Bank Transfer - Best Payment Method
A Bank Transfer is a method of payment that allows players to receive money from different parts of the world. This means that gamers who like to play on online casinos can receive their payments from different regions easily. How convenient. This method is also known as a Wire Transfer. In essence, it works by the customer allowing their bank to send a specified amount of money from their bank account to that of the casino. Some countries, however, do not allow money transfers from certain specified states, which makes transactions difficult.
When choosing a bank to manage your cash transfer, consider the cost that will be incurred. The charges should be reasonable and affordable. Some casinos specify the banks that can be used for this process, and in this case, the subscriber has to open a bank account with the prescribed institution. This could, of course, cause inconvenience if the bank has no branch in the subscriber's locality. A bank transfer nevertheless remains one of the leading payment methods for online gambling sites.
How it Works?
The first step the casino takes, before any transaction, is to collect important data concerning the gamer and the bank being used. These details include the name of the person, their identification, the address of the bank, transfer codes and the account number of the player. The casino is also obliged to confirm how long it takes the bank to process the transfer. This is followed by notifying the players as to the deadline. When the players have sent all their documents, including photos, their bet is automatically transferred to the account number of the casino.
In the event of the player winning the game, the cash is sent back to their account and a notification sent. This ensures efficient communication between bank, gamer and casino. In some cases, where the participants are members of an online internet banking company, the procedure is simplified. All that has to be done is to log into the account, key in the password and authorise the transaction. This has sure made betting easier.
Benefits with this Method
- Safe and secure
- Globally accessible
Disadvantages with this Method
- Additional transaction fees
- No guaranteed security
- Deadlines: failure to withdraw could mean a further transaction
Review and Summary
Players are advised to seek professional financial guidance before choosing a bank. Some of the following factors need to be considered. Has the bank any minimum account balance requirement? This is a trick that has been used in internet banking to keep customers. Are any monthly fees required to sustain the account? These extra charges are unnecessary and should not be included in the gamer’s budget. The only acceptable charges are withdrawal and transaction fees. How long has the bank been in the business?
Cases of fraud have been reported, where a bank only exists online for a period of time, and then disappears after people have invested. Clients are advised to have multiple accounts in different banks. This helps in having an accurate comparison of the pros and cons. There are also several methods of sending and receiving money across borders: Western Union is one of them; PayPal is another. They are not only trusted but are also used universally. The main concern to a customer should be transparency and the cost incurred.