Bank Transfer: Reliable Payment Method for Gamblers

Nowadays, financial transactions on the Internet are becoming more transparent for the regulatory authorities. Part of this process was the passing of the law on combating the financing of terrorism. According to this law, every transaction in the amount of 10,000 dollars and more can be viewed as suspicious, and its recipient has to report to the regulatory authorities where the money comes from. In this article, we’re going to talk about the pros and cons of bank transfer as a common payment method for gamblers.

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Despite the fact that some banks are unwilling to process gambling-related transactions, there ae still banks that service gamblers’ accounts. However, finding a bank that processes deposits to and withdrawals from online casinos remains a tricky task.

About bank transfer as a payment method

Nowadays, almost every respectable online casino has bank transfer (or bank wire) on its list of available payment methods. Indeed, bank transfer is a safe and reliable way to put money into your casino account and releases your winnings. In order to get banks to cooperate, an online casino must go through a lot of checks to prove its legality and transparency. Therefore, if you prioritize reliability when choosing a payment method, bank transfer is your best choice.

bank transfer

All operations can be performed through the bank office or you online banking profile. Making a money transfer online is a completely safe operation. You don’t need to worry that your personal or financial data might be intercepted by online criminals. Plus, thanks to mobile banking, you can always check how much money you currently have in your bank account.

If, for example, you want to stop using online banking for a while and take a break from gambling, you can simply set a new limit for online transaction via your personal bank account.

Should I use bank transfer for my gambling needs?

It’s up to you to decide. Despite some solid advantages (transparency, safety, reliability), bank transfer has its fair share of shortcomings. For example, payments may take 1 to 5 business days to complete, which is too long if you want to start gambling immediately. Also, you need to fill out too many fields every time you’re making a money transfer. And if you’re withdrawing big amounts of money, you have to report to the bank. If you prioritize speed and convenience, you should better use other payment systems, such as PayPal, Neteller, MasterCard, Skrill, etc.