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Bank Wire Transfer – Payments at Online Casinos
A bank wire transfer is a payment method offered by online casinos. It can be used by players in most countries around the world, although the process and payment gateways will differ. The only exceptions are for players residing in countries or states in the US where gambling is outlawed, as local banks can block the transfers. Even so, a wire transfer remains one of the most trusted means of both deposits and withdrawals to and from casinos, as fraud connected to this payment option is next to non-existent.
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When you want to fund your account with a bank transfer you’ll be paying directly from your bank account. This can be done using several different methods. The old method, which is still the norm in some countries, is to log into your online banking, and from there perform an international money transfer. You’ll need to enter the banking details of the casino you want to send money to and then authorize the transfer.
A newer, and now more standard way of transfering from your bank account, is by letting the payment provider access the funds for you. You’ll choose an option, like Trustly or Skrill rapid Transfer, and they will then send the required information to your bank. You can simply use your BankID, online banking toggle, or whatever else you have to authorize payments from your bank, and then the rest goes by itself. How long a payment like this will take depends on your bank as well as the authorization needed and the payment gateway. Some players can make a bank wire transfer deposit immediately, while others will have to wait for up to 5 banking days.
Even though players from many countries prefer using a bank transfer for deposits, there’s no doubt that this payment method is much more popular for withdrawals. This is mainly because a bank transfer is the only payment withdrawal option available in the player account before a deposit has been made. All other withdrawal options, such as for cashouts going back to a debit or credit card or an e-wallet, will have to first be activated by making a deposit. This is also why a wire transfer will have to be made for players withdrawing winnings without having first made a deposit, meaning if they win from a no deposit bonus.
The withdrawal to a bank account will almost always have to be made as an international money transfer. This means you’ll have to enter your international banking number. The IBAN (International Bank Account Number) and BIC (Bank Identification Code) can be found by contacting your bank, or by checking this in your online banking. Once you have this information you simply add the amount you wish to withdraw and then wait for the money to be received by your bank. Some banks will make the funds available to you immediately, while other transfers will take 1-3 banking days to arrive.
The verification of a bank account is easy. The only thing you’ll need is a bank statement where the bank logo is visible along with your name and bank account number. Usually the casino will ask to see the whole document, with all four corners visible, but you can cover any information you do not want them to see, like any transactions not going to the casino.
Since a casino will never ask for verification of your payment methods without also performing a standard KYC (Know Your Customer) verification, the bank statement can also be used for verifying your address. As long as your residential address is also on the bank statement, and the statement is less than 3 months old, you can use it to verify both your bank account and your address.
The limit for a bank transfer is usually the highest one you’ll find at the casino. A limit of €10,000 maximum per transaction is not unlikely. Since this is a transfer that goes straight from your bank account and not from a card or something similar, it’s also unlikely that your bank has a limit to how much you can spend or transfer in a day.
In terms of fees a payment like this is also very lucrative. If the casino has one payment option available for players to use without incurring any additional fees, it is almost always a bank transfer. This is the cheapest payment option for online casinos to offer which is why they encourage players to use it for both deposits and withdrawals. Just note that even though the payment method might be fee free the casino could have a separate fee for processing withdrawals. If so you’ll either pay a fee per withdrawal or a percentage of your total withdrawal.
It’s very rare to see a separate bank wire transfer bonus at an online casino. The explanation for this is easy- since there are different processing times for a transaction like this it’s impossible to know exactly when your deposit will be credited to your account. This makes it impossible to let a deposit like this trigger a bonus unless it is an ongoing campaign at the casino. However, very few casinos block these deposits from triggering a bonus, which means that if your deposit arrives on the day there is an active bonus, you don’t have to opt in before you make a deposit. Instead, a casino bonus will be activated when your deposit arrives in your player account.