Wire Transfer Casinos

This is because the online casino is in no way involved with the transaction. As such, they do not have access to any banking or financial information and this prevents them from making any unauthorized transactions on a users' bank account. This is obviously something that rarely happens, because most popular online casinos are reputable and governed by financial services authorities. However, the casinos themselves recognize that their customers sometimes prefer to conduct transactions in the safest possible means, and for this reason, they offer wire transfers as a means of depositing funds into their account.

Wire transfers involve the issuance of an instruction to a bank for the transfer of funds to an online vendor's bank account in exchange for goods, services or gaming credits. In order to conduct a wire transfer, the user will be required to issue an IBAN (International Bank Account Number) and BIC (Bank Identifier Code). These are usually provided by the casino when selecting wire transfer as a deposit option at the cashier, and are required in order to direct the transfer to the correct vendor institution. The consumers bank then transmits the transfer instruction to the receiving bank utilizing a world-wide inter-bank telecommunications network such as SWIFT or Fedwire. Upon receipt that the transfer has been concluded, the receiving bank will notify their client, in this case, the online casino, to proceed with the issuance of gaming credits.

Wire transfers can at times be fairly immediate, but on average, seem to take several days. Because of this, it is not the most commonly used payment mechanism at online casinos. Another disadvantage to this payment solution is that it can be rather expensive, with transfers less than £10 000 being billed up to £20. Expedited transfers are charged in the region of £40. Foreign exchange charges also need to be considered. This varies between casinos so we urge our visitors to check the costs involved at their chosen online casino.

All said and done though, wire transfers are an excellent option for infrequent gamers and for the more security conscious who prefer their transactions to be conducted from one bank to another.

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