There are plenty of different ways to send money around cyberspace. Some are more popular than others. Some have been around for many years while others are new boys in the yard. Fast payments are promised by some and complete anonymity by others. With so many different methods there is one in particular that often gets overlooked. Is there a reason for its demise in popularity? Or does it have more to offer than most players realize? Read our article on bank wire online casinos and you'll find the answer to these questions and a little more besides.
How Does a Wire Transfer Work?
There are a number of casinos that accept wire transfers and many of those actually prefer payments to be made this way. The reason being that it's very difficult to get a charge-back on a wire transfer. They can be stopped in transit, but it's not that easy and once the money is credited to an account it stays there.
The basic principle behind a wire transfer is fairly easy and straightforward. You simply give a bank, instructions to transfer money using IBAN and BIC codes. These ensure that the destination for the money is clear. The bank with the customer instructions then sends a secure message to the recipient bank via a system such as SWIFT or Fedwire. The two banks then settle the funds between themselves. The length of time this process takes can be anything from several hours to a few days.
The Advantages of Playing at an Online Casino Accepting Wire Transfers
It seems very strange to us that so many players choose to use methods such as PayPal, Entropay, Paysafecard or credit and debit cards. As opposed to using wire transfers. We know there are some advantages to using this less popular method so let's see if we can persuade you to change.
- No need to divulge your identity online - Most modern casinos are perfectly secure, but there is always a worry when it comes to handling credit card details to a third party. Wire transfers allow for secure transfer of funds without the exposure of underlying financial data.
- Multiple currencies accepted - This original way of moving money around the world makes use of a fully international system that includes established procedures for handling different currencies and can be done from almost anywhere in the world.
- Casinos like wire transfers - Casinos like it when customers use wire transfers as no intermediaries are involved, no third-party fees and no possibility of a charge-back or dispute.
- A solid reputation - Wire transfers have been used for more than two centuries and are guaranteed to work without a problem.
- Available for both withdrawals and deposits - Many other methods don't allow both deposits and withdrawals. Wire transfers, on the other hand, can be used for funding your casino account and withdrawing your winnings.
- No limits - The only real limit is the amount of money in your account.
- Low cost - Transferring money within grouped territories, Europe for example, will incur low transfer fees and sometimes none at all.
All sounds very appealing, doesn't it? But before you take the plunge and start playing casino games using wire transfers, let's reveal the downsides of using this particular method.
The Disadvantages of Playing at Wire Transfer Online Casinos
Wire transfers are a very handy way of putting money into and taking it out of bank wire online casinos. However, there are a few disadvantages that it's only fair to make you aware of.
- Can be a little slow - Banks are still notoriously slow at bringing their services into the twenty-first century and wire transfers are by no means instantaneous. The wait can range from a couple of hours to a few days before the transfer goes through.
- Availability - Most online casinos accept wire transfer payments, not just for deposits but for withdrawals as well. We would, however, advise you to check the casino you're considering does offer them both as an option.
- Little or no recourse - When paying with a credit card, and to some extent a debit card there are certain levels of consumer protection you can expect. These options cannot be found with bank transfers. Once the money has been transferred it is extremely difficult to reclaim it back.
- Potential high fees - This isn't going to be an issue if you're transferring money within linked areas. But global transactions can cost a significant amount.
|Betting Site||Deposit & Cashout Options||Bonus Amount||Required Deposit||Start Playing|
Debit/Credit Card, PayPal,Wire Transfer, Paysafecard
|$20 No Deposit||$20||Claim your bonus|
Debit/Credit Card, PayPal,Wire Transfer
|$200 Deposit Bonus||$10||Claim your bonus|
Debit/Credit Card, PayPal,Wire Transfer, Paysafecard
|N/A||$5||Claim your bonus|
So, there you have it, the good and the bad side of making wire transfers for payments at online casinos. They have been the mainstay of fund transfers for centuries, so that must be for a good reason. They are reliable, pretty problem free and a good option to include as part of your overall money management strategy. And they are particularly useful if you want to transfer large amounts in or out of your account. There are plenty of other methods available. But don't rule out wire transfers before you've tried them out.