People can gamble for the fun of it, but the real deal involves real money. You must wager real money to win cash from online gambling. Nowadays, casinos accept deposits from players via a variety of payment methods.
Generally, deposit options on casinos can be classified into four. These include card deposits, e-wallet deposits, bank transfers, and the new cryptocurrency payment. Although newer payment methods are springing up, Suit Me still considers bank transfer the safest payment option.
Bank transfer is one of the widely used deposit options in online gambling. Wide acceptance, alongside some other benefits, made it the preference of most gamblers.
How Bank Transfer Deposits Work
Bank transfer deposit works only in an environment where gambling is legalized. That is, you may have to consider other deposit options if gambling is considered illegal in your environment.
To activate a bank transfer deposit, you must first make the bookmaker a payee in your bank. This process requires you to visit a branch of your bank. Some banks allow their customers to set up a payee using the banking app. You will need the bookmaker’s account number, sort code, and a reference number to carry out the set-up. You must ensure that the reference number bears either your gambling ID or username.
After this process, you can then initiate a bank deposit on the gambling platform. Meanwhile, for every transaction, you will be required to verify using your unique pin code. Until this verification is done, your bank may not be able to process the deposit.
Pros and Cons of Bank Transfer Deposit
The bank transfer deposit in gambling has both its good side and a wrong side. You must be aware of the two before making your decision. The following are the pros and cons of the bank transfer deposit;
- Highly secured
Bank transfer deposit is the most secure deposit option on online gambling platforms. This option does not require you to give out your banking details to the bookmakers. As such, you don’t have to worry about your account being hacked. The transaction is strictly between the bank and the bookmakers. Also, there are many online casinos with instant bank transfer payments options these days. It is one of the primary methods any new casino will integrate.
- No transaction fee is required.
Transferring from your bank to a bookmakers account is free. No transaction fee is attached, unlike the e-wallet options. Since the transaction is done directly from the bank and no intermediary is involved.
- Bonus opportunity
Online casinos offer bonuses to players regularly. In most cases, some deposit options are excluded from taking advantage of the bonus. Nonetheless, it is not common for casinos to exclude bank transfer deposits from taking advantage of a bonus offer.
- Extended processing time
One common disadvantage of bank transfer deposits is the long processing time. There are few online deposits via bank transfer that are instant. The average time for a bank transfer deposit to be processed is between 24-72 hours. As such, gamblers consider other fast options over this method.
You may only consider this option when you are not in a hurry to play games. If you chose this option, you have to wait for at least 2-3 days after making deposits before you can gamble. Else, you may need to consider either card deposit and e-wallet option, which are instant.
- High minimum deposit
Since bank transfer deposits take a long time to process, casinos also allot a high minimum deposit to the banking option. This is an attempt to deliberately discourage the use of that option by gamblers who are not high-roller gamblers. In most casinos, the minimum deposit for bank transfer can be between £25 -£50.
Another limitation with bank transfer deposits is that the option is regulated. It is easy for your bank to monitor the transactions between you and your casino or bookmaker. The bank can disallow further transactions if the government rules out gambling.
A bank transfer deposit is a common deposit option you will find on every online gambling platform. The method is easy to use and safe. Nonetheless, the processing time can be frustrating as it may take an average of 3 days for processing. Bookmakers sometimes implement high minimum deposits on bank transfer deposits.