The term wire transfer is interchangeably used with other terms like bank wire or bank transfers. Essentially, it means the same thing and describes the same process which involves digitally transferring money from one casino account to another. The only difference though is that Wire Transfers are facilitated by networks like SWIFT or Fedwire.
If wire transfers is your preferred deposit or withdrawal method at online casinos then you’ve come to the right place. This guide is dedicated to informing you about everything you need to know about making deposits and withdrawals at casinos using this method. We also list the best online casinos that accept wire transfers to make your searching easier.
Wiring money between accounts may seem old-fashioned, but it remains one of the quickest ways to send money both internationally and locally. This makes it a good option for online players in the US who enjoy playing at casino sites in the country and offshore.
However, it may be a quick option, but it can be a very costly one too if you do not do it correctly. Undoing a transaction made via wire transfer is way harder than simply canceling a transaction made via credit or debit card.
How to Make Casino Deposits Using Wire Transfer
The actual process of transferring money into your casino account is quite simple and should be complete within a few minutes. Follow the steps below.
Log into your casino account and navigate your way to the cashier’s section.
Search for the wire transfer option and click on it.
The next step would be to decide which company you want to wire the money with. We mentioned above that wire transfers are facilitated on platforms like SWIFT and Fedwire.
Then, insert the amount of money you would like to transfer. Also, bare in mind the other costs associated with using this method.
You may have to fill in some information that will be used during the verification process.
All that’s left to do is click ok and wait for the money to reflect in your account.
How to Make Withdrawals Using Wire Transfer
Making withdrawals using this method shouldn’t be too much hassle either. The different casinos may not treat wire transfer withdrawals the same which is why you might have to read up first. But, the various processes shouldn’t differ too vastly. Here’s a rundown of the common procedure at casinos:
Make your way over to the cashier’s section of the online casino and request a withdrawal.
Select wire transfer as your method of choice.
Fill in the required information which may include your personal info like name, contact details and address, as well as your banking info. You may also be asked to insert a SWIFT code or the respective code from the network you’ve chosen.
Then, select the amount of money you would like to withdraw.
The final step is the waiting period where all information provided will be verified. You should receive a notification stating that the money is ready for withdrawal within hours of requesting. But, as mentioned previously, this can take a few days too.
Processing Times and Fees
The overall process of wiring money from one account to another can take anywhere from several minutes to several days.
The fees involved in transferring money via wire transfer may depend on the bank you belong to, and/or the network you chose to facilitate the transaction. Financial institutions usually charge the sender for the transaction, and how much they must pay will depend on the following factors:
Is it a foreign currency transaction?
How soon is the money needed?
How much money is being sent?
Is it an international or local transfer?
Online casinos on the other hand don’t usually charge players for using wire transfer to deposit. They do however add a fee it that’s your method of withdrawal. But this isn’t cause for concern because casinos tend to be lenient with the added costs. At some casinos you only get charged a service fee after a certain number of withdrawals. At other casinos, you may only get charged if the amount you are withdrawing exceeds the casino limit – which is rarely the case.
Advantages and Disadvantages of Using This Method
Like with any other banking method, there are a few advantages and disadvantages that come with using wire transfer as a deposit or withdrawal method at casinos. We’ve stated each case below.
Quick reliable banking method
All transaction costs are reasonable
Very secure banking method
Very accessible banking method
Available at most online casinos
It is one of the longest standing methods so popularity may not be so high
Doesn’t offer the same level of anonymity like e-wallet services for example