Online casinos today are offering target players all of the things they might need. Whether it comes to promotions, different types of games or payment methods, casinos are equipped with plenty of things to give players options to craft their online gambling experience to their tastes.
And while it is important for players to have a wide choice of games and bonuses to claim, the payment method options are more important. That's why casinos today ensure that players get to choose from conventional and modern solutions, as it suits their needs. There's one solution you'll find across online casinos which is a blend of the two. It is a solution tied with banks but way more innovative than a bank wire transfer, and that's online bank transfer. What is online bank transfer and why use it as your payment method across online casinos?
About Online Bank Transfer
Online casino players are often uncertain about whether there’s a difference between bank wire transfer and online bank transfer. Some usually consider them the same solution, but these people are very wrong. The two are pretty different, and while their names may sound confusing after you learn more about them, you'll see why the latter is a better option.
Sure, both are done through the internet and known as internet money transfers, but there are several key differences. Bank wire transfer is the transaction that goes directly from one bank to another, meaning allows you to transact money from one account to another through global wire networks such as SWIFT (Society for Worldwide Interbank Financial Telecommunication). A string of correspondent banks is involved in the process, to move the money from the sender’s to the receiver’s bank account.
Online bank transfer is where the old meets the new. The old concept of wiring money meets the modern technology of EFT (electronic funds transfer). When you use it, you don’t need to go to a money wiring office, and not even to the bank. You just need to fill out a form where you provide details about the receiver, and send money anywhere, at any time. You would need to use a trusted money transfer company, though, which would help you successfully complete the transaction.
Speed and safety are the two major benefits you get for choosing to use this payment solution. This solution is one of the fastest when it comes to international payments, completed within one business day usually, but in some cases, even instant, depending on the money transfer company you choose to go with. As far as security goes, this solution is covered by fraud liability laws. In case a fraud has been made, your funds can be reversed.
Getting Started with It
As mentioned, you don’t need to visit your bank to make an online bank transfer, but you do need to choose a money transfer service that you’ll use as your intermediary.
There are plenty of such companies, many of which you can find on our site such as Klarna, Euteller and Trustly, which you can consider. After you choose the one to go with, you just select it and enter the needed details. You don't need to create any accounts to complete the transaction. You don’t need to waste time creating passwords and usernames, verifying the account and whatnot.
You just need to choose the money transfer company from the ones offered, fill out the form by entering the details about the receiver’s bank account, and you’ll successfully complete the payment.
How to Deposit at Online Casinos with Online Bank Transfer?
We mentioned that speed and security are the biggest benefits you get with online bank transfer, but you should know that convenience is another. As just explained, the method is convenient to use because you never need to create an account to use it. You don't need to waste time registering with the money transfer service, either, and that’s definitely a big plus.
So, to successfully fund an online casino account with it, you would first need to find an online casino that accepts it. Trust us, the list of casinos that do is huge, so you should not experience problems finding one that would suit you. After you do, just do the following:
Go to the casino’s Cashier/Banking page.
In the Online Bank Transfer tab, find the logo of your chosen money transfer service.
Fill out the form with the needed details.
Enter the amount you wish to deposit on your online casino account.
Wait for the money to arrive on your online casino account, either instantly or within a day.
As explained, the waiting times will depend on the money transfer service you choose to go with, so make sure you choose the one with the fastest times if you wish to start playing your favourite games right away.
How to Withdraw Winnings with It?
Believe it or not, this solution is one of the most frequently offered payment methods for withdrawals across online casinos. You may not find options like eWallets, but you most certainly will find online bank transfer as your option for withdrawals.
That’s because it is easier for the casino to send your winnings to your bank account than it is to send it via, say, eWallets or cryptocurrencies. The process of withdrawing will go exactly the same, only the other way around. When you request a withdrawal, you would again need to fill out the necessary bank details, but this time, you’ll need to specify how much you wish to withdraw. As soon as you do, the casino will go through your request, and if everything is in order, will approve it. Depending on the money transfer service, your money should arrive within one working day.
Applicable Fees
When it comes to fees, as you would assume, online bank transfer comes with hefty ones. These fees are charged by the money transfer services, but the bank as well. That’s why for you, the end fees would be quite costly ones.
Although the applicable fees would depend entirely on the bank and money transfer service, you should know that you may still find some options with flat fees of only $1 or $5. Or, you may find some which charge 2% to 5% of the transaction amount. That's why looking for a trusted and reasonable money transfer service is so important.
Accepted Currencies
Considering online bank transfer is a global solution, all currencies are accepted. However, you should bear in mind that if sending money to an international bank account with a different currency than yours, you would need to pay currency conversion fees, on top of the regular applicable fees.
Therefore, even though any currency would be at your disposal, it will come with additional costs.
Restricted Countries
Online bank transfer is usually an option for any player, from any country across the globe. However, when it comes to online casino transactions, that’s another matter.
Considering not all countries have a regulated online gambling market, even though the casino you’ve joined allows it as a deposit or withdrawal option, you may not be able to use it if playing from a country where gambling restrictions are in place, where gambling is illegal or not regulated. Also, some countries ban online bank transfer transactions to and from online casinos, so before you attempt to use it, make sure to check your country’s gambling laws, just to be sure.
Online Bank Transfer Casinos
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If I have a problem with a transaction made with an online bank transfer, who do I contact?
The general rule when experiencing a problem with your transaction while playing at an online casino is to first contact the casino’s Customer Support team. If they cannot help you, you can then contact the money transfer service’s Customer Support. They should give you a solution, but if that doesn’t work either, make sure to contact your bank.
Can I make payments with online bank transfer across online casinos via my mobile device?
Sure. As long as you know how to use it, you can move money from your account to another effortlessly via any device you want.
Can I know whether an online bank transfer is accepted at an online casino before I join it?
In most cases, online casinos make sure to display the logos of all the most popularly used payment methods at the bottom of their homepages. Therefore, to be certain, make sure you explore the homepage of the casino you’re eyeing to join.
How to be certain whether online gambling transactions with online bank transfer are allowed in my country?
The easiest way would be to ask your bank. The bank knows the regulative when it comes to allowed and banned transactions in the country. But you can also Google about the online gambling regulation in your country, and you’ll probably find some answers there. If not allowed, you would need to look for an alternative solution, like an eWallet, if you still want to join an online casino and go around your country’s rules and laws.
Can I go around currency conversion fees when depositing at an online casino?
Currency conversion fees apply when you're trying to deposit at an online casino with a default currency that's different from yours. That means that if, say, your country's currency is the euro and you're playing at an online casino with the US dollar as a default currency, you would need to pay a fee, and you won’t be able to go around it.
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