So, how does the wire transfer system work? The person that wants to transfer the money contacts a bank giving them the order to perform the desired transaction. The sender must provide BIC and IBAN codes, through which the bank obtains the information about the recipient, which is, in fact, the location where the money should be sent. The bank of the sender contacts the bank of the recipient via the secure wire transfer system and requests that the transaction gets effected following the instructions of the sender. This message also includes the instructions about the settlement. One should keep in mind that the transfer is not instant. It takes several hours, sometimes even several days to be realized. The banks involved should possess reciprocal accounts, or the money must be sent to a correspondent bank that has such an account.
Deposit and Withdrawal Using Bank Transfer
In order to land a deposit by using bank transfer platform, one should first obtain banking information from the selected bank transfer casino. This info is usually located on the casino’s webpage, or one can contact the casino management and get the needed info from them. After that one simply needs to visit his bank office and order money transfer to the casino’s account, by providing the needed information for the process. In the end, a customer needs to contact the casino in order to transfer the deposit to the customer’s account.
Nowadays, with electronic and Internet banking, one doesn’t have to visit the bank office because the majority of casinos recognizes both Internet and telephone banking.
Withdrawing the money via bank transfer is a pretty simple process. To withdraw the money, one needs to provide the bank account number and the ID number (such as for instance SWIFT code). Players from certain European countries also need to provide the IBAN code during the transaction process. All these data should be submitted at the casino’s cashier page, along with the desired withdrawal amount.
Advantages and Disadvantages of Bank Transfer
The main advantage of the bank transfer UK method lies in the fact that the transaction process requires no third party participant in order to be realized. The transfer is being effected directly from the bank account of the sender to the bank account of the recipient. Bank transfer reduces the risk of any misuse of personal or banking info because this info is provided only to the casino and it doesn’t leave anywhere from it.
The main disadvantage of wire transfer payment methods is reflected in the fact that placing a deposit is a complicated process that requires effort to be made. Bank wire transfers also vary in price, so, depending on the location of the player, sometimes they can be pretty expensive. In addition to fees charged by the casino, banks will also charge a certain fee after the transfer is completed. For this reason, some casinos allow only wire transfer withdrawals if the player’s balance is larger than for instance several hundreds of US Dollars.
Bank Transfer FAQs
Do All Casinos Accept Wire Transfer?
Yes, the vast majority of them recognizes this method. However, some of the casinos have certain limitations for bank transfer withdrawals.
Is Wire Transfer Safe to Use in an Online Casino?
Yes, it is completely safe because there is no third party, except for the bank and your personal and banking info are being provided to the casino only.
What Is the Minimum/Maximum Amount I Can Deposit via Wire Transfer?
The minimum deposit usually goes between €10 and €20. The same goes for the minimum withdrawal amount, while the maximum amount depends on the chosen casino.
Are There Any Fees Charged?
Yes, there are fees charged by the casino and usually fees charged by the bank.
Can I Use Wire Transfer in a Mobile Casino?
Yes, it can be used at mobile casino platforms as well.
How To Find a Good Online Casino That Accepts Wire Transfer?
Reading reviews and user experiences and opinions about the potential casino may be helpful with the choice.