While most online gambling enthusiasts have plenty of convenient banking methods at their disposal, there’s simply no denying the fact that many sites operate certain deposit limits that prevent you from transferring larger amounts of cash using your credit card or e-wallet. Consequently, many high-rollers and premium players prefer to stick to traditional bank wire transfers, as the limits on this type of deposits tend to be considerably higher and the transactions are both safe and private.
Another advantage of using a bank wire transfer for massive payments is the size of the fees involved, as they tend to be rather sensible – usually, you won’t have to pay more than $40 regardless of the actual size of your payment. Nevertheless, you should keep in mind that in most cases, large deposits will be available exclusively to returning customers, as most casinos and poker rooms prefer to avoid dealing with potential problem gamblers that might want to wager more than they can afford. Also, bank wire transfers are considerably slower than credit card or e-wallet payments, making them inferior to most of the methods listed on this site for the purpose of making your first deposit.
Bank wire transfer deposits are often associated with premium players that enjoy wagering massive amounts of money, so it should come as no surprise that they are offered pretty much exclusively by high-roller friendly sites that don’t have any maximum deposit limits to speak of. As you’ve probably already guessed, most of those gambling operations also happen to occupy the top spots on some of the most prestigious popularity charts, allowing you to engage in all the popular forms of gambling including casino games, poker, sports betting and even bingo.
The software offered by those sites is also absolutely top notch, but keep in mind that unlike gamblers who deposit via the popular e-wallet services, player who fund their account using wire transfers don’t have the access to any exclusive, bank wire-specific promotions.
Bank wire withdrawals on the other hand are pretty standard even outside the United States, although you should keep in mind that most European and global gambling sites prefer to conduct their banking via e-commerce services such as Neteller or Skrill. All things considered, I wouldn’t recommend relying on wire transfers too much despite their relative popularity unless you’re playing on one of the US-facing sites, as the truth is that more often than not there are many cheaper and faster alternatives.
Depositing via a bank wire transfer is very simple – all you need to do is visit the cashier on your site of choice, select the wire transfer payment option and write down all the details of your operator, including the account number, IBAN, SWIFT code, company address, and bank address. Once you have this information, go to your local bank, give them those details, pay the transaction fee and simply wait for the money to go through. In most cases, a bank wire transfer will take between two and three days – as briefly touched on above, it’s simply impossible to fund your account using this method and join the action right away.
It’s also worth pointing out that many sites prefer to default to bank wire transfers when it comes to withdrawals, particularly when dealing with customers who don’t have the access to e-wallet options and who deposited via a credit card. Bank wire withdrawals usually take longer to process than deposits, as most sites will require a few days to verify your request. Consequently, cashing out via a bank wire transfer usually takes up to a week and requires you to cover the transactional fees.
Bank wire transfer deposits aren’t available to US-based customers due to the legal complications introduced by the Unlawful Internet Gambling Enforcement Act of 2006. However, bank wire transfers are the preferred cash out method for vast majority of US-facing offshore sites due to the fact that most of their customers deposit via Visa, MasterCard or American Express, preventing the gambling operators from allowing the players to withdraw using the same method that they used to fund their accounts. In many cases, the only viable alternative is to request a withdrawal via check by courier, which is ridiculously expensive and might take between two weeks and a month.
Fortunately, cashing out via a bank wire transfer is just as reliable in the United States as it is in Europe – once you place your request, you’re pretty much guaranteed to receive your winnings within a week or two, depending on the gambling site in question. Please note that most US-facing sites operates maximum cash out limits, which means that you won’t be able to cash out more than a few thousand dollars every week. If your winnings exceed this amount, you should expect to be paid in weekly installments.