Sending and receiving money via bank transfer is a process that has been in place since long before online gaming sites were introduced to the world. In fact, the first records of bank wire transfers date all the way back to 1872, and still today, it is one of the safer methods of transferring money to an online account, thanks to the fact that its possible to complete such a transaction without the need of sending any information via the internet.
Bingo Sites That Accept Bank Transfers
However, bank transfers can have their own problems in the sense that they’re not as swift an option to choose when it comes to making deposits and withdrawals. In addition to this, there’s also the possibility of extra charges being incurred along the way, but we’ll get to that shortly. Restrictions aside, making use of a bank transfer to fund your online bingo account is generally a safe and secure method, especially when compared to such options as credit or debit cards, and provided you have a bank account, they’re easy enough to complete.
How to Use Bank Transfer
As mentioned, the only things you really need to process a bank transfer is to be the owner of an actual bank account and to have details of the bank account that you need to send the money to. The process of completing a bank wire transfer will essentially take the funds from your bank account and directly place them into your chosen online bingo account via the company’s bank account. Any online gaming platform that offers bank transfers as a payment method should also automatically have their bank details displayed in one place or another on the website.
Once you have the bank details, including IBAN and/or BIC codes, you need to either visit your local bank branch or log in to your online bank account, if this is something to which you have access. You will need to provide the bingo site’s bank details to the bank teller or input them yourself via your online account, as well as inputting the amount of funds you wish to transfer. The fact that it’s being sent from your bank account and by you should be enough for the bingo platform to be able to locate the funds and add them to your gaming account, but it’s always a good idea to add some kind of reference along with the transfer. Sometimes, online sites will provide a specific code or number to add to the transfer, while if there isn’t one, it’s best to add one of your own to make tracking the funds easier.
Once the process has completed and the funds have been received into the platform’s bank account, they will be added to your gaming account, allowing you to begin playing. Also, be aware that if you make a deposit using a bank transfer, it’s almost always going to be the case that withdrawals will need to be made in the same way.
Fees and Time Frames
While opting to utilise a bank transfer as a payment method is often considered safer than that of credit and debit cards, it also takes longer and can incur higher charges. It’s always difficult to predict when a bank transfer will fully transfer from one location to another, so be sure that if you’ve done one via an actual bank rather than online, that the teller provides you with a proof of transaction. Generally speaking, all bank transfers should complete within two to 10 working days, this being the case for both deposits and withdrawals – although be aware that fraud checks can take up to 24 hours to complete for a withdrawal as well, so it may take slightly longer in this instance.
Making a bank transfer also comes with fees considering that bank accounts of online gaming sites are often located abroad. Due to this, it’s usually classed as an international transfer, and each different bank will charge their own specific fees for doing such a transaction. It’s always best to check with your personal bank what their fees are.
The main restrictions of selecting a bank transfer as your preferred payment method is that, of course, there is a long processing time frame to wait before you can begin playing. This option will generally only be suggested as a last resort in terms of payment methods, as most others are pretty much instantaneous and players can begin using their funds right away. Add to this the fees for sending the funds in the first place, and unless sending large amounts, the option can be more expensive than necessary.
About Bank Transfers
As mentioned, bank transfers date back to 1872, when Western Union – using passwords and code books – would “wire” money that had been paid to that office by a sending customer to another office via telegraph, to be paid out to the receiving customer. By 1877, this service was utilised to transfer almost $2.5 million every year.
The methods used today are much more technologically advanced than those of 1877, of course, but follow the same underlying method of sending the funds from one place to another.