Bank transfers are not the most common payment method in Australia, far from it in fact. In terms of popularity they come someway behind credit cards, debit cards, web wallets and services like POLi. Simply put, they are never the first choice for the majority of Australian gamblers and they are rarely the second or third choice either.
But there are many players out there who prefer to use these methods, whether because they don’t have access to the other popular methods or because they prefer the directness of bank transfers. After all, all of your deposits come from the same place and most of your withdrawals end up in that place as well. With web wallets, you are effectively using a payment service as a middleman, but with bank transfers you are skipping that middleman and going direct.
What are the Benefits of Using Bank Transfers?
The main benefits of using bank transfers, as mentioned above, is that they are direct. There are other benefits as well though, including:
- Accessibility: Not only do most online casinos offer bank transfers as an option, but you can also make them from any region, any country and from any bank account. There are systems in place to accept all forms of bank transfer regardless of where it is coming from, although some banks and some regions will have bigger fees and longer waiting times than others.
- High Limits: There are low restrictions on many banking options. If you are a high roller then you may be better off with bank transfers, as they have the highest lower limit of any transaction. That’s why they tend to be preferred by high rollers.
- Bonuses: Many casinos will reward you with extra bonuses for moving a lot of money around with bank transfers. They do this because they prefer to receive money direct as well, and to help offset the fees that you have to pay. So, if you are going to move a lot of money into your account with bank transfers, make sure you contact them first to let them know and to see if they can offer you anything.
- US Gambling: Bank transfers also offer a lot of benefits to players based in countries where gambling is tightly restricted or where gamblers need to exploit loop holes in order to play their favourite games. That’s because where credit/debit cad providers and web wallets put restrictions on certain sites offering their services for online gambling, the same can not be said for bank transfers, which are always just a transaction from one account to the next and are rarely tied-in with any specific service or product.
Downsides to Using Bank Transfers
The problem is, for every benefit to using bank transfers, there seems to be several downsides. Here are a few of the main issues that we have with this method:
- Fees: Bank transfers and wire transfers can trigger some of the largest fees of any payment method. That’s because the casinos are based overseas, and when you make transfers overseas you often have to pay between $30 and $50. This applies both ways and the casinos will always push the fees onto the player.
- Speed: At best you can be looking at a couple days for a bank transfer to go through, at worst it can take much longer. In reality, many transfers can be instant providing the bank is the same as the customer’ But when you’re dealing with international transfers, it can take a few days. And then you have to consider that it could be a few days before the casino initiates the transfer.
Are They Safe?
Many players are wary of using bank transfers because they don’t want to hand over their account numbers for fear that it can lead to theft or fraud. There is really nothing to worry about here and you have to remember that these same numbers are also on your chequebook and on every check that you send.
Of course, such numbers are not completely harmless and they can connect people to your bank account. There is a famous story of Top Gear legend Jeremy Clarkson making the statement that there was nothing wrong with giving out these numbers and that people could only use them to add money to his account, right before releasing said numbers in a national newspaper and then being robbed blind.
However, this was a one-off. Fraudsters need to go to a lot of effort to do this and thanks to security checks at most modern banks, you are safe. You also have to consider that your details are in the hands of a very secure casino and that they will never leave that casino. If they can safely handle credit card numbers and other essential banking info, then they can do the same with your basic banking details.
What Online Casinos Sites Accept Bank Transfers in Australia?
The vast majority of online casinos here in Australia will allow you to deposit and withdraw using bank transfers. It is a method they always offer, even if there are a decreasing number of players willing to use them. There are casinos who will not list them as an option on their Payment Options screen, but will offer them if you contact them directly.
In most cases you will need to get in touch anyway in order to acquire the casino’s bank details or to let them know that you have initiated a transfer and to tell them what to look out for.