The world of personal finance has come a long way since the time of mostly doing everything by cash or cheque. Now people have many more choices with popular e-wallets and cryptocurrency options having arrived on the scene. But just because something new comes along, it does not make older models obsolete.
Traditional banking methods still exist, of course. While a bank transfer is not as commonly used for something like online shopping, it still has a big use, especially when it comes to sending large sums of money.
It is still a popular method of payment to use in certain areas, particularly for deposits to online bookmakers and casinos. So what is the enduring appeal of bank transfers, and why may you want to consider them?
Bank Transfers vs ACH vs Wire
Despite the different names, a Transfer, ACH and Wire are all forms of bank transfers. The main differences occur in what network they are processed through. Ultimately, there are more similarities than anything else, like having the recipient’s banking info.
When you initiate a wire transfer, the request will be sent through a network of cooperating banks and is usually for bigger ticket things, like putting down a deposit for a house and sending money abroad.
The standard bank transfer system is more localised within the same country. The bank will debit the requested amount from the sender and credit the recipient’s account, and typically, the process goes through an Automated Clearing House (ACH transfer). This is more commonly used for paying bills, depositing at online casinos like at BSTcasinos banking options and sending money to family.
There is a little misconception that bank transfers are massively cumbersome, slow things. While they don’t offer immediate transactions, the actual time a transfer takes will depend on the banks and networks in use.
In some cases, it can be completed within 24 hours. It’s common, though, to expect the delivery of a bank transfer to take a few working days. You will need to take into account things like holidays and weekends, which will slow transfers down.
If that sounds frustrating in the world of high-speed transactions and wanting everything done immediately, there is a big upside to the slow and steady route – security.
What you get when you deal with a bank directly is added layers of security. Banks have to follow strict protocols and regulations for every transaction that they make. This is something that is missing when you send a payment through an e-wallet, for example, which is immediate but doesn’t have the same levels of security.
A bank transfer will be encrypted and, importantly have to pass security clearance checks for fraud along the way on its journey from sender to recipient. Bank transfers are, hands-down, one of the safest ways around to send money.
It may feel antiquated, and generally, there will be a small fee involved and a lack of instant processing, but bank transfers are reliable and secure. That, in this day of digital fraud, counts for a lot, especially in areas like online gaming, and many online casino experts like at https://bstcasinos.com/author/jack-hamilton/ will recommend bank transfers.
When looking at bank transfers, there are different types, which ultimately don’t make that much difference to the user. Different countries use their specific network of clearance houses, for example, but it is still often the best, most secure way to send money internationally.
There are quick, newer ways that banks allow for transfers, just by grabbing your phone. Zelle is a popular peer-to-peer money transfer service. Individuals can use it to quickly send and receive funds from connected banks.
With so many major banks and credit unions enrolled in the program, it’s become a big standard for shifting money around. There’s no cost for using Zelle either. But peer-to-peer options like Zelle, Venmo and Apple Cash have a downside.
There is a greater importance placed on you to be careful when sending payment. Unfortunately, these are prime payment systems that scammers target, and correctly entering the recipient’s contact information falls on you. There isn’t the same level of protection that you get when sending money through a bank transfer.
So the next time you are ready to make a payment, think about security over convenience, and this is where the bank transfer will shine. At the end of the day, the options are good. Assess the best type of transfer or payment situation by situation based on trust, speed, and security.