Wire Transfers in Online Casinos are Essential
Although slow, bank wire transfer methods are still used for online casino deposits worldwide; in fact, every casino online features a bank wire transfer method. The absence of a wire transfer options in any online casino might serve as a “warning flag” that the online gambling venue in question isn’t exactly reputable. Although there are many different banking brands, the classic wire transfer process is a standard for all of them. Now let’s take a look at the facts of why many casino players decide to go with the oldest known transfer method.
Transfer Speed Is Considered Slower
While largely depending on the amount of money being moved, the most standard period for money to travel from a sender to a casino account, is from three to five days. While in the financial industry by today’s standards this is considered to be quite low, however, this “slow-down” gives time to the sender the opportunity to cancel any transfers should they think that it is a mistake. While some banks do offer a type of “fast transfer” which can take up to 2 days, the rates for this kind of transaction are bit higher.
How does a Wire Transfer Work?
Even the process that an individual would have to undertake in order to send money almost everywhere, can be quite lengthy. It all starts with filling a form that designates the amount of money and account. The sending bank then sends a message via the transfer network to the recipient, requesting that a payment needs to be made to a designated person or vendor.
Money Transfer Network Standards
Online casinos that accept wire transfers along with other vendors and financial institutions utilize the same money transfer network available in all banks – SWIFT (Society for Worldwide Interbank Financial Telecommunication). Renowned for its stable system, banks worldwide continue to operate under SWIFT to transfer finances between individuals and businesses as well. There is another system which is similar to SWIFT, but its coverage is in Europe called SEPA (Single Euro Payments Area).
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Why Do Online Casinos Still Use Bank Wire – Pros and Cons
Currently there are many online platforms that offer transfer services that can send and receive money instantly – yet bank wire in online casinos is still the most preferred method there is. The most positive factors about sending money over a bank, is the safety and security it provides. The cons, however, do include varying transfer fees, which are generally high and will be determined by the policy of the bank in question.
One particular drawback is that if you don’t have mobile banking, you will need to actually go out and visit to the bank. This can take way too much time for you, and in some cases even might come into conflict with your personal schedule. Another important positive worth mentioning is the reliable customer support a bank provides; should any issues arise, it usually is resolved quickly.
A Different Way of Using Your Bank Account – Via Card
If you specifically don’t want to have a debit/credit card issued with your bank account, you will be given one; which will significantly decrease the time by which you will send money to wherever you need. Depending on your preferred bank, you will be issued either a MasterCard or a VISA – both are the leading money transfer networks in the world and are accepted everywhere, including in the best online casinos.
One of the best parts about using a bank card, is that your deposits usually arrive instantly and aren’t charged by the casino – the fees usually come from the bank itself. A positive part here, is that usually the issuing of such a card won’t cost anything, besides some minor upkeep fee which is a single digit number for a whole year.
Loan Ready – For a Price
Are you short on cash? In addition to taking money on credit, you can apply for a loan to help you with financing pretty much anything – from buying a coffee maker to purchasing property. Bear in mind that this won’t come for free thought, and there is sure to be a compounding interest that might increase the amount of money you will need to return.
Costs are Becoming More Standardized
Because of the rise of e-wallet transfers, banks are experiencing a decline in wire transfer services. Because of that, numerous banks are deciding to reduce their transfer fees – but even then, they quite higher than the alternatives. In fact, with the rise of cryptocurrency and e-wallet service providers, popular financial media often “predicts” the fall of the “outdated” money transfer services.
Other Options for Sending Wire Transfers
You might have heard about Western Union – they are a company that can perform a wire transfer almost immediately to any location around the world. A significant downside here, is that even sending a small amount of money will cost you – a lot. Usually used for situations that require a fast reaction and there are no other options, Western Unions continues to remain as a stable wire service provider. Usually, utilizing such services can cost you
In the End, You Do Need an Account
If you wish to fund your online casino account with a large amount of money, then the bank wire method is definitely the best way to do it – however, if you’re looking to reload your balance with a smaller sum, then e-checks and e-wallets will be the most appropriate method for you. Whatever the case might be for you bear in mind that by today’s standards, wire transfers are the least used method, yet it won’t go away any time soon, as it absolutely guarantees that the money you send will reach their destination with absolute certainty. If you don’t have a bank account, definitely open one!