Wire transfers have for years been used as the most reliable and secure means of transferring money from one bank account to another. However, with the emergence of numerous online payment options, wire transfers tend to be forgotten. What many online casino enthusiasts do not know is that they can easily use this age-old method to securely get funds into an out of their gaming accounts. We have done an extensive research to determine the various ways you can use wire transfer online casinos.
This page will answer all the question you might have regarding initiating a wire transfer for your online casino account. We will also help you weigh the various advantages and disadvantages of using wire transfer casinos.
How Wire Transfers Work
Just like any other payment method, it is important you first have the gist of how your money will move around before you can entrust any funds with any company. Also commonly referred to as bank transfers, wire transfer is a system that allows the transfer of money electronically from one bank account to another. This method has been used for centuries to transfer money by established companies such as the Western Union.
Wire transfer transactions are secure since they make use of encrypted codes and passwords. To initiate the process, you approach your bank and authorise the transfer of the money to a particular person. The request is then sent through a secure system to the recipient’s bank. There is no instant transfer of the funds. The actual transfer of the funds might take some days. The banks involved might alternatively opt to have reciprocal accounts for each other to facilitate a faster transfer. Due to this lag in the transfer of funds, wire transfers have come to be overtaken by much more rapid funds transfer methods.
Using Wire Transfers Online Casinos
When used as a payment method in online casinos, wire transfers can be quite reliable and secure. There is more than a thousand wire transfer casinos available for gamers. You will seldom find an online casino that does not allow its gamers to use wire transfers for either deposits and withdrawals. Even though the transfer is not as fast as compared to wallets, the security levels are a notch.
You can use wire transfers for both deposits and withdrawals into your online casino account. Most online casinos will have wire transfers as their preferred withdrawal method. This is because wire transfers allow the casino operators the time to verify the details of the gamers and therefore prevent fraudsters.
Is wire transfer the same as EFT?
Wire transfer is a type of electronic fund transfer (EFT). This method involves a paperless transfer of funds from one account to another. As such, you will find some online casinos indicating in their cashier section that they accept EFT payments. The key difference is that wire transfers happen on a much larger global scale whereas EFT transactions are usually localized within a national system.
List of Wire Transfer Casinos
Virtually all legitimate online casinos will have wire transfers as a payment method. Wire transfers are available to thousands of online casinos, sports betting sites and bingo halls. This is mostly so when it comes to making withdrawals for large sums of money. The online casinos rely on wire transfers for a secure method to payout wins.
For US gamers, however, wire transfer may not be a ready option when it comes to making deposits. American legislation puts a limit on the direct transfer of funds into casino and gambling accounts. As such, gamers might want to opt for another option to facilitate their deposits. For withdrawals, however, the option will still be available, though there are various verification hurdles to jump over before you can receive your money.
For gamers in Europe, there are quite many wire transfer casinos to choose from. More than a thousand of these casinos readily accept players from the U.K and can be accessed in English, among a dozen other languages.
Pros and Cons of Using Wire transfer online casinos
Just like with any other payment method, there are various advantages and disadvantages of using wire transfer online casinos. Based on our research, we have compiled some of these pros and cons in the list below. Depending on your perspective, you can weigh in on these factors then make an informed decision when joining your preferred wire transfer online casino.
- Secure transaction – Wire transfers ensure the highest level of security. Whether you want to make a deposit or withdraw, the money reaches the designated account with no interference from a third party. Also since you are directly dealing with your bank, there is very little chance for identity thieves to tap into your personal information.
- Anonymity – With wire transfers, all that you are required to provide is your account number and routeing number. This is unlike credit cards where you might get prompted to divulge your personal detail for verification purposes. Wire transfers allow you to make your payments with little information being given out.
- Readily available wire transfers online casinos – You will find that nearly all online casinos allow payments through wire transfers. Even though some limit these transactions to withdrawals only. However, you are still assured to find some wire transfer online casinos operational in your region.
- Money transfer is not instant – One of the main challenges of using wire transfers is that the money is not instantly loaded into your account. Most casinos will give a delay period of between 2 to 5 days for the transaction to be completed. Most of these transactions, however, are usually completed within the first 48 hours, unless there are technical or legal issues with your bank account.
- Transaction fees – Bank Wire transfers usually attract transaction fees that tend to be higher compared to other payment methods such as credit cards and ewallets. The fees charged usually, varies from one bank to another. It is, therefore, advisable to first confirm the costs you will incur with your bank before opting for wire transfer online casino to avoid losing too much of your money.