A bank transfer consists in transferring money from a bank account to another. It is a more traditional and older payment method compared to the innovative electronic wallets, the prepaid cards and also the more popular payment cards.
The bank transfers can be on any shopping website but also on online casinos. From 2008, the system of bank transfers has been reorganised, in order to fit with the harmonisation politics of payment methods in Europe.
Bank transfers do not require necessarily to be done between two account of the same bank.
There are several types of bank transfer: internal transfers are different from external transfers and from transfers between two account of the same bank. As for the domestic transfers, they are made within a specific country, differently from the international ones. Last, we distinguish between sporadic and permanent bank transfers.
Operation principle of bank transfers
Bank transfers consist in transferring funds electronically from a bank account to another.
The owner of the account in debit starts the transaction to the account of the receiver: it is necessary thus, that the who is doing the transfer knows the bank detail of the other (IBAN and BIC codes).
Advantages and disadvantages of bank transfers
Although bank transfers have the advantage to be a really traditional and safe payment modality, we need to take into account the inconveniences that may occur by using them. In particular, you generally need to pay some fees in order to make a bank transfers, especially when the account of the sender and the receiver belong to different banks or different countries, the fees are considerable and sometimes quite expensive in comparison to the amount to transfer.
Furthermore, bank transfers need a number of working days to be completed: although they are electronically made, they are not immediate.
This payment modality is therefore less rapid and practical than others, from electronic wallets to payment cards or prepaid cards, more convenient and rapid payment interfaces.