Bank transfer is a payment method that has been around far longer than the likes of many other payment methods like e-wallets and credit/debit cards. Bank transfer allows customers to move money from one account to another account which makes it a form of bank transfer. Banktransfer has become popular amongst players who do not own any e-wallets, credit/debit cards as it is an alternative way of making deposits and withdrawals into online casinos.
The advantages of using Bank Transfer
One upside to using Bank Transfer which has helped it become very popular amongst high-stake players is the fact that players can make large deposits in single transactions. This is possible thanks to their being a very high cap on transactions when using Bank Transfer. Usually, customers are charged by banks a flat rate for every transaction they make so making large deposits will not lead to greater charges.
Bank or Wire Transfer is a widely accepted method of payment across the majority of online gaming sites which include both casino and bingo platforms. This is due to Wire Transfer being an incredibly secure and safe way for gaming sites to receive money, as it leaves a solid trail which can be traced if anything goes wrong.
Bank Transfer has many years experience behind it making it a well-trusted method of payment, with it being around longer than all e-wallets, debit/credit cards and bitcoin. This proven track record makes should feel you with confidence that Wire Transfer is a payment method you can put your trust in.
The disadvantages of using Wire Transfer
As you can expect there is a couple of drawbacks to using Wire or Bank Transfer as a payment method across online casinos and bingo sites and one of those is down to the length of time it takes transactions to process. Customers using Wire Transfer will need to be prepared to wait anywhere between a few hours to a few days for their transactions to fully complete. This extended process time is down to the bank’s having to process customers requests.
Despite this, a Bank Transfer is a very safe way to make transactions, on the rare occasions where something goes wrong it is very hard for customers to find a solution to their problem. For example, any funds lost when using Wire Transfer will be very difficult to recover which is not a problem customers will encounter when using e-wallets etc.
Although a Bank Transfer does not charge their customers to use their services, it is highly likely that customers will encounter a processing fee which has been added by the selected casino.
Wire Transfer deposits and withdrawal times
As stated above, one of Wire Transfer’s drawbacks is the length of time it takes customers to make both deposits and withdrawals. Most other methods of payment allow customers to make deposits instantly, but this is not the case with Wire Transfer, with them needing to be prepared to wait up to a few days. Withdrawals can take a similar time unless they are made over weekends, as some banks will not deal with Wire Transfers over the weekend.
Opening a Bank Transfer account
A downside to using Wire Transfer is having to open a bank account which can be a long and tedious process, which is different for all banks. However, if you have reached the legal age where you can use online gaming sites then chances are you already have a bank account set up.
Depending on what bank customers are dealing with, there may be charges when using Wire Transfer. However, almost all UK banks do not charge their customers for using Wire transfer and the only fees they should encounter have come from the casino sites themselves.
Our conclusion on Bank Transfer
After taking a closer look at the ins and outs of Wire Transfer we have found a selection of pros and cons. Thanks to their long history of being a valid payment method, Wire Transfer is a platform that everyone can put their trust in and due to this, it is widely accepted amongst a huge selection of online casinos and bingo sites.
On the other hand, players that are looking to make frequent deposits and withdrawals could be sat around waiting a long time due to their lengthy processing times. To summarise, we advise using Wire Transfer if you are looking to make large, one-off deposits and withdrawals.