Best Bank Transfer Casinos Online
Bank Transfer: A popular casino payment method
Almost all the banks in the world offer bank transfer as one of their core banking services. The fees that banks earn from such transfers are among their major sources of income. In recent times, traditional bank transfers are declining in popularity because of other convenient methods of payment. However, there are many who still prefer the old-fashioned bank transfer for buying any product or service online.
When it comes to online casinos, it is a preferred payment method especially for high rollers. Their activities on the casino websites involve high-value transactions. They are done without any hassles using bank transfers. Besides, a bank transfer requires advanced authorization methods today. This adds an extra level of security to it.
About Bank Transfers
Bank transfer was first launched as a service in the late 19th century by Western Union. It took place on the company’s telegraph network. Under this service a sender paid money to a telegraph office. A message was then transmitted and the money was ‘wired’ to another office. Certain codes were used to authorize the release of funds to the recipient.
Soon, the amount transferred using this service came close to $2.5 million a year. In those days, this service was called ‘telegraphic transfer’ as the telegraph networks were used to transfer money. A co-operative system of transferring money was established in the 1970s called Society for Worldwide Interbank Financial Telecommunication or SWIFT.
The goal of this system was to standardize the process of transferring money between countries. It guaranteed secure transfer of funds to the customers. Although this system is automated to a great extent today, the process has remained more or less the same.
Pros and Cons of using bank transfers in online casinos
Many casinos now accept cryptocurrencies as their payment method, the most common being Bitcoin and Ethereum. Some also include Cardano among their accepted cryptocurrencies. You can choose one of the online Cardano casinos or ADA casinos to make sure your ADAs are accepted for payments. However, it is essential that you look for an ADA casino website that offers a no-deposit bonus.
This will give you an opportunity to maximize your winnings. Usually each of the online casinos will have their own rules for players using ADA wallet to withdraw their winnings. Such rules must also be considered before choosing an online casino that accepts Cardano as one of its payment methods. Now, let’s go through the pros and cons of using Cardano on the casino websites.
This method of payment has improved significantly over the years with regards to security. Banks are also subject to certain regulations placed by authorities to prevent them from levying unfair bank charges on transactions. As a result, this payment method is still considered secure by many online casino players.
Nevertheless, some concerns do exist as players using this method need to key in sensitive data on the casino websites. This has been addressed by the banks by providing additional layers of security to the bank accounts while logging in. Using bank transfers, players can deposit funds in any of the online casinos in the world. Now, let’s go through the pros and cons of using bank transfers:
Pros:
- The deposit transactions usually incur lower fees
- There’s a significant level of security while making payments
- Most online casinos accept bank transfers
- Players are mostly familiar with this payment method
Cons:
- Many banks don’t allow payments to online casinos
- Players need to have a bank account for transferring funds
- It is relatively slower than several other payment methods
- Withdrawals made via bank transfer can incur fees
How does a bank transfer compare to other payment methods?
Most casinos trust bank transfer as a secure payment method as it can be done only by the verified bank account holder. However, the players still need to key in some sensitive information associated with their bank account while using it as a payment method. A certain amount of fee may be charged on every bank transfer.
When it comes to security of personal information and instant transfers, e-wallets are generally preferred over bank transfers in online casinos. Credit and debit cards are also faster and relatively secure, but they may incur higher transaction fees.
Today, cryptocurrencies are gradually becoming a preferred payment method for many players who use them. You don’t need to provide your personal information while using cryptocurrency for making deposits or withdrawals. It is extremely secure and also has lower transaction fees.
Bank Transfer Fees
The amount or percentage of fees charged on the online casino transactions would depend on the bank you have your account with. The casino websites have varying limits on the amount of deposits and withdrawals the players can make by using bank transfers. Most casinos provide the highest deposit and withdrawal limits for players using bank transfer as their payment method.
Some online casinos severely limit the amount of deposits and withdrawals that the players can make using bank transfers. This is why you must go through the terms and conditions associated with payment methods before signing up on the casino website. There are casinos with no fees or charges on bank transfers, while some charge a certain amount of fee for the transactions.
How to use bank transfers for online casino deposits
Once you’ve found an online casino that accepts bank transfers for deposits, sign up on the website. When you’re logged in, head to the cashier, banking, or payments page. You’ll need to choose ‘bank transfer’ as your payment method from the list of options provided in this section.
The next step would be to enter the amount you want to deposit. This involves keying in the details of your bank account. The transaction will go through a verification process, which involves receiving a text message on your phone. It will have a one-time password (OTP) or a code, which you’ll need to enter on the casino website.
If the code has been correctly entered, the funds are transferred to your account with the online casino. It may take between three to five days for the amount to reflect in your casino account depending on your bank. It might take longer if you’re making the transfer using a foreign currency.
How Bank Transfers can be used for withdrawals in online casinos
Before you withdraw your winnings from your online casino account, it’s essential that you know the withdrawal limits. You can go through the terms and conditions associated with the withdrawal process to know the details. While you’re logged in, navigate to the cashier, payments, or banking section of the casino website.
You’ll then need to enter the amount you want to withdraw and select your preferred payment method as ‘bank transfer’. The steps involved in the withdrawal process depends mostly on the online casino you’ve chosen and its terms and conditions. Some payment methods work faster than bank transfers. The most common examples are e-wallets, credit cards, and cryptocurrencies.
It may take longer for withdrawing bigger amounts than the smaller ones. Generally, you won’t be allowed to withdraw your winnings if your account hasn’t been verified. The verification process involves submitting the required documents, such as a valid proof of identity. If your account hasn’t been verified, the casino will reject your request for withdrawal.
How secure is a bank transfer?
Banks usually have the most stringent security measures in place when it comes to online transactions. They use advanced encryption to ensure safe and secure bank transfers. Every transaction involving banks and bank accounts are heavily protected by employing the latest technologies. This also applies to transactions that are done through mobile apps of the banks.
Such transactions usually have a two-step or three-step verification process today. You might be concerned about the sensitive details that you need to provide on the casino website. If you’ve signed up with one of the leading online casinos that use highly advanced data encryption technologies, you don’t need to worry. The chances of such websites being vulnerable to online frauds and hacking are extremely low.