Online Casinos in the United Kingdom Offering Bank Wire Transfer
The UK offers a well-known regulated online gambling market, with players enjoying a huge variety of games, promotions, and innovative payment method choices, nevertheless, when it comes to deciding on which method to use, many players still opt for a standard bank wire transfer instead of more modern solutions. The reasons for this are plenty, but mainly, they choose it over any other payment method due to its ease of use, and the fact that it is so convenient and safe to use. UK players rely on it to provide them with seamless deposits and withdrawals, and that's why it is offered across most, if not all, licensed UK online casinos. Please continue reading to learn more about it and its use across the UK online gambling industry. Why use a bank wire transfer for your deposits and withdrawals across UK online casino sites?
The Legality of Online Gambling in the United Kingdom
The UK is certainly one of the world's countries with the richest gambling history. With roots dating back to 1928, it is one of the longest-running legal gambling markets, too, so you should not be surprised that it is one of the first countries to have embraced online gambling when it appeared. Since it’s been offering a regulated land-based gambling market for almost a century now, ever since King George V was on the throne, the country is known for its well-established legal framework and loyalty to fairness and safety when it comes to player protection.
So, when gambling went online, the UK had to take a step back and recalculate the risks the industry could pose to its citizens if not nicely controlled. After careful restructuring, the UK legalized online gambling officially in 2005. The Gaming Board of Great Britain stepped back and a new regulatory body was formed, the UK Gambling Commission, which assumed its role immediately after the market was greenlighted. As an online casino player, you have probably not only heard of the UKGC, but you have probably also heard nothing but nice words about it. This is one of the most respected regulators in the industry, responsible for overseeing both land-based and online gambling operations.
The watchdog has managed to get the respect of both players and operators, since it is all about fairness and safety, doing its best when it comes to establishing order in the industry. The UK Gambling Commission oversees operators and ensures that they are always operating in line with the set laws and rules. You should not be surprised to learn that the UK online gambling industry faces fresh restrictions on an annual, if not monthly basis. That’s because the regulator takes its role seriously, and does everything in its power to maintain the gambling environment as safe and fair as possible.
In a recent effort to keep players protected from gambling harm, the UK Gambling Commission set first-time limits in the UK for online slots stakes, hoping to slow down players’ spending on slots, after a thorough research on the subject. Previously, the regulator had banned credit cards for gambling purposes. This happened in 2021, but you can still feel the waves of shock across the industry, considering credit card gambling was UK players' forte. But since the regulator noticed that it was also their doom, it made sure to ban their use for gambling transactions.
Now, on a related subject, since UK players are not allowed to use credit cards anymore, they had to turn to other payment methods for their deposits and withdrawals. While many went with alternative solutions, most stayed true to bank-related payment methods, the majority choosing to go with the standard bank wire transfer. In hopes of getting the same convenience and safety the credit cards were giving them all of these years, UK players turned to the bank wire transfer as in just a few simple steps, with it they could transfer funds from and to their bank account.
Since the transfer goes to and from bank accounts, the funds are perfectly safe and secure, processed through first-class wire networks, in players’ native currency, the UK pound. Therefore, if you still haven’t decided on your credit card replacement method to use across UK online casinos, you are welcome to stick with us and learn more about bank wire transfer, to decide whether it is a solution you’d like to try out, as well.
Why Start Using Bank Wire Transfer at a UK Casino?
Bank wire transfer is not a modern, innovative payment solution compared with the hundreds of such solutions that exist nowadays, yet, it is still considered one of the safest and most reliable methods to use, especially for large transactions. And ever since the UK launched new rules for refunds to bank transfer fraud victims, the solution has been trending with online casino players, especially those that needed a substitute for credit cards.
With this solution, you will certainly get some of the safest transactions out there, since transactions with it are processed through the standard banking system and secure wire networks. The money is moved from one bank account to another directly, using wire network codes/keys known to the participating banks. Both global and local bank wire transfers can be initiated from the UK, the former usually processed through the SWIFT (Society of Worldwide Interbank Financial Telecommunication), while the latter through the Faster Payments Network or CHAPS (Clearing House Automated Payment System). This means that, whether you’re playing at an online casino based in the UK or elsewhere, you will surely be able to use a bank wire transfer for your deposits and withdrawals in your native currency, the UK pound.
Speaking of, to start using it for deposits and withdrawals, you don’t need to go through any extra steps but just ensure that you have an active bank account. That’s actually it; you don’t need to create any new accounts. Practically all UK banks are members of a wire network, so all you need is the wire network codes/keys to make a transaction through a bank wire transfer. The participating banks will communicate through these codes/keys and via the wire network, the transaction will be safely processed. In fact, follow our lead, as in the next section, we'll tell you exactly how the depositing/withdrawing processes are made with it, so you know exactly how to use a bank wire transfer across UK online casinos.
How to Deposit and Withdraw Across UK Online Casinos with Bank Wire Transfer?
We've already established that basically, all UK banks offer bank wire transfers thanks to the fact that they are part of wire networks. Therefore, regardless of whether you're playing at a licensed UK online casino that is based in the UK or elsewhere, you'll be able to use this method for your deposits and withdrawals.
To make a deposit with it, you will need to select an online casino that accepts bank wire transfers and register a player account with it. After your account is registered, to fund it with a bank wire transfer, do this:
- Access your player account and look for the Banking/Cashier page.
- In the Deposits section, find the Bank Wire Transfer logo and press it.
- A new window will open, where you need to enter the required bank account data, wire network codes/keys included.
- Specify how much you want to deposit.
- Confirm your request and depending on whether the transfer was global or local, wait for the funds to arrive in your casino balance in a few days/hours.
To make a withdrawal with it, you will need to go through similar steps, but there will be some differences when it comes to processing times. See, global bank wire transfers take a few days for deposits, and local take a few hours. But for withdrawals, there’s an additional 24 to 48 hours wait, due to the fact that the casino operator must check out your request and approve it.
If all is in order with your request, you will get the approval and the transaction will be processed in a few days/hours, respectively, depending on whether the transfer was global or local. When it comes to the steps you need to take, after you select the solution from the list of Withdrawal Methods, you will again need to enter the needed banking details and codes/keys. You will then need to submit your request and wait for the operator’s approval.
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FAQs
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