Among the reasons why a lot of people opt for playing at online gambling establishments is the fact that the latter offer a great variety of methods to deposit money and make withdrawals. Among the most secure methods in this regard are wire transfers that are offered at the majority of platforms for gambling. To receive more information about the features of this payment option, have a look at the following material from the LoginCasino experts who always monitor the most important casino news.
How did bank wire transfer appear?
In the old times, to perform a money transfer, a person needed to personally take his or her savings to the financial institution where the money was physically stored. Then the bank physically transferred funds to the recipient’s bank. In order to get the money, the recipient had to go to the bank and get the cash there.
Over time, new technologies were developed, which made life easier for a large number of people around the world. Among the major developments was, of course, the Internet. Access to it among the general population opened up exciting opportunities for different sectors, including the financial one. And one of the great innovations turned out to be the appearance of wire transfers.
A wire transfer is a way of transferring funds electronically from one institution/person to another. There are two ways to conduct such type of transfers: from one bank account to another or by transferring cash through a cash office. Different banks utilize different systems to wire the money, that’s why transfers might take different amounts of time. Besides, the charge for the regarded service might also vary depending on the financial institution.
How to use wire transfer at an online casino?
The industry of online gambling is in the broad list of fields where wire transfers are utilized. Hearing often that wire transfer is among the most secure banking options (similarly to eCheck at casinos), online gamblers, who are quite often concerned with the financial aspect, opt for this payment method.
If you have already decided to try the wire transfer option at the casino, familiarize yourself with the following guide.
First, you will need to check whether it is possible to utilize online banking at your financial institution. If you already have a bank account but aren’t registered in the online banking system, you have two options:
- Go to the website of your financial institution and search for Internet banking services. Then click on the registration of an online profile button and follow the instructions given by the system.
- Another way is to contact the representatives of your bank’s customer support, explain to them the problem, and follow their instructions.
Besides, those who plan to utilize the option of wire transfer need to make sure that the selected casino offers this payment method to its customers. As a rule, the information on this subject is indicated in the section dedicated to terms and conditions on the website of the gambling establishment.
In order to make a deposit via wire transfer, you need to follow these steps:
- Go to the Cashier on the platform and select wire transfer as your payment method. Then you will be redirected to the page where you can select your country or bank from the available list.
- Choose your financial institution and log in to your online banking profile.
- Enter your casino payment details and confirm the transaction.
- Wait for the money to be processed from the bank account to your account at the casino and start gambling.
Another stage that is also important for visitors of virtual casinos is the withdrawal of money. In this case, you will need to do the following:
- Pick wire transfer as the method to withdraw the funds.
- Enter the relevant information concerning your banking account, such as the account number, contact address, and phone, as well as the amount of money you would like to withdraw. Besides, you may be asked to enter the SWIFT or IBAN code of the financial institution whose services you utilize.
- Wait for the transaction to be processed.
International wire transfer for business owners
Numerous owners of virtual gambling establishments add a wire transfer to their list of available deposit and withdrawal methods. The main reason for this is that business representatives are aware of the popularity of wire transfers among players and want to attract a bigger audience in this way.
As for players, they prefer the regarded option because of a few motives:
- High level of security. In the case of wire transfers, each account holder must verify their identity, which helps to prevent fraudulent activities. Players’ confidential data only needs to be entered once when setting up a bank profile – this minimizes the risk of information leakage. Besides, the information contained in the online forms of non-cash bank transfers is subject to multi-level encryption.
- Simplicity. Most players do not want to waste much time trying to understand the complexities of the depositing and withdrawal process. Their main aim is to have fun and distract from everyday problems so they opt for simple banking options, such as wire transfer.
- High degree of confidence in banks. People trust financial institutions a lot. As this type of transfer is processed from players’ personal bank accounts, they can contact the customer support team of the bank in the case of any questions or issues. The support team has the possibility to check each step of the transaction process and will help the client if necessary. Thus, gamblers enjoy the opportunity to utilize a reliable payment method at the selected online gambling establishment.
At the same time, a wire transfer can’t be called a perfect banking option. Wire transfers tend to provoke a certain degree of dissatisfaction among visitors of online casinos because of the waiting time for the transfer to be completed. The main reasons for this are the obligatory security and confirmation procedures, as well as a big number of transactions carried out at the same time. Thus, in some cases, gamblers need to wait 3-5 days since the request has been submitted. And let’s be honest, such a long waiting process is a significant drawback for those who just play from time to time when they have free time and an appropriate mood. Such users are much more likely to pick the online casino with the PayPal option.
Is there any wire transfer fee?
As a rule, both the remitter and the recipient are charged a fee for the money transfer service by banks. And while the remitter’s bank will charge the fee separately from the transferred funds, the recipient’s bank will deduct the fee from the received funds.
In any case, it is essential to check what fees you will be charged before making a bank transfer. Different financial institutions have different conditions and some of them charge quite large transaction fees. Thus, in order not to lose a lot of money, monitor the conditions of various banks. What’s great, high competition among financial institutions and their desire to attract more clients help to constrain the increase of fees.
It is worth noting that over 10 years, banking activities in the member countries of the European Union have been regulated strictly to avoid considerable overpayments. That’s why money transfers within the EU cost the same as the ones within one state, however, if it is necessary, the recipient’s financial institution might charge a certain fee for the exchange or currency conversion. Thus, online gamblers who live on the territory of the European Union can take advantage of this payment option.
If we talk about the US, wire transfer fees can be extremely high here in spite of the fact they are subject to federal regulation.
Overall, the high fees of wire transfers make some players switch to other payment methods. Nevertheless, there are online gamblers who prefer to pay fees and not worry about their security.
Conclusion
The high level of security of wire transfers and their simplicity make a large number of online gamblers pay attention to this payment option. And while some of them switch to other methods facing large banking fees and the long waiting time for the transfers to be completed, others keep utilizing wire transfers and do not worry about the safety of their money.
Read more: Best Gambling Payment Providers
