There are millions of people playing their favourite game (bingo) online and carrying out financial transactions with the site using the simple and effective method of transferring money to and from their bank accounts directly. Whilst the masses may use their banks to make money transfers to and from their bingo accounts, this does not necessarily mean that doing so is safe. There are numerous factors involved in determining for yourself whether using bank account transfers for playing bingo is “safe.” This article will attempt to examine the pros and cons of utilizing your bank account for funding your Internet bingo play.
Bank Transfers – How do they Work?
Bank Transfers are simply a transfer of the money you have in your bank account to a third party that you designate to receive the funds. You can employ this method to make your deposit into your bingo account when you want to sign up as a new player or add funds to your existing account to increase your available funds. In the same way, you can use this method when you need to receive funds, say when you want to withdraw your winnings from the bingo site. What actually happens when you initiate a bank transfer is that the money gets exchanged between two banks- your personal bank and the bingo operator’s bank. Some details regarding your bank account have to be passed on to the online bingo site you are playing at to facilitate this kind of financial exchange. This allows the bingo operator to execute the transfer on your behalf.
Bank transfers are a commonly used method for internet bingo players to carry out their banking online. A look at the advantages and disadvantages of bank transfers will help you decide if this is the method you want to use when you play internet bingo.
Advantages of using Direct Bank Transfers for Bingo Play
There are several reasons why bank transfers are used quite so extensively by internet bingo players to fund their casino accounts and take out their winnings from the casino.
- A bank transfer is a simple money transfer payment method. There is no need for you to set up a new account with a different (third party) payment method provider or e-wallet. All you need is your existing bank account.
- When you transfer money using bank transfers you can keep track of the money you spend on online bingo easily and without investing extra effort. It is also easy to keep track of the winnings paid into your bank account. Every transaction is recorded in your monthly bank statement and a glance at this statement is all it takes for you to see how much you have made or lost through playing online bingo games.
- Bank transfers are widely accepted methods of payment so most reputed bingo halls enable such transactions. Of course, it is wise to check if the internet bingo site of your choice is in fact reputable. You will want to ensure the bingo operator is properly licenced and you may even want to read a proper review of the bingo site. We’ve provided many different bingo reviews on this website that are designed to not only explain what your experience may be like, but also to attest for the bingo room’s reputation. If we do not like a bingo site, we will say so. If we do not trust a site, we will list them in our bingo sites to avoid section and we’ll even tell you why!
Disadvantages of using Bank Transfer for playing bingo
Whilst there may be some distinct advantages to using your bank account to directly fund your play, there are also a few disadvantages of such transfers, which is why alternatives such as ewallets, ecards and so many others are gaining in popularity as well. Along with these, many people have some serious safety concerns about bank transfers.
- When you want to move money using a bank transfer, your bank may levy a charge on you. When your bank charges you for the transfer, you are actually paying to have your money moved from your account to the internet bingo site’s account. In effect, the charge reduces the actual amount that you have to play with at your chosen bingo site.
- On the flip-side, the bingo site may charge you extra when you request for your winnings to be credited to your account through a bank transfer. This is because the operator’s bank will levy the charge on them. They, in turn, pass on the charges to you so that they avoid booking losses from the fees every time a player requests for bank transfer as a means to withdraw his or her winnings.
- If you are playing at an internet bingo hall that is based in a different country, there may be complications regarding currency conversion as well. You could be at a great disadvantage if the conversion rates are unfavourable. In addition, your bank may charge you extra for the actual conversion.
- Above and beyond all of these, many people avoid bank transfers because they have to divulge sensitive information about their bank account to the casino to facilitate the transfer. Given the ease with which information given over the internet can be misused there is definitely some degree of risk in making such disclosures to online bingo halls. This is especially true if the bingo hall you frequent does not employ adequate encryption methods to ensure that all information is kept private and confidential. If your bank details fall into the wrong hands, your account could be accessed by unauthorised people. This is one of the main reasons behind the hesitation shown by many bingo players to use the convenient and quick bank transfer method to deposit money and withdraw winnings.
To sum it up, bank transfers are convenient and quick for making deposits and withdrawals from internet bingo sites. But if you have reservations about divulging bank account details online then there are several other safe options such as prepaid cards, ewallets like Neteller or Allopass, ecards like Paysafecard or other popular secure payment methods like Paypal or Moneybookers that can be used to execute money transfers between your bank account and bingo sites.
Financial safety in online transactions
Whether you agree that it is safe to use your bank account balance to play bingo with, it is imperative that you only trust bingo sites that have proper licencing in place. If you venture outside the realm of safe & regulated bingo sites, you run the risk of being scammed by a rogue bingo operator.
If you are not comfortable using your bank account to transfer deposits in and cash out from your online bingo site, have a look at these additional means of paying for your online bingo play.