Interview with Joonas Karhu on the current standing of bank transfers in online casinos

In a market brimming with innovative payment solutions, bank transfers still capture and command a certain attention amongst Brits. What is it about this old-school method that keeps players coming back, and how can operators leverage its strength?

Today, we sit down with Joonas Karhu, co-founder of the popular iGaming comparison website Bojoko, to get his take on the enduring role of bank transfers in online gambling. In this conversation, he’ll take us through Bojoko’s player insights and data, explain how they managed to stay relevant and offer his verdict on the future of bank transfers at online casinos.

You have been in the industry for decades and observed pretty astronomical changes in payment preferences, including the rise of e-wallets. Where do you see bank transfers standing today?

Bank transfers are certainly still holding strong, especially in markets where they’ve been the go-to payment method for decades. While newer methods like e-wallets have become more popular in recent years, bank transfers remain a trusted and widely accepted form of payment.

For players who are accustomed to secure, regulated financial transactions, using a bank transfer feels like a natural and straightforward choice.

For many players, especially those who prefer a more familiar way of banking, the security and reliability of bank transfers remain appealing. You might be surprised, but we have an overview of bank transfer casino sites in the UK, and the activity is fairly high. Brits do want to deposit and withdraw using bank transfers. In fact, we are seeing thousands of searches every month. 

Even though other payment options are rising in popularity, traditional bank transfers continue to offer a sense of security that newer methods can’t always match.

Why do you think they have managed to maintain such a grip?

Bank transfers stand out for their level of familiarity and trust. We all have bank accounts, and using a bank transfer for casino transactions feels more secure for many. It’s a tried-and-tested method, and there’s a sense of comfort in using something that players have been relying on for everyday transactions for years.

E-wallets are certainly attractive options due to their speed and convenience. However, bank transfers remain a go-to choice for players who are hesitant about using new technologies or are unfamiliar with them.

Still, newer methods have gained significant traction. Why do you think these methods have become so appealing?

Speed, efficiency, and, somewhat ironically, security. Many players have the opposite instinct to those who prefer bank transfers. They don’t feel confident sharing bank information and prefer to have a secure middleman. That’s where e-wallets like PayPal have long excelled, and today, they have a ton of fresh competition in this sphere.

Then, on the flip side, you have pay-by-phone solutions that have just exploded. You can’t withdraw with this method, but you can make small deposits that you pay via your phone bill. Once again, we are seeing a preference for not wishing to share banking data for your deposits or, in many cases, just for ease of access. 

Then you have transaction speed. This is a major difference between bank transfers and e-wallets. Deposits are instant, but bank transfers can take anywhere from 1 to 5 business days for withdrawals, depending on the bank and the payment method used. Meanwhile, e-wallets usually have the capacity to process transactions instantly.

Given the variety of payment options available, how do you think players view bank transfers today?

I’d say opinions on bank transfers are pretty mixed, and it really depends on the player’s age and habits. For a lot of older players, bank transfers are a trusted, familiar method. They feel safe using something they know from traditional banking, even if it might be a bit slower.

However, many younger players find bank transfers too slow and prefer faster options. That said, there are also instant bank transfers, and I think there has been a lot of work going into keeping up with the times.

Do you think traditional bank transfers will continue to play an important role in the future of online casinos, or will they eventually be overtaken by newer methods?

I think bank transfers will continue to play an important role for the foreseeable future. While newer methods are undoubtedly gaining ground, bank transfers still offer stability and security that many players appreciate. It’s a reliable and trusted method that has stood the test of time.

Future generational shifts will likely bring big changes, but bank transfers won’t disappear anytime soon.