The best online casinos allow you to make secure deposits and withdrawals via online bank transfers. While there are often faster and more convenient options, online banking is safe, offers broad limits, and typically comes with no fees. This guide outlines the pros and cons of online banking and compares it to alternative payment methods.
Page Navigation
Online Banking vs. ACH
Online banking allows you to transfer funds directly from your checking account to your casino account. When you initiate the transaction, you’ll be redirected to your bank’s sign-in page, where you can log in and confirm the payment.
This differs slightly from an e-check, which uses the Automated Clearing House (ACH) system to process the transfer. An ACH payment requires a processor, such as VIP Preferred, Square, PayPal, or a bank. Essentially, it’s a digital version of a paper check.
Online Banking vs. Wire Transfer
Some casinos also accept deposits and withdrawals via wire transfer. Wire transfers move money through secure networks like Fedwire or SWIFT.
Wire transfers are generally slower and more complex than standard bank transfers, and they may incur fees. However, wire transfers often come with higher limits, making them ideal for high-rollers.
How to Deposit via Online Banking
Depositing via online banking is simple. While the process is largely the same at any casino, we’ll use BetMGM as an example:
- Visit the Online Cashier
Log in to your account, click the “Cashier” tab, and select “Deposit.” You’ll see a list of available deposit options. - Enter Your Deposit Amount
Choose your deposit amount and click the online banking logo. This will redirect you to the online banking page. Select your bank from the list provided. - Confirm Your Payment
Log in to your online banking account and confirm the payment. Once completed, you’ll be redirected to BetMGM, and the funds will appear in your account instantly. You’ll also receive an email confirmation of the transaction.
How to Withdraw Winnings via Online Banking
Online banking is one of the most common withdrawal methods at casinos. Here’s how to withdraw via bank transfer at BetMGM:
- Head to the Withdrawal Section
Go back to the BetMGM cashier and select “Withdraw.” You’ll see your withdrawable balance. Enter the amount you wish to withdraw. - Select Online Banking
If you’ve used online banking to deposit in the past six months, it will be listed as an option. Choose the online banking logo and confirm your withdrawal request. - Wait for Your Payment
BetMGM will process and approve the request, which usually takes 3-5 days but can be faster. If your bank supports instant withdrawals, you may receive the funds in under 10 minutes. Otherwise, expect them to arrive in 2-3 business days.
Pros and Cons of Using Online Banking
Pros:
- Secure option for deposits and withdrawals.
- Broad limits for both transactions.
- Generally no fees for using online banking at online casinos.
Cons:
- Slower deposit process compared to methods like PayPal.
- Faster alternatives for withdrawals may be available.
- Some banks may block transfers to gambling sites, though this is rare.
Online Banking for Casino Deposits: FAQs
Can I Use Online Banking for Casino Deposits?
Yes, you can use online banking for deposits at top online casinos, including DraftKings, BetMGM, FanDuel, and Caesars Palace. However, these casinos are only available in certain states.
Do I Have to Pay Deposit Fees at Online Casinos?
No, you shouldn’t be charged any deposit fees when using online banking, debit cards, or PayPal. However, methods like PayNearMe or wire transfers may incur fees. Credit card deposits might also incur a fee if treated as cash advances.
Why Did I Receive an “Insufficient Funds” Error?
Your available balance must cover all pending transactions, and it usually needs to be 1.5x your deposit amount. If this condition isn’t met, the payment will be declined. Add more funds to your account, deposit a smaller amount, or check for pending charges.
Can I Deposit from a Bank Account That Isn’t in My Name?
No, online casinos only accept deposits from bank accounts that match the name on your casino account.
Can I Deposit from a Business Banking Account?
No, licensed online casinos do not permit business accounts for deposits or withdrawals. You must use your personal bank account.
Can I Use Online Banking for Withdrawals?
Yes, you can withdraw funds via online banking at most online casinos. The limits and speeds vary depending on the casino, but online banking is widely available for withdrawals.
