Wire-Transfer

Wire Transfer electronic payment system

Wire Transfer is a transfer of money from one person to another by means of electronic communication. There are always three parties involved in an online casino account top up process: the sender, the intermediary and the recipient.

The sender can be an individual or a legal entity. The intermediary is a payment system or a banking institution. It is the intermediary that carries out the payment transaction for a certain fee. The recipient is the organisation/person who receives the money sent.

The transfer can take place either within the country or abroad. This affects the timing of the transfer, which ranges from 2 to 5 days. When transferring into another country’s currency, conversion takes place at the domestic exchange rate.

If a credit institution acts as an intermediary, the sender is not required to have an account opened with the bank. It is enough to come with an identity document and fill in an application for funds transfer.

Main Advantages of Wire Transfer

The main advantages of Wire Transfer are:

  • Relatively low interest for the transfer. The amount depends on the payment system; usually it varies around 0.5-2%;
  • The possibility of transferring money abroad; support of currency conversion;
  • Security of transfers. You don’t have to worry that the money will go to third parties, especially if a large, trusted bank acts as an intermediary;
    However, disadvantages are also quite significant:
  • Low transfer speed. Depending on the chosen method of sending the funds, the wait can be up to 5 days. Most people come to play casino spontaneously, so nobody is ready to wait so long;
  • When sending via Wire Transfer, customers have absolutely no anonymity as you have to come to the bank to make an application. You have to use your passport details when making the application; accordingly, information about your expenses will be passed on to the tax office;
  • Few online casinos support Wire Transfer;
  • Not all the credit institutions provide online banking; therefore you will have to perform most of the operations (including receiving money back) directly at the bank branch;
  • In general, the Wire Transfer method is longer and less convenient; with a large number of alternatives, its value is reduced.

In summary, we do not recommend using Wire Transfer to fund an online casino account, as there are more convenient and faster alternatives.