Last updated: 12 June 2023
There is a myriad of different payment options customers can use to make deposits at online casinos, which means that some methods are older than others. One might think that anything old is obsolete, but not when it translates to tradition and something that people have put their trust in for decades. When it comes to casino banking, a direct bank transfer is one of the oldest options available at internet casinos still very much in use. People have been using bank transfers as means to replenish their online gambling accounts for a long time and the service has maintained its relevance even today when new generations of casino players discover e-wallets, mobile payment apps, digital vouchers, and more.
The fact that such a simple service is supported by hundreds of banking institutions across the globe indicates that it is widely available to casino, sports betting and poker lovers from all over. Not all punters are tech-savvy and they need something that is more traditional and doesn’t require them to connect any third-party payment processors to their financial exploits. An active bank account will suffice and with your existing bank credentials, you can gain access to a plethora of online casinos and make secure deposits – as well as request withdrawals.
Direct bank transfers come with various benefits; otherwise, they wouldn’t be as popular. However, players should be aware that there are aspects of the service that aren’t optimal for online casino players looking for speedy and cost-effective banking solutions. In other words, direct bank transfer often includes longer waiting times (especially for withdrawals) and transfer fees are nothing out of the ordinary. If you want to put your existing bank account to good use and start actively transferring money to and from your online casino account, CBM is here to bring this payment method closer to you. We will address all the important characteristics, from fees and timeframes to availability and limits, and provide you with our bank transfer casino list.
There is no one company responsible for the bank transfer service, as every bank in the world now offers this feature to all of their clients. As a method of carrying out financial transactions, it is safe to say that bank transfer was initially invented in the second half of the 19th century. Once the people got used to banks, letting them handle funds under proper authorisation was the next logical step, as long as their credibility was not compromised in any way.
The reason why the term “wire transfer” is interchangeable with “bank transfer” is because the first bank transfer services were carried out through the wires of the Western Union telegraph network. The first monetised telegram was sent over 150 years ago in America. Banks started to offer the service and when computers became an integral part of banking, the service was revolutionised by making all transfers electronic.
Bank transfer remains the original bank-to-bank transfer system used by both major and minor banks. Regardless of whether you have an account with Barclays, Santander, PNC Bank, Capital One 360, Citibank or that small, local bank around the corner of your house, you will be able to take advantage of the standard money-wiring method.
Bank Transfers News
- January 2023: Link Financial Technologies Nets $30M to Offer Direct Bank Payments for Merchants.
- April 2023: Paysend is Enhancing its Money Transfer Services to Latin America.
Wherever there are banks, people can make use of bank transfer. Simple as that. There are no regional restrictions as with some other casino banking methods. The coverage with bank transfer is global, or nearly global, to be precise. This is certainly not a suitable method for the “bankless” regions of the world, as the only stipulation is that the customer needs to have an active bank account with a bank that is supported by the casino’s system.
We have to highlight that some of the major banks have been taking stricter measures when it comes to authorizing transfers towards online casino accounts for their clients in specific countries. Payments to online casinos can even be blocked by banking institutions, which usually happens when online gambling is strictly regulated, monopolized, or straight-up illegal in the player’s country of residence. Several major banks in the UK have advised their clients to suspend payments to online gambling sites and getting the “your transaction has been denied” message is quite common in the USA.
Choose a bank in your area
Before you can do anything, you must own a bank account. If you already do, which is highly likely, you can skip this step. If not, select a reliable bank to join. To create an account, you will need to pay a visit to the branch office of the bank you have chosen. Some banks may offer the possibility to apply for an account online.
Open a bank account
You need to approach a bank representative in order to set up an account. Usually, you can schedule an appointment with an adviser to find the best banking solution for you. The bank will offer you various account plans and once you settle on your arrangement and provide the necessary details to confirm your identity, the bank will create an account for you in a few days, depending on the bank and country.
Fund your bank account
If you plan on depositing to an online casino using wire transfer, you need to have some funds already stored on the account. Money can be deposited to a bank account in cash, by going to a physical bank office, or with a wire transfer from another account.
Enable online banking
To make things easier for yourself, you can enable internet banking service with your new bank account, to avoid going into the bank yourself each time you want to make a transfer. The idea is to be able to request and authorise a bank transfer by inputting the banking info of the beneficiary and a unique transaction reference code which will be provided by the recipient (in this case the casino).
Once you join a good bank transfer online casino and set up your account, you need to follow these steps:
- Navigate to the cashier and select your preferred method of depositing. Choose “Bank Transfer” or “Wire Transfer” and provide the sum you wish to transfer.
- For the process to go through, you need to have the necessary details of the online casino’s bank account (the recipient). These include, but are not restricted to SWIFT/BIC code, account number, and name of the recipient. The correct information will be provided to you and you can merely copy it when you fill in the online form to authorize the casino deposit bank transfer.
- When the transfer order is carried out, you need to wait a while for the money to be uploaded to your casino balance.
In order to make a withdrawal from bank transfer online casinos, just log in to your online casino account and visit the cashier, then provide your banking details and submit the withdrawal request along with the amount you want to cash out. Depending on your bank and the casino, you may need to provide additional identification proof. The processing crew will approve your request and the money should be transferred to your bank account securely, upon which you will be notified by your bank.
The existence of fees is what makes wire transfers less attractive for some online casino players. They can be rather expensive for the bank. Since they are subject to a lot of compliance and operational costs, some of that cost is worked into fees that banks charge customers. There can be up to 3 intermediary banks involved in an international SWIFT transfer. The total fee may be the sum of these small fees generated by individual banks.
On the other hand, some banks take a different approach. We are all witnesses of online banking and how it has gained in popularity. For this reason, fees for sending money to external accounts have become less burdening. As of May 2020, many popular banking institutions offer the service for free. Bottom line, you need to inform yourself about the specific fee policy your bank enforces.
Keep in mind that some online casinos with bank transfer charge fees on transactions and choose the one you will join wisely.
Banks normally have several different protocols to follow and the bank transfer processing may take from an hour or two to several days. It is recommended to order a bank transfer early on during the week rather than on weekends because that will make the process longer. Yes, the proceedings have been modernized over time, but the methodology of the entire operation still demands time.
Typically, at the best bank transfer casinos, the transaction should take 3 to 5 business days, sometimes even 7 working days. Note that if you make even the slightest mistake when filling in the form, it could prolong the entire process up to a few weeks before things get sorted. Going with the online variant saves time. In any case, the precise timeframe depends on the casino pending period (if there is any while withdrawing) and the complexity of your bank’s protocols.
The bank transfer is considered one of the high-limit deposit and withdrawal methods among casino banking options. This is quite favourable for high-rollers, as they can make large transactions and keep playing for the more ambitious strategies. Some online casinos that accept bank transfer payments will set their deposit limits at a minimum of €20 and a maximum of €100,000, but others will have different limitations. To check your deposit and withdrawal limits, go to the general terms and conditions on any given casino site.
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The main reason why bank transfer persevered for so long and is still considered a consequential banking method for online casino players is due to its trustworthiness. The nature of a bank transfer implies that all payments can be traced, which adds a layer of protection to your payments if, for whatever reason, the deposit failed to go through.
Today’s banks use state-of-the-art technology to encrypt transactions between the bank and the customer. Internal checks take some time, but they are worth it. Banks strive to implement the highest of security standards; cyber theft is just as much their concern as it is yours. The Know Your Customer (KYC) model helps a lot, as well as various forms of verification. Naturally, all banking info is encrypted by advanced SSL technology.
However, we have to point out that online casinos, or rather their payment processing systems have access to your sensitive personal and financial information during bank transfer transactions. This is not an ideal solution, making bank wire payments significantly less secure than most e-wallets and pre-paid cards.
Seeking assistance for any question or complaint you may have when ordering bank transfers should never be an issue. Such transfers are conducted through your bank of choice, so getting help is often simply a matter of contacting the person you normally communicate with at your own local bank. Your bank may have a live chat feature or a contact phone number. You can also contact the casino you are playing at via means of support, but they will likely advise you to get in touch with your bank’s representative.
The level of trustworthiness is very high when it comes to bank services such as a standard bank transfer. However, the downside is that bank transfers are dependent on a lot of interlinked procedures. This results in slower service for the customer, and that is what most bank transfer users highlight in their feedback.
Studies show that consumers continue to get choosier about their banking service providers, and expectations are on the rise. In a notable number of cases, clients tend to switch banks to seek lower fees. You’ve heard it here, banks! Make it easy for people to handle frequent transactions and lower their fees. As far as security goes, most banking institutions score well.
The banking industry is quite competitive and certain banks may have various features that are meant to enhance your bank transfer experience. The process itself is not altered too much, but the highlight is often on speed. Since the slowness of the transactions is one of the biggest downsides of the bank transfer service, banks work on enabling faster wire transfers and a more efficient solution for modern, time-ridden customers.
Some banks have virtual assistants at your disposal, while other will assign you a personal account manager. Some banks offer next-day transfers, usually for an extra cost. Keep in mind that “next day delivery” typically means “next business day” in this case.
Banks widely embrace the demand for mobile compatibility. Banking services, including bank transfer, are used both in mobile versions of bank websites and via mobile apps. Millennials and Generation Z are frequent users of banking apps, and other generations use them at least once per week. Nearly two out of five users transfer funds between accounts using a mobile banking app. The solution itself has no technical obstacles in terms of carrying out a transfer by receiving instructions from a mobile device. However, the quality of the mobile service will be determined by the banking institution.
The first widely used service for wire transfers was launched by Western Union in 1872 on its existing telegraph network. Once a sender pays money at one of the telegraph offices, the operator transmits a message and “wires” the money to another office, using passwords and codebooks to authorize the release of the funds to a recipient at a remote location.
Domestic and international bank transfers are usually not treated the same. The European Union regulations state that IBAN/BIC transfers within the Single Euro Payments Area (SEPA) must not cost more than a national transfer, no matter which currency is used. The SEPA zone is comprised of 36 countries: the 27 EU member states, the UK, Andorra, Iceland, Monaco, Switzerland, Liechtenstein, Norway, San Marino and the Vatican City State.
Most international transfers are executed through SWIFT, a co-operative society founded in 1974 by seven international banks, which operate a global network to facilitate the transfer of financial messages. Today, SWIFT is a communication network of more than 10,000 financial institutions in more than 200 countries.
The minimum age for opening a bank account is most commonly 18 years of age. However, in some countries, the minimum age to open a bank account can be 16 years.
Telephone transfers are still a thing. You can call our bank’s telephone banking service to request a transfer. The representative will guide you through the process, although in some cases you might be guided through by an automated recording.
To avoid issues with bank transfers, make sure to double-check all the details. Check every figure, even if your bank preloads them. Also, make sure that you have enough funds to cover the transfer (including fees).
Yes, you can. In the case that some banking methods supported by casinos do not have the possibility of carrying out withdrawals, bank transfer is usually the most common alternative at such websites.
There may be fees involved, but whether these fees are insignificant and minor or notable and unfavorable – this depends on your selected casino and bank.
Safety is one of the main reasons why people still opt for bank transfers in this day and age, because they trust in their respective banking institutions. Banks use advanced encryption to protect all the details related to the transfer. The risk of fraud or identity theft is minimal, as long as you are mindful of the sensitive info involved.
Most likely. Bank transfer is a service that is offered by all the major bank chains and credit unions around the world. Small, local banks also offer it as a basic service.
Bank transfer online casino withdrawals may take several days. At least two or three days are necessary, but the process may take up to 5, 7 or even 10 days in extreme cases. This depends on your bank of choice and its processing protocols.
Bank transfers are made possible by the banking institutions under the financial laws in force in each individual country. International laws also apply if the country is a member of a larger entity.
You can withdraw money that you have stored on your bank account through bank transfer by simply visiting a branch office of your bank, asking to cash out and showing your ID and your account number. If you have a card linked to your account, you can also visit an ATM machine and make a withdrawal.
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