A bank wire transfer involves electronically transferring funds from one account to another. In the context of online casinos, this method is more frequently used for withdrawals than for deposits. Although it is not the most convenient option due to the immediate fund access provided by many e-wallets, it might be your only choice depending on local gambling laws and regulations.
Wire transfer systems include the Federal Reserve Wire Network, Clearing House Interbank Payments System (CHIPS), and Society for Worldwide Interbank Financial Telecommunication (SWIFT).
It’s important to distinguish between a bank wire and services like Western Union, which also use the term ‘wire’ for money transfers. Both can be initiated online, but a bank wire starts from a bank account and requires specific recipient information, such as the SWIFT code, bank account number, name, and address.
IBAN
Depending on your country, an International Bank Account Number (IBAN) might be needed for international transactions. An IBAN consists of 27 alphanumeric characters within Europe and up to 34 outside of Europe, except in the USA, which does not use IBANs.
Wires and Online Casinos
While bank wires are secure, they have the drawback of delayed fund availability for casino deposits. You might find yourself waiting for the funds to appear in your account due to processing times. If you initiate the wire before the bank’s cutoff times, you might be able to start betting within a few hours. However, for withdrawals, the wait can be longer due to the casino’s pending period and processing time for wire transfers.
Fees
In addition to the waiting period, the fees associated with bank wires can be a significant downside. Sending a wire can be costly, and receiving one often incurs charges as well. Fees vary by financial institution and may be a percentage of the transfer amount or a flat fee. Most casinos also have a minimum withdrawal amount for wire transfers and will deduct their fee from your payout. Once the funds reach your bank, additional charges may apply to your account.
