Wire Transfer: How it Works?
This type of transfer can be done via two methods; either online, through doing a physical transaction at a transfer agent’s office, or at your bank.
Making Deposits Via Wire Transfer
Online
This is a convenient method for players making use of online banking. To wire cash electronically, simply follow these steps:
- Once you’ve selected and logged in to your online casino of choice, continue to the “cashier” tab.
- Select or click “wire transfer” as your preferred payment option.
- Once selected, you’ll be required to fill in the remaining details of either your online bank or the choice of the transfer agent.
- Follow the prompts, which take you in to your online account for verification.
- Complete the verification process.
In-Person
For those not transacting online, transfers can be done in person at a transfer agent accepted by your online casino. Due to the popularity of wire transfers, most banks now also offer this service. To make your transfer in person, do the following:
- Obtain your chosen online casino's banking details, either via their website or through a customer service agent.
- Make a trip down to your selected transfer agent or bank and ask to wire transfer your money to your casino.
- Once the transfer has been made, contact your casino with the relevant transaction number, and the funds will be allocated to your account.
Making Withdrawals Via Wire Transfer
Online
Online pay-outs are simple and straightforward for players that want to use this payment method to withdraw their funds. It’s worth mentioning that, unlike other payment methods, wire transfers can take up to five days to process. If you’re transacting online, please follow these instructions:
- When you’re ready to have your funds paid out, visit the online casino you’re playing at and log in to your account.
- Head over to the cashier and click on “withdrawal.”
- Select “wire transfer” as your preferred payment method and add the amount you’d like to withdraw.
- Double-check that your bank details are correct and click “withdraw.”
- Depending on the casino, the transaction will take one to five days to process, after which you can withdraw and enjoy your winnings.
Transfer Agents
The subsequent transfer agents are considered the most prevalent when making wire transfers to online gambling sites.
- Western Union. Western Union has an exceptional reputation in the industry, being one of the oldest established brands to deal in electronic payments. This long-standing reputation makes it one of the most trusted transfer agents for online casinos.
- Moneygram. Having many offices around the world, Moneygram is a well-known transfer agent for making electronic payments.
Wire Transfer Safety
Banks have some of the strongest and safest encryption technologies in place. Since transfers occur from one bank account to another, it’s safeguarded by the banks’ security system. Transaction moving directly between accounts with the necessity of a third party adds an additional layer of safety to that provided by the banks involved.
Wire transfers have been done for decades and are considered one of the safest ways of making payments at your favourite online casino.
Wire Transfer on Mobile Devices
Players using mobile devices will be happy to know that this quick and easy payment method is fully supported through mobile banking. The transactions are protected by the same security encryptions as any other bank transaction and may be subject to an added verification process before being finalized.
Advantages of Using Wire Transfer
- Acceptance. The biggest pro to using this payment method is that it’s a readily accepted form of payment at almost any reputable online casino.
- Security. Another crucial factor making wire transfers appealing is the safety users are ensured of while making transactions. The safety encryptions applied by the banks make all your financial transfers a worry-free experience.
- Transfers Are Direct. Because funds transferred are moving directly from one account to another, there are no third base parties involved in your transaction.
- Easy. Wire transfers are simple and easy to process. There are no strict measures or third-party transactions involved.
- Availability. Due to the popularity of this payment at online casinos, you’ll find those transfer agents have many offices set up in countries all across the world. Both transfer agents and banks deal in multiple currencies, making this type of transaction even more accessible.
- Transferring Large Sums. An attractive element to wire transfer is that it allows for the payment of large amounts without limitation.
Disadvantages of Using Wire Transfer
- Extended Waiting Times. Probably the biggest drawback for online players is the waiting time for wire transfers to be processed. While payment methods such as e-wallets are processed almost instantly, wire transfers, dependent on your bank and casino, can take up to five days.
- Expensive. Depending on your area and the laws governing wire transfers, fees associated with them may be higher than those of other payment methods.