Bank transfer, which is also known under the terms “wire transfer” or “credit transfer” is a widely used method of electronic money transfer from one person to another, or to a certain entity. Bank transfers are made from one one bank account to another or using a cash transfer at a cash office.
If you are interested in bank wire deposits, then you should take a look at our page. Actually, this payment method has both positive and negative sides, simply because it is one of the oldest ones used to transfer money. In case you need a simple explanation what bank wire transfers are, you need to have in mind that this type of payment method represents an electronic transfer of money from one bank account to another bank account.
Unfortunately, wire transfers are slowly but steadily losing their popularity, due to the newer and safer, to some extent, debit/credit cards, eWallets, special payment software and many more financial products that people keen on gambling might use.
Normally, different wire transfer operators and systems offer a great variety of options to their customers in order to meet their personal needs and requirements when it comes to money transfers. The options also vary in correspondence to the value, volume and cost of transactions.
Bank transfer can be initiated by customers via phone banking, online banking, mailing a payment form to the sending bank or by simply visiting the bank and filling in a payment form in person. The main and most important feature of wire transfers is that they are initiated of the customer, which is why the payment is “pushed” to the seller’s (provider’s) bank account.
However, it is important for you to know that an order does not necessarily mean a payment, because the latter must come as a result of the customers’ instructions to their banks. Once a payment is made, it cannot be reversed. The only option for a customer to get back what they have paid, is to ask the merchant for a refund of the transaction.
Bank Transfer Procedure
The wire transfer itself is carried out in several steps. First, the customer or entity wishing to make a bank transfer must order the bank to transfer a certain amount of money. Both IBAN and BIC codes are provided in order for the bank to be informed where the money needs to be sent.
Then, the bank that is to send the money, uses a special secure system in order send a message to the receiving bank in order to make it effect payment according to the instructions sent. Settlement instructions are also sent in the message.
In addition, the money transfer is not carried out instantly. It may take several hours or days to be moved from one account to another. In addition, a so-called reciprocal account must be held by the banks. The payment must be sent with such an account.
Not only the recipient of the wire transfer gets a certain amount of money – banks also collect payments for the service.
Using Bank Transfer to Make a Casino Deposit
If you have sent any money via wire transfer at least once in your life, then you will not have any problems with funding your casino account because the process is the same. What you need to do is to contact your bank and let them know the amount you want to transfer.
Keep in mind that in most cases there are some fees that need to be paid. Actually, that is what the process takes – in a couple of hours you will find out that the money is available in your account.
And since we have already mentioned fees and negative sides of wire transfers, here is the biggest one. However, as mentioned above, this type of payment is losing its popularity primarily due to the fact that bank wire transfers are extremely expensive, especially when compared to other methods. The fees are individual for each bank, but it will cost you somewhere between $10 and $40 to top up your account.
Advantages of Bank Transfer
However, do not think that there are no positive things about wire transfers. First of all – it is really safe. All you have to do is to have a bank account. The next thing is to make sure that you have chosen a reliable online casino. If you have completed those the steps, then there is nothing to worry about. Bank transfers are also extremely fast – usually between 8 and 10 business hours, so if you are lucky, you might be able to start gambling at the same day.
Another great thing about this payment method is the fact that everyone can use it, no matter of their location. Most online casinos all over the world accept bank wires, so you will not have to look for a special group of sites that can meet your needs.
It is up to you to decide whether you are prepared to spend a few dollars more knowing that your money is safe and it will get into your account as soon as possible, or prefer to spend less for the transfer and wait longer for the money to arrive. You can also take a look at some of the other articles we have written on online casinos and the various payment methods they accept.
Disadvantages of Bank Transfer
No matter of the great number of advantages that are typical for bank transfer, there are some disadvantages, too. As mentioned above, the bank transfer is normally initiated by the customer. In addition, it is more frequently used by people who do not own a credit card or at least do not want to use it when making a distance sale payment over the Internet.
One of the greatest disadvantages of wire transfers comes for the seller, because it is important for you to know that the order of a money transfer is not only a completed transaction. Another serious drawback is the fact that there are potential delays until the payment process is finalized.
In addition, a certain payment could not be finalized by the customer, because the latter is required to contact the bank to compete the payment. Unfortunately, such an action could not be guaranteed.
Bank transfers are charged in a different way. Some wire transfers are more expensive than others, not to mention the fact that international transfers are usually more costly. Larger fees are normally charged when it comes to outgoing transfers, while the incoming ones are less expensive.
In spite of all of its advantages, which make it highly preferable for a great number of customers, bank transfers have been recently losing their previous glory. They are pushed aside by much modern payment methods, especially when it comes to online payments. This is primarily due to the fact that more and more users are attracted by the swift and secure online payment systems that guarantee not only successful money transfers, but also come less expensive.