Bank Draft Online Casinos
In the modern online gambling space, methods like eWallets, electronic transfer services, and instant payments are becoming more and more popular by the day. The convenience of these options and their perfect synergy with technology makes them top picks, but naturally, their rise also spells bad news for more traditional banking services. One of these old-school options is the Bank Draft. This payment method is a classic banking option similar to Checks, with one small difference that gives it a distinct edge. Still, even this doesn’t guarantee its longevity in the current market. Despite, its decline, the Bank Draft is still a viable payment method available on various online gambling sites. If you want to learn more about how this service operates and what it brings to the table, stay tuned as we give a rundown of its offer.
About Bank Draft
If you’re familiar with Bank Checks, then grasping the concept of a Bank Draft will be easy. On the surface, there are essentially no differences between the two. Both are pieces of paper that users fill out to send payments. While this should give you a general idea of how they work, there is one difference between them that gives the latter an edge. Unlike the classic Check option, this one is guaranteed by the bank. The amount on the piece of paper is taken from the payer’s bank account and held in a separate ledger. The money stays in this general ledger until the payee cashes it in.
Now that you know the basics of what a Bank Draft is, you can also probably guess why they’re so widespread. Unlike most other payment methods, this option can be found at essentially any bank you visit. It’s a widespread and safe option that isn’t limited to specific territories, which tends to be a big issue for most modern services. The security of this option is another positive users appreciate. Since these Checks are issued by the banks themselves, the transfers are protected by high-end security methods that ensure transactions go through without a hitch.
As we already mentioned, Bank Draft might be a pretty widespread option accepted in online casinos worldwide, but its popularity has declined significantly. The reason for this is pretty simple. Even with all of its positives, it can’t compete with what most modern banking services offer. It’s not as convenient, requiring a physical visit to the bank of your choice and a short waiting period while the clerk prepares the document. Another thing that sets Bank Drafts back is the speed. As you can imagine, the processing times for this service aren’t short. In some cases, the funds can take up to a week to process!
How to Start Using Bank Draft
Before you start using Bank Draft, there is one prerequisite you need to fulfill – owning a bank account. Since the money for the Check needs to be drawn from your account, opening a valid account with a bank of your choice is a must. Thankfully, while somewhat boring, this process isn’t hard to follow. First, visit the bank and request to open an account. The clerk will hand you someforms you’ll need to fill out with your personal information. When you finish this step, hand the forms back, along with a valid form of photo identification. A passport or driving license will do in this identity verification step. The bank will review your submission and have your account ready shortly.
Now, onto using a Bank Draft itself. The start of this process isn’t too different from opening an account. You’ll need to go to the bank and request one from a clerk. You can then proceed to filloutthe required information for it, along with the desired amount you’re sending. The clerk will prepare the document for you shortly and hand it over when ready. The next step is getting the Check to thepayee. You can do this in multiple ways. While handing the paper over directly is the traditional way of doing things, you can also send it by mail, or in a more modern manner, provide the necessary cash-out information on it to the payee electronically.
That’s pretty much everything you need to know about using the service, but we should also caution you to be careful with the information on it. When sending the piece of paper, or its digital counterpart, to the casino, business, or payee in question, double-check that you’re sending it to the right person. You don’t want to give a random person access to it, especially with remote check deposits becoming the new standard.
Depositing and Withdrawing With the Solution
Depositing with Bank Draft is usually a pretty simple procedure. It can be done fully online, of course, after you have the Check already in hand. The harder part of paying for this service is finding an operator that supports it. While the option was easy to find in the past, it’s getting less so these days. The payment method’s logo is disappearing from many operators, leaving users to search for alternative options. If you happen to find a casino where this is still a viable option, here’s how to proceed:
- Look for the Bank Draft logo on the list of Payment Methods/Deposit Methods in the casino’s Cashier/Banking/Payments section.
- Click or tap on it, and a new pop-up window will appear.
- Enter the required Check info in the empty fields of the form.
- Enter the amount you’d like to deposit in the required field.
- After the authentication procedure, confirm your transaction.
- Wait for the money to arrive on your balance. This can take a few days.
Withdrawing with Bank Draft is the same process, but the roles are reversed. The casino is supposed to send players a check in this case. Initiating this process doesn’t usually start in the Cashier section, instead, you’ll likely need to contact Customer Support. Tell the Customer Support representative that you’d like to cash out using the service and wait for their instructions on how to proceed. Follow them to a T, and you’ll have your winnings in hand as soon as the transaction clears.
Coverage and Restrictions
Bank Drafts are available in pretty much every country worldwide. Since the service is offered in nearly every bank, as long as you have a bank account, you should be able to initiate a transfer hassle-free. Of course, this doesn’t mean things are easy. Since this service is being slowly pushed out of online casinos, you might find it harder to spot a supported operator.
Fees and Additional Charges
As you may have assumed, there is a fee attached to these services. Most banks charge a small fee for transfers, and things are no different when Bank Draft is involved. Of course, this fee can vary depending on your chosen bank. Most of the time, it’s a flat fee, but in some cases, it may grow larger if the transfer amount is higher. Be mindful of this before you proceed. If you don’t want to deal with large fees, you can reach out to the bank before setting up an account for more information.
Like with most things we’ve already covered about Bank Draft, the accepted currencies for this service will depend on your chosen banking provider. Most banks support the local currency of the country you’re in. If you’re in the USA, for example, you can expect payments in USD, if you’re in a European country, you’ll most likely be using Euros. Some banks do accept multiple currencies, but if you wish to cash out or send the Check in a different currency, you might be charged a conversionfee.
Again, the Customer Support you receive when Bank Drafts are in question heavily depends on thebanking provider you’ve selected. In most cases, you should receive excellent care. Most banks are properly prepared to deal with customer issues and complaints, so their representatives will guide you through the problem and get things in order efficiently. Still, this isn’t always the case. It’s best to review other user experiences with specific banks before you choose where to open an account.
Bank Drafts might be a more old-school payment option that’s slowly losing steam in the online gambling world, but while it’s around, it’s a pretty good option for people in remote areas where popular services aren’t available. The solution is safe and reliable, which is often more than enough for users that don’t have access to modern banking. Of course, its shortcoming might be too much for some to bear. Its slow processing times and inconvenient setup are sorely outdated, but if you can look past them, you have a solid service that works for two-way transactions.
Is Bank Draft safe?
Yes, Bank Draft is safe. The service operates through traditional banks, which means their security ensures your transfer arrives as intended.
Do all banks offer Bank Draft?
Generally, yes. Although Bank Drafts aren’t as popular as they once were, they’re still a viable option offered by most banks.
Where is Bank Draft available?
Since the service is offered through banks, it’s available pretty much everywhere in the world.
How fast is Bank Draft?
Bank Draft is a pretty slow transfer service. Deposits and withdrawals have long processing times that can take up to a week.
Is Bank Draft the same as a Check?
Essentially, yes. The only difference between the two is that Bank Drafts are guaranteed by the bank, as the money is withdrawn from the payer’s account and held in a general ledger.
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