Updated Updated: June 16, 2020

Bank Wire Transfer

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About Bank Wire Transfer

Of all the payment methods available to UK residents at online gambling sites, bank wire transfers are among the most convenient. With a bank wire transfer, you can directly deposit funds into your online gambling site account – and withdraw money from your account – without having to go through a third-party payment service provider.

You should find that the vast majority of online gambling sites let you use bank wire transfers for both deposits and withdrawals. It’s not the quickest or the most convenient of options, but it’s still got its advantages and is used by many looking to gamble online for real money safely.

Making Payments with Bank Wire Transfer

If you wish to fund your online casino or betting site account by bank wire transfer, you’ll need to get the site’s bank details. These should be clearly displayed at the site; if they’re not, you should be able to get them by contacting a member of the customer support team.

You’ll then need to speak with your bank to request a wire transfer to move money from your bank account to your casino or betting site account. You’ll need to provide your bank with the gambling site’s own bank details, as well as its SWIFT number. Then you’ll just have to contact the gambling site to have the funds added to your account. With this done, you’ll be able to gamble at the site using your own money. Note that it can take anything from a few working days to a week or longer to complete a deposit using bank wire transfer.

While depositing involves a bit of work, withdrawing is a lot easier. If you’re lucky enough to win and want to cash out, you’ll simply need to enter your bank details, along with your SWIFT number; you may need to provide the gambling site with your IBAN number as well. After you’ve entered the required details, you’ll be able to confirm your withdrawal and your money will be on its way to you.

Most gambling sites will require you to make withdrawals using the same payment method you’ve used for deposits. Therefore, if you’ve made a deposit by bank wire transfer, you’ll have to withdraw using this payment method as well. This is worth bearing in mind before you start depositing using bank wire transfer, especially since the wait times for transactions to be completed can be quite long.

Advantages

The biggest advantage to using bank wire transfers is that there’s no third party involved. Everything is done between banks and none of your card details are shared with the gambling site you’re depositing at. Therefore, there’s less of a risk of something going wrong with your money or your details being compromised in any way.

Banks are very serious when it comes to security. Stick with bank wire transfers and you can rest assured that your funds and account will both be very well protected at all the time. This payment method is accepted at a huge range of online casinos and betting sites for both deposits and withdrawals. You can use this payment method without having to create an additional account for any new payment service provider.

Disadvantages

It goes without saying that there is a major disadvantage to using bank wire transfers and that is the process of making a deposit. For most other payment methods, you simply enter your deposit, click to confirm and the money will appear in your account straight away. For bank wire transfers, however, you have to visit your bank in person and it can take a number of working days before your funds finally reach your gambling site account. You’ll have to go through the same process every time you wish to top up your account with funds. It’s a lot more effort than simply carrying out a transaction online, plus a lot of waiting. Even though you can carry out a withdrawal with a bank wire transfer pretty quickly, it will still more than likely take at least a week or so before your money reaches you.

Then there are fees. A lot of online casinos and betting sites will charge you a small fee for using bank wire transfers; you may also have to pay fees imposed by your own bank.

Conclusion

Bank wire transfer may not seem like the most ideal payment method to use thanks to the process of making deposits and the wait times for transactions to be completed. However, it’s still a very safe and reliable option that lets you transfer money directly between your own bank account and the casino or betting site’s account. It’s not for everyone, but if you decide to use it, you’ll find it an effective way of topping up your gambling site account.

FAQs

If you use a bank wire transfer to make deposits, you should be eligible for all of a casino or betting site’s promotional offers. You shouldn’t be denied the chance to claim a bonus just because you’re using bank wire transfer.

The fees for using bank wire transfer vary depending on the bank you’re with and the casino or betting site you’ve signed up to. It’s a good idea to find out what the fees are before you start using this payment method; just so you know how much transactions will cost.

You will indeed have to pay a visit to your bank each and every time you intend to make a bank wire transfer. If you want to save the hassle of having to visit your bank frequently, make larger deposits less often, as opposed to making smaller deposits more often.

Just like the fees, the exact wait times for deposits and withdrawals made with bank wire transfer can vary greatly. Check out what a gambling site has to say about the wait times before you decide to sign up. Generally speaking, bank wire transfers are among the slowest payment methods; still, that hasn’t stopped many keen gamblers from using this payment method.

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