A wire transfer is a term which gets bandied around quite a bit in the online casino world, and this can be confusing for players. Technically, a wire transfer is any credit or bank transfer which sees money sent from one person to a business or another person. It is, in short, a financial transaction from one bank to another.
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It is worth pointing out that wire transfers are not as popular as they once were, mainly down to the excessive fees that many of them require players to pay. Another reason for their decline is the appearance and popularity of e-wallets, prepaid cards and other speedier banking methods.
Depositing with Wire Transfer
Wire transfers can be made using a variety of different options, and each casino may have its preferred options. They can often be completed at the bank in person, over the phone, via your phone or online. You can even complete wire transfers via specific money order offices on the high street.
When selecting a wire transfer option at an online casino, you will be offered several ways to go about it. One way will see you provided with the banking details of the casino in question. You must then go to your bank and ask them to process the transaction to the casino’s account. Alternatively, wire transfer companies may process the transaction for you online, although these often come with a hefty fee and can take quite a while to be processed.
Wire Transfer Withdrawals
Wire transfer withdrawals are one of the primary methods of taking home your winnings if you are based in the USA and playing at an offshore casino. However, in Europe, the payment method is not generally used by many players. Opting for a wire transfer withdrawal will see the casino process the payment to your bank account, although you could end up waiting for anything from 5-10 working days to receive your winnings.
Wire transfers are notoriously expensive withdrawal methods at casinos. Fees for using this option can range from £25 up to £80 or higher, depending on the online casino you happen to be playing at.
The Final Word
Unless players are based in a part of the world where wire transfers are the only real option, it is not recommended using them to deposit or withdraw at online casinos. Wire transfers are being phased out at gambling domains, feature long transaction times and cost far more than seemingly any other payment method online, with the possible exception of cheques.
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