Everyone is familiar with the concept of a bank transfer. It’s not the sexiest or most advanced way of sending money, but it’s a proven one and it’s a method that’s showing no signs of going out of fashion.
Despite the rise of competing technologies including prepaid card, e-wallets and Bitcoin, bank transfer still remains one of the most efficient means of transferring funds from A to B. That A is your bank account and that B can include any website that will accept payment in this manner.
One of the main industries to accept bank transfer as payment is the gambling trade. Many casinos, roulette sites and betting sites will take payment via bank transfer.
Bank Transfer Basics
In America it’s more commonly known as wire transfer, but in the UK and mainland Europe you’re more likely to hear it referred to as a bank transfer.
The process involves the electronic transfer of funds from one account to another, the other in this case typically being a merchant, online casino or betting company.
To make a bank transfer, you’ll need to have the funds in your account to cover the amount you wish to send of course, though there is an exception – at some Post Offices and other cash offices you can pay in cash and have the money sent via bank transfer on your behalf.
Bank transfer has been available as a service for as long as anyone can remember. For the record, the first wire transfers were made over 150 years ago, around the same time as the telegraph was invented, providing a mechanism to facilitate the process. By 1877, $2.5 million a year was being sent in this manner. The technology has gotten a lot smarter and more automated since then, but the basic principles underpinning a bank transfer remain unchanged.
How a Bank Transfer Works
To send money from your bank account to a third party bank account, you’ll require certain details, specifically the IBAN and BIC codes. These are universal codes detailing the account number, sort code and country of the account in question.
Initiate a transfer from your own bank and it will send a message via a secure system to the receiving bank containing the relevant details. While the recipient bank should receive this message instantly, the process generally isn’t completed immediately.
Depending on the bank and country in question, it can take anywhere from a few hours to a few days for the procedure to be completed. When making a bank transfer, especially between countries or currencies, there’s generally a fee applied by the sending bank which the account holder will be required to pay.
Bank transfer is traditionally associated with B2B, and it’s true that business users still account for much of the money that is sent between countries on a daily basis. Since the earliest days of the internet however, and particularly once online banking became prevalent, consumers have come to use bank transfer for settling bills, paying for high value items and sometimes depositing funds into a casino account or sportsbook.
How to Fund a Casino Account Using Bank Transfer
Not all casinos and roulette websites will accept deposit by bank transfer but the majority will. Check the Banking page of their website to find out. If the casino does accept payment in this manner, it will provide its details including IBAN and BIC.
Follow the instructions provided to complete the transfer; in some cases, you’ll be prompted to enter a unique transaction code when you send the money so that the recipient – in this case the casino – can identify the source of the funds when they appear in its account.
To complete the transaction, log in to your online banking and enter the casino’s account details. Because it will be classified as a new recipient, you may be prompted to use your card reader or other anti-fraud device to verify the transaction. Enter the amount you wish to send and the ID code if required and then submit.
The funds will immediately leave your account, but they probably won’t show up instantly in the recipient’s account. As mentioned earlier, it can take hours or days for the process to be completed.
Once you’ve transferred funds for the first time, the process should be quicker on subsequent occasions, not least because you’ll be able to send funds directly from your mobile banking app now that the recipient’s details are stored. The funds will take the same amount of time to clear however.
Pros and Cons of Using Bank Transfer to Play Roulette
Bank transfer isn’t the most exciting way to send money but it’s undoubtedly one of the safest. It’s impossible for funds to go missing en route, and it’s also impossible for hackers to somehow intercept your data and use it to access your bank account.
To do so, they’d require your online banking login details: knowing your sort code and and account number alone wouldn’t be enough. The beauty of bank transfer is that you don’t even need a credit or debit card to facilitate the transaction.
A bank account and access to online banking are all it takes – though even that can be skipped in some cases if you’re able to transfer funds over the counter via the Post Office or similar, though this will incur an additional charge of course.
It may be secure and widely available at the majority of online roulette sites but bank transfer certainly has its disadvantages. For one thing, it’s a transaction which will clearly show up on your statement. If you’ve a joint account with a spouse who takes a dim view of such activities, this is less than ideal. Tax officers and governmental agencies will also be able to easily discern where your funds are going.
Even if you have no problem with the world knowing that you like to gamble however, there are more immediate problems with bank transfer, not least the time it takes before funds show up in the recipient’s account and you’re able to start playing. Your bank may also charge you for the transaction, especially if you’re sending the funds abroad.
There is one major benefit to bank transfer in that it’s often one of the best means of withdrawing your winnings from a casino, a facility that many other payment options cannot offer.
Secure Way to Play Roulette
Bank transfer isn’t the fastest or fanciest means of funding a casino or roulette account but it’s secure and it works, and for some players that’s more than enough reason to side with it over alternative payment methods. The wait can seem interminable, but the funds will get there in the end.
In Conclusion
Bank transfer might not be the fastest means of transferring funds into your casino playing account, but it’s one of the most secure. It’s also an extremely convenient withdrawal option, for you’re unlikely to come across many sites that won’t accept bank transfer. Thanks to the wide range of regional bank transfer options that international casinos offer, you should have no trouble finding a roulette-friendly site that will allow you to send money from your personal bank account to your playing account. The length of time this process takes can vary greatly, but the average is around 3-5 days in most cases.
FAQ
What is bank transfer?
Bank transfer is a means of electronically sending money from one person’s account to another, be it a friend, family member or business.
What are the requirements to send a bank transfer?
Anyone with a bank account and ideally access to online banking can use the service.
What are the benefits of sending funds via bank transfer?
It’s a secure means of sending money to pay for goods and services, especially overseas.
Are there any drawbacks to sending funds via bank transfer?
Yes. The process can take days or hours to complete and your bank may charge a fee for the service.
Which roulette websites accept deposits by bank transfer?
Many roulette sites accept bank transfer. Check out the cashier section of your preferred casino to find out if the option is available to you.