Bank Transfer Review

Bank Transfer Depositing Method Review For Casinos

With so many sophisticated payment methods available, it might seem strange to resort to something as old-fashioned as a simple bank transfer. But, depending on your circumstances, this can be a very good way of moving money - particularly larger sums. Although e-Wallets and credit cards are relatively efficient when it comes to moving small three figure sums, the companies will often quaver when it comes to larger amounts. Credit card companies, in particular, may raise red flags if a four-figure sum goes through on your account. Also, some credit card companies will be reluctant to let you have too much money on credit with them - they may allow you to clear any outstanding balance, but more than that will be frowned on.

If you have a substantial sum to put through, you'll probably find it an easier experience if you send the money directly from your bank account. The process can be a little cumbersome, as you'll probably need to fill in the address, account number, sort code, and possibly other pieces of information (IBAN and BIC numbers, for instance) corresponding to the institution or company you're sending the money to. However, the main drawbacks are more to do with speed and costs.

As a rule, bank transfers will use the Bacs system. This tends to be free (although the occasional casino will charge you a small sum simply for using a bank transfer), but it does take a long time for money to reach its destination. Three working days is likely to be a minimum, with as many as five days more than possible. A much faster alternative is to insist (where offered) on a CHAPS transfer. This will work the same day, and the money could be in the destination account within hours. The disadvantage is you'll probably have to pay for this privilege - often a £20 or £25 fee. However, if you need a large sum in a hurry, CHAPS is a strong option.

Bank transfers are also a good way of getting round foreign currencies. If a casino is dealing in a different currency (eg, dollars or euros), other forms of payment may involve costly conversion processes. With a bank transfer, though, this is automatically performed on the day using the bank's own conversion rate.

As an everyday option, e-Wallets and credit cards are better alternatives. But for moving larger sums with few concerns, the bank transfer is a powerful tool to be aware of.
 

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