Bank transfer is one of the most widely accepted payment methods by casinos in New Jersey, making it a popular option among online gamers. This form of payment involves transferring funds directly from your bank account into your casino account.
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What is Bank Transfer?
Bank transfer is a generic term that refers to moving money from one bank account to another. For this article, we will focus on online bank transfers.
The first form of wire transfer as we recognize it today was completed in 1872 by Western Union and was supported by its telegraph network. The process involved visiting the telegraph office with the cash amount one wanted to send. The agent at the office would then transmit a telegraph message to the destination office with instructions on the amount to be paid and to whom.
Today, online bank transfer is a common payment method for online shopping, casino betting, bill payment, and other transactions.
How it Works
A bank transfer involves sending a request to your bank to transfer money from your account to another entity’s bank account (in this case, your online casino). These kinds of bank transfers happen online, so you no longer need to bother with IBAN or BIC codes as was the case in the past.
If the casino accepts bank transfers, you will be directed to a separate page where you can “communicate” with your bank directly to send funds from your account to the casino.
Tips on using Bank Transfer
Bank transfers are among the most convenient and safest ways to make online casino payments. A few quick tips should help you to make the most out of this payment method.
Make sure that you confirm all the details before authorizing the transfer, even if these details are already present in your online casino account. Getting your money back after authorizing a bank transfer can be very difficult.
Make sure that you have sufficient funds in your bank account before depositing money into your casino account. The transaction may be rejected, or worse still, you may incur high overdraft fees for moving more money than you have in your account. It is also a good idea to check your bank statements every month to keep track of how much you transfer.
Bank transfer is a great way to shop online in case you do not have a credit/debit card or e-wallet option. You might even find that paying for online purchases via bank transfer is cheaper than using a credit card. Just make sure that you transact with reputable merchants, as this form of payment involves entering your financial data on the internet.
Depositing at Online Casinos with Bank Transfer – Fees and Limits
It is simple and convenient to transfer funds from your bank account to your casino account. You can do everything online and don’t need to leave the comfort of your home.
To deposit money to your casino account using bank transfer:
- Confirm that your account is Pay Bill You will not be able to do bank transfers without this.
- Log into your casino account and navigate to the “Cashier" page.
- Click on “Deposit" and select “Online Bank Transfer" from the drop-down menu.
- Enter the amount you wish to deposit into your casino account.
- Select your bank from the list of banks supported by your casino.
- Enter your bank details and approve the transfer.
- You should receive an email notification confirming the transaction. The funds will appear in your casino account in 1-3 days depending on your bank and casino.
Withdrawing at Online Casinos with Bank Transfer – Fees and Limits
Depositing money to your casino account using bank transfer is generally easy and straightforward, but unfortunately, the same cannot be said for withdrawing your funds using the same method.
You can only use online bank transfers to deposit money to your online casino. You will have to look for other means to withdraw your winnings. Fortunately, there are plenty of alternatives.
You can still withdraw your funds using ACH, which is quick, easy, and convenient, and it’s technically a bank transfer. You can also withdraw funds to your e-wallet such as PayPal, Neteller, or Skrill, or withdraw funds at the casino cage. We cover how to withdraw money from online casinos using ACH here.
Why use Bank Transfer to play online?
Bank transfer is the oldest casino payment method in the industry. It was around long before credit cards and e-wallets began accepting casino transactions.
Safety and trust
Bank transfer is a tried and tested method that has worked since online casinos sprung up on the internet. Reputable online casinos use the latest encryption technology to protect their customers’ personal information. Banks are experienced with these kinds of transactions and are able to flag any suspicious activity from your account.
Ease of use
As long as you have enabled the “Pay Bill” feature with your bank, bank transfers are easy and don’t require you to set foot in a bank. Online casinos have also made the process seamless. You will be prompted on which information to input every step of the way.
Most bank transfers are processed within a day of the request. Although not instantaneous like some of the other payment methods, it is still a lot less hustle than physically going to the casino cage. Depending on the casino and bank account, it is not unusual for these transactions to be processed in under half an hour.
Online casinos value clients’ privacy and do not divulge sensitive information including financial details or gaming habits. Your casino transactions will appear on your bank statement but the bank cannot share this information with other parties aside from the account holder.
Bank transfers can take up to a few days for the money to show up in your casino account. If you need to fund your account instantly, consider using wire transfer. Although not as widely accepted by NJ casinos as ACH and online bank transfers, wire transfer is a good option for funding your casino account instantly from your bank account.
How to Use Bank Transfer to Play at the Casino
Now you know how to fund your casino account in NJ using bank transfer, but there is still some more information that you need to know when using this mode of payment.
First, you cannot fund your casino account using someone else’s bank account, nor can someone else use your bank details for online gaming. Your bank information needs to match your casino account details exactly for the transaction to be successful.
Note that not all banks accept money transfers to online casinos. The good news, however, is that most major banks are happy to facilitate transactions with licensed and reputable online casinos in New Jersey.
Finally, you may not be able to use a business account to pay for online casino games. Most banks do not facilitate these kinds of transactions. You should open a personal savings or checking account to fund your account.
Frequently Asked Questions
Here are the most frequently asked questions about making online casino payments with bank transfer.
What are the best alternatives to Bank Transfer?
The best alternative to bank transfer is an ACH transfer because you can use this method to deposit and withdraw money to and from your casino account and your bank account. Prepaid cards such as Play+ are also a great alternative since you can deposit money to your casino account almost instantly, and withdrawals are much quicker than ACH transfers.
What is the deposit limit with Bank Transfer?
Bank transfer has one of the highest deposit limits and can range anywhere from $1,500 to $10,000 or more depending on the casino. In most cases, the deposit limit is subject to how much money you have in your bank account and how much your casino will allow you to deposit in a 24-hour period.
Which currencies are supported by Bank Transfer?
Most banks support major international currencies including USD, EUR, GBP, and CAD among others. Whether you can use a currency other than USD is an entirely different issue. Keep in mind that only people physically in New Jersey can play NJ casino games. NJ casinos only accept payments from US bank accounts or US credit and debit cards, so you may not be able to use your overseas account to play at New Jersey casinos.
Is it possible to deposit at casinos not licensed in New Jersey using Bank Transfer?
Technically speaking, you can deposit money into an online casino not licensed in New Jersey as long as it is licensed elsewhere in the United States, most notably Delaware or Pennsylvania. Banks haven’t always had a good relationship with online casinos, so the chances of getting declined are high if you choose a casino outside of the United States. Be careful about sharing your financial information with casinos that you are not absolutely sure are properly licensed.
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