The most widely used and oldest method for transferring money from one bank account to another is the Direct Bank Transfer. This method goes way back before online method money transfers like e-wallets, prepaid cards or even credit cards were viable and casino players wanted their play-share on an online casino. The method itself has several advantages when it comes to transferring funds over – the most obvious being the “direct” way of handling funds without the need for a third party service. This in itself guarantees safer approach since you don’t need to leave your bank and personal info on another site (third party), minimalizing the risk for possible intrusions and data loss.
Direct bank transfers have been around for decades, long before the internet has been prevalent in the transfer of electronic funds. Today it is still the most widely used method by millions of consumers in more than two hundred countries around the globe.
The introduction of an organized and structured system (known as SWIFT or Society for Worldwide Interbank Financial Telecommunication) allows for international transfers. Thanks to SWIFT, we are able to successfully transfer money to cover our online expenses for travel, shopping and of course, gambling purposes.
The way Direct Bank Transfers work requires a bit of explanation. This method is used for deposits/withdrawals at an online casino but it still applies for other purposes. First, one must obtain his/hers bank details from the gambling establishment where the transfer is going to occur. These details are usually obtainable via customer representative or plainly displayed at the casino’s website. Once this information (the receiving bank’s name and its unique SWIFT number) is obtained, the next step is to visit a bank office and request for a direct bank transfer. Once all of this is confirmed and certified, calling the casino and to set up the deposit amount manually is all that remains to finally complete the transaction.
The deposit process (especially the first time) can be a bit tiring and cumbersome (especially for someone who doesn’t want to get involved with a bit of paperwork). Luckily, the withdrawals process is simpler and only requires the bank’s SWIFT number and the user’s account number (obtained from the user’s bank or the casino’s website) and entering the details at the casino’s cashier. Simple as that.
Availability and services
As already noted previously, the Direct Bank Transfer system is widely accepted and virtually any bank in the world supports it. This and the fact that you are dealing directly with the casino without the addition of a third party that might jeopardize the security of the transactions are its greatest strengths. However, this method is not without weakness. We already mentioned the quite elaborate process of obtaining an account for depositing (in some instances, it is somewhat difficult to obtain all the required information in order to complete the process). Lastly, fees apply in almost every instance (account creation, deposits, and withdrawals) so keep that in mind.