Direct Bank Transfer Casinos

Direct Bank Transfer Introduction

The Direct Bank Transfer method is known around the world with many different names like Wire Transfer, BACS (Bank Account Clearing System) payment and BT. This term refers to an electronic transfer of funds between two banking systems, from one bank account to another. In order to complete a Direct Bank Transfer, it is important the sender’s account have sufficient balance to complete this transaction. Over the years, this system has proven to be expediting in the transferring of funds between accounts. At present, many banks allow this type of transaction to be effected online, without either party having to visit an actual bank. This added convenience makes the direct bank transfer one of the most popular and safest methods of transferring money across the world.

The direct bank transfer can occur in two ways, either as a domestic transfer or an international transfer. Virtually all banks offer free direct bank transfers between if the transaction is domestic, and in this case, the transfer of money is usually instantaneous, and in extreme cases takes up to 2 working days to take effect. In the case of international transfers, the processing time could take about 3 to 5 working days, but it varies according to both bank accounts. The fees for a direct bank transfers also vary widely, and it is important to check with the bank about necessary fees before making a direct bank transfer.

While making an international direct bank transfer, a critical factor to make note of is the currency exchange rate. Different banks give different exchange rates. While transferring to an online casino, it is generally advised that one find a casino that accepts your local currency to avoid complications and losing money because of exchange rate conversions.

How does Direct Bank Transfer Work?

It is important to remember that Direct Bank Transfers occur between two banks. This process is started by a request by the customer to his/her bank to make a payment to a certain account. The customer will need to provide information pertinent to the receiver’s bank account such as an IBAN and a BIC; these codes help the bank identify the bank, branch and account number of the receiver. Once the sender’s bank receives this information, it then sets up a dialogue with the receiver’s bank. They first send a message through secured methods like SWIFT or Fedwire. This message usually carries details of the receiver’s bank account, and the amount to be transferred and settlement information. When the receiver’s bank obtains this message, the money is transferred to the receiver’s bank account. These Direct Bank Transfers can usually only take place between banks that hold reciprocal accounts. Before the advent of the internet, wire transfers were one of the quickest methods available to transfer money. It is important to read the terms and conditions associated with a Direct Bank Transfer that is usually available at the concerned banks.

Direct Bank Transfer Pros and Cons

The Direct Bank Transfer is generally a safe method of receiving cash payouts from an online casino. It must be noted however, that these fund transfers are not instantaneous, and can take up to a week for a transaction to be processed.