Recently, the UK gambling industry has seen new measures designed to help players overcome addiction. GamStop, a system for voluntary self-exclusion, makes access to member websites impossible. Meanwhile, banks like Barclays allow clients to block gambling-related transactions. Casinos outside the system use a similar range of payment methods. Why do banks still allow transfers at non-GamStop sites?
Obviously, to gain additional profit. Whatever the status of your casino, you will still be charged transaction fees for bank transfers. Popular gambling platforms that are not on GamStop are perfectly accessible and they offer a similar range of games and services as restricted sites.
Payments by Bank Transfer
Most casinos accept this method, and the procedure is usually convenient. To make a deposit or withdraw winnings, you should go to the corresponding section of the site, specify the amount and financial details and wait for completion. Transaction fees apply, and these vary from small to substantial.
They are often calculated as a percentage of the amount. Importantly, your bank is not obliged to inform you of the payments. They just deduce them from the amount you send or receive. Therefore, if you are planning to make a deposit via transfer, contact your banking institution to inquire about its fees.
You should also be aware of the waiting period. First, the gambling site will need to verify your identity. Then, they will work on your request. Usually, withdrawals are only processed after mandatory pending (for example, 48 hours). This window allows time for cancellation if players decide to keep their money on the site. Finally, the bank will process the transaction.
As you can see, this is a complex multistage process. It requires several days — between 2 and 10. All popular casinos in and outside GamStop try to make payments as fast as possible for the sake of convenience.
Pros and Cons
Usually, wire transfers are the most expensive way to make a deposit or withdrawal. The fees are particularly high for international transactions. On average, players need to pay $10-$40 to top their accounts. The fee is either fixed or equal to a percentage of the sum. Clearly, banks get profit from facilitating gambling operations. But what are the advantages for players?
- You can transfer a large amount of money at once (if the bank allows it).
- Bank transfers are safe, as they are protected by SSL encryption (all sensitive data, both personal and financial, remains private).
- Online casinos almost never save bank account details (unlike credit card information).
Financial institutions charge a commission for transfers on GamStop and non-GamStop casinos. Bank wires are the most expensive, and the fees could be substantial. For players, it is crucial to choose a legitimate website. Bank transfers are generally secure, but you could also pay with Bitcoin for guaranteed anonymity.