Bank Wire Transfer Casinos
Bank wire transfers are the safest form of money transfer available. Generally considered appropriate for large sums of money. On this page NeonSlots.com provide a description of what a bank wire transfer is and how to complete a transaction using this method and the advantages and disadvantages. Happily, casino bank transfers are common as a payment method in most online casinos. Casino bank transfers are easy to carry out, if you know how - see below.
What is a Bank Transfer?
Simply put a bank wire transfer, commonly referred to as a bank transfer, is an electronic transfer of cash from one bank account to another, from one bank to another. The process was once conducted over a telegraph wire, hencse the name. In modern times this is now done electronically. Although this is a relatively slow payment method which also attracts charges, bank transfers are fit for dealing with large sums of money being one of the safest forms of money transfer as well as being available in most fully licensed casinos.
How to make Bank Transfer in a Casino
To make a bank wire deposit into your chosen online casino, you will need to have registered with the casino and note the casino's account information including international bank account number or IBAN and BIC (Bank Identifier Code) which is the SWIFT address used to identify the country, bank and branch. SWIFT itself is the Society for Worldwide Interbank Financial Telecommunication code. Used for international wire transfers the SWIFT code includes between 8 and 11 alphanumeric characters.
This information is provided by the casino on their website and your own information should be available either from your bank or a bank statement. When making a bank transfer, there is a reference line which allows you to identify yourself with your name, address and Email address to the entity receiving the payment and this information enables the casino to identify you as the payee and correctly. In the event of any difficulties with a bank transfer casino help desks will be only too happy to assist you.
Deposit Limits in an Online Casino
There are a number of factors which could limit the amount you can deposit with an online casino, including maximum and minimum limits. The legislation applicable to the jurisdiction as applied to the casino and or the location from which bets are placed may specify a maximum deposit limit for a given time frame.
In addition to this, the online casino itself may set its own deposit limits which may themselves depend upon, among other things, the deposit or payment method, a time frame be it per day, per week or 30 day period. It is worth noting that, having made your deposit, each game will have a minimum and maximum bet. Such limits can vary significantly from game to game. It is advisable to check both minimum and maximum deposit limits for your chosen method of payment. Details of minimum and maximum bets for each game are generally available in the terms and conditions on online casino websites.
Advantages of Bank Wire Transfers
The advantages of bank wire transfers are clear:
- Safe and Secure: Bank Wire Transfer is one of the safest and most secure forms of money transfer. The transfer of funds is protected by all the security measures you'd expect of banking entities in the territories through which the money is to pass. In the UK, USA, Canada and Australia, for example, these security measures are formidable and come with a series of guarantees which trump other security protocols adopted by other forms of payment and come with the confidence of familiar customs that have been tried and tested. Most online casinos accept bank transfers
- Control over your Finances: There is one important advantage of the inherent delay in bank transfers useful in staying in control of your online gambling leisure time. By playing smart, the funds you make available to your online casino account may be replenished by bank transfer which itself provides you with a cooling off period from the game, something like an intrinsic 'reality check' rest period which allows us to return to the game fresh for another session
Disadvantages of Bank Wire Transfers
Although there are some disadvantages to bank transfers, they are easily mitigated
- Time: Bank transfers take longer to complete than other payment methods, typically between 1 and 2 days with the cleared funds available at the transfer destination on the third day. However, as a disadvantage, if indeed it is a disadvantage, is easily mitigated. If online casinos are to form a part of your regular entertainment, then it should be easy enough when gambling smart and planning out your month expenditure to order transfers before the money you have allotted to a given time period is fully diminished. In this way, the time take for a transfer to be complete is of no relevance to you whatsoever
- Сharges: Bank transfers attract charges which may generally be as much as 25 GBP. Rather than a disadvantage, this may be viewed simply as the right payment method large sums of money and the fees appropriate for the additional security and piece of mind that it provides. Conversely, it could be said that for relatively small sums of money, other payment methods are likely to be more appropriate
- Additional Fees: Be aware that some banking entities have additional charges which might not be entirely transparent to you from their term and conditions or they may be difficult to pluck out from the fine print. It is not unheard of for some banks to charge as much as an additional tied in 5% fee on transfers involving exchanges from one currency to another. This is far from an insignificant figure. However, direct communication with the bank who can tell you exactly what all the charges will be for any given transfer or type of transfer will be and you can decide yourself if the charges are reasonable or not. You can always shop around. There's no reason to stick with your current bank if they are charging more than the going rate in the market today
Bank transfers are most appropriate when dealing with large sums of money. Minor inconveniences such as speed of transfer are easily mitigated and the competition between banks to gain customers and custom is healthy enough to include banking entities that can provide services at competitive rates.