Wire transfer – direct deposits and withdrawals using your bank account
This payment method, also known as bank transfer, has stood the test of time as one of the oldest and most utilized forms of payment, despite the emergence of newer alternatives. True to its name, it involves the direct transfer of funds between banks. Originating in ancient times, it initially involved physically transporting money from one bank to another. Over time, this evolved into a system where an amount was deducted from one account and added to another.
The advent of telegraph technology facilitated bank transfers, enabling communication of transactions over long distances. Western Union pioneered electronic money transfer using telegraph technology.
Today, with advancements in technology and the internet, bank transfers have become incredibly convenient. With just a few clicks, money can be transferred from the comfort of your own home.
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Type of Payment: Wire transfer/ transfer by bank
Bank transfer
Bank transfers can be time-consuming and require careful attention to detail. Prior to initiating a bank transfer, you’ll need to gather the payee’s pertinent information, including their bank account details, address, and relevant codes such as SWIFT, IBAN, or BIC codes. Once you have this information, you must instruct your bank to proceed with the transfer, allowing time for verification of the provided details. Upon approval and verification by both banks, the transfer will be processed. Typically, bank transfers take around 3-5 working days to complete.
Happily nowadays you also have many brokers that support a direct wire transfer such as Sofort and Trustly. These brokers make the payment process a lot easier by offering their gateway to pay. In this case you only need to verify your bank details and the money will be on to his way to the right account instantly. Once the payment has been confirmed, the money will be available in your casino account instantly.
Many individuals prefer alternative payment methods like e-Wallets and prepaid cards due to their instant processing and, in some cases, the ability to use them anonymously.
Making an online deposit using your bank account
When opting for this payment method to deposit funds in a casino, begin by navigating to the payment page of your chosen casino and selecting the bank as your preferred payment option. This will lead you to a page displaying the casino’s bank details or links to preferred banks in your jurisdiction.
If presented with the casino’s bank details, use this information to initiate the transfer either online or at a physical bank branch. Alternatively, if provided with links to preferred banks, select one where you hold an account, log into your online banking portal, and complete the transaction.
Following the transfer, expect to receive a confirmation email from the casino within three to five days, acknowledging the receipt and crediting of your deposit into your casino account. To prevent delays in bank transfer transactions, ensure all provided information is accurate.
In general you can use wire transfer to make deposits from as low as €10 or €20 per transaction. At some low deposit casinos it is even possible to make deposit as low as €5 or even €1. You will find all active limits on the banking page of your casino of choice.
Withdrawing funds using wire transfer
When you are done playing you can also request a withdrawl using wire transfer. In general the online casino will return your winnings to the same account as you have used to deposit. They do this due to strict anti-money laundering regulations.
So, if you like to collect your winnings simply enter the amount you want to withdrawal at the cashier and select the bank account you have used to deposit. Once your withdrawal request has been received it can take minutes up to a few days before you receive your money (varies strongly per casino).
Pros & Cons
Pros
- Your deposit will be instantly available to play with.
- Safe and secure payment option to depoit funds at an online casino.
- A good method to keep control over your gambling spend.
Cons
- It is easy to make a mistake when you enter the bank details manually.
- Withdrawing funds can be very quick but it can also take days at certain online casinos.
