Here in the UK, a common method used to make a deposit or withdrawal when using an online casino is by using the bank transfer option. While it may not be the quickest or most straightforward method, the higher limits on the amounts you can transfer makes this an attractive option for high rollers.
How does a bank transfer work?
Almost every online casino you will encounter in the UK offers bank transfers as part of their deposit and withdrawal options. It is also quite common to see them referred to as ‘wire transfers’. In order to make a bank transfer to a casino you will need the casino’s banking information (displayed under wire or bank transfer option), and a bank account of your own.
Sending a bank wire to online casinos
Following the initial sign-up process at a bank transfer casino, you will need to find the cashier and the section relating to bank or wire transfers. Here you will be presented with all of the necessary information relevant to making a bank wire deposit. These details will include the recipient’s account name, bank name, bank address, IBAN, Swift Code, account number, sort code and a reference (usually your user name).
After you have the information needed, it is time to decide how much you want to transfer. At this point you should check with the casino in question if there are any minimum transaction amounts. There almost certainly will be and a minimum amount of around £100 is common.
In order to make the wire transfer, simply visit or call your banking provider. They will ask you to provide them with the bank details of the recipient’s (the casino) account and the amount you wish to transfer. After you supply the requested information, they will send the money. Please be advised that different banks charge different fees for using this service so it is always worth enquiring into the costs before you commit to the method.
Receiving a bank wire from gambling websites
The process of making a withdrawal via bank transfer is essentially the same as the deposit, only in reverse. This time you supply the casino with your own information and amount you wish to cash out and the money is sent to the bank account associated with the supplied details. Again, your bank may or may not charge a fee to use this service so please check so as not to be hit with any surprise charges.
Pros and cons of bank transfer casinos
There are several advantages and disadvantages to using a bank transfer for making a deposit and we’ve grouped them together below to help you make the most informed decision when picking a casino and a deposit option to use.
Anonymity of deposits
Owing to the fact that you do not need to link a credit card with your online casino account, many people find the idea of a bank transfer more secure and ultimately more appealing. For the most security conscious, the fees and extra time associated with bank transfers are a small price to pay for this increased security. If you are uneasy about supplying gambling websites with personal details, a bank transfer might be the best idea for you.
High value deposits and withdrawals
Bank transfers do not suffer from the same maximum deposit and withdrawal limits that the likes of Visa and MasterCard sometimes do. While this is unlikely to affect the recreational player, some high rollers would not be able to get the amounts they like to play with online without making use of a bank or wire transfer. If you are attempting to play the highest stakes possible bank transfers are one of the best banking methods. eWallets, such as PayPal, Skrill and Neteller also offer high deposit/payout limits and are quicker.
Speed of transactions
Unfortunately, bank transfers do take considerably longer than Visa, MasterCard or American Express transactions to process. This is a big hindrance for many players who just want to get themselves some funds online to play with. However, if you are committed to getting large amounts of money onto a site or are concerned about the security of your information then the bank transfer option is worth the additional hassle that it entails.
Minimum required amounts
Another feature of the bank transfer that some users will find off putting is the minimum amounts that are imposed on all bank transfers. These are much higher than the token £5 for credit or debit transactions and can be as high as £100 or even more. Naturally for lower limit players this method is unattractive and we recommend Paysafecard or EntroPay.
The final major drawback of using a wire transfer to get money online is the fees that the bank you use will almost certainly charge for using their service. Whilst these are rarely huge, on smaller transactions they can eat into the total and make the process less than worthwhile. Those who value the additional security that the bank transfer can afford will often see the fees as a fair trade off for the increased protection they enjoy from the method.