Last Updated: January 22, 2019
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Bank Wire Transfer Casinos
Online casinos and similar gambling platform operators primarily qualify for the entertainment industry, providing their player pool with a range of fun-play and real money game titles 24/7. This distinction between the two variants adds the extra element of turning a profit with these platforms. As a result, money management, storage and transfer have become crucial considerations for any reliable online casino service.
Necessity for Reliable Banking Methods
Due to increasing need to deal with this matter properly, new, contemporary services have allowed players to make use of innovative payment processing methods. While some may eliminate intermediaries, and others act like them to add an extra level of security, all kinds of restrictions apply and dictate the extent of their accessibility.
…to these standard payment options existing long before the Internet was created have put their stability, efficiency and compatibility capabilities to use. Nowadays, such services continue to do so, on even the top modern platforms – casinos and similar gambling websites – with wire bank transfer listed among the top of the category.
What is a Bank Wire Transfer?
Bank wire transfer payments are also known as credit transfer, and mainly imply the transaction of financial means from one entity to another. Said entities can be individuals, establishments or entire corporations, each using their bank account details to send or receive the necessary cash amount.
This Wire Transfer Method
It has come to exist back in the era of telegrams when people needed a practical way to send money across their country as instantly as possible. Thus, they would provide their personal information and bank account number, as well as the information of the recipient, and give the telegraph service the cash amount.
The service would then send a telegraph to the designated destination with the name of the recipient and the amount, and the corresponding service in that region would cash out the amount. This was done to increase the speed of delivery, while the actual money paid by the sender was brought to the specific destination later on, via a courier.
Telegraphs were sent and received via wires
…thus providing the name of the bank wire transfer payment service, as it is known ever since. Transactions are performed without any middleman to facilitate them, as the two banks holding the separate accounts perform a direct transfer of the funds. This means that the amount of shared personal information is minimized, making it a mutual interest of the sender and receiver’s bank to maintain privacy.
Bank Wire as an Online Casino Payment Method
Due to its lengthy existence, the bank transfer payment method has managed to find suitable application in the rapidly growing online casino industry, progressing and expanding its service coverage over the years.
…this is arguably one of the most widespread payment processing methods listed at online casino Cashier sections, and definitely one of the most secure. Regarding the former, lack of jurisdiction and regional restrictions for wire transfers is achieved using the regulated and renowned status of banking institutions set at the core of such transactions.
As for the later feature of wire transfers –
security, just the fact that it includes said institutions is proof enough. Namely, banks and financial management corporations use the latest encryption technology to protect their customer base, providing preventive measures against any cyber-attacks and interference.
While the wire transfer payment method is both secure and widely accessible, it can also be a bit challenging for players who are trying it for the first time. This is so due to the specific procedure for both deposit and withdrawal transactions, normally consisting of a few steps, as illustrated below:
Bank Wire Deposits
Step 1: Players need to register for a player account at one of the operators listed here, in order to make sure the platform offering this payment method is licensed, secure and trustworthy. Straight upon signup, they can fund their player account and get started with their real money casino gameplay.
Step 2: Go to the Cashier section and select the option ‘bank wire transfer’ under deposit methods. This leads players to a pop-up window where they need to fill out a form with their personal and banking information regarding their account, normally including details such as IBAN, the bank’s SWIFT code, as well as the physical addresses of both the player and their bank of choice.
Step 3: Next, players need to input the amount they wish to deposit and send the request. Due to the fact that banks will need to transfer the funds to the casino account, some operators may further require players to contact the customer service.
Step 4: Enjoy real-money action with your chosen deposit amount.
Bank Wire Withdrawals
Step 1: Go to the Cashier section and select ‘bank wire transfer’ under withdrawals.
Step 2: Players will then need to input their personal and banking details again for confirmation purposes and send the request. Bear in mind that you will need to have cleared the wagering requirements of any bonuses and promotions they may have used prior to requesting the cashout.
Step 3: The processing period for wire transfer withdrawals can take anything from 3 to 7 work days on average, so players should expect to have their funds available in their bank account in about a weekday from submitting the request.
Bonuses & Rewards
Players using bank wire transfers as their preferred online casino banking method should still be eligible to enjoy all the bonuses, promotions and player rewards provided by the operator. Namely, No Deposit bonuses don’t require players to choose any method to benefit from it while deposit match bonuses such as Welcome Offers and Reload Bonuses are usually available for anyone who has made a qualifying deposit to their player account.
…do include specific perks for using a particular payment method in order to increase players’ interest, which is why players are regularly advised to go through the terms and conditions carefully before claiming any of the offers.
As mentioned above, this payment processing method has existed even before online casinos were first established as online services. The longevity of the service as such, as well as player testimonials after using it as an online casino payment method only go to confirm the importance of the advantages that this payment method provides.
Players at international online casino platforms are able to use bank wire transfers as their chosen payment method thanks to the introduction of the SWIFT system. SWIFT is short for the Society for Worldwide Interbank Financial Telecommunication, which currently enables bank account holders to transfer funds to and from more than 200 countries.
The unique SWIFT code for any separate financial institution contributes to further security and transparency of the given transactions, complementing the high-end encryption certificates and security protocols applied by each separate casino operator.
Banks have existed as independent establishments long before the invention of either the first wire transfer methods or online casino platforms. As a result, they have gained legitimacy and reputability, allowing them to develop an even wider network without the use of any intermediary when performing their bank-to-bank transactions.
… countries all over the world accepted this payment method as fully legitimate and online casino players nowadays are able to use it to enjoy global gameplay without worrying about their funds.
High Transfer Amounts
Most online casino payment methods listed at the Cashier section impose limits on the minimum and maximum deposit and withdrawal amounts. While deposits are commonly instant across all payment options and can be performed multiple times, withdrawal amounts are known to be restrictive.
Thus, the high withdrawal amount limits of bank wire transfers as a payment method are able to meet the needs of amateurs and regulars both, but are considered especially advantageous for high rollers due to their above-average deposit, withdrawal and bonus amounts.
Nevertheless, using bank wire transfers as your chosen banking method does have its shortcomings. All that is left is for players to go through them and weigh in the pros and cons based on their personal preference when deciding whether to choose such a method for their online casino endeavors.
Wire Transfer Set-up Procedures
In the depositing step-by-step guidelines, it is stated that the bank wire transfer setup requires players to input some detailed information, including codes, casino and bank identification numbers and the likes.
While some players are not bothered by this requirement, there are others who consider it to be too much manual setup for a simple deposit, and consequently withdrawal. An added drawback is the fact that players may need to visit their actual bank establishments to fill out the initial setup forms, as was the norm a few years back.
This payment processing method is normally accompanied with a specific processing fee ranging from a low $5-$10 up to $50 or more at a time. It depends on the casino platform, the financial banking institution, as well as the actual cash amount being processed. In this regard, deposits are more rarely subject to such expenses, while requests for withdrawal processing inevitably include a fee for the service.
Lengthy Transfer Times
Deposits are processed instantly across online casino platforms nowadays, but the same can be hardly said about the bank wire transfer cashout requests, as they can take up to a full 7 workdays before crediting the funds to your bank account. This is so due to the fact that there is no intermediary, as already mentioned, and bank officials as well as casino support staff. are left to receive and process requests in order for players to receive the final product.
- Which currencies are normally available with wire transfers as an online casino payment method?
Considering that this payment method uses banks and similar financial institutions as processing services, it is logical to assume that most players around the globe will be able to perform transactions using their home currency. Nevertheless, it is important to bear in mind that the online casino operator may not accept it and exchange it for a different one, incurring a fee along the way.
- Will I be able to gamble ‘on the go’ via my mobile device if I choose this as my payment method?
The banking system has progressed greatly since the early days of its appearance. Back then, players were normally obliged to address their land-based banking institutions in order to complete the appropriate transaction form, while nowadays, they are able to do it online thanks to online banking. This service allows players to access and review their own bank accounts, and to request transactions through it from their smartphone or tablet screens just as simply as via PC.
- What are the most suitable alternatives to depositing and withdrawing via bank wire transfers?
Each payment method has its pros and cons, but when it comes to the top alternatives to bank wire transfers, it is recommendable to go with the next closest thing in banking security features – credit and debit cards. Should players, however, require a payment processing service that operates faster without charging a fee, e-wallets such as PayPal, Neteller and Skrill are the most appropriate choices.
- Are there any online casino operators that don’t include such high fees for their withdrawal requests processing?
Not all online casino platforms charge high fees for their bank wire transfer requests; in fact, the number of operators is relatively low. Either way, players should bear in mind that there are platforms that offer free promotional requests for wire deposits and withdrawals. These are normally restricted to once per month, but still allow players to request a hefty cashout amount via fully safe and secure channels, free of charge.
- Is there any way I don’t have to share my official bank account information with the given casino operator when requesting a transaction?
Considering that this payment method is a bank wire transfer, the player’s bank account would inevitably need to be involved in the transaction processing. However, players are free to open a separate bank account purposed for gambling payments specifically. This would facilitate their casino bankroll management to some extent, and at the same time separate your regular personal bank account from your deposits and withdrawals.