Bank Transfer - Casino Payment Method
In a bank transfer, one person or organisation transfer the funds from his bank to another account. Currently, many people use online banking to transfer their funds. However, there is a still a substantial number of people who go to banks and make transfers physically. Online bank transfers can be done through your laptop, phone or tablet. For this kind of transactions, you need to open an online bank account. On our start page you can find different ways to use this.
For making a transaction, you need to login to your account and after entering your password, you can then make your transfer. In some cases, you can just call up your bank and make the necessary transfers. Please note that to make your transfers, you need to know the bank account of the payee. In order to make this kind of transfers more secure, sometimes your bank might send you a One-Time Password. This is nothing but a code that should be input to authenticate your transactions. Bank transfers need to be just a bank-bank process. Sometimes there are intermediaries to facilitate this process.
Deposits and Withdrawals
To deposit a sum of money, a payer should know the bank account, bank name and the branch address of a payee. For making a deposit, you have to fill in these details on a form and then attach the cheque to it. Submit these documents to the bank teller and your money will be deposited in the payee's account. For making an online deposit, you will have to furnish these details to your bank. You will also have to tell your bank how much money you are going to deposit.
If there is an international deposit then you will have to share your SWIFT code with your payer bank. This code is usually an 11-digit number that contains your bank account, branch, city, and country. Withdrawing money from your account is easy; go to your ATM and swipe your debit card there. Enter your PIN and get your money. The other way to withdraw your money is to go to your bank, fill a withdrawal form and sign it, present it to the teller and get your money.
Advantages
- Fast
- Simple
- Maintains all records
Disadvantages
- Risky
- Password management
- High fees
Review and Summary
Online bank transfers have made our lives easier. There is no need to visit your bank and stand in a queue to make a transaction. However, this kind of transfers may be difficult for older people who are not comfortable with technology. Another disadvantage with this method is the high transaction fees. Banks charge these fees because they consider online transfers as services. Online banking is risky, too.
If you download a file that has malware, then your login credentials may be stolen by hackers. Password management is another key issue in online bank transfers. You need to remember all your passwords in order to make transactions smoothly. Despite all these disadvantages, people still prefer online bank transfers while making payments for their utility bills, home loans, grocery and credit card payments. With the emergence of payment intermediaries, international bank transfers have become simpler. Many banks have introduced apps for making payments. For withdrawing money, people will still have to visit their banks and the neighbourhood ATMs.