Wire transfer is a payment method that enjoys an excellent reputation as it represents one of the first payment solutions offered by modern banks and beyond the scope of physical operations. Indeed, a wire transfer (or bank transfer) uses an electronic medium for transferring funds from one account to another. However, there are several different types of transactions sent wirelessly. When you use your debit card, you are essentially making a bank transfer. A wireless transfer is basically any transfer of money without the presence of physical currency or banknotes.
For the majority of players in an online casino, bank transfers are usually used as an alternative or backup option because players have the opportunity to fund their account through more modern payment solutions. In addition, a bank transfer doesn't post instantly, which is slightly disadvantageous (usually between three and five days). However, this payment method is certainly the most reliable of all, because whatever happens, you are guaranteed to receive the money transferred. As a result, many online institutions encourage their customers to opt for this method through preferential bonuses and sales incentives.
Withdrawals and deposits
Making a bank transfer is a simple operation. All you need to do is authorize your bank and transfer the desired amount. You will then provide basic information such as mode of payment (bank transfer), your IBAN and BIC and the payee. The sending bank sends a message to the receiving bank via an advanced technological system like Fedwire or SWIFT. The fact that the transfer may take some time is because the two banks must ensure that the funds have actually been collected. Several vendors offer transfer services including: Western Union, Swift and JP Morgan Chase are just a few examples among many others.
- First advantage: the wire transfer is a traditional solution for payment even though it’s more ancient but despite that, it’s the most reliable. The money is received after a little time but you can be assured it will arrive safely.
- Bank transfers are allowed everywhere and are even protected in Europe because there are rights that are attached to electronic bank transfer within our continent. However, for non-EU countries, fees may be considered.
- Finally, online casinos themselves are promoting this payment solution through preferential bonuses, benefits, promotional and non-standard payout percentages that are directly to the customer's advantage.