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 the casino with a bank transfer

Introduction on the difference between a bank transfer and a credit card

Bank transfer is a payment method option set up by your bank that allows you to transfer money between two bank accounts.

The credit card is a means of payment that allows you to make purchases at merchants and on the Internet. Unlike a bank transfer, your purchase with a credit card is done instantly.

Moreover, the credit card is something real, while the bank transfer is done, in the vast majority of cases, from the Internet.

It is important to note that you must have a bank account to make bank transfers. However, depending on the type of credit card you have, you are not required to have a bank account.

What is a bank transfer?

A bank transfer is a transfer of money from one bank account to another without using a means of payment such as a credit card.

To be effective, the bank transfer must be authorized, registered, and notified. How does a bank transfer from your phone application or your bank's web page work?

  • First, log in to your bank account and select the 'make a transfer' option. Once you have made this choice, choose the account from which you would like the money to be taken.

  • Next, indicate the amount you wish to transfer.

  • Finally, enter the bank details of the account you wish to transfer to.

  • The person who is to receive the money must give you two things: His IBAN number and his BIC number.

  • Once the information is filled in, validate the transaction and you're done.

It is important to note that the bank transfer can take between 24 and 48 hours to arrive on the recipient's bank account. However, if you make a transfer from your "Livret A" account to your "current account" and they are on the same bank account, then the transfer is instantaneous.

The second way to make a transfer is directly from your bank. It is extremely important to note that you must first go to a bank in order for the bank to give you the right to transfer money to someone's bank account.

Indeed, if you wish to transfer money every month to the bank account of one of your relatives, this is possible. However, the first time you want to do this, you will need to make an appointment at a branch and go there with the IBAN and BIC number of your recipient.

Once this operation has been validated by the bank, you will be able to do it directly from your Internet account.

To make a bank transfer between two bank accounts directly from your bank, you just have to go to a branch with the IBAN and BIC number of your future recipient.

Keep in mind that the bank transfer from a branch may be charged, unlike from the Internet where it is completely free.

The advantages of a bank transfer

Like many services, bank transfer has many advantages.

  • First of all, this system is one of the most secure in existence. Indeed, unlike a credit card, cash, or even a check, the bank transfer is completely de-materialized. Thus, it is almost impossible for a person to access your banking information.

  • As written a few lines ago, the bank transfer is very easy to set up, you just have to go to a bank or on the application/Internet page of your bank. Moreover, creating a bank transfer to a new account is completely free of charge. Another advantage is that it is very easy to terminate a monthly bank transfer. Simply contact your bank and ask for a transfer to be stopped.

  • Bank transfer avoids late payments. Indeed, the vast majority of people use bank transfer to pay bills such as the EDF, telephone, or Internet. Thus, every month, and on the same date, these companies take the money directly from your bank account, without you having to do any operation. Thus, it is almost impossible to forget to pay your bills since it is done automatically.

  • It is possible to make a bank transfer from a bank located in France to an account located abroad. However, if you do not live in France, check if this is possible.

Disadvantages of a bank transfer

Although it has many advantages, bank transfers also have many disadvantages.

  • First of all, and not least, it is impossible to pay at a merchant with a bank transfer. Indeed, if you wish to buy a baguette, it will be possible to do so with your credit card and cash. However, it will be impossible to do so with a bank transfer. Moreover, it is very rare that websites also accept to be paid by bank transfer, unless it is for a subscription.

  • It is possible to send money internationally but beware of the fees. Indeed, your bank may charge you on three different fees: issuing fees, receiving fees, and exchange commission fees.

So, before sending money abroad, ask your bank about the rates they make available to you.

Even if bank transfers are sometimes very useful, they are not free of charge. Indeed, depending on the type of transfer you make, the fee may be higher.

For example, the fees for a standing order will be lower than for an occasional transfer. It is very important to note that these figures are valid for the majority of cases, there may be some exceptions, depending on your status, the contract with your bank, etc.

Where to play at the online casino with a wire transfer?

Most of the online casinos on the Lucky7Bonus website offer Bank Transfer as a means of Deposit and Withdrawal.

However, Lucky7Bonus has decided to highlight three casinos for you. The three casinos chosen are not randomly selected as they are respectively ranked some of the best gaming platforms on the market:

Exclusive bonus

How do I deposit online with a Bank Transfer?

If you are not used to depositing money at an online casino with a Bank Transfer, Lucky7Bonus will explain how to do so.

To perform this demonstration, Lucky7Bonus has gone to Millionz Casino.

First, log in to the online casino where you wish to deposit your money. Once you have completed this step, click on "Deposit". This option is located in the top right corner of your Millionz Casino homepage and in the vast majority of online casinos featured on Lucky7Bonus.

Once this step is completed, you will be redirected to the deposit methods page. Once there, you will have several options. Here, we are interested in direct debit. So, you will have to click on "bank transfer".

Next, Millionz Casino will want to know the amount you wish to deposit at its online casino. You will have the choice between several amounts. If none of them interest you, then you can enter the amount you wish to deposit in the "amount" box. Once you have selected or entered the amount, click "deposit".

Then, as explained above, for your first bank transfer you will need to go to your bank to enter this information. Once the first transfer has been made, you will be able to make the others directly from your cell phone or computer.

Finally, once the transaction has been completed, you will have to wait between one to three business days before receiving the money in your account at the online casino where you deposited your money.

Lucky7Bonus would like to remind its players that gambling can be addictive and dangerous. Therefore, Lucky7Bonus reminds you to play only as much money as you can afford and to set limits. If you find that your addiction is becoming too much, turn to the appropriate services for help.

Conclusion on Bank Transfer Payment Methods

Although it has far fewer advantages than other deposit methods, Bank Transfer is available at the majority of online casinos featured on Lucky7Bonus.

However, unlike a credit card or other deposit methods where the money arrives instantly to your account, this is not the case with a Bank Transfer where you will have to wait for between one and three business days depending on the casino.

Still, for those who do not wish to enter their banking information on the Internet and want to set some limits, bank transfer can be a very good alternative.

Efficient and secure, bank transfer still has a bright future in the online casino world. If you wish to take advantage of online casinos that accept this deposit method, please visit Lucky7Bonus.

As a reminder, during the course of this article, Lucky7Bonus has highlighted three casinos as follows:

To play on one of these exceptional gaming platforms, simply click on the casino names listed above!

About the authorClaude Gillet
336 articles
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Since 2019, Claude has been editor-in-chief. His role is the most comprehensive, as he is responsible for publishing, editing and proofreading. All articles published on the site have been checked by him.

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