Using wire transfer at online casinos

The advantages and disadvantages of using wire transfer

Pros:

• Can deposit a large amount in one transaction – Unless you’ve set a limit with your bank, there’s basically no cap on how much you can move funds into your casino account using wire transfer. Therefore, this could be a very good and convenient choice for high-stakes players. Furthermore, banks usually charge a flat rate per transaction so depositing large sums of money will not incur a higher fee.
• Most casinos accept this form of banking method – Online betting sites love receiving money using wire transfer because this is a very safe form of money transfer and leaves a solid digital trail in case anything is amiss. Therefore, you’ll find that most casinos will accept deposits and withdrawals using wire transfer.
• Long and solid track record – People have been using wire transfers far longer than other online payment platforms available today like Bitcoin, e-wallets, and even credit cards. This long and solid track history proves that playing at online casinos using wire transfer as your payment option is safe and secure.

Cons:

• Time consuming – Wire transfer transactions generally need some time for your bank to process and it could take anything between a few hours to a few days before your funds reach the designated account.
• Lack of protection – If an unauthorised transaction occurred with some e-wallets like Paypal or credit cards like Visa, you can usually get your money back. It will be difficult to recover any funds lost if a wire transfer was used.
• Casino processing fees – Most casinos will charge a flat fee for sending your earnings to your bank account via wire transfer.

Banking with wire transfer

Apart from the pros and cons of using wire transfer, there are other details that you should consider before deciding if this is the right payment method for you.

Deposit and withdrawal times

This is perhaps the main shortcoming of using bank transfer as a payment method for your online casino account. While other payment systems like e-wallets and credit cards usually allow for instant deposits, you’ll need to wait for your bank to complete their cycle time before you can see the funds transferred to your account using wire transfer which could take up to a few days. Not only that, some banks don’t process wire transfers on weekends so you’ll have to wait even longer.

Ease of opening an account

The process of opening a bank account is different for each bank. However, it’s safe to say that it’s generally more tedious than registering for an e-wallet account because you’ll have to physically go to the bank. On the other hand, you probably already have a bank account so you could use it for transferring funds online now if you want to.

Fees structure

Similarly, the fees structure differs for each bank and it also depends on what type of bank account you have. As a rule of thumb, banks in the UK don’t charge a fee if you send money via wire transfer to a local bank account and withdrawing from your bank account is also usually free.

Our final thoughts

Fuelling your casino account using wire transfers certainly has its advantages and disadvantages. On the one hand, most online betting sites accept wire transfers and it’s a proven safe, secure way to move your money. However, the waiting time involved might render it an impractical way to make deposits if your account is already low on funds. For players who don’t want to go through the hassle of registering for an e-wallet or high rollers who want to move around large sums of money, then make your way over to our list of top wire transfer casinos and start your casino journey now.

More Casinos Accept Wire Transfer Payments