Review Of Wire Transfer For Online Gambling
Wire transfers are one of the most common methods Canadians use when gambling online. It's a safe and easy way to deposit and withdraw money, especially in large amounts.
A wire transfer is as old as banking itself, and it’s a tried and tested payment method. Learn how you can use wire transfer for online casino gambling.
What Is a Wire Transfer?
Basically, a wire transfer is the process of using an electronic medium to transfer a sum of money from one account to another. The most common form of wire transfer is a bank transfer. All you need to do is give your bank a call and let them know how much you wish to transfer and the account you want to transfer funds to. Then you’ll wait for the funds to be credited in your online casino account.
If you're using third party money transfer agent such as Western Union, you simply fill out their form (sender and receiver information) and the amount of money you want to deposit. For online transactions, you can use your Visa or MasterCard to transfer money. For site transfers, simply give the cash amount to the agent.
Deposits And Withdrawals
Wire transfer is an excellent choice if you wish to deposit or withdraw large sum of money. There are normally less regulations governing wire transfer.
Fees And Charges
One of the reasons wire transfers became less popular over the years is because of the high fees associated with it. Fees can vary, but there’s usually a $20 minimum. These fees are very high considering there are other online payment methods that allow you to deposit and withdraw from your online casino account free of charge.
Advantages Of Using Wire For Online Gambling Transactions
Enjoy these benefits:
- Widely accepted. Almost all top online casinos accept wire transfer. This is primarily because it has been around for a long time and was one of the first payment methods available. It’s also easier for online casinos to send winnings through wire transfer because of lenient rules.
- Safe payment channel. Wire transfer is a secure payment method, especially if you're using bank transfer. The bank practices all necessary measures to ensure the transfer is safe. You also don't need to share your credit card and other financial information to the online casino, giving you privacy.
- More options. Aside from a bank transfer, there are lots of financial institutions that facilitate wire transfers to choose from.
Disadvantages Of Using Wire For Online Gambling Transactions
Watch out for:
- Wire transfers have high fees. This is also one of the reasons most online casino players opt for other payment methods that charge minimal fees. Some methods don’t even charge fees for both deposits and withdrawals.
- It takes a while before you receive your withdrawals. The waiting period can be anywhere between 2-10 days, or even more, depending on the verification process at the bank.
- Some might consider wire transfers to be inconvenient compared to newer online casino payment options.
Wire transfers have been around for a long time. Though the associated fees are high, it's not going anywhere. It's still convenient, especially for high rollers who deposit huge amounts to bet on real money casino games.
And when you talk about online gambling, Canada allows access to thousands of the best online casinos. If you're trying out online gambling for the first time, wire transfer is a great payment option to start with. Go ahead and choose from our list of online casinos and start betting!