Bank Transfers: Casino Payment Methods 101
If you are a gambler or an enthusiast who wants to become one, you probably know that drawing that winning card at the poker table, hitting the jackpot, or beating the dealer at the blackjack table are probably the best feelings you can experience. As a gambler myself, I’m not going to deny it. It’s a rush unlike any other.
However, if you want to be able to gamble at an online casino in the first place, you have to deposit a certain amount of money. Only then can you gamble and win some cash. In case you win some money at an online casino, you must have a reliable withdrawal method at your disposal.
But, what are those reliable withdrawal methods? Is wire transfer as reliable as people say it is? Or is it a payment method that can leave you exposed and vulnerable to frauds and scams? Well, the answer is – both. Depending on the bank you use, a wire transfer can be a pretty safe casino payment method. However, there were some cases of fraud that should definitely keep you on your toes when using this method.
With that in mind, let’s see how you should use wire transfer when gambling in an online casino.
The Good Old Wire Transfer
Like myself, you’ve probably sent money to someone who lives in a foreign country or received cash from abroad, right? If that’s the case, you are definitely familiar with bank wire transfers. However, if you haven’t used wire transfer before, that’s okay too. This is one of the simplest and definitely one of the oldest payment methods available to you. What does this mean?
Well, it means that people think of it as the most reliable and safest way to pay and receive money. As you could see from the example we mentioned in the introduction, that’s not always the case. But it must be said – frauds and scams are pretty scarce when it comes to wire transfers, especially compared to other payment methods. Being a gambler who depends on his finances, I appreciate this level of security.
One of the most common questions new casino enthusiasts have is this – how to use bank transfer to make deposits and withdraw money at online casinos? I told you it is a simple procedure and I didn’t lie. Here’s what you have to do.
- Find a bank that allows money transfers for the purpose of online gambling (most of them do)
- Disclose your personal information and the information regarding the casino like account numbers and addresses. (some of the casinos with the best data protection services are – Las Atlantis, BetUS Casino, Betsafe Casino)
- Arm yourself with patience because wire transfers can take a few days
Yes, the wire transfer is an old and traditional payment method you can definitely rely on when making deposits or withdrawing money from online casinos. I myself have had mostly good experiences. I never waited more than a few days. However, I talked to some people who have waited for a few weeks to get their winnings, but those situations are very rare. There are a lot of factors involved, of course. Human error is the most common reason why some payments don’t arrive on time.
Like every other payment method, the bank transfer has its own pros and cons. I’ve been gambling at online casinos for years and wire transfer has been my preferred option. That said, let’s get down to work and see why you should or shouldn’t use bank transfers.
The Pros Of Using Bank Transfer
Lower Risk Of Fraud
Playing casino games at online establishments can bring you a lot of good things. I should say so, it’s my main source of fun. Unfortunately, every once in a while, you will stumble upon an online casino that is not all good.
Let me explain.
Some gambling sites will lure you in with their awesome online casino with sign up bonus and exciting casino games, but once you make a casino deposit, you will see that the establishment doesn’t offer fair conditions. Those sites are called scam casinos and they are usually not very transparent. The most common casino scams are:
- Deposit theft – casino encourages you to make a deposit, then freezes your account and makes it impossible for you to withdraw money
- Rigged games – scam casinos use rigged games which make it impossible for you to win. To successfully avoid those casinos, you have to make sure whether or not a site has a legit gaming license. If it doesn’t, steer clear.
- Identity theft – as beloved Dwight Schrute says “identity theft is not a joke, Jim”. He’s right, it’s not. A lot of people suffered from these scams and some of them are online casino customers. Considering the fact that you will have to provide a casino with your personal information (casinos insist on this in order to comply with Know Your Customer and anti-money laundering laws) you have to make sure that a casino has a legit license and strict data protection laws.
The thing all of those scam casinos have in common is an obvious lack of transparency and that’s why it’s easy to spot those sites. But that’s not always the case. Trust me, I’ve made a few mistakes in my time and I’ve paid dearly. This is exactly the situation where a wire transfer payment method can save your ass.
How does this work exactly?
As you probably know, most banks are reputable institutions with years of experience. This means they’ve seen their fair share of frauds and scams. In order to fight scammers and protect their clients’ money and personal information, banks have established a rather strict control mechanism when it comes to money transfers.
This is especially the case when you are making deposits or withdrawing money from suspicious sites. The bank’s ability to recognize fraudulent sites is the main reason why I prefer bank wire transfers. I hate to admit it, but if it weren’t for the bank’s strict control procedures, I would have lost a lot more money. Shh, don’t tell anyone.
What do those strict procedures entail?
When it comes to wire transfers, money goes from one bank to another, and then to a person’s account. For example, in the U.S., anyone who wants to use a wire transfer needs a bank account. To open an account, a bank has to verify your identity and ask for a physical address where you can be found. That is a federal law.
Wire transfer may not be 100% safe, but it’s controlled by the federal government. This gives me peace of mind.
Your Money Should Be Safe From Hackers
Knowing how to protect yourself from scam sites is one thing, but unfortunately, that’s not the only threat you’ll encounter while gambling at online casinos. It doesn’t matter how careful you are, if you’re using lesser-known payment methods, your bank account might be at risk of hacker attacks.
Banks have impeccable security systems that will keep your account safe. This is mostly because they are controlled by the federal government. Trust me when I tell you that bank transfer was my only payment method during my gambling career and I experienced no issues when it comes to safety.
If you want to enjoy new online casinos properly, you can’t afford to worry about the safety of your bank account. Peace of mind is one of the best things this payment method can give you and that’s why I recommend you to only look for casinos that accept this option. Casinos that offer wire transfer are usually legit casinos that don’t have secret agendas.
Most Casinos Offer Bank Wire Transfers
Safety is an important factor, no question about it, however, it’s not the only one. Most online gamblers are nomads. They are travelling from one online casino to another and they don’t stay too long at one establishment. At least, that’s the case with me. I’m always looking for new casinos and exciting casino games. During my gambling sprees, I’ve seen a lot of sites that don’t offer plenty of payment methods. Most of them offer either credit or debit cards, E-wallets, cryptocurrencies, or mobile payments.
Every casino has a different payment policy, but all the sites I visited had the wire transfer option. I mean, it’s a simple payment method and most people have bank accounts. It’s only logical for a casino to offer this option. If you want to visit a lot of online casinos and be sure you will be able to make deposits and withdraw money, a bank transfer might be the best choice for you.
The Cons Of Using Wire Transfer
Bank Account Can Be Slow
One of the main disadvantages of using a wire transfer for online casino payments is that it can be pretty slow. As I already mentioned, bank transfers usually take 3-5 business days. There were cases, of course, when people waited more, but that’s very rare and usually because the funds have to be thoroughly analyzed. Personally, I don’t mind waiting, but some players don’t like to keep their money in their casino account. They want to transfer it as soon as possible and continue enjoying casino games.
If you are a casino player who can’t afford to wait a few days, the bank wire transfer might not be the best withdrawal option for you. Here are the casinos with the fastest payouts:
- Red Dog (USA)
- Las Atlantis (USA)
- Spin Casino (Canada)
- Casinonic (Australia)
- Mansion Casino (UK)
Some Banks May Refuse To Transfer Money For Gambling Purposes
Most banks have pretty strict rules and regulations. I consider this to be a plus, but that’s not always the case when it comes to casino transactions. There are banks that don’t like to do business with suspicious sites and that includes online casinos.
If you have a bank account in a bank where casinos are not welcome, it doesn’t matter if you want to make wire transfer deposits or withdrawals, you won’t be able to make a transaction. In other words, you will have to choose a different casino payment method.
Those rules can make a gambler’s life complicated and that’s why certain players don’t use wire transfers. Those players like to keep their transactions short and sweet, and that’s why they often choose Ewallets. My bank doesn’t consider online establishments to be suspicious, so I’m good.
Disclosing Personal Information To Online Casinos
Let me ask you this: Do you like sharing your personal information with anyone who’s not your friend or a family member? Yeah, me neither. Unfortunately, if you want to make deposits and withdrawals via bank transfers, you will need to disclose your data to an online casino. Don’t get me wrong, I love casinos. That’s where I have the most fun and where, occasionally, I win some money.
Unfortunately, online casinos are often targeted by hackers and scammers and that’s the main reason why people are not too thrilled to share their personal information. Here’s what you have to provide:
- Bank account number
This is a pretty standard procedure when it comes to bank transfers, but it’s understandable why people would be so protective of this information.
Lack Of Discretion
Most players at online casinos like to be discreet about their gambling adventures. I’m not saying that there’s anything wrong with gambling per se, but it’s a bit of a taboo in most societies. Heck, it took me years to come out of the gambling close to my mom.
Because of the fact that gamblers are perceived differently than other “regular” people, players tend to have a little bit of a hush-hush attitude. Considering that wire transfers have to be transparent, players tend to avoid them and choose a different payment method.
If you don’t want your casino transactions to be available to your family members or to appear on any bills or receipts, you should consider other payment options like e-wallets, credit cards, or cryptocurrency.
There Are Fees You Have To Pay
If you ever paid for something online, you are familiar with the aspect of fees. Almost every bank or online transaction is subject to fees and the case is no different when it comes to wire transfers. Having to pay fees is normal, but if you are spending a lot of time at online casinos and have plenty of bank transactions during a week, the fees will take a considerable amount of your money. Also, having to pay a fee every single time you are withdrawing money from a casino is a damn pain in the ass.
This is exactly why passionate gamblers who have a banking account don’t use it for this purpose. Instead, they use the methods I mentioned in the previous paragraph. Those methods usually don’t require any kind of fee or if they do, the fee is pretty symbolic. In other words, if you are going to make casino deposits and withdrawals on a daily basis, the bank money transfer procedure might not be the right choice for you.
Wire Transfer Or Not? What’s The Right Call?
I’m a passionate player and I usually only want to create a casino account and talk about casino bonuses, table games, and other fun aspects of fun online joints. However, one of the things I’ve learned during my gambling ventures is this – you can’t enjoy the fun features of casinos until you sort out the technical aspects first.
The most important technical aspect is definitely choosing the right payment method. Considering all the information regarding the wire transfer can be a bit overwhelming. That’s why I’m going to summarize the most important things and make it easier for you to decide.
- If you value your safety and privacy, you should definitely consider using your bank account for casino purposes.
- On the other hand, if you don’t want to disclose your personal information to casinos, pay fees, or wait 3-5 business days for your money, you shouldn’t use your bank account for this purpose. This is where cryptocurrency might be a better option.
At the end of the day, it’s all about personal preferences and there are no wrong answers here. The thing you have to do is consider your gambling and financial habits and make a decision based on that.
This decision is yours and yours only. Go with what makes you most comfortable. We got you, Bro!