Wire transfer is not the product of a specific company, but a generic term that can be applied to any form of electronic cash transfer. Traditionally, wire transfers occur between banks and may also be known as bank transfers. In the UK, wire transfers may be known as BACS (Bankers Automated Clearing Services).
Top Wire Transfer Casinos
Wire transfers are one of the oldest and most widely recognised forms of payment. In addition to bank-to-bank transfers, electronic transfers can also be used to pay cash from one person or organisation to another. Some providers may include this as a wire transfer, others view wire transfers as bank-to-bank transactions only.
The majority of banks offer the facility for a bank-to-bank electronic transfer. Once you have a bank account with funds in it, a wire transfer of cash to a casino that accepts wire transfers can be made.
Deposits and Withdrawals
Making a wire transfer to your casino account is fast and straightforward. In the first instance, you will need to set up the payment details for the casino in-branch at your bank or online via internet banking. Once set up, simply enter the details of the amount you wish to transfer, authorise the transaction and the money will be transferred into your casino account.
Casinos do not usually charge a fee for accepting a wire transfer deposit, but your bank may charge you for making the transfer.
The majority of casinos will also allow withdrawal via bank transfer. Usually, it’s a case of inputting how much you wish to withdraw and the transfer will be made within a few hours. In some cases it may take a little longer, particularly if you intend to make a large withdrawal and additional security checks are required. Casinos may charge for wire transfer withdrawals.
- Security: Wire transfers are extremely secure. The fact that both parties need a bank account for the transfer to be successful reduces the risk of fraud or funds going astray, as banks generally operate high levels of security.
- Widely accepted: Wire transfers are widely accepted by casinos, reducing the need to have alternative deposit options available.
- Large amounts: Large sums can be deposited or withdrawn in a single transaction. As ID is required to open a bank account, the chances of wire transfers being used fraudulently are fairly low, which means casinos are usually able to authorise wire transfers quickly and with minimal additional security needed.
- International: Wire transfers can be used to make international transfers, as well as making transfers between different currencies.
- Speed: Wire transfers are usually instantaneous or come through in just a few hours, depending on the bank.
- Simplicity: Wire transfers are easy to action and can be completed online, making them a convenient and versatile method of transferring cash.
- Fees: In many cases, banks will charge a fee for a wire transfer. If you make regular wire transfer casino deposits, you can end up paying a considerable amount for the privilege.
- Extra security: If using an electronic transfer system which relies on cash rather than being a bank-to-bank transaction (for example Western Union or Moneygram), there are additional security considerations to take account of.
Bank-to-bank electronic transfers are one of the most secure options for cash transfer. Banks generally use state-of-the-art encryption technology to safeguard their transfers, so a bank-to-bank wire transfer is usually a good option. Note that cash wire transfers, where cash is paid to an office in one place by the sender and withdrawn in another location by the recipient, are generally considered to be less secure.
Wire transfer is a widely available method of money transfer. Most banks offer wire transfer as one of their services (including international wire transfer), whilst most casinos accept wire transfers for deposits. The wide-ranging utility of wire transfer payments is a major advantage of this form of payment.
If you run into problems in processing your wire transfer or discover subsequently that it hasn’t reached its destination, your bank will normally be the first port of call to resolve the situation. Contact methods and opening hours vary between banks, but the majority now offer a phone line, live chat, email and postal contact methods. If you suspect you may have inadvertently sent your cash to a scammer, most banks have a 24-hour helpline where you can get appropriate assistance.
Is it safe to wire money?
Wire transfers are viewed as one of the safest ways of transferring money. The biggest risk usually comes from user error. Common errors include inputting the wrong details or wrong amount of cash, or failing to complete the transaction. Users may also be taken in by scammers. If you do fall victim to a fraudster, in some cases banks will refund the money that you have lost.
Can I set up a regular wire transfer?
Yes. In most cases, your bank will enable you to set up regular wire transfers. Remember that you may incur a fee each time that you send a wire transfer though. If you are sending on a regular basis to a trusted source, there may be alternative methods which are free or less costly in the longer term.
What's the difference between a wire transfer and a direct debit?
A direct debit is taken from your account rather than you proactively having to authorise it on each occasion. Usually, direct debits can only be taken in the local currency. Direct debits also tend to be regular payments, which may not suit a player’s style and frequency of play. Most casinos don’t allow customers to set up direct debits as a method of payment, preferring wire transfers, debit card payments or some other more flexible form of deposit.