Bank Transfer Payment and Withdrawal

Bank Transfer, often referred to as Wire Transfer or Credit Transfer, is a way of electronically transferring money, from one account to another.  This is a vital aspect of gambling online, as without being able to transfer money from your bank account, in to your online gambling account, online gambling would not exist.

The Facts

Website:  There is no official website to cover Bank Transfer

The first Bank Transfers were introduced by Western Union in 1872, using a combination of codebooks and passwords.  It was only some five years later, that this service was being used to transfer over $2.5 million per year.

In essence, a modern day Bank Transfer simply moves a specified amount of money, from one account, in to another account.  It sounds simple enough and it is very easy to complete and can be used to transfer funds from your bank account, in to an online gambling account, which accepts this method of deposit.

Bank Transfers are now achievable via the internet but to do this, you first need to have a bank account and an internet banking account.  If you do not currently have access to internet banking, just contact you bank and they can set this up for you.  That’s all you need, in order to use Bank Transfer for online gambling.

Types of Payment

As the money will be coming straight from your bank account, you do not need to worry about ways to fund the account.  Whatever the amount of money you have in your back account, that’s the amount you can use in a Bank Transfer.  It’s a direct transfer, meaning there is no ‘middle-man’ between your bank and your online gambling account.

Using Bank Transfer to Bet Online

When using a Bank Transfer to credit your online gambling account, you first need to locate the payments page of your chosen sports book, casino or poker room and select ‘Bank Transfer’.  You will then be taken to either the bank details of the gambling company or a list of banks in your country, you can use to make the transfer.

If it’s the former, you need to make a note of these details, login in to your internet banking account and create the transfer from there.  Enter the gambling company details and the amount you would like to transfer and confirm it.

If you have been provided with a list of banks, click on your bank and you will be taken to your internet banking account, where you need to login and complete the transfer.  Make sure you enter all the information required accurately, as any mistakes here will lead to a delay in the transfer.  Also, make sure you keep a record of the code you receive from the gambling company, as you may need it to identify the transfer in the future.

In some cases, your bank may require extra security checks, such as an automated phone call, with a security code, just ensure everything is safe.

More and more sports books and casinos are accepting this type of Bank Transfer but be prepared that there may be some which do not.

If your sports book, casino or poker room accepts Bank Transfer as a way to deposit money, they will also accept it as a way to withdraw money.  A withdrawal works in much the same way as a deposit and it’s best to keep a record of the transaction, just in case there are any issues.  If there is no obvious way to withdraw the funds from your account using Bank Transfer, contact the gambling company, as it’s sure to be available.

Bank Transfer Advantages

• Bank Transfers are widely used for many things and are therefore quite common.
• As the bank is responsible for security, Bank Transfers are encrypted with their technology.
• They can be used to deposit and withdraw funds, even if it is not listed on the gambling website, contact them, as it can still be set-up for you.
• Bank Transfers can be completed using internet banking, so there is no need to leave the computer.

Bank Transfer Disadvantages

• The transfer process can be very slow, meaning you need to plan your gambling in advance.
• The actual process of a Bank Transfer can be quite complex, using a lot of information.
• Usually, a fee must be paid for a Bank Transfer, so check with your bank first, to see how much it is.
• The other methods of transferring money to an online gambling account, such as debit cards, e-wallets and pre-paid cards, use much the same technology as banks but are much faster and easier.

Summary

• Bank Transfer is one of the oldest forms of money transfer available
• All bank accounts can be used to make a Bank Transfer
• A Bank Transfer requires focus and attention, as there is a lot of detailed information to process
• They are very secure and reliable but funds can sometimes take a few days to actually appear
• There are usually fees involved
• There are better ways to transfer money for online gambling, than using a Bank Transfer