Bank Transfer

While depositing to play pokies for real money you will find there are many deposit options available at Australian online casinos. One of the funding mode at online casino account is a simple method of Bank Transfer. Online casinos like Fair Go Casino offers various bank transfer methods for smooth banking transaction that are safe and secure. Remember that most of these Aussie friendly online casinos offer only withdrawal by bank transfer and does not allow deposits. So better check out with their customer support or at their banking page before you use bank transfer as one of the payment mode at the online casinos to play real money pokies. Let us what are the types of Bank Transfers available at online casinos and how they work.

About Bank Transfer

Bank Transfer is also called Wire Transfer and is the oldest, most trusted and probably the most used payment method. 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 or casino).

In ancient period 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). 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 the “account” of the payer and add the same value to the book / account of the recipient.

During time 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 or mobile, an internet connection and an internet banking account can make Bank Transfers from the comfort of his or her own home.

Understanding Bank Transfer

In its most conventional form a Bank Transfer takes a much of time as payment method. First of all the payer needs to possess the details of his bank account as well as of the bank account of the recipient. Like 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 details.

When the bank of the payer has verified the transaction it will contact the bank of the payee who´s bank in its turn needs to verify the transaction details 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 in his details 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 nowadays Bank Transfer payments via the internet are performed, with online banking account. In that case it could be wise to make use of a third-party online payment service provider. These services protect the payers personal and financial details from the recipient and most payments are instant.. For both receiving as sending (transferring) money some Bank Transfer methods ask quite hefty fees.

How to deposit with Bank Transfer at online casinos?

Royal Vegas Bank Transfer

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.

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 online 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 player, 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.

Fair Go Bank transfer

Types of Bank Transfer commonly available at the Australian friendly casinos are  POLi, Instant Banking, Multibanco, Trustly, Ewire and various others.

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 Bank Transfer

  • 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.
  • 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 Bank Transfer

Bank Transfer payment method to put funds on an online casino account  also have several disadvantages:

  • The process 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
  • As 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 play with 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 online casinos but allow you to make a withdraw with Bank Transfer.

Frequently Asked Questions

Can you Withdraw Funds With Bank Transfer or Wire Transfers?

Casinos that accept bank wire deposits also allow you to withdraw using a wire transfer. This is the best method anyways because it allows you to withdrawal the most at one time. Although some casinos have limits on how much you can cash out each week, some will allow you to transfer tens of thousands using this method.

Is It Safe To Deposit With Bank Transfers?

If you trust your bank and your online casino, using a wire transfer for deposits and withdrawals is as safe as using a bank transfer for any other purchase. This is the preferred method of depositing for all big time players because it is safe and you can deposit more than other deposit options.

Are There Additional Fees Associated With Using Bank Transfers?

Yes, there are fees for the sender as well as the receiver. Fees vary from bank to bank and casino to casino, so check with your bank and your online casino’s cashier for specific fees for using bank wires at that particular site.

Are There Bonuses Available To Players Who Use Bank Transfers?

As of this writing, no casino is known to offer bonuses to players who deposit with bank transfer.

How Long Will It Take For your Bank Transfer To Appear In your Player Account?

This varies, though most online casinos advertise a waiting time of between 8 and 10 business days before your transfer appears at the site or before your withdrawal appears in your bank account.

Can you use bank tranfer for online poker payments?

Yes. Bank transfers for poker are normally accepted at most poker rooms, and are great if you can’t use an e-Wallet or credit card.

How are winnings paid by Bank Transfer?

Poker sites accepting Aussie dollars will pay in AUD, but you may sometimes have to exchange currency into Aussie bucks before withdrawing.

Should you use bank transfer for online casinos?

Making bank transfers for online casino payments isn’t for everyone and certainly isn’t the most common way to pay for casinos. This is because it takes a few days up to a week to make payments and can be expensive to use. However, for those of you who prioritise privacy, or even secrecy, over everything else perhaps wire transfers for online casinos are the best payment method for you.

What is the main benefit for bank transfer?

The main benefit is that bank or wire transfers are available for anyone to use to make payments. They do not require credit checks or for you to provide personal details or for you to have a current bank account. Simply make your payment to begin playing.

Do banks generally allow online casino play with bank transfers?

Some banks may query direct payments from your bank account to online casinos, which will put a stop on your account until you talk to your customer service. This can be frustrating, even though it is done to protect you from fraud, so some players prefer to use alternative methods of payment for online casino use.

VN:F [1.9.22_1171]
Rating: 5.0/5 (1 vote cast)
Bank Transfer, 5.0 out of 5 based on 1 rating