Bank transfers are another fast way of transferring money electronically. Essentially it’s a transfer of funds from one account to another. It can be person to person, between different financial institutions and also between companies. This can be done over telephone banking, at a branch or via internet banking.
There are also methods of wire transfer which essentially do the same thing just through a third party. These types of transfer are facilitated by companies such as Western Union and FX Global. All of these methods can be used to deposit money when playing at an online casino.
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How does a Bank transfer work?
If you wish to make a transfer from one account to another then you need two important pieces of information. For a successful transfer you need the recipients account number and sorting code. If it’s an international transfer then you need an IBAN number (international bank account number) and a Swift/Bic code (bank identifier code). The swift/bic code acts as an international sorting code. Once these and the rest of the details have been input, you would input an amount and click send or instruct an agent to make the transfer if done via the telephone.
Domestic transfers can be instant or take up to 2 hours to go through. International transfers however can take anything from 3 days to up to a week for developed countries and anything up to a month for banking systems in more remote countries.
Bank transfer: The pros and cons
Prefer not to use bank transfers? Before making your mind up why not check out some alternative payment options from the list below: