Deposit and cash in casino profits with Bank Wire Payments.

By moreen

Bank wire transfers have been the preferred method for depositing and cashing out profits from online casinos for many years. In the absence of a convenient alternative, transactions performed through the bank were used by both amateurs and savvy players. There is no shortage of players using them even today, but electronic wallets and credit cards pose a serious challenge to these financial instruments.

How Do Bank Wire Transfers Work?

Hundreds of online casinos accept wire transfers and in some cases, this is the only real choice. Regarded as the most consistent method of transferring funds, it also happens to be one of the most straightforward. Once players sign up for an account, they use their checking account information to make a deposit. They need to get the online casino’s banking details, usually by getting in touch with customer support.

Bank wire transfers will require players to go to their local bank and instruct the tellers to conduct the transaction. They need to provide the SWIFT number and the name of the receiving bank before asking the online casino to accept the deposit. In exchange of a processing fee, casino players have the bank transfer the money online and then patiently wait for the funds to appear in the online account.

The Perks of Using Bank Wire Transfers

As long as competition was minimal and restricted to credit and debit cards, bank wire transfers reigned supreme. There are still advantages of using this financial instrument and security is definitely at the top of the list. When people gamble at online casinos that are located in a different country or have any reasons not to trust them entirely, wire transfers are the way to go. They don’t require the exchange of personal financial data with the online casino website, hence the risks of identity theft are mitigated.

Direct interaction between players and the online casino is also an advantage for those who cherish security. Depending on the alternative offered, bank wire transfers can also be faster due to the lack of processing times. Independent merchants occasionally cause such delays, especially when players use them for the first time. Under normal circumstances, bank wire transfers don’t take longer than 10 days.

Cons of Using Bank Wire Transfers

It is no coincidence that bank wire transfers are losing customers to electronic wallets. The main disadvantage is that they simply can’t compete with financial instruments that transfer funds instantly. The waiting time when using Skrill or Neteller is less than 48 hours, as opposed to more than seven banking days for wire transfers. This is the price to pay for enjoying the most secure transactions possible.

Money makes the world go round and when banks charge high processing fees, wire transfers suddenly look less appealing. Depending on the location of players and the banking method of choice, these fees can eat into the profit margin, hence have a deterring effect on players. Add to this the commission charged on foreign exchange conversion and the shortcomings are self evident. Last but definitely not least, bank wire transfers require players to get more involved. The manual effort is not significant, but these transactions are still more complicated than those involving e-wallets and even credit cards.