A bank transfer (or bank wire as often called) is the most basic form or depositing and withdrawing into an online casino account. Basically, you send a payment from your bank account to an online casino by entering your bank account details.
There are some drawbacks though. The main one is that bank transfers normally take up to 3 days from when it is sent to be received by the online casino. This is if you are UK resident. If you are from outside the UK, this can take up to 10 days sometimes. The same applies to withdrawals – the process is not as quick as Debit/Credit Cards for example.
Another important factor to consider is that fees may be applied by your bank. This varies by bank though so it’s worth checking. In terms of fees applied by casinos, this varies too. If you take bet365 casino for example, the charge no fees for either depositing or withdrawing but only allow one free withdrawal a month via a bank transfer. At 32Red casino, bank transfers are free if over £100. If not, they charge a £5 fee.
The simplicity of the bank transfer is what is appealing though. Furthermore, online casinos will normally allow bigger sums to be transferred using this method than with others. One final advantage is that you won’t have to worry about the casino currency as it will be automatically converted at the bank’s exchange rate on the day you process the transaction.
On the whole bank transfers are popular and used by millions of casino players. However, here at Casino Manual we think there are more suitable banking options available to you. The fact that is takes 3 days (minimum) to deposit or withdraw (if you are a UK customer that it) is the big turn off in our opinion. Go back to our Banking Guide to find a faster method for depositing and withdrawing online.