Using Bank Wire Transfer Across Online Casinos

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Even though today, you’ll find plenty of more innovative and faster payment solutions to use for your deposits and withdrawals across online casinos, bank wire transfer is still the preferred choice of many players. That's mainly because, upon deposits, the funds are deduced from the player's bank account and sent to the operator's bank account, and the other way around for withdrawals. This allows the player to enjoy hassle-free online banking, without the need of creating any new accounts with new payment solutions, as they already have a bank account that can be used.

Now, you will find plenty of bank-related payment methods offered on the Banking page at your chosen casino, but these all provide different services. That’s why it is important to know how bank wire transfer functions. This is a solution that allows you to send money from your bank account, via global wire networks, to another bank account, internationally and nationally. The most popular wire networks are the Canadian LYNX (Large Value Transfer System), the European SWIFT (Society of Worldwide Interbank Financial Telecommunication) and CHIPS (Clearing House Interbank Payment System) in the US, among others.

To start using it, you don’t need to meet many criteria; in fact, all you need is an active bank account and an online banking profile. Now, assuming you do have these, to use it for deposits and withdrawals across online casinos, all you’d need to do is select it as your payment method and wait for the pop-up to appear. Here, you’d need to enter your bank account, the needed wire network keys/codes, and the routing number, before you specify how much money needs to be sent/received. Through the wire network, a string of banking institutions will ensure the funds reach the designated destination, in any currency.

Now, this brings us to the first downside: the waiting times. Bank wire transfer is a solution that is often avoided by players for deposits since transactions with it take 3 to 5 business days. On the other hand, it is embraced by players for withdrawals, since they don't mind waiting for their winnings to arrive in their bank account, as long as they arrive safely. And safely they do, since transactions with it are encrypted and protected by the banks' own security systems.

No country restrictions apply with bank wire transfers, though, and that’s one of the main reasons why global players, in the lack of faster methods, still choose them, and the reason why bank wire transfer is still found on top of the lists of accepted payment methods across hundreds of online casinos. You’d need to consider all the perks and downsides before you choose to use it, though, so make a careful calculation and make the best decision that would work for you.