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Last updated on 2nd Mar 2018
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Instant Bank Transfer
Although there are plenty of different options for paying online nowadays, traditional bank transfers still remain very popular – and for very good reasons. Firstly, all you need to have is a bank account, so there is no need to register anywhere, make additional accounts, or request credit and debit cards. Secondly, bank transfers tend to be incredibly cheap – crucially, they are much cheaper than credit and debit card deposits.
The only disadvantage that bank transfers come with is that they take a few days to get processed. However, even that downside can nowadays be ignored thanks to the so-called instant bank transfers that many online casinos and bookmakers offer.
How It Works
In order to make a regular bank transfer, all you need to do is get the right bank details from your chosen online casino, which is usually only a matter of a few mouse clicks. Just select bank wire as your preferred payment method and get all the info you need. You’ll then need to log into your online banking, fill in all the details, authorize the payment and wait for it to arrive. Usually, it will take somewhere between one and three days, although it can take up to ten in the worst case scenarios.
However, what interests us more is the instant bank transfer feature that many online casinos and sportsbooks offer. Its availability is somewhat limited, but it seems to us that you should have no problems using that option if you have a bank account at one of your country’s bigger banks. Once you select this particular deposit option, you’ll be redirected to a special website where you’ll be asked to choose your bank and log into your online banking. All the details should already be pre-entered, so you’ll only be asked to confirm them and authorize the payment. Once that is complete, the amount should be instantly credited to your account.
Privacy and Security
Bank transfers don’t come with any privacy features, but the good news is that they are arguably the most secure payment method around. After all, banks always stay on top of things and they never forget to update their security protocols, so you can sleep soundly knowing that your transfer won’t get lost.
Most banks also offer two-step payment authorization, so you will not only be asked to enter your online banking credentials and password, but also to enter a unique authorization code that will be sent to your mobile phone. That way, it’s pretty much impossible to make unauthorized bank transfers – after all, the hacker would need to steal both your password and your mobile device.
Regular bank transfers will always be criticized for how long they take, which is especially bothersome for fans of online casinos that sometimes want to get their fix as quickly as possible. And don’t get us started on how annoying it is to see an interesting bet only to realize that the slowness of bank transfers won’t allow us to place it in time.
Instant bank transfers don’t come with this particular problem, but you should know that it’s impossible to reverse those payments, so you should be extra careful while authorizing them.
At the end of the day, it’s pretty clear that bank transfers are here to stay and that they’re also going to remain as popular as ever. Although there are plenty of interesting alternatives out there and although many of them come with very useful special features, the appealing simplicity of bank transfers is something that we’re always going to appreciate. With instant bank transfers now available virtually everywhere, what’s not to like?