Advantages and Disadvantages of Depositing Via Bank Transfer

One of the great things about playing casino games online is that you can always choose to play the latest slots and table games for free, or for real money. However, if you want to stand a chance to win big, at some point you are going to have to make a deposit into your account. All top-rated Canadian online casinos offer a vast range of banking options to suit just about type of player. Even with the introduction of Bitcoin payments and web-wallet facilities, bank transfers remain one of the most popular deposit methods. If you do not have a credit card and you don’t want to go through the hassle of signing up with a 3rd party web-wallet facility, bank transfer or wire transfer is a simple, and easy way to fund your account. So, what are the advantages and disadvantages of bank transfer payments?

Simple, and Safe

Let’s start with the advantages. In order to do a wire transfer, all you need is a Canadian bank account and the account number of the casino. You can then head to your local bank and wire the funds directly. This is probably one of the safest methods of funding your account and you can be guaranteed the funds will appear. Bank transfers are also the most widely accepted forms of payment at all online casinos in Canada.

One Account for Deposits and Withdrawals

If you have Internet banking, you can do this online via EFT. Simply insert the casino’s account number, decide how much you want to deposit and the funds will transfer into account. Another advantage of using this method is that you can withdraw your funds back into the same account when you cash out. Casinos generally want players to use the same type of method for deposits and withdrawals.

Time is a Factor

The disadvantages of bank transfers are mostly related to time. In order to do a bank wire, you physically have to go to the bank and you will be charged for the service. Once the transaction is done, it can take up to 3 days for your funds to appear in your casino account. With online transfers, the charges are less, but you still have to wait a few days for the funds to clear.

Slow Withdrawals

Withdrawals into your bank account also take time. In fact, this is the slowest method of withdrawal and can sometimes take up to a week for your funds to appear back in your bank account. The reason for this is that the bank processes the transaction externally. While there is no way to speed up withdrawals, there is a handy feature you can use for deposits. Some Canadian online casinos offer what is known as instant bank transfers.

Instant Transfers

Instant transfers work in exactly the same way as regular bank transfers, except that the funds will appear in your casino account straight away. This option has to be selected in the cashier section of the casino. While this is a great function, in most cases, you are charged as small fee for the services.