Using Electronic Fund Transfer (EFT) Across Online Casinos

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Known as wire transfer or online bank transfer, electronic fund transfer (EFT) is a service provided by all banks in the world, through special interbank networks. As such, it is a popular solution among international online casino players who, in the lack of other options, decide to use it for express and convenient online gambling transactions.

Since it enables all bank account holders to receive and send money to and from any other bank account holder from any country in the world it is particularly efficient to use by online casino players who are based in a country that’s different from the country the casino operator is based in. And since it functions through banks, it provides players with another perk, and that’s the opportunity to use their native currency for their deposits and withdrawals, thus avoid conversion fees.

The way it functions is the following. When sending money, one bank account holder initiates the transfer by providing the banking details of the recipient’s bank account. The two banks communicate through special interbank networks, like the US Clearing House Interbank Payment System (CHIPS), the Canadian Large Value Transfer System (LYNX), and the European Society of Worldwide Interbank Financial Telecommunication (SWIFT), through assigned transaction codes. Each transaction is tracked by these codes and that’s how they are successfully completed. To use an electronic fund transfer, you must, therefore, have an active bank account, and you must visit your bank to activate the service and get your SWIFT/LYNX/CHIPS codes.

International transfers come with fees, but domestic not necessarily. Before you decide to use it as your payment method at an online casino, make sure you get more info on the fees involved, since there are different types of EFTs you could use.

As you can see, there are many reasons why EFT is a fairly well-used solution among online casino players and why many operators list it as an accepted method on their Banking pages. To make a deposit with it, you’d need to select it on the Banking page as your deposit method, and in the pop-up, you’ll see the operator’s banking details pre-entered, so just enter the amount you wish to send and your banking info.

For withdrawals, you’d need to enter your banking details and the amount you wish to cash out, and then wait for the operator to review your request and approve it before it sends you your winnings to your bank account. The waiting times vary from one transaction to another, depending on whether it is domestic or international and what type of EFT was used, but usually, it doesn't take long for the transaction to be processed.

Finally, we should mention that you will find the solution offered across hundreds of online casinosites, so when choosing a site to join, you won’t have any difficulties finding one which accepts EFT.