Wire Transfer in Online Casinos – All You Need to Know
Wire transfers, sometimes referred to as bank transfers, credit transfers, or ETF’s (electronic funds transfers) are one of the oldest and most trusted ways to fund an online casino account. This payment system is essentially a highly secure method for a bank or individual to send money to another bank or individual electronically. Wire money transfers first appeared in 1872, when Western Union provided a service where money could be wired to others using the existing telegraph network, hence the name “wire transfer”.
These days, wire transfers are sent and received through a digital network normally between banks, though dedicated services such as MoneyGram and Western Union. When casinos first appeared online, direct bank transfers were the obvious choice to manage customer deposits and withdrawals; since then, many new payment systems have emerged offering different ways for players to fund their casino accounts quickly, securely, and in some special cases – anonymously. Despite the availability of these third-party payment systems, wire transfer has remained one of the best methods used to deposit and withdraw funds at an online casino.
Using Wire Transfer at the Online Casino
Wire transfer is indeed not the quickest method to move cash to and from a casino account, but the process is relatively simple and most of all – safe. For maximum convenience, we have explained the steps a player needs to take before depositing and/or withdrawing money from their online casino account.
Deposits – How They Are Performed
Naturally, the first thing you need to do is find an online casino that accepts wire transfer as a valid deposit method. After you get that done and already register your account, you will need to navigate to the “Payments” page in the cashier section of the casino itself. After selecting “Wire Transfer” as a deposit option, you will notice that a number of detail boxes will be presented, that need to be filled in: account number, SWIFT code, IBAN, and of course Bank address. All of them are necessary when placing an order for a wire transfer from the bank where the account is held.
Players with Internet banking can arrange a wire transfer online; otherwise an order must be organized by telephone or bank visit. That’s all there is to it! What is left, is for players to wait until the funds are transferred – a process which may take a few days, depending on the location and type of your bank service provider. It isn’t unusual for a bank to charge a fee for processing these types of transactions, so it is always best to ask before submitting any deposit requests.
Withdrawals May Take a bit Longer
Withdrawing funds from a casino account, is done pretty much in the same manner as depositing, but in reverse. Perhaps one perk here, is that while you do need to be physically present in the bank to make a deposit, withdrawals can be arranged entirely from the management tools of your casino account. First, you will need to log into your account, and navigate to the “Withdraw” section of your payment methods. After choosing the “Wire Transfer”, you will input the details of your SWIFT code, IBAN, Account, and Bank Address. After entering the among and pressing “Enter”, the payout request will be initiated. Due to the casino’s processing times for withdrawal requests, the entire procedure with the bank transfer might take from 3 to 10 days, which is normal.
The Good and Bad Sides of Wire Transfer
There are plenty of reasons why Wire Transfer has remained an ever-present method to fund a casino account. Although at this point this way of transferring money is considered to be outdated, its safety, security, and assurance are unparalleled – that doesn’t mean that it doesn’t have its drawbacks. Below, we have listed all of them.
The Outstanding Advantages
It’s highly spread – Wire Transfer is available in the majority of online casinos worldwide. This method of moving money can be done by using the bank account details most casino players already have; meaning that no further accounts need to be opened. By far, Wire Transfer is considered to be a good option for high rollers, as banks offer higher transfer limits. Compared to other methods, it is cost-effective when high amounts are being deposited and withdrawn – which can be done in many currency types. Wire Transfers are very safe, secure and guaranteed. Underlying financial data is not exposed, and these types of transactions have a solid track record. Some casinos will even offer bonuses as an incentive to deposit using this method.
A Few Disadvantages
Just like all other payment methods, except cryptocurrencies like bitcoin, this money transfer method also comes with some drawbacks – the first and foremost is speed. Overall, this tends to be a process that is notoriously slow to arrange and transact. In terms of customer protection, they don’t offer much – when a Wire Transfer is ordered, it is very difficult to cancel or reverse. Fees could be higher than other payment methods, but this greatly depends on numerous factors. In addition, the difficulty of arranging a transfer also comes from having to visit a bank personally.
Online Casinos That Accept Wire Transfer
Of all the methods available these days to deposit and withdraw funds, bank wire in online casinos is the most supported worldwide. This not just because it is a long tried and trusted method, but because it also offers a lot of benefits for both players and online casinos over other payment systems. Although globally available, it is limited in countries that enforce financial restrictions when it comes to the gambling industry – which is the case with the United States. That being said, Wire Transfer is still used as a method to make deposits and withdrawals in the most popular casino brands on the online market.
Conclusion – An Ideal Bank Method for High Rollers in Particular
Wire Transfer may not be the fastest and most convenient way of depositing and withdrawing funds at the online casino, but it does have some benefits which can make it the most practical method for some players. If time is not a factor, they still offer a very safe way to transfer funds to and from a casino account. High rollers can also benefit significantly from the higher deposit limits. It is not difficult to find Wire Transfer online casinos, as most provide this payment method. Though it is constantly challenged by the introduction of new innovative payment systems, it shows no signs of disappearing from the online casino industry any time soon.