What a Wire Transfer is and How it Works In Online Casinos
In the early 20th century, banks relied on telegraphic wires to send money from one account to another; thus, the phrase “wire transfer” was born. Today, wiring funds is popular across financial platforms, so much so that it is one of the top online casino payment methods.
About Wire Transfers
There are a number of peculiarities about wiring funds. The things to note and remember about wiring funds are highlighted below. There are two types of transfers: Domestic and International. Each has its peculiarities, as highlighted in the table below:
| Type | Location | Time | Code | Intermediary |
|---|---|---|---|---|
| Domestic | Same country | Few hours | None | None |
| International | Different countries | 2-7 working days | SWIFT Code | Correspondent Bank |
Safety and Fairness
Wiring funds is a secure method of sending money, provided the necessary precautions are taken by the issuer and the issuing platform. To maintain the integrity of the transactions, platforms would ensure that verification processes and encryption protocols are observed. As a precautionary measure, the issuer should also verify the details of the recipient prior to the transaction. If the latest statistics are to be trusted, we can assume that Wire Transfer is safe.
User Friendliness
Unlike traditional methods that involve the physical movement of cash, transfers by wire operate electronically. Hence, users can conveniently complete transactions without the need for any specialized knowledge or skills right from the comfort of their homes. The simplicity of the process ensured that even first-timers who wired money during the COVID-19 pandemic could easily navigate the process.
Casino Bonuses
Casinos go the extra mile to enhance players’ gaming experiences by offering different bonuses. From cash bonuses to free spins, there is something for every player. By making a first deposit, even by wiring funds, casinos offering many highly-rated online slots reward players with bonuses and free spins tailored to their initial deposit amount.
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Pros and Cons
- The issuer can credit the recipient’s account without visiting a physical bank or transporting physical cash.
- Recipients can access the money within hours and meet time-sensitive payments.
- It eliminates the need for third parties and reduces the risk of data breaches or fraud.
- Once a transaction is initiated, it becomes irreversible; thus, the sender cannot retrieve the cash once it has been forwarded to the recipient.
- It does not facilitate fund transfers in batches; the issuer is required to make individual transfers for each payment.
- The issuer is responsible for covering service fees, which is the platform’s charge for sending the cash from one account to another.
How to Deposit on Wire Transfer
Making a payment by wiring funds is quite a straightforward process. The process of making a massive deposit to enter the world of VIP casinos or topping up the account, the process is pretty much the same. Here’s a breakdown of how to make a deposit by wiring:
- Step 1: Log in to the account
- Step 2: Locate the “Cashier” tab and select the “‘Deposit” options.
- Step 3: Check for the logo and click the icon.
- Step 4: Enter the proposed deposit amount and click the “Deposit” option.
- Step 5: A “‘Payee” form will appear, requiring the user to fill in some details. Fill in the details, double-check the amount and the payee details filled in to avoid any errors, and click “Submit.”
- Step 6: Save the unique ID created for future reference. This unique transaction ID can be used to track the transfer.
- Step 7: Use online banking or pay a visit to the bank to request a transfer with the payee details. Remember to include the “Reference Number” from the unique reference ID.
Once the money has been forwarded to the recipient, remember to email the following to the Customer Service team.
- Full name
- Transaction ID
- The amount wired
- The date of the transaction
- The name of the bank from which the funds were forwarded
- The reference number
Alternative Payment Methods
- E-wallets like PayPal, Venmo, and Zelle are digital platforms that allow swift money transfer.
- Debit Cards allow users to make purchases from their bank account at no additional cost.
- Credit Cards have a predetermined credit limit, and users need to repay borrowed funds with interest.
Benjamin Blackwell
Online Casino Technical Expert
As a software engineer with an online casino security background, I help the Stakers team to test the speed, safety, and reliability of casino platforms. My goal is to provide our readers with a smooth and fair gaming experience.
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