Bank Transfer: the traditional payment method
Bank transfer is one of the oldest payment methods on the market. It is very advantageous for paying bills or other monthly payments to be made, but much less so when it comes to buying things. Indeed, if you want to deposit money at an online casino, you will have to go to your bank. Moreover, the completion of your transaction can take between 1 and 3 working days depending on the casino.
Deposit at an online casino using Bank Transfer in Canada
What is Bank Transfer
Bank transfer is one of the oldest ways of transferring money electronically from one person to another or between a person and a merchant (online casino). Bank transfer can also be referred to as credit transfer or wire transfer. There are two ways to transfer: from one bank account to another or transferring cash at a cash office. Believe it or not, the first wire transfer was made in 1872 through the telegraph network. Because of this, In some countries, the phrase 'telegraphic transfer' is still used. To make a bank transfer, you need to have a Canadian bank account and the recipient's bank account information, such as IBAN and Swift codes. There is no need for a third-party payment processor, making bank transfer more secure compared to other payment methods relying on third-parties.
The advantages of using Bank Transfer in Canada
Using a bank transfer is one of the oldest transaction methods. It is extremely safe, transactions are only verified by the banks with no involvements of other payment processors. Banks use a highly secure system to communicate with each other, meaning your data will be encrypted and safe. The security systems banks leverage makes it close to impossible for cybercriminals to access your financial information. If you play a lot in an online casino, you can set up a monthly transfer between your bank account and the online casino you are playing in. For this, you will need to personally contact your bank and leave the details of the online casino. This arrangement can be terminated anytime. Some internet banks will allow you to set standing orders for this type of payment as well.
Disadvantages of using Bank Transfer
Bank transfer might be one of the safest ways to transfer money when playing in online casinos in Canada. However, some of its disadvantages might be the transferring fees and the fact that using bank transfer does not result in instant funds transfer to your online casino account. It can take up to 2 and 3 days to get the deposited amount to your online casino account and between 3 and 6 banking days when withdrawing money from your casino account.
Online casinos in Canada that accept Bank Transfer
How to deposit to an online casino using Bank Transfer
If you never deposited money using Bank transfer in Canada, you do not have to worry; we will walk you through the process. First, you need an account with the online casino you plan to play in. Then, of course, you will need to have a bank account with a Canadian bank. Once you have that sorted, you need to do the following to deposit money using a bank transfer:
Log in to your online casino account
Find the payment page, and click on 'Deposit'
Choose the 'Bank transfer' option
Select the amount you want to deposit to your account or write the amount you want to deposit
Fill in your banking details (if you are depositing money for the first time, using bank transfer, you will likely have to contact your bank and provide details of your transaction)
Your money will arrive at your online casino account in 2 to 3 business days
Fees and withdrawal times when using Bank Transfer
As already mentioned, a disadvantage of using a bank transfer is the transaction fees. The bank will collect a transfer fee from both the sender and the receiver. Usually, the sending bank will collect a separate transfer fee from the sender, while the receiving bank will deduct their transaction fee from the money transferred. This fee can differ depending on what bank you use. For exact details of such fees, the best is to contact the bank you are using. To see the exact rates, navigate to your bank's website, where you should be able to find relevant information or contact their customer service for specific cases. Withdrawing your winnings from your online casino account is an easy but lengthy process. Your funds will be directly transferred to your bank account in the most secure way, which can take between 3 and 6 banking days.
How does Lucky7Bonus choose the best online casinos that accept Bank Transfers in Canada?
The most important thing we at the Lucky7Bonus team focus on is your satisfaction. What does it mean? Simply, besides thoroughly researching and personally reviewing the casinos we list on our website, we are also aware that you want honesty. Our trusty team members creating the casino reviews are all experienced gambling veterans, meaning they know the ins and outs of the gaming industry. They look at not only operational but the player perspective as well when carrying out their research. This is the only way to back up our reviews with data and give you authentic information regarding our top-listed casinos where you can use bank transfer in Canada.
Conclusion Bank Transfer in Canada
Bank transfer as a deposit and withdrawal method when gambling in online casinos is popular due to availability, ease of use and security. Most likely, you will have to pay transaction fees. The processing time for deposits is between 2 and 3 banking days. Withdrawals take between 3 and 6 banking days. In return for the longer processing times, you can be sure that your personal information will be handled with care, and your money will arrive safe and sound, even if it takes a little longer than with other payment options. Bank transfer is also a great option if you do not own an e-Wallet or a credit card and not planning to acquire one.
FAQ Bank Transfer in Canada
Is my private data secure when using Bank Transfer in online casinos?
Yes, it is definitely secure! Using this payment method, you can be confident that your private data is in safe hands. Banks follow rigorous rules when it comes to data protection. Besides, online casinos are also required to comply with laws and regulations created to protect you and your information.
Is it safe to use Bank Transfer in online casinos?
It is the safest way to handle your financial transactions online. Your personal information is protected both by the bank and the online casino.
Do I have to pay any fees using Bank Transfer?
Unfortunately, yes. However, this will ensure peace of mind, as the transaction fees are paying for the security that protects your data and money. Both depositing and withdrawing funds have fees when using bank transfer. These fees vary depending on your bank. To find out the exact fees you need to pay in relation to online casino transactions, it is best to contact your bank’s customer support.
Is Bank Transfer available in all online casinos in Canada?
Being one of the most trusted and oldest ways of transferring money online, most online casino in Canada accepts bank transfer both when depositing and withdrawing. To see which are the top casinos where you can use this method, browse through the list created by the Lucky7Bonus team.
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