A wire transfer is an electronic credit transfer from a person/company to another person or business. The length of time that’s needed for the transfer to be completed varies from instantly, to several days. Unfortunately, the latter is usually the case, meaning this is one of the slowest methods of transferring funds to and from an online casino. On the bright side, you don’t need a third party company involved since funds are moving directly to and from your bank.
How Wire Transfer Works
To deposit funds at wire transfer casinos, you need to instruct your bank (normally in person) to move funds to a specific casino. You’ll need IBAN (International Bank Account Number) and BIC (Bank Identifier Code) numbers to initiate the transfer; these are provided by the casino once you choose wire transfer as your payment option. When this step is completed, your bank will transmit the transfer by using a telecommunication network such as SWIFT (Society for Worldwide Interbank Financial Telecommunication). The casino’s bank will then notify them that the money has been successfully moved into the player’s account.
Where is Wire Transfer Used?
Wire transfers are used all throughout the world since many banks have the capability to make these transactions. This is especially true of the major commercial banks like JPMorgan Chase and Wells Fargo since they offer a variety of financial services. However, there are plenty of small, local banks that don’t offer wire transfers, so you should always check before assuming you can use this option.
Wire Transfer Benefits
The biggest advantage to wire transfers is that you totally cut out third parties. This is a big bonus for those who don’t want to divulge their financial details to an eWallet or similar service. For those who want to make a large transaction worth thousands of dollars, wire transfers are a good option because the transaction charge normally doesn’t go over $20 (although this varies from bank to bank). When you contrast this to eWallets and pre-paid solutions, you might be getting a better deal at wire transfer casinos. But on the same token, you’ll be getting hammered on small transactions since wire transfer fees are usually a set amount – as long as the amount isn’t over $10k. If you have to initiate wire transfers in person, this can be a major downside to the service as well.