Bank Transfer Deposits: Processing Times and Fees Explained

Image Source: Pixabay

I guess we can all remember the very first time we made a deposit at an online casino. I stared at all the payment options and caught myself wondering which of these was trustworthy. In the end, I went with a simple bank transfer because it felt safe due to its familiarity. Of course, not only are bank transfers one of the oldest ways of moving money, they are also one of the slowest. As I played more, I became more comfortable with other payment options, as new ones seemed to pop up every year.

In this guide, I want to explain exactly how bank transfer deposits work. We’ll look into how long they take, any additional fees, and how you can avoid paying more than is necessary. Whether you’re a Canadian player testing out new games at 1xbet or HellSpin Casino, or a new UK bettor signing up to Bet365 Casino for the first time, I’ll walk you through everything.

What Bank Transfer Deposits Really Mean

In truth, there’s nothing flashy or high-tech with a bank transfer. It simply means moving money from your bank account to the casino’s account. However, one reason why bank transfers continue to remain popular is thanks to their built-in reliability. They’re dependable thanks to no middlemen holding your funds or app constantly asking for your approval. You’ll find that the vast majority of online casinos are happy to accept deposits via bank transfer. These include things like traditional wire transfers, instant transfer systems connected to your bank’s own online portal, and mobile payment options. They all work with the same goal of getting your funds safely from your bank account to the casinos balance. All in all, the basics are pretty simple and making bank transfer deposits is very straightforward.

How Bank Transfer Deposits Work Behind the Scenes

You’ll need the casino’s baking details in order to start a bank transfer. You then send a preferred amount from either your banking app or bank’s website. Once the transfer has been confirmed by the bank, the casino matches the payment into your casino account. You may find that some casinos do manual checks on deposits whilst for others the whole process is automatic.  It’s often at this point that some small delays begin to appear. However, a regular bank transfer, though not a modern and cutting-edge way of moving funds, is still a tried and tested method. In some ways, this delay in receiving funds can be a help to those trying to practice responsible gambling by allowing them to think twice before the next deposit.

Different Types of Bank Transfers You’ll See at Casinos

It’s worth noting that there are a number of different types of bank transfer deposits available. On the whole, traditional bank transfers are the slowest, often taking a least a couple of business days. Next are the instant bank transfers that utilise external services like POLi or Trustly. These move your funds within minutes. You may find that many banking apps let you complete the whole process whilst on the phone. It’s a great service for those players who prefer the simple life. In the UK, many players use Faster payments, whilst in Canada, Interac e-transfer or direct online banking are popular. Most casinos facing either country will support both methods.

How Long Do Bank Transfer Deposits Take to Process?

This is probably the most common question asked about bank transfer deposits. There’s no definitive answer, as the actual time depends on a number of variables. For example, domestic transfers take between 1 – 2 business days. As the name suggests, instant bank transfers are pretty much that and clear within a couple of minutes. On the other hand, international transfers can take between 3 – 5 working days or sometimes even longer, especially if there are things like bank holidays or intermediate banks involved. I found that UK transfers are consistently faster than those for Canadian players. On another note, if you haven’t received your funds within 5 business days, you should reach out to the casino’s customer support team for more information.

Why Bank Transfer Deposits Sometimes Feel Slow

Once you’ve done a bank transfer, it’s often a case of waiting for the funds to land into your gaming account. We probably all sat there, constantly refreshing our web browser wondering where your money went. It’s worth noting that there are several things that can cause delays. These include the fact that banks sometimes perform manual reviews, especially if large sums are involved. In addition, casinos might hold on to your deposit until all the KYC (Know Your Customer) requirements have been met. If it’s an international transfer that’s crossing borders, it’ll probably pass through intermediate banks which will furthermore slow down the transfer process. Nevertheless, there’s little point in getting frustrated. A delay means that your funds are being handled securely. Although bank transfers are far from the fastest, they still remain one of the safest banking options. 

The Truth About Instant Bank Transfers

It’s quite common to see online casinos advertising their bank transfer deposits as “instant.” They’re not exactly lying to you. But “instant” doesn’t always mean “immediate.” Although third party services like Trustly and Sofort can move your funds quickly by connecting directly with your bank, if the bank’s system is down or you make the transfer late on a Friday night, you might still have to wait a few hours. In my own experience, so-called “instant” systems are pretty fast and reliable. If you don’t want to jump through the hoops of setting up an e-wallet or share your card details, then a bank transfer is a pretty good compromise between speed and reliability.

Fees You Might Pay for Bank Transfer Deposits

Now we come to the dreaded fees. Now, when it comes to these additional costs, it will depend on both the bank and the casino of choice. If you’re gaming on an international site, then there are probably bound to be international transfer fees which can vary between £5 up to £40 or more. Also some banks take a small percentage of your initial deposit to cover currency exchange fees. However, with that being said, most casinos don’t charge anything for bank transfer deposits. You might still find the odd one trying to squeeze out some extra cash, but I suggest checking the small print to ensure you make your first deposit.

Are There Casinos That Waive the Fees?

If there are any fees involved, then many casinos are only too happy to waive them. This act of generosity is often part of the initial welcome bonus or as a loyalty reward for returning players making additional deposits. For example, Bet365 Casino have been known to refund UK players of their small transfer fees with a promotional offering. It’s a nice touch designed to keep their customer base happy, as these transfer fees can add up over time. A good starting point is to ask customer support at your chosen casino if they offer this. In many cases, they don’t advertise this openly, meaning a quick message might save you some extra cash.

How International Transfers and Currency Exchange Affect Costs

It’s super-important to keep one eye on the exchange rates if you’re moving funds from one country to another with bank transfer deposits. This is because your bank may convert your funds at a lower rate than you can find online. Though this might seem a minor difference to start with, over time it can add up to a sizable number. This in turn will eat into your bankroll. You may also find that some banks charge an additional currency exchange fee on top of the fee for the transfer. It’s one good reason why you should try to transfer using the same currency that the casino operates with. For example, if you’re a Canadian player, then it’s best to stick with a casino like HellSpin Casino as they accept CAD without any hidden fees.

Deposit Limits You Should Know About

Before making any bank transfer deposits, it’s essential you check out any deposit limits. If you head over to the casino’s banking page or its terms and conditions, you’ll notice they list both the minimum and maximum amounts you can send. Minimum deposits are usually around £10 – £20. However, bank transfers often require more going up to a minimum of £50 – £100. When it comes to maximums, amounts go much higher. This is the main reason why casino whales and high-rollers prefer utilising bank transfers. In many ways, bank transfers are built for higher transactions and we’ve never once had a large transfer fail.

How Secure Are Bank Transfer Deposits?

With so many online banking options available at online casinos, there’s always a question of the security of each one. From the banks side, they make use of the latest in encryption technology and authentication to ensure that every transaction is protected. Likewise, the casino can’t see your personal or card details when it comes to banking. Also, all transfers must comply with strict anti-money laundering laws as well as know your customer regulations. These extra layers add an additional layer of security for the casino’s customers. At the end of the day, it’s about finding the right balance between peace of mind and speed. 

The Main Advantages of Bank Transfers

There’s something comforting about using bank transfers as it’s a system you already trust. Here are some other reasons why we think it’s worth using to fund your online casino account.

• Higher deposit limits
• Universally accepted
• Clear means of tracking transactions
• Super-secure

The Downsides You Should Be Aware Of

Of course, no payment method is perfect and bank transfer deposits have their negatives as well.

• Can be slow
• May be extra fees

Bank Transfer Deposits vs Other Casino Payment Methods

The big question is how do bank transfers compare with the other options offered by online casino sites in Canada. In the table below, we’ve laid out the main online gambling payment options and their attributes:

Tips for Faster and Cheaper Deposits

Having both played and written about online casinos in the UK and their games for many years, I’ve picked up some tricks that can make deposits with bank transfer even faster. To start with, only use domestic transfer when possible. These will be much faster and even better, are usually completely free. Secondly, only make bank transfer deposits during business hours. This is because transactions made from Friday evening till Sunday night will often sit idle until Monday morning. Then we suggest that you already have your KYC requirements complete so there’ll be no hold-ups when the funds finally arrive. In Canada, using Interac with your online bank can speed things up. For UK players, Faster Payments is another great solution to improve transaction speeds.

Why Bank Transfer Deposits Remain a Good Choice 

Although choosing options for bank transfer deposits at an online casino isn’t the most thrilling part of online gaming, it’s very important to get it right from the start. Yes, I think we can all agree that bank transfers aren’t flashy like crypto or fast like e-wallets. But, more than anything, they are safe, familiar, and are a great choice for larger amounts. Many casinos like Bet365 Casino, HellSpin Casino, and 1xbet use them, and they have a proven record for reliability. We’ll admit you’ll need to wait a bit longer and may face a small fee here and there. But for absolute peace of mind, a simple bank transfer is hard to beat.

Click Here to Visit 1xBET’s Easy-to-use Online Casino Platform