One of the most effective deposit methods for depositing larger sums of money to online casino sites is electronic bank transfers. The advantages of bank transfers are numerous. They come with flat fees instead of percentage-based fees like some other deposit methods. Bank transfers are extremely fast – often completing within 24 to 48 hours. On top of all that, bank transfers are safe. Your money moves from your bank account directly to the casino’s bank account without having to sign up for some third party e-wallet service.
Let’s start with a quick list of gambling websites that accept fast bank transfer deposits and then explain how it all works below:
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How Bank Transfer Deposits Work
There are actually a few “types” of bank transfers that work differently. Bank transfers go by a variety of names thanks to there being so many companies that specialize in this service. Minor details may vary, but the basic idea behind them all is to send money from one bank to another as quickly as possible.
Wire Transfer
First up, we have wire transfers that actually send money from one bank account to another. Wire transfers are the most secure but also the most expensive. It’s not uncommon to pay anywhere from $15 to $30 just to send a wire. On the positive side, that’s a flat fee. If you’re planning on making a large deposit, it may actually be cheaper to just send a wire.
The other major disadvantage of the wire transfer is that you have to either visit your bank in person or call them to initiate the transfer. This isn’t something you can do entirely online. In other words, there’s a little work involved. The good news is there are usually other options.
Fast Bank Transfer
Other types of bank transfers work more like the eChecks instead of traditional wire transfers. There are a few companies in every country that specialize in connecting banks for the purpose of sending money from one place to another. Gamblers can use companies such as Instadebit to send money from your bank account to your gambling site instantly.
Some sites call this the “fast bank transfer.” In any case, the purpose is to move money around and pay for goods online. Today’s bank transfers are much improved over traditional eChecks due to being significantly faster. A fast bank transfer is usually processed that same day.
Unlike wires, fast bank transfers can be completed entirely online. There’s no need to visit the bank or make a phone call. All you have to do is type in your information and you’ll be credited with the funds.
Online Banking and Bill Pay
There’s yet another type of bank transfer option out there that uses your bank’s online banking system or bill pay feature to make deposits. Services such as POLi and Przelewy have relationships with major banks and allow you to simply log in to your online bank account with your bank’s existing login information. Confirm the amount and the money will be sent directly to your online casino.
Advantages
I’ve always found bank transfer deposits quite convenient because they don’t require a credit card or additional logins to remember. All I have to do is remember my bank account number and I can complete a large deposit without even getting my rear end up off my computer chair.
Another big advantage is the speed of depositing. Most modern bank transfer methods are completed instantly or within a couple hours. You won’t be sitting around all day if you use this method to transfer funds. Wire transfers are the exception as they can take up to a whole business day depending on what time of day you initiate the transfer.
Additionally, bank transfers work well if you can’t get your credit card deposit to go through. Many credit card issuers are based in the United States and are subject to banking laws that restrict them from processing transactions to online gaming sites. Since all credit card transactions are coded based on the type of service being paid for, it’s a common problem for people’s credit card deposits to be declined.
Bank transfers don’t suffer this same issue. If you’re having problems depositing with your credit or debit card, a bank transfer may be the way to go. All you need is a bank account and you’ll be able to fund your casino and get to the fun stuff.
Wes Burns co-founded OnlineCasinoSites.com with a mission to help gamblers understand and navigate the regulated online casino market in all countries around the world. Wes is a respected gambling journalist, working in the industry since 2008.