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Although there are now more casino payment methods like e-wallets and crypto tools, bank transfers remain to be a common choice among bettors. BACS is one of these popular bank transfer methods, particularly in the United Kingdom.
BACS stands for the Bankers Automated Clearing Services and it functions similarly to its United States counterpart, ACH. At the moment, the UK-based bank transfer is used by most of the British citizens for direct transfer of wages, retail payments, and more.
Fortunately, BACS is also a payment option in many online gaming hubs. Read on to find out more about using this bank transfer method.
How to Use BACS in Your Chosen Online Casino
Using BACS for your casino banking needs is easy. You just have to look for that option in the Cashier section of the betting site. It may be listed as BACS or “bank transfer.” After keying in your bank information, you have to wait up to three days before the casino receives your deposited amount. On the other hand, some major banks implement a 24-hour processing period, allowing you to play almost right away.
Similar to depositing, withdrawing requires you to provide your banking information. You might also have to pay a certain fee for cashing out your casino funds. The casino will then send out the payment after its processing period. Depending on your bank, you will receive your money within three to five working days.
The Pros and Cons of Banking with BACS
If you are residing in the United Kingdom, you will find it reassuring to use BACS as your payment gateway. Since it is a direct transfer between banks, the channel removes the need for third party. As a result, you do not have to pay high transaction costs.
Unfortunately, BACS may not be a good choice for you if you want instant transactions. At most, you have to wait up to five banking days before the deposit or withdrawal is completed. You also have to consider the processing time from the casino to confirm payment or cash-out.
That being said, BACS continues to be a trusted payment method among bettors in the UK. If you prefer transactions directly through your bank, consider this gateway as your deposit and withdrawal channel.