Paper Cheque and Bank Transfer (also known as Wire Transfer or Bank Wire) are two of the oldest methods for transferring money from one party to another.
Bank Transfer is an electronic bank-to-bank transaction where the payer orders their financial institution to transfer a certain amount, at the same time providing the recipient’s bank details so they know where the cash needs to be sent. Paper Cheque is a document which one fills in to tell their bank a payment needs to be made from their own account to a specified recipient.
Thought it’s a highly secure deposit and withdrawal option, Bank Transfer is slowly but surely losing the battle with newer online payment alternatives such as eWallets as well as debit and credit cards. That doesn’t mean it’s in danger of completely disappearing from the online gaming scene; there are plenty of players happy to use it thanks to its many benefits – the fact it’s usually available for both deposits and withdrawals, doesn’t require setting up of an additional account, and security of customer’s funds is taken very seriously by the banks.
Paper Cheque is another old-timer which is nowadays rarely used for casino payments but more than a few gaming sites are still happy to include it among viable payment options.
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Paying via Bank Transfer requires only one thing – a bank account with some cash in it. If you’re old enough to gamble, it’s likely you also have a bank account, in which case no additional actions need to be taken before you head to an online casino. To make a deposit, access the operator’s Cashier page and select Bank Transfer. You’ll then either get presented with details of the casino’s bank account or offered links to specific banks in your country of residence. In the first case scenario, one needs to copy the information and use them to complete the Bank Transfer form in their own bank or use online banking service. The other option will connect you directly and enable to login to an online banking account and request the payment.
Do note that the money won’t become available before your bank confirms the payment, which could take several hours and thus delay your gaming satisfaction. You should also keep in mind that, once executed, transactions can’t be reversed. Bank Transfer withdrawals work exactly the same way though cash travels much slower and it may take up to 6 business days before the funds reach your bank account. Each and every bank will charge you for transactions made, and frequently enough, so will the gaming site. Make sure to read T&C or you might otherwise get stuck with unexpected charges.
If having to disclose bank account details makes you uncomfortable, there’s always an option to open a secondary account to be used exclusively for funding your gaming activities. There are actually multiple benefits attached to this scenario: not only will your savings remain safe, it also makes it easy to keep track of your casino spending and prevents you from gambling away more than you should.
To pay with a Cheque, you’ll need to whip out a checkbook and fill in the details, among which your home address and the username used when registering at the gaming site. Then post the Cheque to the casino’s address and be aware of the time it needs to reach an overseas destination. Once the operator processes your Cheque, there’ll be money to invest into playing the game of your choice.
Benefits and Disadvantages
Bank Transfer sends money directly from one bank to another without any intermediaries. Owning a bank account is the single prerequisite in order to pay and one doesn’t even need to have a credit card. This also means you won’t have to sign up to any additional services and remember yet another password. Bank Transfer is not only exceptionally safe, it’s also supported by the vast majority of online casinos all over the world. On the negative side, Bank Transfers tend to take a bit longer than most of the alternatives, and more often than not, there are casino fees to be paid.
Other than being extremely slow, a Cheque might condemn you to significantly higher minimum deposit and withdrawal limits. Fees potentially charged by both the bank and the casino make this one of the costliest payment options one can choose. While quite a few operators are willing to offer it as a withdrawal method, you won’t find that many which also list it as a deposit option. On the other hand, a Cheque may be a perfect choice for players who simply don’t trust security measures that are supposed to safeguard online transactions. Rather than sharing sensitive information over the internet, they’ll be able to use the good old postal service.
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