With the online gambling industry progressing steadily into an established business model, there is bound to be a further advancement of its individual parts as much as its general functioning.
The Rise of Online Gambling
The success was largely due to the technical innovations that allowed for safer, more stable and reliable online gambling platforms and corresponding services provided there.
One major aspect...
...the platforms that underwent significant improvements and additions due to its key role in promoting the service is the banking method selection. Payments made to and from the online casino site, as well as similar gambling platforms, are distinguished for their secure, timely, fully functional, low-fee and high amount limit transactions.
While not all methods are able to optimize on all fronts, there has been a rather rapidly growing number of novel services and payment processing models working towards this goal.
Nowadays...
...websites feature a range of various payment options, some dating back to the early days of gambling entertainment online, or even before that.
Others, contrastingly, indicate the latest achievements in digital payment processing, with the recent cryptocurrencies definitely taking the lead in this regard. With such significant changes, it is almost a wonder how the oldest of the methods has still managed to retain its function.
A Brief Timeline
While we can only address the matter of the direct bank transfer briefly, there is no denying the extensive timeline it has managed to influence over the years since its first transaction.
In fact, many online casino players would be surprised to learn that one of the leading online gambling banking methods was initially invented in the second half of the 19th century.
Back in the Day
People had already got used to banks and similar financial institutions such as cash services like MoneyGram, so that such services had built up enough credibility to handle people's funds under proper authorization.
With an underlying instigation as deeply rooted into humanity as the improper distribution of funds, these services noted an undeniable need to provide players with a proper means of financial transfer.
The first ones to do that were cash services that made use of their existing telegraph service, hence the frequently interchangeable term for bank transactions, wire transfer.
Western Union
Through the wires of their telegraph network, separate offices of the Western Union cash transfer service were able to receive the funds at one branch location. Then it sends the necessary passwords and codes to their specific destination, and authorize the payout at the second branch office.
From this primary form of direct bank transfers, people were further able to benefit from the process of complete automation of the financial operations.
Once the entire banking system had been computerized, the Internet was introduced as the latest achievement in bringing people closer together and subsequently put to practical use in this case.
In Modern Times
Direct bank transfers are facilitated even further, as they have been made available as payment methods at top online service platforms, iGaming operators included. The method is further supported by online banking services provided by the financial institutions themselves as a way for account holders to gain available access to their current status.
Thus, with such insight...
...into the account balance, holders are able to access the relevant service and request a direct bank transfer upon entering their respective banking details, as well as the services in order to see funds reach the proper destination.
While direct bank transfers are based on the same fundamental idea, there are several diverse mechanisms that help put it to practical use. In regard to this, bank account holders are able to choose from a selection of retailers and online service providers.
At these platforms - the customer base can employ a few distinct approaches to direct bank transfer – either as a wire transfer option or with the use of Internet online banking as illustrated above. Better yet, some may decide to go with regular instant banking from branch locations or even via bank eCheques.
Direct Bank Transfer as an Online Casino Payment Method
As previously stated, online payment processing methods have largely evolved and modernized throughout the years, with many new systems and technologies made accessible to players everywhere. Contemporary services include different online payment systems, e-wallet apps and platforms and even digital, i.e. crypto-currencies that operate on their own inherent network.
What's Even More Intriguing...
...is the portion of payment processing methods that were first introduced to the said platforms, and their practical use side by side with the aforementioned modern systems. These options include the direct bank transfer, and the similarly established cash transfer services, as well as credit and debit card processors the likes of Visa, MasterCard and Maestro.
Bank transfer deposit and withdrawal method of payment processing has been present since the early beginnings of the iGaming industry. What is more, existing retail platforms and other online services have already been employing this processor, which is why players rarely have any issues with the procedure. Still, it is always good to keep the specific steps in mind as to avoid any oversights during your casino transactions.
Both deposits and withdrawals are classified under the Electronic Funds Transfer (EFT) payment types, with a live network provoking an actual change in the players' account balance – a rise or fall in value.
Online Casino Deposits using Direct Bank Transfer
Step 1: Open an online bank account with your relevant financial institution platform. This will help you stay in control of the total amounts that enter and exit your personal fund.
Step 2:Choose a reputable online casino that features high-end encryption and a license from the appropriate jurisdiction. These normally have the Cashier/ Banking section featured straight from the homepage or in the basic starting menu.
Step 3: Go to the respective online casino Cashier and choose direct bank transfers as your payment method. Clicking this can take you one of two ways – you will either need to log into your banking account or a pop-up window will open to numerous banking and financial services bound to include one of your choices. In the latter case, all players need to do is access their bank account directly and select the exact amount for the transaction.
Step 4: Confirm the transaction (possibly entering the casino's banking details, if necessary) and wait for the money to be processed from the bank account to the player account at the given online casino platform. While deposits are normally said to be instantaneous in order for platforms to benefit from readily available players and consequently traffic, some direct bank transfers may take several hours up to a few work days.
Withdrawals
Step 1: Choose direct bank transfer as a payment method at the relevant online casino. You should make sure both deposits and withdrawals are available using this method, as there are some which restrict it to deposits only. This is mainly due to the local laws, which is why checking the legal regulative regarding such practices should also be taken into consideration.
Step2: Enter the relevant information about your banking account, including the account number, contact address and phone, and the amount you wish to withdraw. What is more, in order to identify or confirm your banking institution, you might be required to enter its respective SWIFT or IBAN code.
Step 3: Expect a waiting period for the transaction to be processed. This could range anywhere between a matter of hours up to a whole week, mainly due to the fact that both the player's and the casino's bank need to confirm, secure and perform the inter-institutional transaction.
Advantages
The payment method's lengthy existence accompanied by all the latest online security measures is definitely indicative of its reliability and trustworthiness. As two of the main considerations for online transactions, it is in both parties' best interest to handle player deposits and casino withdrawals with a proven banking option. What is more, banks are reputable establishments, generally known for the air of security they tend to emanate.
Other than that, the familiarity with the actual payment process can also be considered an advantageous circumstance. After all, bank transfers have existed for quite some time now, so regardless if players choose to request their transaction online or at their branch office, they are bound to be familiar with the actual step-by-step requirements.
Accessibility...
...can also play a role alongside security and ease of use, as players having problems viewing their account will definitely be reluctant to perform the entire transaction. This method is available across PC and mobile devices, along with its specific functionalities.
On a final note, online casino operators provide direct bank transfer transactions with a wider amount limit both for deposits and withdrawals. While it is an older method, these transfers tend to be given the ability to better meet betting amounts for low and high rollers alike.
Disadvantages
Direct bank transfers tend to provoke dissatisfaction among online casino players on two occasions, either due to the transfer fees charged per transaction, or the waiting time that can span throughout a whole week.
On the one hand, players are often disgruntled due to the massive charges that end up imposing on their direct bank transactions. Gaming portals tend to make their payment methods free of charge, but individual banks are free to impose fees, some ranging from £10 to £50 and over.
Circumstances are important in this regard, as a larger cash amount may proportionally be charged a higher fee, especially if it comes to withdrawal transactions specifically. International transfers, meaning a transaction request made to the most common off-shore Internet operators is additionally bound to cost players, even more, when trying to get their payouts credited to their bank account.
On a different note...
...players may not have considered high fees for big withdrawals such a discomfort, had it not been for the waiting time issue. More specifically, due to the mandatory security and confirmation procedures, as well as the massive volume of transactions at all times, players are often left to wait for their payout to be credited to their banking account.
Mistakes are quite rare, hardly ever including a human error due to the system's complete automation, but wait times can get pretty long, up to a week since the request had been submitted.
Direct Bank Transfer Casinos
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What kind of security measures are applied by financial institutions regarding direct bank transfers?
Financial institutions, the majority of which are banks, employ all kinds of security measures to ensure the transactions are not compromised in any way. This includes all kinds of third-party protective services that perform regular controls, checks and apply updates when necessary. Nevertheless, the highest SSL encryption certificates are the main preventive measure against outside interference.
Are direct bank transfer deposits eligible to qualify the respective players for the online casinos' bonuses and promotions?
Yes, players who have chosen direct bank transfers as their online casino payment method will be eligible to qualify for the bulk of bonuses and promotions offered by the operator, unless otherwise stated in the terms and conditions.
Can players from Australia or the US, as uncertain online gambling jurisdictions, use this online casino payment method?
Despite the fact that online gambling legality is a disputable, grey matter in Australia and a cause of contrasting regulations across the USA individual states, online gambling can still be performed using direct bank transfers. Due to specific laws, withdrawals could be less commonly available than deposits but are still a possibility.
Which are the modern online payment processing services that were thought to completely substitute direct bank transfer deposits and withdrawals?
As listed above, e-wallet services such as PayPal, Neteller and Skrill, as well as online payment processing companies and prepaid cards were the main methods intended to offer greater functionality, convenience and fee-free service. The latter include Zimpler, PaySafeCard, Trustly among others, although the most recent innovations include cryptocurrencies such as Bitcoin, Litecoin and Ethereum.
Which casino games will I be able to enjoy at such online gambling platforms featuring this payment method?
Direct bank transfer online casinos feature the full, standard range of game offering available at such platforms. Considering the reputability of the payment method, slots, table games, bingo and keno titles, as well as scratch cards and live dealer casino titles are all bound to be provided by industry leading software companies.
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