Introduction:

Wire Transfers is one of the oldest modes of payments and is still popular today although the process is a lot more tedious when compared to other payment processing options such as credit cards, debit cards and e-wallets. There are a number of online casinos who offer wire transfers services because they realize that there is a market segment out there who do not have access to debit and credit cards and some who prefer not to use their cards at online casinos.

Wire Transfer is the process of transferring money from a company or an individual’s bank account to the bank account of the online merchant or store at which goods or services are being purchased. The process is time-consuming because a lot of information such as the beneficiary name, beneficiary bank name, beneficiary account number and SWIFT code for example has to be entered. It is important to enter all of this information correctly to ensure that the wire transfer is processed smoothly and that the transaction is not declined at a later stage.

Benefits

✓  Security:  Although online casinos focus on using the latest cyber technology to keep their customer’s personal and finance data secure, there have been numerous instances where hackers have broken into these online casinos and stolen confidential information. Players who use wire transfers at online casinos do not enter any of their credit and debit card information and thus remain safe from such attacks.  

✓  Anonymity: There are many online casino players who do not want to use their debit and credit cards at an online casino as they would like to keep their identity anonymous. There are also some banks and financial institutions who do view online casino transactions in a positive light, which could impact a user’s financial standing with their bank or financial institution. Wire Transfers solve all of these problems as it does not impact credit or debit card ratings. However players should be aware that their bank statement at the end of the month will feature the wire transaction processed at the online casino.

✓  Processing Time: Online casino players who are in no rush to make a deposit can use the wire transfer option as it does not a long time for the funds to be credited. The duration changes from country to country, transfer method chosen and bank holidays as well. Players who want to use the wire transfer option at an online casino must also be aware that they will pay high processing fees.

✓  Mobile App:  Most of the major banks have released their own mobile applications which are usually available on both Android and iOS platforms. Depending on the country and bank, most mobile applications do have the option of making wire transfers from the mobile app.

Summary

Wire Transfers are one of the oldest means of transferring cash between two parties and continues to be accepted at most of the top online casinos around the world.