Bank Transfer payment method is the most common medium used for making transactions. It is faster and most secure in terms of making payments. It is also termed as a wire transfer. It involves transferring funds from one bank account (usually the buyer) to another account (merchants or businesses). It’s the safest way to transfer the money as there is no chance of a chargeback.
How Does Bank Transfer Payment Method Work?
If you have been a finance or accounts student, you already know how transactions through banks are being carried out. However, we still exhibit this process in this section.
When the customer at the time of checkout chooses to pay via Bank Transfer for the purchases, the merchant provides its business account details. The customer then fills up all the requirements along with the amount to be paid. The amount is then reflected in a merchant’s account after a while.
In the past decade, the Banks systems have evolved according to the modern world. As the days pass, the world is becoming more digitized, the Banks have also advanced their system by using state-of-art technology. Banks have introduced a different transfer method to facilitate their customers. Such as:
- Internet Banking
- Telephone Banking
- Mobile Banking
- Online bank transfers like ATMs
- In-person cash Payments through banks to the merchant’s account.
Bank Transfer payment method at online casinos
Almost all online casinos accept the bank transfer payment method as it is one of the oldest payment modes. The casinos accepting Bank transfers are referred to as the most reliable. However, Bank Transfer casino payments require authentic casino’s account details.
Bank Transfer Deposits
Bank Transfer Deposits can be made to all types of online casinos. The process of deposit funds to the casino’s account is simple. It requires some authentic information from the casino like:
- Casino’s account name
- Bank name and address
- Account Number
- Account type (SWIFT / IBAN)
The clearance can take from 5 seconds to 5 days, depending on the Bank’s performance. The minimum deposit of $10 can be transferred to the casino’s account. Remember, there is always a hidden fee attached to every payment method, same with the Bank Transfers, especially in the international Bank transfers.
Bank Transfer Withdrawal
All casinos support withdrawal through Bank transfer. The procedure is somehow the same as making a deposit. However, it can take days for the money to reflect into your account. So it is highly recommended to look for other options available at online casinos for withdrawing your winnings.
Bank Transfers Pros & Cons
Bank Transfers Advantages
- The transactions are performed with a secured and safe system.
- Bank Transfer payment methods are more convenient, especially wire transfer through internet banking. The customers can perform them from the comfort of their homes.
- It is accepted worldwide.
Bank Transfers Disadvantages
- Sometimes the merchants or buyers have to face delayed payments because of clearing issues from the banks.
- Not recommended to online buyers to use this method for payment as it is difficult to get the money back if you are dealing with fraud.