What is a Bank Transfer?
Also known as a SWIFT transfer, a Bank Transfer is a bank to a bank funds transfer that is initiated by you visiting or contacting the bank and instructing them to make a direct transfer of a specified sum of money into a casino's/merchants banking account.
Usually, this transaction is undertaken via your personal bank. However, dedicated companies such as Western Union and MoneyGram offer this service, but this will require a visit to your closest branch to carry out the transaction.
A tad bit of history
Wire transfers can be dated back to the 19th century, where money instructions were transferred via telegraph from one bank branch to the next. It enabled people to settle payments for services and goods across cities or countries without having to post cash.
Banks would then settle funds amongst each other later and balance 'wires in' vs 'wires out' and pay over any balances to the respective bank in cash.
With the digital value of money these days, funds can be transferred around the world without the need for actual cash to change hands between banks ever.
How to make a Bank transfer at a casino
Concluding the transaction is quite simple but will entail that you either physically go into your bank branch and complete a wire transfer at the teller. If you have telephone banking capabilities, call the bank and arrange the wire transfer on the phone.
Here, you will need to answer a few questions to verify your identity so that the bank can carry out the payment with your authorization.
Concluding the process on the casino site is relatively straightforward:
Conducting a Deposit
- Proceed to the Cashier page on the casino site.
- Select to make a deposit.
- Now Select 'Wire Transfer' or 'Bank Transfer' as your preferred method of payment.
- You will now be taken to a page with all of the casinos banking details on it. Make a note of these details together with the IBAN and BIC codes.
- Contact your bank about making a wire transfer. Please give them the amount you wish to transfer and all the banking details and code of the casino operator.
- Your bank and the recipient's bank will then conduct a digital transfer of funds.
- The casino will receive the funds within 3-5 days and will contact you to let you know that you have been granted credits on your casino account. You can now start gambling with those funds.
Conducting a Withdrawal
- Proceed to the Cashier page on the casino site.
- Select to make a 'withdrawal'.
- Now Select 'Wire Transfer' or 'Bank Transfer' as your preferred method of payment.
- You will be directed to a screen where you will now have to supply your banking details to the casino so that they can complete payment to you.
- You should receive your funds within 3-5 days at the most.
Wire Transfers Advantages
1. Safe and Secure Transactions
When making a wire transfer for a deposit, you need not supply the online casino with your banking details, which means that none of your sensitive data can be compromised and is kept off the web.
Further, the transaction is carried out by your banking institution, which means that the transfer is guaranteed to go through and that bank-level securities ensure your privacy.
2. Easy Withdrawals
When requesting a withdrawal into your account via wire transfer, you are ensured of simple retrieval processes as the funds will be paid directly into your account. Other payment processes require 2 step transactions to get money into your bank account, but this one only takes one step.
3. Great for Large Sums of Money
Perhaps one of the best advantages of using this service is that you can deposit and transfer large sums of money. This is especially handy when you have won big jackpots online and would like to cash them out.
Drawbacks of Bank Transfer Casino transactions
1. Long Fund Clearance Times
After a Wire Transfer is approved, you will still need to wait 3-5 days before you can start playing your favourite online casino games. Likewise, you will have to wait a while to spend your winnings after requesting a pay-out.
2. Slow Payment Processes
Aside from the slow funds' clearance times, the actual process of applying for a wire transfer is painstaking in comparison to the simplicity of e-wallets and the like.
3. Expensive Bank Fees
Unfortunately, bank wire transfers could cost you a pretty penny, especially if you are transacting a significant amount of money and you need currency exchange. There are far cheaper banking methods available to online gamblers today.
Handy user information
Limits
The Wire Transfer services have no set limits for transactions. The only limitations you might encounter at Wire Transfer Casinos are those stipulated by the casino concerning limits on withdrawals and deposits. Therefore, be sure to read up on the terms and conditions of payment on the online casino site before transacting.
Fees
As stated earlier, the bank fees involved in Bank Transfers can be pretty substantial. The amount charged is dependant on various criteria, including:
- What are your personal bank set rates for the service?
- Whether it's across geographical borders or not?
- Whether Foreign exchange is involved or not?
- What amount of money is involved in the transaction?
Availability
All banks throughout the world ought to offer bank wire transfers. However, certain countries like the USA have regulations in place to prohibit banks from paying funds over to online casinos.
A significant number of online casinos offer Bank Wire Transfers to players who prefer this form of payment.
Conclusion
Because many online casinos accept Bank Transfers, you need to make sure that you pick a reputable operator, as there are many sharks out in the 'sea'. We at CasinoWow have done a great deal of legwork for you, providing a list of trusted and reputable Wire Transfer casinos on this page that you can use with peace of mind.
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