Most experienced players have been in a situation when they had to withdraw with a bank wire transfer. It’s a straightforward, simple withdrawal or deposit method, but it’s rather inconvenient. It resembles a bank transfer, but it’s faster and more expensive. If you can, we recommend to obtain a different, alternative payment methods, such as an e-wallet, online banking or a prepaid card. Credit cards, although widely accepted are not your best friend.
Regardless, here we’re going to try and explain bank wire transfers and what they can do for online casinos and you as online casino players.
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How Bank Wire Transfers Work
First and foremost, you need to have a bank account. You should also have the bank details at your disposal, because you have to provide them to the casino in the cashier. On the other hand, if you want to make a deposit with a bank wire transfer, you will have to ask the customer support for the bank account details of the casino. Then, you will have to go to your local bank, provide the casino’s details and provide the cash on the spot.
Certain banks in certain countries can deny to complete the transfer. For example, if online gaming is illegal in your country, you might have to look for other deposit and withdrawal options. It’s easy to conclude it’s not a versatile payment option.
Are Bank Wire Transfers Safe and Reliable?
They’re safe as common bank transfer’s are. Nobody can steal your account, nobody can take money out of it, unless they commit a criminal charge, crack a series of encryption codes, literally hack their way into the bank. As long as you don’t send your funds to a wrong bank account, unless you provide inaccurate bank information, the money might end elsewhere.
Bank transfers are reversible, but Bank Wires ARE NOT REVERSIBLE. That’s why we strongly recommend to double check any information that goes over the counter in the bank, that you disclose to the casino as well.
Note, any winnings you receive from the casino are subject to taxes. Most countries have implemented a centralized system which notifies the tax authorities automatically. If you do not disclose this information to the tax collector yourself, in the event of an audit, you will be charged for tax evasion. Make sure you check the tax rates that apply to you if you withdraw via bank wire.
Fees & Limits of Bank Wire Transfers
Bank wire transfers are a popular amongst players who reside in countries where online gaming is not as popular. Due to the high cost and the administration effort online casinos have to make, casino operators set high minimum thresholds, such as R/R900 R/R1,800 or R/R5,400 up to R9,000 if you’re playing in a South Africa friendly online casino.
The fees that are associated with bank wire transfers are in the range of R450 to R900. As you can see, there are quite a lot of unfavorable terms that discourage players from opting for bank wires as a method of withdrawing. Once again, we kindly recommend obtaining a different kind of payment option.
Bank Wire Transfer – The Last Resort Withdrawal Method
As the title suggests, bank wire transfers are indeed a last resort payment method. It’s better to go through the struggle once, obtaining a different payment method than to deal with the bank wire procedure over and over again.
They’re costly, time inefficient, inconvenient and they come with a range of privacy issues. After all, the person working in the bank doesn’t have to know if you’re playing online casino games.
Best Bank Wire Transfer Online Casinos
For the sake of consistency, we’re going to name 3 top casinos that are willing to pay out any winnings with bank wire transfers. To clarify, almost all online casinos have bank wire transfers on their withdrawal options lists, with only a few compelling players to look for alternatives.
Players from Europe, South Africa and South Africa should find comfort depositing and also withdrawing with bank wire transfers at Bet-at-home Casino. Furthermore, BETAT Casino is also a great environment for players from these regions.
On the other hand, South African players will find bank wire transfers useful in Lincoln Casino and Liberty Slots Casino. Although inconvenient, occasionally, a simple bank wire transfer could make the difference between a winner who has his winnings out, and an unfortunate winner who can’t withdraw his valuable winnings in any way.