One of the most critical aspects of online casino gambling is payments. The online casino expects players to deposit funds to play for real money, and players expect to have their winnings reach them safely, securely and fast. Casinos support a wide range of payment methods to give players a good range of options to choose from. While popular methods include credit cards and e-wallets, one method that you will find at every online casino because of the safety and reliability factors is direct bank transfer.
About Direct Bank Transfer
They say old is gold, and that is true especially about direct bank transfer. This payment method was available from before the time of the home computers and Internet. In those days it was referred to as a wire transfer, and the mode of transfer was the telegraph. Today, the wireless has made way for the computer and the Internet and direct bank transfer is what people use nowadays. The method goes by different names, depending on the country it is used in: bank wire, Automated Clearing House (ACH) in the USA, wire transfer and more.
It is good to see this method still being offered as a payment method at online casinos, at a time when more and more new age payment methods, including a wide range of e-wallets, prepaid cards and also credit cards are available. It is amazing that you still have the option of doing a direct bank transfer option the old fashioned way: go to the branch where you have your bank account and finish the necessary paperwork.
However, the online option is also available, which means you don't even have to step out of your home. That is why more and more players opt for this way of doing the direct bank transfer. There are both positives and negatives to using the direct bank transfer option, which we will discuss later. Suffice to say that this payment method is available in every country, and that is saying a lot about its popularity across the world.
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How the Direct Bank Transfer Method Works
The way a direct bank transfer works is very simple. If you are doing this online, you just log in to the website of your bank and follow the process there.
We list out for you below the steps to complete a direct bank transfer.
- Access your bank's website.
- Enter your account credentials - username and password - to log in.
- Select the Fund transfer option.
- On the subsequent page, select the transfer method you want to use.
- Add the payee to your list of payees. You can do this by providing the account details of the payee. The account details include:
The payee's bank account.
The branch code.
The IBAN, SWIFT or any other relevant codes that are required for the transaction to complete.
- The bank will then send you a One Time Password (OTP) through text to the telephone number you have provided the bank with as part of your contact details.
- Enter the OTP into the field provided and click Ok. The payee is now added to your list.
- Once the payee is added to your list, transferring funds to their account is simple.
- You just do the following:
Populate the relevant field with the payee's ID from the list available.
Enter the amount you want to transfer.
Enter any security authentication that may be required. This is usually one item: three random values corresponding to a random alphabet on a grid - the grid is available at the back of your debit card. Some banks may also require you to enter an OTP, which is sent to your phone through text.
- Once you have filled up the form provided, click OK to complete the transaction.
Depending on the bank you have an account with, a direct bank transfer may get your money into the destination account instantly, in a few hours or in up to 5 days. Because direct bank transfers usually take time, players do not usually prefer it for making deposits. However, the security aspect ensures it is used quite a lot as a withdrawal method.
Where to Use the Direct Bank Transfer Method
Direct bank transfers are commonly used methods when it comes to transferring funds to, say, the account of a friend or anyone who you know, e.g. a family member. The big thing about a direct bank transfer, despite the speed issue, is the safety and reliability associated with it. That is why you can also use it for online transactions, though for online shopping people usually prefer to use their credit cards, debit cards or e-wallets.
You can of course use it at online casinos to fund your casino account. An even more realistic use, given the time it takes for the money to get to your casino account, however, would be to use it to withdraw your winnings from your casino account. Because all payment methods will anyway take time; this will take longer but it is secure and direct to your account.
Advantages of Using Direct Bank Transfer at Online Casinos
Direct bank transfer is a method that comes with a lot of advantages. The advantages especially make sense when you are dealing with an online casino, because you are looking for a secure and safe way to transfer funds.
The following are some of the major benefits of transferring funds using the direct bank transfer method.
- Total security: You are guaranteed total security when you transfer funds into and out of your casino account using direct bank transfer. This is because you get the most advanced security measures guarding your transaction - the methods like SSL encryption and more that your bank uses.
- Complete privacy: Direct bank transfer, as the term suggests, is a payment method that occurs directly between your bank account and your casino account. There is no third party interface to help you along; it is direct. And that is the best way of ensuring total privacy.
- Rising popularity: This is increasingly becoming a popular payment method available to Australian players and also online players from across the world.
- Completely debt-free: This is a completely zero-risk payment option when you consider the threat of debt. That is because you can transfer only the money that is in your bank account, there is no credit facility available and so no chance of landing in debt.
There are a couple of disadvantages of using direct bank transfer as a payment method at online casinos, of course. The first is that it takes time. Even deposits take time. So compared to methods like e-wallets and even credit cards that ensure almost instant deposit of funds into your casino account, this is a measure that you may not want to consider.
The fees associated with a direct bank transfer are higher than the fees attached to using other payment methods like credit cards or e-wallets. And given the fact that a method like Bitcoin comes with no payment fees, this is definitely a method you will consider only if you are old school.
How to Use Direct Bank Transfer to Transact at an Online Casino
As mentioned earlier, direct bank transfer is a method that is available at online casinos for both deposits and withdrawals. Deposits using direct bank transfer are not too common because of the time it takes for the money to reach a player's casino account. But the fact remains that it is still available.
The following is the way to deposit funds into your online casino account using direct bank transfer:
Sign up or sign in with the casino and log in using your username and password. If you are new to the casino the following is the sign up process:
- Click the Register or Sign Up button on the casino's website.
- Choose a username and password for your account and click Continue.
- Provide all your personal details that the casino requires, including the following:
- Click Submit to complete the registration process.
- Once you have opened an account, visit the Cashier or Banking section of the casino.
- Click the Deposit option.
- Select direct bank transfer as the deposit option by clicking its logo.
- Enter your bank account details in the fresh screen/pop-up that appears and then click Continue.
- Enter the deposit amount and all the other details, including bank transfer type.
- Click the transfer or Ok button to complete the transfer.
Once you have completed the transfer process, it will take a while for the money to reach your casino account. The amount of time taken depends on the bank you have an account with.
Direct bank transfer can also be used for withdrawing your winnings from your casino account. The process for withdrawing funds from your casino account using direct bank transfer is more or less the same as for depositing, except that you will click the Withdrawal tab instead of Deposit.
Withdrawals with direct bank transfer are completely secure. However, the fact remains that it takes time, way more time than what some of the other methods available at online casinos nowadays take. As a result of that quite a few players end up choosing other methods. However, many casinos require players to use the same payment method for deposits and withdrawals. And in case a player uses a deposit method that is not available for withdrawals, the automatic choice offered is direct bank transfer, for withdrawals.
Apart from the traditional direct bank transfer method itself, there are quite a few other alternative direct deposit methods available at online casinos. These include, among others: