How Wire Transfer Works
Bank transfer has been one of the most popular ways to claim the winnings or put the funds on the account since first online casinos were established. This operation allows one person or a company to send money from its account to any others.
Nowadays, financial entities provide their customers with safe and quick services while implementing this procedure: your money will be shipped to you through the SWIFT network or other similar one. It is the traditional bank transfer, but you may face another kind of procedure. For instance:
- Western Union money transfer;
- Automated Clearing House transfer;
- P2P tools while the procedure is being executed through electronic payment systems like PayPal.
However, online casinos use the term “wire transfer” to mean the traditional bank-to-bank way of receiving or returning funds from/to the gambler:
The Crucial Advantages of the Method
Whereas bank transfer was the best way to make a deposit during the past decades, with the emergence of electronic wallets, it is losing its share in the online casino’s world. Still, it has numerous benefits for the player:
- High speed of the procedure.Why is it so quick? It is all because of internet banking which gives you an opportunity to send an inquiry via web and it will be automatically processed by your entity. International transfers that cover a large part of all casino financial operations take about 2-3 business days, within the same country – a day or two. Also, you should take into account the particular casino’s terms and conditions to be aware of the precise time necessary for a transfer. If speed is your preference, choose the casino with the quickest withdrawal terms.
- The absence of hold on money. Just because the funds move very fast, you will be able to use this money immediately without any waiting time.
- Low risk to lose your funds because of great safety. To have access to the bank transfer, you need to open an account in one of the financial establishments. For this, you need to prove your identity and provide the bank with the documents it may request including your residential address. The second party should go through this procedure too, that’s why safety is ensured from the beginning.
Nevertheless, there are incidents of hacking accounts and taking control over client’s funds. Also, you need to be aware of the casino reliability: read the customer’s reviews and testimonials, ask questions on thematic forums and search for some information on reputable resources before register on one of the gambling websites. If everything is ok, you may freely make a deposit. Be sure that you haven’t made a mistake while filling the inquiry’s form.
- Quick processing time. As it was mentioned above, internet banking and automated systems make this procedure more pleasant than ever.
- A possibility to use both direct transfer and third-party services as the Western Union or PayPal to speed up the process even more; Such systems allow you to top up casino’s account in a matter of seconds. This option is available because you don’t use bank’s services.
- It is an easy and understandable way for almost everyone. You don’t need to register on any third-party resources and waste time on understanding how it works. Electronic wallets have special characteristics you need to get acquainted with before usage while bank transfer is a well-known method for the majority of people.
The Proper Usage of Bank Transfer While Making a Deposit or Getting Paid
The first step is registration. After that, you should follow the casino’s instructions and choose the wire transfer methods among the offered. Fill the gaps in a special form where you should mention both bank’s information and your personal data. Most of the websites support banks worldwide and a variety of currencies which will be automatically exchanged for the appropriate one.
Withdrawal is almost the same. The difference is only in that you should wait a day or two before your payment request will be processed by a casino. That is why payout can be delayed for a while.
For the Record: Fees and Restrictions
According to the customer’s reviews, some of them realized that bank transfer isn’t the fastest method anymore. However, you may find the same complaints about e-wallet withdrawal. The common restriction for the wire is higher deposit limit – it becomes suitable for the gamblers who want to play big. Fees are also an important consideration. They vary from bank to bank; most of them charge each of their users up to $15 for incoming transfers (sometimes it is free) and up to $40 for outgoing. It appears that wire transfer is advantageous for you only if your bank allows receiving money for free.
So, if you are a novice who wants to try favorite games for real money, it would be better to choose another way to make a deposit. Refer to the information about other kinds of withdrawal to compare them and settle on one or two. Experienced players who work with large stakes and those for whom a few dollars aren’t a big matter are welcomed to use wire transfer as one of the most convenient methods that exist.