You may of think of a ‘wire transfer’ of being a rather quaint and old-fashioned way of transferring your cash from point A to point B. You may also find it a confusing concept as you cannot fathom any way in which you can transfer money down a wire. Despite perhaps being ‘old fashioned’ and despite being confusing, a wire transfer is still a very good way of getting money into your online bingo, casino or slots account.
It’s an especially good way if you live in a jurisdiction where banks are either not allowed to (or choose not to) deal directly with online wagering sites, such as the United States.
Why Use Wire Transfer?
The SWIFT banking transfer system is safe and secure
Despite the name ‘wire transfer’, when you initiate a wire transfer you are in fact using a banking system known as SWIFT. This stands for the Society for Worldwide Interbank Financial Transactions and is an agreed protocol that nearly all global banks use to transfer money electronically. As this system transfers billions of pounds or dollars every hour, you can be assured that there is no safer banking system in the world.
No welcome bonus issues
Many Wire Transfer online casinos (i.e. ones that accept wire transfers) do not allow you to claim a welcome bonus if you use an eWallet such as Skrill or Neteller to make your first deposit. If you use a wire transfer to make your first deposit, you should not have a problem in claiming a welcome bonus.
Fully flexible and fee-free
You can usually deposit and withdraw to online bingo or casino sites using a Visa credit or debit card, Skrill or Neteller, but some options (MasterCard, Paysafecard) are deposit only. A wire transfer joins the list of payment options that can be used for both deposits and withdrawals, as well as the list of options that are free of fees.
One of the slowest options available
The main issue when it comes to a wire transfer is speed. As you can imagine, there are billions of transfers made every day for all kinds of reasons when it comes to a wire transfer. The SWIFT system is quicker than it used to be, but wire transfers to an online casino are not instantaneous.
You can expect a deposit to take up to five days to appear in your account, and a withdrawal to take up to ten days. If speed is important to you when it comes to transferring money, a wire transfer is perhaps not for you.
Is Wire Transfer Banking Friendly?
When you want to make a deposit using a wire transfer, you will need two things – a sending account number and a receiving account number. The sending account number will be your own of course, but you will need more than your local bank account number. Wire transfers are international of course, so you will need to know your bank’s SWIFT code too. Every bank that uses SWIFT will have an eight-character SWIFT code that you need to add to your account number and sort code to create your IBAN (International Bank Account Number). This number is 100% unique to your bank account.
You will need to know the account details of your wire transfer bingo or casino site too if you want to wire transfer a deposit. Usually if you select ‘wire transfer’ via the site’s cashier the steps you need to perform will be made clear to you.
Withdrawal using a wire transfer is identical to depositing except that you are reversing the role of the sending account number (the online bingo or wire transfer casino site) and the receiving account number (your account).
The casino itself will need to initiate the transfer. When using the cashier system you should be asked your full IBAN number as well as the amount you want to withdraw. Once you have okayed everything the transfer will commence.
The use of SWIFT is paid for by the bank themselves, so there should be no fees for you to pay when you make a deposit or request a withdrawal. If your bingo or casino site does try and charge you fees for using a wire transfer, then you be assured they are being a bit cheeky!
Opening an account
You do not need to open a ‘wire transfer’ account to use this method to transfer money from your online bingo, casino or slots site as this is a process as opposed to a service provider. All you really need is a bank account. If you like, you can imagine ‘wire transfer’ to be a kind of primitive form of internet banking!
Our Final Thoughts
There are many positives when it comes to using a wire transfer. Nearly all online bingo and casino sites will accept wire transfers, and there is no more a secure method of funds transfer available to you.
On the downside, it is not the quickest way of transferring money. Also, it can be annoying to find your SWIFT (or BIC as it is also known) code and your IBAN number.
However, if these issues do not sound like major problems to you, then a wire transfer is probably the payment system you should really consider using.