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We have all heard of wire transfers and relegated it to a relic of an ageing payment system. However, there are still plenty of benefits which can be had when using the service in casinos, especially for people who want to securely transfer large sums of money. Let’s learn more about it below.
 | |
| First Used | 19th-century |
|---|---|
| Payment Method | Electronic Funds Transfer |
| Transaction Speed (Domestic) | 1-3 days |
| Transaction Speed (Foreign) | 2-5 days |
| Number of Countries | 200+ |
| Number of Banks | 11,000+ |
| Number of Annual Transactions | 200 million+ (2021) |
Evolving into a widely accepted form of electronic payment, Wire Transfers directly connect bank accounts across the world. Most wire transfers today occur using the SWIFT network, which connects over 11,000 banks in 200 countries.
It was only when I started playing in wire transfer online casinos that I understood why they are still in vogue.
Firstly, it's a convenient and widely recognizable payment avenue, and almost any bank will let you use the service. Wire Transfer is accepted in almost all real money casinos in the UK, making it a straightforward choice for both deposits and withdrawals.
It is neither the quickest nor the most economical method for transferring funds to an online casino. Domestic transfers may set you back between £10 to £30 per transaction, while international ones can sometimes reach as high as £50!
Transaction times also vary, depending on your bank and country. Domestic transfers typically process within the day but can extend to up to 3 days, while international transfers can span between 2 to 5 days.
However, as an exceedingly common payment platform with over 200 million transactions in 2021 alone, you can be sure of its security and trustworthiness as banks will use SSL/TLS encryption technology and manage the transfer through highly securitized channels.
If you’re not satisfied with the timeframe, maybe try out real-time gross settlements instead, but they also come with higher costs.,
As mentioned above, SSL/TLS stand for Secure Socket Layer and Secure Transport Layer security, respectively. International transfers also require government authorities like the Consumer Financial Protection Bureau in the US to approve operations.
During transactions, your personal details remain hidden and Banks use a Message Authentication Code to make sure the data being sent or received has not been tampered with in any way.
For a century-old technology to still be widely popular, it must be doing something right. That’s what I thought while I was going through this experiment of sorts.
Now that I have shared the data with you, I can move on to sharing my personal opinion. As stated previously, there are faster and more efficient ways of transferring funds, not to mention cheaper alternatives such as PayPal or Skrill.
However, if you are a high roller and want no restriction on your funds, you might still get away with using wire transfers nowadays. Of course, the transaction times are also noteworthy, as transfers might take quite a while to arrive.
