A wire transfer is essentially a transfer from one bank account to another. In terms of online casinos, it would literally be a transaction from your personal bank account to the online casino account. This method isn’t as popular for casino deposits as some of the other established routes.
Almost all casinos accept wire transfers and in order to set up the process it is often required for the customer to contact the casino and ask them for their bank account information. Once this is obtained, the customer can either perform the transfer via internet banking (where supported), via a local bank branch or alternatively they can make a call or fax to set it up. When the wire transfer is set up, deposits and withdrawals can be made to and from the user’s bank account and the casino account.
The main advantage to wire transfer is its security. It is a reliable and trusted method of transferring money and there is very little chance of fraud. Sometimes speed can also be a benefit although this depends entirely upon the type of wire transfer performed and often a speedy transfer will entail a hefty service charge. Casinos generally prefer to receive money via wire transfer as it is one of the most reliable deposit methods around. Because of this, online casinos will often offer bonuses if wire transfer is used. However, this varies from casino to casino.
Often wire transfers involve a reasonable fee although if it is an international wire transfer a user can expect to pay quite a lot of money for the service, depending on the bank. The other drawback is the speed. As already mentioned, a rapid transfer is possible but usually wire transfers take between three and five days and there are other deposit methods out there that are much quicker.