Bank Transfer

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Type of payment: Bank Transfer

A Bank Transfer, also called Wire Transfer, is by far the oldest, most trusted and probably up until today the most used payment method (except maybe for cash payments). The method does exactly what the name of this type of payment says: transferring money from one bank (the bank of the payer) to the bank of the recipient (payee).

It´s imaginable in ancient times a money transfer meant physically carrying an amount of money (coins) from one money storage place (a “bank”) to another place where money was stored (another bank). However, as early as in the 4-th century BC people started to use primitive banknotes and started to “abstract” money (representing money as a “number”) after which transfers were simply made by subtracting an amount from one book (the “account” of the payer) and add the same value to the book / account of the recipient.

During time (and despite inventions such as giro and cheques) this system basically stayed the same; if someone wanted to pay money to someone else by a bank transfer he or she needed to order his or her bank to deduct the money from the own bank account and add it to the bank account of the recipient.

The first real innovation in Bank Transfers as a payment method came with the invention of the telegraph (and later the telephone and fax) which made it possible to communicate transactions over great distances. In the US and starting from the second half of the 19-th century the famous Wire Transfer service Western Union was the first to transfer amounts of money “electronically” (by telegraph) from A to B.

This eventually evolved into making payments by the internet and nowadays everyone who has a PC, an internet connection and an internet banking account can make Bank Transfers from the comfort of his or her own home.

What is a Bank Transfer?

In its most conventional form a Bank Transfer is a quite time and energy consuming payment method. First of all the payer needs to (logically) possess the data of the own bank account as well as the data of the bank account of the recipient. This data usually consists of the name of the payer / payee, address, the name and address of the banks, the bank account numbers, banking codes like Swift, BIC and IBAN et cetera.

With this information the bank needs to be ordered, usually by some sort of transfer form, to make a certain payment after which the bank needs time to verify the provided data. .

When the bank of the payer has verified the transaction data it will contact the bank of the payee who´s bank in its turn needs to verify the transaction data too and if everything is approved the amounts will be transferred from one bank account to the other.

The “payment processing time” of a Bank Transfer (the time it takes before the transaction is fully completed) typically lies between 3 to 5 business days. However, a lot depends on the bank(s) involved in the transfer and processing times of up to 8 business days for a payment are not uncommon. If the payer has made a mistake when providing all the data for the transaction to be carried out it can even take up to 20 – 30 days.

There are many Bank Transfer services that offer so-called “Instant Bank Transfers” that, as the name implies, are carried out immediately and fully completing a payment within seconds.

As stated above most people nowadays will make Bank Transfer payments via the internet, with their internet banking account. In that case it could be wise to make use of a third-party online payment service provider (such as iDEAL, Trustly, Giropay or Sofort Überweisung). These services will shield the payers personal and financial (internet banking) data from the recipient and most payments are instant.

Bank Transfers can also be used to receive money from web merchants and internet entrepreneurs. For both receiving as sending (transferring) money some Bank Transfer methods ask quite hefty fees.

Paying with a Bank Transfer in an online casino

To make a casino account deposit by a Bank Transfer you need to visit the payment page in the online casino and choose “Bank

Transfer” as payment option after which you’ll be redirected to either a page that shows the bank account details of the casino or to a page with links to several banks in your country.

In the first case you need to copy the casino’s bank account details and use them to fill out the Bank Transfer form of your own bank, whether in an online internet banking or “brick and mortar” bank environment.

If you’ve been redirected to the page with the links to all major banks in your country you pick the bank your account’s at, to subsequently log in into your internet banking account and carry out the transaction.

Normally after 3 to 5 days you’ll get a confirmation by e-mail from the casino, stating your deposit has arrived and is ready to be used as playing money.

A rather important aspect while making the Bank Transfer is all details of the account of the casino must be filled in 100% correctly to avoid any further delays due to misunderstandings between the customer, the bank and the casino.

Even more important however is the code you get from the casino during the transferring process and which identifies your deposit at your bank. You don’t only need to use this code while preparing the transfer but you need to save it until your deposit is confirmed by the casino in case you need to identify the transfer.

Withdrawing with a Bank Transfer in an online casino

In almost all online casinos a Bank Transfer is accepted as a legitimate withdrawal method too. If no familiar Bank Transfer service is available on the cash out page or no bank account details of the casino are provided it´s wise to contact the casino´s helpdesk and find out how a withdrawal with a Bank Transfer can be made.

Advantages of using a Bank Transfer

As a banking method option in an online casino Bank Transfers have a few advantageous characteristics:

  • The biggest advantage is the safety with which Bank Transfers are carried out. Online transactions with Bank Transfers are encrypted and transfers between the bank account of a depositor and the bank account of an online casino are as secure as transfers between banks;
  • A second advantage is Bank Transfers can also be used to withdraw funds from the casino account;
  • Another aspect of Bank Transfers that can be considered an advantage is the familiarity of consumers with the method and the trust people might have in their (own) banks.

Disadvantages of using a Bank Transfer

As a somewhat “old-fashioned” payment method to put funds on an online casino account there are several disadvantages of using Bank Transfers:

  • A Bank Transfer payment is terribly slow. Whether depositing on or withdrawing from a casino account it takes a couple of days before the procedure is entirely completed;
  • The procedure to pay with a Bank Transfers can be a quite complicated operation to carry out, with many steps and with much data to provide. This also increases the chances of errors made while transferring, normally causing even more delay;
  • To deposit or withdraw funds using Bank Transfer sometimes a fee must be paid;
  • Nowadays there are numerous other banking methods available in online casinos such as e-wallets, pre-paid cards, debit cards et cetera. Most of these methods are more practical in use, carried out anonymously and offer the same safety as a Bank Transfer, making the latter payment option fairly obsolete.

Where to pay with a Bank Transfer?

Although probably there are very few online casino players who are using Bank Transfers as a way to recharge their casino account with play money, many of the Netent Casinos still offer this possibility as payment option. Have a look at the side bar on this page where you’ll find a list of all Netent Casinos that accept deposits and withdrawals made by a Bank Transfer.