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ATTN: Casino Rep Why don't casinos offer instant bank transfers?

Discussion in 'Online Casinos' started by Valhalla, Mar 11, 2015.

    Mar 11, 2015
  1. Valhalla

    Valhalla The Professional MM

    Occupation:
    Poker Player
    Location:
    Northern Ireland
    Just occurred to me a moment ago when I paid a solicitor's bill.
    I sent a large sum of money to his bank account instantly, and It appeared about 5 seconds after I sent the payment (he confirmed while on the phone).
    I've done this for various people including tradesmen, my wife, my brother and so on. It's always instant and costs me nothing.

    I know casinos do offer other payment methods that are practically instant (Skrill and/or Neteller? Those kind of services; I don't use them myself but I've gleaned a bit of info about them on this forum), but why not instant bank transfers to cut out these "middle men"?
    I know loads of people like myself still use debit cards to deposit and withdraw. But withdrawals take around 24hrs from processing at the best of casinos, and if you do make a withdrawal at the weekend, you still have to wait at least until Monday.
    Seems unnecessary when I, a single person with a basic bank account, can send money to anyone, anywhere, instantly and for free. Surely a large company like an internet casino would be able to do the same?

    I also appreciate that a lot of casinos like to hold on to your withdrawal in a pending state in the hope you will reverse and lose it, but once it's processed why do we have to wait?
    The other (good) guys that process instantly (or flush on request) are one step away from truly instant withdrawals.

    I think the first casino to offer such a withdrawal method would immediately stand head and shoulders above the rest.
    Surely it's only a matter of time before one of them really does add something that truly sets them apart? :)
     
    2 people like this.
  2. Mar 11, 2015
  3. AlmostFamous

    AlmostFamous Experienced Member

    Occupation:
    Writer
    Location:
    NYC
    Great idea...

    I agree with you. I wish they would too.
    But they do tend to like to hold onto our winnings
    in hopes that you will return it right back to them.

    They sure can accept our deposits instantly.
     
    1 person likes this.
  4. Mar 11, 2015
  5. Tirilej

    Tirilej On a Break

    Occupation:
    Breathing
    Location:
    Sweden
    At least in Sweden they need to use the same bank or nothing is instant.

    I can't send money to anyone here and believe it's instant if they don't have the same bank. It usually takes a few hours up to a day.

    We have that Trustly now that we can use at casinos but I've never tried to cash out to it so don't know if it's instant the other way too.
    It is through the bank accounts though.
     
    1 person likes this.
  6. Mar 11, 2015
  7. ianbeale

    ianbeale Dormant account PABnonaccred

    Occupation:
    student
    Location:
    uk
    It MAY be to do with the fact that the casino's hold the funds in offshore/out of UK (even UK registered casino's)

    I believe the Faster Payment service only works with UK held accounts such as me sending you money or you to your solicitor as you said.

    I may be wrong and there may be someone more clued up in the banking world on here than me.
     
    2 people like this.
  8. Mar 11, 2015
  9. Jakestar

    Jakestar Senior Member

    Occupation:
    Aircraft Pushback Driver
    Location:
    Australia
    Umm.. Bank transfer times are completely out of the casinos control. If you withdraw to your bank, the casino doesn't choose the length if time it takes, they enter your bank account details and hit the send button then it's down to the banks. Instant bank transfers between 2 different accounts only occur if it's within the same financial institution, and with their being countless number of different banking institutions worldwide, how the hell could you? The casino processes a bank withdrawal in the same time as a Neteller withdrawal. Difference is when you hit the "send" or "transfer" button, is Neteller is instant 24/7, banks rely on business hours, human intervention, and bank wires with limited windows of opportunity to send.
     
    1 person likes this.
  10. Mar 11, 2015
  11. Valhalla

    Valhalla The Professional MM

    Occupation:
    Poker Player
    Location:
    Northern Ireland
    This actually might be the reason :)
    "Faster Payment in progress" is exactly what it says on my screen when I'm making a transfer to someone else's account.
     
  12. Mar 11, 2015
  13. Valhalla

    Valhalla The Professional MM

    Occupation:
    Poker Player
    Location:
    Northern Ireland
    Bare in mind it wasn't an accusation that they choose how long a withdrawal takes, it was more my belief they used a slower payment system other than that which is available to me.
     
  14. Mar 11, 2015
  15. Jakestar

    Jakestar Senior Member

    Occupation:
    Aircraft Pushback Driver
    Location:
    Australia
    Oh and in regards to them "taking our deposits instantly" that actually isn't the case. Even though you have credits show up instantly in your casino account, they actually don't receive the money for a few days. The reason it gets credited instantly when you deposit is based on a "cash advance" where for eg. You deposit $100 with MasterCard: If you have sufficient funds to cover this MasterCard will debit the funds from your account, and give "reassurance" to the recipient (in this case, the casino) that this person has sufficient balance, and the funds are in transit to them". This trust is based off MasterCard's reputation, as well as any major credit company. The process is much more complex than I've explained, but that's the best "laymans terms" explanation I can give right now (especially as I just got home from Darts night, and Darts of course entails many a alcoholic beverage ;P)
     
    5 people like this.
  16. Mar 11, 2015
  17. catapultaudio

    catapultaudio Senior Member

    Occupation:
    Computer Programmer
    Location:
    Leeds, UK
    Wow, I didn't realise that other European countries and Australia etc don't have instant transfers between different banks - we've had it here in the UK for a few years now - I've almost forgotten the bad old days where it took 3 working days to send to a different bank and was only immediate if the two accounts were with the same institution.

    One problem may well be that some large business bank accounts still do not have this facility, for no good reason whatsoever - just a scam so they can continue to charge for a CHAPS fast transfer - thats an alternative system that has existed long before Faster Payments came about and usually costs around £25 to get funds moved between different banks in around 2-3 hours. One employer I worked for a couple of years back had this exact problem, if it was me I would find a different bank I reckon!

    I'm sure there must be some casinos who do have faster payments available though - and if they already pay out within minutes/hours to Skrill/Neteller, I'm sure they could also pay directly to your bank in the same timeframe too, so it may be worth choosing Bank Transfer rather than Card Withdrawal if available though sadly I have noticed many casinos like to charge for the bank option... I guess its the most complicated option available if you are dealing with customers in many different countries, whereas paying back to a card is already handled globally using a single system.
     
  18. Mar 11, 2015
  19. Jakestar

    Jakestar Senior Member

    Occupation:
    Aircraft Pushback Driver
    Location:
    Australia
    Oh and it is true that Australia has the most dated banking system in the world, they are about 10 years behind compared to rest of the world (Actually Australia is behind in many things compared to the rest of the world, but that's another story) but banking, man is it embarrassing. My closest friend was a bank manager at Commonwealth Bank for 30 years and he's told me many stories over the years about his time there. Sorry, I hope I didn't come across as rude or in retaliation, heh I've had a few after a night if darts and I may have been too aggressive in my responses, I do apologise for that.

    But all :)
     
    1 person likes this.
  20. Mar 11, 2015
  21. Harry_BKK

    Harry_BKK Senior Member CAG mm1

    Occupation:
    job is OK
    Location:
    Balcony
    OK guys, now that all sounds fast but let me tell you the status for Thailand (what is still considered by some as 3rd world or emerging market)

    - Transfer within Thailand from any bank to any bank - instant
    - Transfer within ASEAN - 1 - 2 hours
    - Transfer to UK - same day if transfer made before lunch
    - Transfer from UK - same day if made before lunch
    - Transfer from EU - 2 days
    - Transfer from Sweden - 2 - 3 days

    I find the Thai times pretty fast, just seems modern Europe still lags far behind.

    I don't see why banks still take days to make a transfer. In 99.99% of transfers no human intervention is needed nowadays. So even if casinos processes it the same day it might take 2-3 days to hit a bank account, which only benefits the banks.
     
  22. Mar 12, 2015
  23. psychogene

    psychogene Senior Member

    Occupation:
    This and That
    Location:
    Australia
    Yeah here in Australia instant bank transfer as far as I know is only between accounts in the same banking institution. If you have to transfer from one bank to a different one it can take up to 2 business days.

    Sucks definitely but thats just the way it is here. If you want instant bank transfer your going to have to go to whichever bank branch you want to deposit to and do it in person via cash. I'm not to well informed on banking systems and all that but I've just accepted that we are kind of behind compared to other developed countries in that regard.

    If theres an online casino that offers instant bank transfers I'll be all over it but as it stands its not so bad the way it is now there are quite alot of good online casinos that pay out within 24 hours which for me as totally acceptable.

    NextCasino - I usually receive the money within 24 hours (sometimes even 12 hours) of hitting withdrawal ($80 minimum) with 0 FEES. This is as good as it gets for someone in Australia.
    Guts - 1 Business day or so the money comes through though theres like a $3.50 fee attached to it per withdrawal.
    Videoslots - I just noticed my last bank withdrawal did not have the usual $12 fee attached to it. Bank withdrawals for me take quite awhile (up to 5 days) so I have switched to ecopayz (which is a faster payout method at VS)

    I'd rate next casino as the most Australian-friendly online casino I've played out due to fast payment and 0 Fees attached.
     
  24. Mar 12, 2015
  25. me_and_ed

    me_and_ed Ueber Meister CAG MM

    Occupation:
    Selling out
    Location:
    Vancouver
    In Canada we can do an instant transfer through our debit system Interac, comes in the form of an email money transfer, the link they send will take you to your financial institution online banking page, you have to answer a security question and its instant to whatever account you choose, I use it all the time, works great, just ask my ex wife, she gets thousands every month :)
     
    1 person likes this.
  26. Mar 12, 2015
  27. paul7388

    paul7388 Meister Member MM

    Occupation:
    not a lot
    Location:
    glasgow scotland
    Casinos could like any other business put the money in your bank instantly. Reasons they don't is costs.

    In the UK If I withdraw from say a british bookie on a Monday I know the money will be in my bank account by Wednesday morning which is fast enough. But the bookie could put it in my bank instantly if they chose but I know it costs money to do a fast transfer so they just pay it normally which is fast enough. If you read the posts from Reps on the Forum you will see them talking about the costs of deposits, withdrawals etc. so paying fast transfer for all withdrawals would be yet another unnecessary expense to add .

    Its the same in the UK if you applied for a loan or something. Normally it would appear in your account a couple of days later but if you wanted it in your account same day you would have to pay a fee to get it paid that day.
     
  28. Mar 12, 2015
  29. onkel

    onkel Experienced Member PABnonaccred

    Occupation:
    webmaster
    Location:
    Larnaca, Cyprus, Cyprus
    Triliej - Trustly is instant for several of the Swedish banks. I myself use Swedbank and for a few casinos that are quick at processing (automated?) I usually have the money in my bank quicker than it takes me to log in.
     
    1 person likes this.
  30. Mar 12, 2015
  31. Tirilej

    Tirilej On a Break

    Occupation:
    Breathing
    Location:
    Sweden
    I guess that's the Betsson brands, Redbet and Nordicbet. Those who have their biggest market up north.
    The rest maybe are a little slower.

    It's getting scary. It's almost too easy for people to deposit and play.
    I know, I'm always thinking about young people and those that get addicted too easy :(
     
  32. Mar 12, 2015
  33. miso

    miso Meister Member MM

    Occupation:
    accountant
    Location:
    Ireland
    So far, only Paddy Power is able to get my money within a banking day. I'd say they are using some Irish bank, but maybe if they were with AIB, then the cashout could be the same as any other same bank transfer, thus instant.
    But when I'm thinking about it, when I send money abroad it rarely takes longer than 5-6 hours. The process is annoying (IBAN, BIC, card reader, receiving and confirming codes), but then like I said, same day.
     
  34. Mar 12, 2015
  35. onkel

    onkel Experienced Member PABnonaccred

    Occupation:
    webmaster
    Location:
    Larnaca, Cyprus, Cyprus
    The brands you mention are included, yes - but basically any casino with Trustly (there are lots!) and with quick processing offers the same benefit.
     
    1 person likes this.
  36. Mar 12, 2015
  37. Jannat

    Jannat Dormant account

    Occupation:
    Casino
    Location:
    Finland
    In order for a bank transfer to be instant, they would need to have the same bank as you.

    The reason why deposits are instant is because the payment provider reserves the funds from your account and transfer the funds to the casino. Then the payment providers charges you few days later and thus, reservation disappears.

    Some banks are bit bad at showing these reservations. It shows like it has been taken from your account. But if the deposit never goes through, the reservations disappears from your account. This depends on your bank on how fast they are making this reservation disappears. For Nordic banks, phone call is mostly needed.

    For others, it might take a week or two.
     
  38. Mar 12, 2015
  39. Valhalla

    Valhalla The Professional MM

    Occupation:
    Poker Player
    Location:
    Northern Ireland
    My account is with Halifax [owned by Lloyd's Banking group PLC]
    My solicitor is Bank of Ireland, my wife is with Danske (formerly Northern Bank), and my brother is with Santander. All transfers to these accounts, and whatever accounts my joiner, plumber, and kitchen fitter are with, all transfer instantly.

    Although I do think the "within the UK" (as mentioned by ianbeal on the first page) has something to do with it :)
     

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