip this step and directly select your chosen money transfer service.
4. Enter the required details in the form.
5. Specify how much you wish to deposit at your online casino balance.
6. Watch the money arrive, either within minutes or within the same day.

As mentioned earlier, the processing time would depend on the money transfer service you’re using. You should know, though, that the services that offer faster times often come with bigger fees. So in the end, you’ll need to weigh in whether you’d like faster or more cost-effective transactions.

How to Withdraw with It?

Even though you may have not expected this, online bank transfer actually offers the withdrawal functionality. The involvement of intermediary money transfer services might trick you into thinking that there’s no way this solution is available for payouts, but actually, not only it is, but it is also most frequently offered as a withdrawal solution!

In fact, casinos are way more comfortable sending your winnings to your bank directly than, say, converting your winnings into eWallet address.

The withdrawal process is basically the same, only this time, you provide the casino with your bank details, and you specify how much you wish to cash out. As soon as the casino reviews and approves your withdrawal, the money will arrive on your bank , again through the money transfer services, within one business day.

Country Restrictions and Other Limitations

As mentioned, online bank transfer is a global solution, with no country restrictions, as each country and territory globally allows it.

However, due to gambling regulations, there may be restrictions as to whether you can use online bank transfer for processing online gambling transactions in your country. Especially if gambling is banned, illegal or simply not regulated in your country. Plus, some countries that do allow online gambling choose to ban transactions that have anything to do with bank s. Or, banks themselves choose not to process online gambling transactions. Therefore, before you decide to use the solution, make sure you investigate this matter better.

As far as other limitations go, you should know that online bank transfers are subjects to some pretty hefty fees. Since the money transfer services are involved, these services are the ones that impose the fees and decide on how big of a fee you’ll need to pay for the transaction. Plus, the bank may charge a fee on its own and combined, that would be a lot of additional costs for you. Just so that you get the idea of how much a transaction would cost you, let’s put it like this. Sometimes, you would need to pay a flat fee that goes from $1 to $5 (or currency equivalent). However, some services may charge 2% to 5% of the amount of money you want to transfer. That’s why choosing a good, cost-effective and trusted money transfer service is paramount.

Advantages and Disadvantages

We mentioned at the beginning and then elaborated on the fact that online bank transfer offers three major benefits: safety, speed and convenience. We said that it is a convenient solution to use because you don’t need to create a separate to use it. We said that it is covered by fraud liability laws, so even if there was a fraud, your money will be fully reversed. And, we said that it is one of the fastest solutions available out there since it processes the transactions within one business day, and with some money transfer services, even within minutes.

This brings us to the biggest disadvantage. Online bank transfer comes with huge fees. As mentioned, the faster the money transfer service promises to complete the transaction, the bigger the fees for that transaction will be. The main reason why some players choose to not use this solution is precisely the height of the fees.

But let’s not forget to weigh in the pros and cons. Sure, the fees may be hefty, but hey, you get to use the solution regardless of your country of residence. This globally accepted solution is perfect for those players who lack other local options to get convenient, safe and speedy online banking.

Final Analysis

Needless to repeat, online bank transfer has its upsides and downsides. On one hand, it is a solution accepted all across the world, suited for any player, from any country. Depending on the money transfer service involved, the transaction can be processed within minutes, but if not, within the same business day, which is incredible. Plus, it is super convenient to use, as you only need to fill out the form to send a transaction request. No separate s, no names, no s.

On the other hand, though, all of this convenience comes at a cost. The fees with this solution are pretty big, considering you will be charged a fee by the money transfer service, but you may be charged by your bank, as well.

Therefore, you would need to compare the benefits and drawbacks this solution comes with and see which ones will prevail for you. Without a doubt, this can be quite a useful solution in the lack of other options, so weigh in the pros and cons and make your decision.