An online bank transfer is a service offered by a number of merchants that allows users to pay for items online using their bank accounts. It is an increasingly popular method of payment at a number of online casinos in some form or another and is offered both through in-house and independent payment processors.
Overview of Online Bank Transfer
The method by which you conduct an online bank transfer will vary from casino to casino. Some casinos offer region-specific solutions such as Sofortbanking, while other options are more generalized, such as UseMyFunds. Other, usually larger casinos may be able to conduct a transfer without the assistance of any third-party payment processor.
Depositing with Online Bank Transfer
Since the online bank transfer protocol varies widely, the exact step-by-step process you'll need to follow will vary. For this reason, we encourage you to check with a casino support representative before you attempt to use this method to deposit. Make sure to inquire about the time it will take, as well as the fees that may be assessed.
Generally speaking, you'll need to either use the casino's in-house banking processor or find a third-party solution that works for your location and banking institution. Once you've done that, you'll need to either log into your bank's online banking system or provide your banking information to complete the transfer.
Withdrawing via Online Bank Transfer
If you wish to withdraw your funds back to your bank account, you will probably follow a slightly different procedure. Most casinos offer direct-to-account withdrawals through either a regional withdrawal option or an international wire transfer. Although these are not technically online bank transfers, they can be initiated within the casino cashier. We encourage you to talk to a casino representative for more detailed information.
Advantages of Online Bank Transfer
An online bank transfer is generally one of the fastest ways to get money into an online casino account. The transfer can be conducted within a matter of seconds in most cases, and your funds will probably be available instantly.
Online bank transfers are typically more safe than other direct deposit options, such as money transfer and credit card. This is because they are usually managed by your bank or a similar banking company, and very rarely do you actually have to disclose your banking information to another party (such as the casino).
Disadvantages of Online Bank Transfer
An online bank transfer cannot technically be used to withdraw funds. If you wish to send money back into your bank account after depositing with an online bank transfer, you'll need to use the casino's regional bank transfer or wire options. These may be costly, and you should seriously consider your alternatives before deciding on a single method.
An online bank transfer can also be more difficult to conduct than a credit card deposit. If the casino does not have its own in-house payment processor, you'll need to register with a third party supported by the casino that specializes in online bank transfers. This will likely require you to verify your bank information before you make your first deposit, which can take several business days.