Latest news with #banktransfer
Daily Mail
28-05-2025
- Business
- Daily Mail
Pay by bank becoming a frequent option when shopping online - should you use it?
When shopping online the option to 'pay by bank' to purchase goods has become a frequently common sight in recent years. The payment method has been growing steadily in the UK and across Europe, with transactions using the technology tripling in the three years to 2024. Retailers from Papa Johns to Ryanair now offer the service, while NS&I pushes it as the main option when buying Premium Bonds, as firms continue to adopt the technology. In 2025, some 25million pay by bank transactions are processed every month, and this is likely to continue growing. However, as with any new system, there are concerns that pay by bank isn't an effective replacement for traditional methods, and doesn't have the same protections in place. Critics argue pay by bank is technically just a bank transfer, whereas a debit or credit card transaction offer Section 75 protection or a chargeback protection. So what is pay by bank, why is it becoming so popular and should you be wary about using it? A payment revolution Pay by bank allows customers to pay directly through their bank account, using their login credentials – often including biometrics such as fingerprint or facial recognition - to verify a payment. Unlike traditional payment methods, pay by bank cuts out the need to for so many middlemen in the payments process. Sweden-based Brite Payments - one of a number of firms offering the technology, alongside others such as TrueLayer, Finexer and GoCardless - says pay by bank offers a more efficient alternative to other commonly used payment methods. Lena Hackelöer, founder and chief executive of pay by bank provider Brite Payments, told This is Money: 'Payments are still relatively complex and they're still relatively expensive. 'The reason why pay by bank is more efficient is quite simply that there's fewer partners involved in any given transaction. It can be as few as the payer, bank and the merchant themselves.' In comparison, credit card transactions go through issuers, acquirers, card networks and payment gateways. For retailers, this means that adopting pay by bank significantly cuts down the fees they pay on each transaction and also often gives them faster access to the funds. In some cases, this also means cheaper prices at the checkout. Hackelöer added: 'Travel bookings, for example, are typically quite expensive to handle on credit cards. 'You'll often see positive discrimination, for pay by bank. 'There will be a surcharge for credit cards and for PayPal and for buy now pay later, and then you'll have a free payment method which will often be pay by bank.' However, there are other benefits to the consumer. The main benefit of pay by bank for users, Hackelöer says, is the ease of use. It requires just access to an online banking app, something 87 per cent of British adults use, and requires no sign up and no need to remember payment details. She said: 'What you use is typically the same credentials that you would use to log into your online bank, which is something that people have top of mind. 'A lot of people do not have their credit card with them or they don't know their credit card details by heart.' Verification via your banking app also means that pay by bank is a particularly secure way to pay online. Unlike card payments, it is very difficult for you online banking details to fall into the wrong hands. 'Credit cards can be lost, details can be subject to a phishing attack or you could even have them read when you're using an ATM,' Hackelöer added. She added: 'At Brite we process billions of euros worth of payments at this point, and fraud is almost as almost not a topic for our merchants. The majority of our customers have never seen fraud with pay by bank.' Are there protections - what if I have a problem the retailer? For purchases made using credit cards and debit cards there are protections in place in case something goes wrong. Consumers are protected by section 75 for credit cards and chargeback protection for debit card payments. It is the fact that pay by bank doesn't have these protections in place that raise concerns among critics of the technology. Hackelöer's response to these concerns is that with any reputable pay by bank provider, these issues should be few and far between. She said: 'This is a very UK-centric debate. It's incredible, we don't see this in any of the other large account markets, it's very UK specific. 'When does the chargeback reasonably occur? There can be multiple reasons for chargeback. One can be that there's fraud. 'With pay by bank, the fraud rates are a lot lower, and therefore there is less of a need for chargeback.' She added: 'But assuming the chargeback is justified, if something went wrong with the payment or goods, if you turn to the pay by bank provider, we will advise you on your specific case. 'We have a customer service team and we're always a branded alternative in the checkout because we believe that consumers expect there to be a third party to turn to if something goes wrong.' The key, Hackelöer says, is that pay by bank providers are incentivised to only work with merchants that provide good service to customers. She said: 'We only want to work with merchants that have the ambition to satisfy customers, or else we end up losing money because with are going to have to handle those errors and we need to care about the average cost per transaction.' 'We choose our customers carefully,' she said. Firms using Brite must sign a contract with the platform, and will be assessed on how they deal with customers. She added: 'if we a retailer that, again and again, has dissatisfied customers and we then have to get involved, we're unlikely to work with them in the long term. 'Pay by bank providers are inherently incentivized to make sure that their customers offer good service because otherwise it's their brand on the line.' In fact, Hackelöer argues that the absence of chargebacks can be seen as a positive. So-called 'friendly fraud', when a customer disputes a legitimate transaction in order to get a refund, is a growing problem. Lexis Nexis data reveals that friendly fraud accounts for half of per cent of fraud reported by firms, meaning that globally the industry is losing over $100billion each year as a result.
The Independent
25-05-2025
- Business
- The Independent
Bank transfer casino: New casinos that accept bank transfers
There are no shortage of modern banking options available to bettors when it comes to using new casino sites, but one of the most tried and trusted options is the bank transfer. Although new casinos typically encourage contemporary banking methods like Skrill or Paysafecard, there are lots of new sites with bank transfer facilities, offering a straightforward and secure means to complete deposits and withdrawals. As such, we've produced this guide to the best new casinos with bank transfer facilities, offering expert analysis on new brands with this popular payment method. What Are Bank Transfer Casinos? Simply put, bank transfer casinos are casinos that allow deposits and withdrawals directly from or to a player's bank account. This is a traditional payment method known for its security and reliability. It also provides flexibility for players wishing to deposit larger amounts of money than is typically possible depit card transactions, for example. Top 3 New Bank Transfer Casinos While most casinos will accept bank transfers, not all of them come recommended. Some are better than others and we've compiled a list of our top five bank transfer casinos to help would-be users choose what's right for them. 1. Neptune Play Launching in the UK in 2024, Neptune Play is a new casino with dozens of payment methods, including online bank transfers. At Neptune Play, all transactions—whether by online bank transfers or alternative payment methods—are fully encrypted using advanced 128-bit SSL technology and protected by robust firewalls. You'll always be in a secure environment once logged in, and all card payments are processed by licensed, regulated providers in the UK. You can deposit and withdraw with confidence, knowing your personal data is safe. 2. Pub Casino Bank transfers are one of a number of payment methods permitted on Pub Casino, which is proving very popular since launching in the UK in 2024. At Pub Casino, your personal and financial information is always protected. All deposits and withdrawals are carried out in a secure, encrypted environment, ensuring that your data cannot be read or accessed by third parties. You can easily track your full transaction history—including deposits, withdrawals and bonuses—via the 'Transactions' section of your account. With a £10 minimum deposit and a £5,000 maximum per transaction, all payment methods are safe, transparent and reliable. 3. BetMGM Overall, BetMGM are one of the best casino sites available to UK punters, raising the bar for rival online casinos since their launch in 2023. BetMGM offer a good selection of banking options. Bank transfer deposits start from £10 and permit users to deposit up to £10,000 at one time. Deposits are instant using BetMGM. Withdrawals may take up to 3-5 days to process, but users can withdraw as little as £10 up to £35,000. New customers can claim the BetMGM casino bonus - a deposit match scheme worth up to £200 - via bank transfer. What are the Benefits of a Bank Transfer Casino? Below is a brief rundown of the main advantages of using online casinos with bank transfers: Security: Bank transfers use high levels of encryption and banking protocols to ensure secure transactions for deposits and withdrawals. No Third-Party Accounts: Players don't need additional accounts, apps, or wallets to complete transactions. High Rollers: Suitable for large deposits or withdrawals, as it often has higher limits than other payment methods. Fees: There are very rarely fees attached to payments via bank transfers with the best casinos. Acceptance: Available on a wide variety of casinos, both new and established brands. Drawbacks of Using Bank Transfers There are lots of positives to using bank transfers for casino payments, but it's a method that does come with a few drawbacks. Longer Processing Times: Deposits and withdrawals may take several days to complete, though instant bank transfers remove this from the equation. Look out for this option on instant bank transfer casinos. Less Convenient: Requires customers to enter bank details, whereas Apple Pay, Skrill or PayPal casinos are quicker and can complete a deposit with FaceID or a touch of a button. Privacy: Bank transfers are tied directly to your personal banking information. How to Deposit via Bank Transfer Below is a step-by-step guide for depositing funds: Step 1: Log in to your casino account and go to the deposit section. Step 2: Select Bank Transfer as the payment method. Step 3: Enter your required bank details and deposit amount. Step 4: Confirm the transaction via your bank. Some banks may require you to do this via text, call or through their app. How to Withdraw via Bank Transfer Below is a step-by-step guide for withdrawing funds: Step 1: Go to the withdrawal section of the casino. Step 2: Select Bank Transfer as the withdrawal method. Step 3: Provide your bank account details and confirm the amount to withdraw. Remember that withdrawal times may take longer – typically between two and five business days, depending on the casino and bank. B ank Transfer vs Other Payment Methods It's nice to have the option of a casino that accepts bank transfers, but there are alternative banking methods punters may want to consider. PayPal: PayPal casinos are popular due to their speed, security and privacy. However, there are issues regarding the maximum deposits and withdrawals that might not suit high rollers, and PayPal is not always eligible for welcome offers. Neteller/Skrill: Much like PayPal, these e-wallets offer security and speed for online transactions. However, it's rare to find a Neteller or Skrill casino that will allow bettors to use this method when trying to unlock a welcome bonus. Apple Pay/Google Pay: Google Pay and Apple Pay casinos are becoming increasingly popular thanks to the rise of mobile gaming and casino apps. Transactions can be completed at the touch of a button, although withdrawal limits are lower than some alternative payment methods. Paysafecard: Paysafecard casinos provide customers with greater security as well as speed, but is not available for withdrawals. Debit card: Debit card remains one of the most popular and reliable forms of depositing and withdrawing funds online. It provides efficiency and security for players as well as offering high deposit and withdrawal thresholds. Bank Transfer Casinos Tips Consider the following factors when deciding which new bank transfer casino to use. Licensing: We only recommend bank transfer casinos that are licensed and regulated by the UKGC. Ensure you use a UKGC licensed casino for security and fairness when playing online. Welcome offer: Ensure you read the terms and conditions of a welcome offer before signing up for a new casino online. Bank transfers are not always accepted for welcome bonuses, so be mindful of this when signing up. Promotions: The best bank transfer casinos will have a wide range of promotions and offers for existing customers as well as new customers. Check Fees and Limits: Look for casinos and betting sites that offer no-fee bank transfer deposits and withdrawals, and offer high transaction limits. Processing Times: Check the processing times for deposits and withdrawals to ensure you're not waiting an age for your funds to arrive. Responsible Gambling Responsible gambling is extremely important when gambling online. Never be tempted to chase any losses, and the same applies if you're playing on betting apps, bingo sites, poker sites or any other type of gambling medium. It's particularly important not to get carried away by free bet offers or casino offers, both of which are available in abundance on gambling sites, but must be approached with caution. Use responsible gambling tools to ensure that your gambling remains a form of entertainment. Tools should be available to all customers who require assistance. These include deposit limits, loss limits, self-exclusion and time outs. Should you wish to seek help for gambling-related issues, there are several charities and healthcare providers who offer support and information: We may earn commission from some of the links in this article, but we never allow this to influence our content. This revenue helps to fund journalism across The Independent.
RNZ News
21-05-2025
- Business
- RNZ News
One digit wrong, $2000 lost: Man who paid money to wrong account urged to drop complaint
The man paid the wrong person when he entered the wrong suffix. (File image) Photo: 123rf A man who lost $2000 when he got one number wrong in a bank transfer has been told to drop his complaint. He complained to Financial Services Complaints Ltd (FSCL) after the money was lost. The man realised he had entered the recipient account number incorrectly when the money did not turn up. FSCL said he had entered 05 instead of 55 as the suffix, and did not pick up on the mistake before the transfer was processed. He contacted his bank, but was told it could not help because he had authorised the transfer. The money transfer service said it was not its mistake because the money had gone to the account that had been entered. "The service attempted to recall the money from the recipient, but the recall was unsuccessful because the recipient did not respond. They explained that they were not responsible for [the man's] loss because they were not aware that he had made a mistake in the recipient details when the transfer was made. "[He] understood that the service had attempted to recall the money, but he believed there may be additional steps that could have been taken to ensure a better outcome. [He] thought the service could have had a stronger follow-up process with the recipient, to ensure that they were aware of the situation and the urgency. [He] asked if the service could try harder to recover the funds, as he was left with no other recourse." FSCL said nothing more could be reasonably expected from the service to try to recall the money. "The service acted promptly once they had been notified that the transfer had been made in error. It was unfortunate that the recipient did not respond to the service, however, the service was not obliged to continue to follow up with the recipient or to attempt to escalate the recall directly to the recipient's bank. The service did not make the mistake and were not responsible for [the] loss." Banking Ombudsman Nicola Sladden earlier said banks could reverse a payment with the consent of the person who received it, but if that did not work people might end up having to pursue the money themselves. The introduction of account name matching should make these sorts of mistakes less frequent . Hamish Dempster, senior lecturer in the school of accounting and commercial law at Victoria University, said it was a complex issue. "There can be civil and criminal consequences, depending on the facts." He pointed to a case more than a decade ago when Leo Gao and Kara Hurring were mistakenly given $10 million by Westpac . They were on the run for two years but were eventually caught, found guilty of theft and sentenced to prison and home detention, respectively, for their roles . "The bank would not want to get involved because any unwinding of the payment puts the bank out of pocket - because its liability to the customer would increase by the amount of the payment - and it would then need to recover from the payee. "It would most likely say to its customer, 'It's up to you to recover from the payee.' That would involve a claim under the civil law in money had and received. It's not certain the claim would succeed because money… received traditionally involved claims in relation to money itself, and here we are talking about a 'payment' through the payments system without using money itself." Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Finextra
14-05-2025
- Business
- Finextra
Monzo launches tool that allows customers to undo payments
Monzo has rolled out a new feature that allows customers to set a personal timeframe to cancel a mistaken bank transfer. 0 The new capability provides a customisable 10-60-second window that allows customers to cancel a bank transfer if a mistake is made, like adding an extra 'zero' to an amount, or selecting the wrong recipient. The tool also provides a moment of pause for someone to stop and think if they're tricked into sending a fraudulent payment. This comes as new data from the bank reveals that almost one in three Brits (30%) have either sent money to the wrong person or sent the wrong amount in the last year. Over three quarters of Brits who sent a wrong payment (78%) realised they'd made a payment error within just a minute of it happening. Andy Sacre, head of payments at Monzo says: 'We know it's important to be able to send money quickly and easily - but we also know that mistakes can happen, whether that's sending the wrong amount to someone or paying the wrong person. In another industry-first, we're bringing the best of banking and technology together to solve that problem for our customers"
Yahoo
14-05-2025
- Business
- Yahoo
Monzo customers can cancel bank transfers if they quickly spot an error
Monzo customers will have the ability to cancel a bank transfer if they realise within seconds that they have made a mistake. The new feature gives customers a 10- to 60-second window, allowing them to cancel a payment if they realise they have made an error, such as sending the wrong amount or selecting an incorrect recipient. It could also help to stop payments potentially going to fraudsters, if the sender suddenly has doubts about the recipient. The bank described the 'undo payments' tool as a 'comfort blanket' to turn a moment of panic into relief. Andy Sacre, head of payments at Monzo, said: 'We know it's important to be able to send money quickly and easily – but we also know that mistakes can happen, whether that's sending the wrong amount to someone or paying the wrong person.' Monzo customers can configure the timer, choosing between 10 seconds, 15 seconds (which is the default setting), 30 seconds, and 60 seconds. The timer will appear on the payment confirmation screen with an option to undo the payment. Someone can tap the 'undo payment' button from there, or from the home screen or payment detail screen, before the timer runs out, the bank said. If the button is tapped, the payment will not leave the sender's account, and the potential recipient will be unaware that the money was nearly sent to them, Monzo added. The feature will start to be rolled out to Monzo customers from Wednesday.
