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Funding a casino account with a bank transfer is not one of the most popular deposit methods at online casinos, but there are advantages for using this option. Typically, most casinos will allow you to fund an online account with a bank transfer (sometimes called a bank wire or ACH Direct Deposit in the U.S.) and often the deposit limits are much higher than other deposit methods at online casinos.
It is also not unusual for withdrawals by bank transfer to have higher limits than other withdrawal options. This can be an advantage if you are fortunate and enjoy a big score at the casino, but watch out for limits imposed by some operators on how much you can withdraw each week (by any withdrawal method). Also watch out for long processing times and fairly high withdrawal charges.
Most, but not all, online casinos advertise they accept deposits by bank transfer and if a particular casino does not make it clear whether or not they do, there is no harm in asking. As well as typically having higher deposit limits, minimum deposit limits are often lower than the limits applied to other deposit methods.
The pros of using a bank wire to fund an online account are that the process is easy if you are familiar with online banking or, if you are not keen on online banking, you can make a bank transfer by calling your bank or visiting it in person. All you need is the operator´s bank account details and a unique reference number that will be provided by the operator to identify your deposit when it arrives.
It is also a method of funding an online casino account that requires forethought. As it takes several days for a bank wire to clear, you have to think in advance of how much you want to deposit and when you will be able to access your funds. It is certainly a responsible way of funding an account with an online casino and, for many players using this option, helps with bankroll management.
The cons of using a bank wire to fund an online account include the price you have to pay for using a secure, convenient and responsible method of funding an online account, and currency conversion charges if your fund a casino account held in U.S. dollars from a bank account held in another currency. You are also unlikely to get a fair exchange rate from your bank.
There are also costs associated with receiving funds from an online casino when you win. Most casinos will not absorb the cost of processing the bank transfer and deduct it from your withdrawal request, plus it could take up to two weeks for your withdrawal request to be processed. Add that to the processing time and you could experience a considerable delay before being able to celebrate a big win.
No. All the receiving casino gets is a notification containing your name, the amount of the deposit and the unique reference number provided to you to identify your deposit. Naturally, if you request a withdrawal by bank wire, you will have to provide your bank account details.
This is most unlikely. Casinos usually stipulate that the bank details provided when requesting a withdrawal must match the personal details of the casino account holder in order to comply with anti-money laundering laws.
Yes. Most casinos insist on identity verification before auctioning a withdrawal request. Verification is also important to add an extra layer of security on your online transactions with the casino, so it is not a process that should be ignored or avoided.
There can be several reasons for this. You may have entered the casino´s bank account incorrectly or given the wrong reference number. Your bank can always check the whereabouts of a bank transfer and let you know who it was received by and when.