Can You Use a Bank Transfer to Gamble Mines Games Tips Online?
Today, we’re here to talk about bank transfer, one of the oldest and most reliable banking methods for online purchases. Not just any purchases though, mind you, as today we’ll be focusing on bank transfers for gambling payments.
That’s right – you can gamble online with a bank transfer pretty easily. All it takes is a valid bank account with some money in it and, in just a couple of clicks, your payment will go through.
While gambling payments using bank transfer do have their virtues, they also have a couple of noteworthy downsides.
So, if you’re thinking of visiting a real money online casino or two and bank transfer is the only viable payment method you have at your disposal, you’ve come to the right place.
Let’s take a closer look at the key benefits and drawbacks of gambling online via bank transfer!
Bank Transfer for Online Gambling | A Closer Look
A bank transfer is a payment from one bank account straight to another without any intermediaries. This is the most common form of banking transaction that does not involve credit cards, e-wallets, or any other third parties or processes.
People used to use bank transfers for all online purchases. But, with tech developments in the digital payments sector paving the way for a wider variety of payment methods, bank transfers fell out of favor with many online shoppers.
Bank transfer is still a viable banking method for online gambling deposits, though. Why? What makes it a good option for online gambling despite the surging numbers of e-wallets, cryptocurrencies, and other means of digital payments?
Well, security, reliability, widespread support (availability), and convenience are the key benefits of using bank transfer for online gambling. Here’s what makes them so important:
Security and Reliability
The main reason why users prefer bank transfers over other payment methods is the security factor. You see, bank transactions directly sent payments from one bank account to another. There are no intermediaries so there’s no need for adding credit/debit card data to your online gambling.
On the reliability side of things, bank transfers are great because things rarely go south. If you have money in your account and you fill in the required data correctly, your transaction will go through. It’s as simple as that. When will it go through, though? Security and reliability come with a cost and that’s something we’ll discuss later on.
Another important factor to note here are the limits. Online casinos see bank transfers as the highest tier of payment methods, which is why they typically have the highest deposit limits (or no limits whatsoever). This is not the case with e-wallets, cash vouchers, and similar options. They have much lower limits than bank transfers.
Availability
Moving on with our list of key benefits of online gambling via bank transfer, we have to mention availability. It’s been the driving factor behind the popularity of this payment method. Long story short, a bank transfer is the first option you’ll see on all licensed real money online casinos. Period.
The only places that don’t feature bank transfers are crypto-only gambling platforms. But, they are rapidly growing in numbers, though they don’t pose a direct threat to conventional online casinos… at least not yet.
Convenience
One last thing we need to discuss here – convenience! With bank transfers, you don’t need to set up additional payment methods like e-wallets, crypto wallets, cash vouchers, etc. This is not a good thing security-wise but contributes a great deal to the overall convenience factor.
We all have bank accounts nowadays, and with this payment method, we don’t need anything else than that. Yes, it can be a bit time-consuming and the transactions do take a while, but it’s still a viable payment method for privacy-concerned gamblers, especially high-rollers.
Biggest Downsides of Gambling Online With Bank Transfer
But, like I said in the intro, bank transfer gambling deposits have benefits and downsides. We’ve already gone through the benefits earlier – now we’ll be focusing on the downsides. Here’s what we’d like you to know:
Slow Transactions
First and foremost – transaction speed. The biggest downside to bank transfer is the transaction speed or, more precisely, the lack thereof. Typically, bank payments to online gambling platforms take between 24 and 72 hours. The duration depends on your bank and the online casino you’re using, of course. In some cases, it can even stretch to more than 72 hours.
Pretty much the same goes for withdrawal requests too – they are quite lengthy. In fact, withdrawal requests take even longer since casinos take a while to process them internally.
Processing Fees
Another big downside is the fees. Conventional bank transactions tend to have high fees. It’s the price you have to pay for security. But, high fees combined with several days of waiting for deposits to go through make bank transfers too big of a hassle for some players.
Furthermore, some banks might refuse transactions to online gambling platforms. In that case, you’ll have to contact your bank to see if they could make an exception for your account. If they can’t do that, your next option is to switch to a different payment method… or a different bank.
Superior Alternatives
Even though bank transfer offers convenience and the utmost in security and reliability to gamblers, there are several superior alternatives. Don’t get me wrong, bank transfer works great for some people and will always be their go-to choice.
However, if you’ve been using it for a while and you feel like some of its downsides are limiting your gambling needs, you can always use something else. Here are two great alternatives to conventional bank transfer payment methods:
- Skrill – This is the go-to e-wallet solution for online gamblers. Skrill offers superior security benefits to direct credit/debit card payments, features a simple interface and, best of all, instant deposits.
- Cryptocurrencies – Bitcoin, Litecoin, and Ethereum form the trio magnifico of cryptocurrencies that are accepted on online casinos. They feature instant deposits, low-fee withdrawals, and unparalleled security, but do require some tech-savviness to set everything up.
Summary | Can You Use Bank Transfer for Online Gambling?
Long story short – yes, you can use bank transfer to gamble online on pretty much all big real money casinos. In fact, the only big online casinos that don’t support wire transfers are those exclusive crypto gambling platforms.
If you’re not into the new-age stuff and you’d like to have full control over your gambling and personal budgets, then a bank transfer is the obvious way to go. The setup is clean, there are no intermediaries, and you can greenlight transactions in a few clicks.
The biggest downside, once again, are the waiting times. If you’re a patient individual, this shouldn’t be too big of an issue.
That’s about it as far as our bank transfer gambling guide is concerned. What are your thoughts on the topic? Are you a bank transfer fan or do you trust your money with e-wallets and cryptos? Let us know in the comments section down below!
Until next time, may the odds be in your favor!