When using a wire/bank transfer you initiate the payment through your bank, either online or within a provided app if this is available. Money is sent from one bank account to another, accompanied by some sort of reference to indicate who the money is from and to whom it is being sent. A lot of factors depend on the bank's facilities which tend to differ from bank to bank and country to country.
There are few factors to keep in mind when using wire/bank transfers including any bank account details of the receiving party which may include IBAN, Sort Code, and bank account number. Other factors to consider is the time it takes, currency, fees, and reference codes to ensure that the money sent is allocated to the right account. The information required differs from one country to another, so always check with both bank and casino beforehand.
- Fees: Varies depending on the bank
- Deposit: Fees and transfer duration is bank-dependant, generally 3-5 days
- Cash-out: Fees and transfer duration is bank/casino-dependant
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DEPOSITING AND WITHDRAWING AT AN ONLINE CASINO WITH WIRE/BANK TRANSFER
Depositing and withdrawing funds using a wire/bank transfer can differ widely in ease of use from one bank to another and one online casino to another. Generally speaking, bank transfers are easy once you have all of the information, with most money transfers in the world being done through wire/bank transfers. When depositing money, the casino needs to supply all of the information required for you to be able to do the transfer.
When withdrawing money, as the receiving party you need to supply all of the required banking details for the casino to be able to transfer money right into your bank account. Your bank should be able to supply any information required for the casino to affect the transfer, but do keep in mind that most often this information is not supplied over the phone and a visit to your local branch might be required.
OPTIONS FOR WITHDRAWING YOUR WINNINGS
- Cashier’s cheque
- ATM withdrawal
FEES WHEN USING WIRE/BANK TRANSFER AT AN ONLINE CASINO
Although wire/bank transfers are relatively easy, they are not always the cheapest way to send and receive money out there. Fees for making bank/wire transfer vary from one bank to another. Your bank should make fee information easily accessible, whether it’s on their website, via telephone, or at the local branch. Remember to ask if different options are available as some options take longer, but require fewer process fees to action.
Fees can also vary from country to country, depending on the amount you are transferring or receiving. If you are withdrawing large amounts, a bank/wire transfer might be the cheapest and safest way to do so. Therefore, it is always a very good idea to look at different options before deciding on using a wire/bank transfer although most online casinos don’t charge extra for wire transfers, always double-check.
THE SECURITY OF USING WIRE/BANK TRANSFER AT AN ONLINE CASINO
Wire bank transfers are super secure and are probably the safest payment option there is. There are no third parties involved, only the casino and bank of your choice. Banks are known to use the best security and encryption there is, meaning all information stays between the casino and your bank. Therefore, the personal data of both sender and receiver stays protected, reducing the possibility of identity theft and fraud to close to zero.
Wire bank transfers are the most common and probably the best option for large amount winners as they can withdraw large sums of money safely and securely without unnecessarily revealing any of their personal data. It is also preferred by new players that don’t feel comfortable giving their card details to online casinos, although this is a generally safe option and should not cause any issues.
SUPPORT FOR WIRE/BANK TRANSFER USERS
Perhaps one of the biggest upsides to using a bank/wire transfer is the support you can get. As banks are local and undergo heavier compliance and legal requirements, they generally offer 24/7 support. Information on how to contact the bank should be available on their website. However it makes sense to keep such information handy at any given time. Your bank should be able to assist you with any of your queries.
For any support required from the casino’s side, all casinos have some sort of support function, but the exact support method procedure will vary from one casino to another. All online casinos are licenced by competent authorities and take support very seriously. Before making a wire/bank transfer, it might be worthwhile to check that the casino you’re transferring money to does, in fact, carry a licence, which is usually displayed prominently on their website.
DIFFERENT PAYMENT OPTIONS WITH WIRE/BANK TRANSFER
As wire/bank transfers originate from your bank account, you need to make sure that enough funds are available in your account to cover the desired transfer amount. There are many ways to transfer funds into a bank account either cash or cheque deposits at your local ATM or branch, to wire/bank transfers, cashiers cheques and deposits from e-wallets and certain pre-paid cards. Virtually all money and funds can ultimately be transferred to a bank account.
When looking at adding funds to your bank account consider the source of where the money is coming from and check if any fees are applicable to be able to do a bank transfer. Since banks tend to be localised institutions unlike say e-wallets, fees make a more frequent appearance. On the other hand, bank accounts tend to be safer and more accessible should you need help.
Transferring money via wire/bank transfer has its pros and cons, which largely depend on your bank of choice and the amount of money being transferred. Keep in mind that both banks and online casinos are licenced institutions within heavy-regulated markets and are there to help you ultimately. Always double-check what fees and transfer methods are available and take into consideration other options before deciding which route to take to affect the transfer.