Believe it or not, the bank transfer option is still on top of the list of the most widely used payment methods in online casinos. If you’re in a search for such casino that allows deposits and withdrawals with wire transfers, you should take a look at our list of top-ranked casinos.
Bank Wire Transfer in Online Gambling
Due to its long history, bank wire transfer has found its way into the online casino world, expanding its coverage as the years went by. Today, wire transfers are offered in almost all Cashier sections and are listed as the recommended options for deposits and withdrawals.
Mainly, this is because the bank wire transfer is one of the safest options. The gambling industry continuously grows and expands in many countries who regulate and restrict their markets; therefore, banks from all over the world are now legally processing casino transactions. For instance, players from the UK have a regulated market by the UK Gambling Commission, and all UK banks can, therefore, process transactions via wire transfers. For UK players, then, the safest option to use to make deposits and cash out their winnings would be wire transfers.
Depositing and Withdrawing with This Method
The first step towards funding an online casino account with wire transfer is creating one. Choose the right casino for you and enter the required personal details. Then, go to the page that reads Cashier/Deposit. Select the bank wire transfer option, and a window will appear, fill the form with the banking and personal information required, and then add the amount of money you wish to deposit and confirm your request. Soon, the bank will ask for confirmation, and as soon as you confirm, your funds will be on your casino account.
Cashing out winnings with bank wire transfer is similar. Again, visit the Cashier section and under withdrawal options, select this method, and enter the necessary information and the amount you wish to withdraw. After the casino reviews your request and approves it, the money will be on your bank account. It is that simple.
Using Bank Wire Transfer — Pros and Cons
As mentioned, one of the strongest suits of using this payment method is the extra level of security you get. Thanks to the SWIFT system, people can transfer money from and to over 200 countries in the most secure way. The code any financial institution gets adds to the transparency and security of transactions and complements the online SSL encryption the operators implement.
Having been a trustworthy payment for ages, the bank transfer option is easily accessible. Players do not need intermediaries to perform their online or bank-to-casino-to-bank transactions. The payment method is fully legitimate on its own and can correctly function without the need of auxiliaries.
But one other significant advantage when it comes to online casino gambling is that with bank wire transfer, you get way higher withdrawal and deposit limits than with any other payment option. This benefit of having the possibility to make large deposits, and in return, to cash out large withdrawals is especially advantageous for those players called high-rollers in the casino world.
Unfortunately, this payment method usually comes with its fees that can go from $5 up to $50 per transaction. This is one of its major drawbacks, and depending on the casino and the bank you’re using, can be a disadvantage for you. Not to completely discourage you, bank wire transfer deposits are rarely subject to fees, but of course, fees apply for the withdrawal service.
Another thing that might bother players is the length of the transfer times. While deposits are quick and promptly, withdrawals can take 7 and even up to 10 full working days. This is usually why regular players avoid using the method, but casual players prefer it. When you get the money you've won the second you did, you can easily spend it the same day. But when you know the money will arrive in a week, you might think of a better use for them.
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What currencies are usually available for gambling with this payment method?
Given that the payment method uses financial institutions, mostly banks, to process services, logically, you could use your home currency. This depends on the operator, though, which may not accept all currencies, so you should visit the TC page or the FAQ page and check this.
If I choose this payment method, will I be able to gamble on the go via my smartphone?
Yes. You are no longer obliged to go directly to the bank to request transactions; you can now do all that on your phone. Therefore, gambling on the go is possible with a wire transfer.
Why should I use this method instead of another?
This method is one that you already have at your disposal. You don't need to register new accounts, sign up with intermediaries or anything. You need to enter your financial and personal details, and you're ready to make transactions.
Is there a way not to share my banking details with the casino to gamble with bank wire transfer?
Unfortunately, no. It is inevitable to share your banking details since that's how this method works. You have the option to open a separate bank account for gambling purposes and that way you won't mix your private transactions with your deposits and withdrawals.