Using a Wire Transfer to Add Funds at Online Casinos
It is relatively easy to find online casinos that will accept a bank wire. In essence, this is just the electronic movement of funds, in which cash is switched from one account to another, and this can be carried out at a local level or internationally. Many players choose this payment method because it is direct. You are dealing with your own bank, and not with one of the intermediary services. It’s fairly simple too, as there isn’t any need to register with a new provider or to sign up for an eWallet. You merely have to put in a request for the transfer and your bank will complete the transaction for you.
How Long Does It Take to Make a Wire Transfer?
Although this payment method has the reputation for being a fast way to move funds around, when it comes to the online casinos, this isn’t always the case. At some of the venues, it can take anything from a few days to several weeks for your wire transfer to be processed and cleared. The speed of clearance has many variables, including where you are located and who you bank with, and so this is something to check before you begin the process. There will be a minimum and maximum limit for making a deposit, and again, these will vary between the different websites.
The Information Required for Deposits
In order to make a wire transfer, you will need to have the banking details of your online casino to hand, and these can usually be found in the cashier section of the website. The information that is needed is the bank name, branch address, and account number. You may also be asked to provide a Swift code, a BIC, or an IBAN. The Swift code, or BIC as it’s sometimes referred to, is used to identify which banks are engaging in the transaction. The IBAN stands for ‘international bank account number’. This is an additional number that is specifically used for international transfers. At some venue, the customer service team will be able to assist with completing the transfer process of your winnings from the online game of your choice.
Wire Transfers and Withdrawals at Online Casinos
Whilst the depositing options may be plentiful at the online casinos, it’s often a different case when it comes to withdrawals. Many of the payment methods, such as the prepaid vouchers or credit cards, are unable to process this type of transaction. For this reason, you may find that your preferred choice isn’t listed when you want to take out some of your winnings, and that you have to opt for a bank wire instead. There is generally a minimum and maximum limit for withdrawing cash, but these tend to be different at each of the venues. The clearance times vary considerably too.
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The Information Required for Withdrawals
At some of the online casinos, you may be asked to provide some proof of identity before your withdrawal can be processed. This is to verify the authenticity of the request. It is typical to be asked for copies of any cards held on the account, for a copy of your passport or ID card, or for a recent bank statement. Additionally, you may need to produce confirmation of your home address, such as a driver’s license or a utility bill. It is usually the case that the necessary documents can be photocopied and sent to customer support, but you may be required to send them through the mail. In this situation, it is advisable to use registered post.
The Fees Associated with Bank Wires
At many of the online casinos, it is free to make a deposit with most of the payment methods. However, this isn’t usually the case for a bank wire. There are generally some costs associated with taking out your winnings, and on some occasions, you may incur an additional charge from your bank too. Once again, the fee for withdrawing funds varies between the venues, but at some, these can be considerable. There will also be conditions attached regarding minimum and maximum amounts, as well as limitations on the number of withdrawals that can be made. For instance, you get a free money withdrawal every month when you sign up to Bovoda and Slots.lv
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Points to Note about Bank Wires and Online Casinos
There are, undoubtedly, some benefits to using a wire transfer to add or withdraw funds from your online casino balance. The main one is that you are dealing directly with your own bank, and so you don’t need to concern yourself with signing up for a new account with another service provider. However, this particular method is prone to incurring fees, and at some venues, these can be sizeable. The other main downside is the lengthy clearance times. For this reason, many members opt for one of the alternatives, such as an eWallet, (Note: If you are not familiar with the concept of eWallets, feel free to read more about the subject.). These tend to be free for depositing, and if there is a charge for withdrawing cash, it will be much lower. If you are really set on using a bank transfer for making a deposit, the advice is to check the fees for the transaction first.
