Bank transfers or ACHs have always been one of the more safe and reliable forms of payment, especially when it comes to making large deposits or withdrawals online. Of course, including them on iGaming platforms may be one of the smartest options in the eyes of many users. For others, it might be an inconvenient option.
This guide will discuss the pros and cons of this payment method in iGaming. You might consider it something you prefer using for the long term. Let’s cut to the chase and get started.
What are the Pros of Bank Transfers?
Excellent Security
For online casinos that accept bank transfers, one of the best benefits you’ll experience is security. Higher security is a plus since you are dealing with a bank directly. You’re not dealing with a payment method that is considered third-party – which puts security into question.
A direct link gives you better peace of mind. Especially if you hold safety and security in high regard. Plus, there’s a less likely chance that your information will be intercepted.
It’s A Widely Acceptable Method.
Bank transfers are generally acceptable in almost every online casino, and you won’t have to worry about compatibility issues. If you go to an online casino and view the list of payment methods, you’ll usually see bank transfers as one option.
With universal acceptance, it shows that it’s always a great option elsewhere. It can also be quite the deposit or withdrawal method if you have a large amount.
Supports High-Limit Balances
As mentioned, bank transfers will be the go-to option for those who plan on moving large amounts of money. This applies to deposits and withdrawals. High-rollers will love bank transfers since they will allow them to securely make substantial deposits or withdrawals upon their request.
This can be an excellent convenience for those who want to avoid certain headaches. Specifically, if you use an eWallet to make large deposits or withdrawals, your account may be restricted. It can be a huge waste of time trying to get it lifted so that you can continue using the service.
What are the Cons?
Processing Times Are Slow.
One of the biggest issues that can inconvenience players is slow processing times. Depending on the iGaming platform, the timing may range from 3 to 7 days. Thus, a bank transfer option may not be a suitable choice for those who want to access their winnings much quicker.
Those who want a quicker payout time can rely on eWallets and cryptocurrencies. Even if you use an eWallet, you may need to make transfers of a smaller amount. This will ensure that you won’t raise any red flags that may restrict your account.
Fees Will Apply – Albeit Higher Than Other Payment Methods
While a necessary evil, fees for bank transfers may apply. Typically these fees may be from the bank since they are initiating the transfer. As such, the fees may take a portion of your winnings which may seem like a bit much. Therefore, it’s the least cost-effective option for those who want to keep more money in their pocket.
Once again, cost-effective options like eWallets and cryptocurrency may be the best option. The latter is tricky since the fees may depend on the type of crypto you are using. For example, Ethereum may have higher fees compared to other cryptos like Cardano or Tron.
Lack Of Anonymity
Yes, you have a payment method that is secure. But here’s the caveat: you will need to provide your real information such as your name, account number, and other pertinent information. This will leave more of a paper trail than anything. Meaning it will be included in your bank records.
The transactions will be linked to your name. So if you are looking for something with more anonymity, bank transfers might not cut it here. If you want to remain anonymous, you are more likely to accomplish that with cryptocurrency payment methods.
Bank transfers may be a good option for those who don’t mind longer processing times. It’s also for those who think getting a large amount of cash in hand is worth the wait. We hope this list of pros and cons provides you with a basic understanding of how bank transfers in iGaming work.
