Bank Transfer Casinos - Trusted Online Casinos Accepting Bank Transfer
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Bank transfers have played a major role in the globalization process. Over the past century communication systems have been steadily improving, becoming faster, more effective, reliable and widely available. In the online casino industry bank transfers are the last resort regarding withdrawals. Usually when a player experiences certain issues with another payment method the casino operator will transfer any remaining or requested funds to the player’s bank account.
How Do Bank Transfers Work?
We mentioned earlier how online casinos use bank transfers as a last resort payment method. Probably only a half of all online casinos will accept a deposit made with a bank transfer due to the over complicated admin procedures. In order to withdraw money from an online casino you as a player need to have a bank account in the first place. Furthermore the casino operator will ask you for your bank details, including the bank’s name, the account number, your personal information, and you might be asked to provide SWIFT and IBAN number.
Bank transfers may take up to 10 business days before the transaction is fully cleared. This delivery process so to speak depends on the banks that are involved.
Fees Associated with Bank Transfers
Bank transfers come with rather high admin or processing fees. Fees make bank transfers inefficient. Due to high fees online casinos set high minimum withdrawal limits to cover this expense and make the withdrawal worthwhile. However, some online casinos will allow a player to withdraw with a bank transfer even there are not enough funds on its cash balance, but only if the player’s closing the account.
Some casinos charge an admin fee for bank transfers. The bank the casino will use to send you the money may charge another sending fee. The receiving bank, or the bank where your account is opened can also charge you a receiving fee. Sending fees can range between $25 and $40, whereas receiving fees usually don’t exceed the $15 mark.
Over the past few decades the respective governments have made an attempt to put constraints on banks not to overcharge their trusted customers. However, the opposite happened with some banks increasing their fees by 10% to 15%.
Bank Transfers Are An Outdated Method of Money Transfer
We’re not saying it won’t fulfill its purpose, but that there are other banking options that are versatile, flexible and cost-efficient. Online banking methods like Sofort, Instant Banking, WebMoney, CitadelBanking offer way better conditions. Deposit and withdraw with a bank transfer only if you have to, otherwise look for other options.
On the other hand, bank transfers are one of the most reliable ways to transfer money. Don’t mix up bank transfers with wire transfers. Furthermore, we’re talking about transfer made from one bank to another, not a cash office.