There are numerous ways of payment methods nowadays. Technology has really made things easier to transact and online casinos are also taking advantage of this. There are now dozens of payment methods being accepted at online casinos. The most usual are using credit cards and wire transfers. Both are safe ways.
A bank wire transfer in online casinos is a much secured way to make an instant transfer of payment from a bank account to a gambling account. With the rampancy of online payments come the threats of fraud. But when it comes to wire transfers, fraud is very limited. After confirming a bank account, a client’s funds are safe and guaranteed.
So if a client is looking ways to secure payment, in a guaranteed transaction with high limits, then wire transfer is an option to use as a deposit method in online casinos.
Another name for wire transfer is EFTs or electronic fund transfers or the usual bank transfers. But whatever it is called, the same process applies. Most, if not all, have experienced this transfer method because direct deposits and withdrawals in the ATM are a form of EFT. These are the primary, if not the only, way gamblers are cashing out online.
Pros and Cons of Wire Transfers as Deposit Method in Online Casinos
It is true that all payment methods have their advantages and disadvantages. And while clients do appreciate the many pros of bank transfer, there are still drawbacks that clients need to be aware of.
The following are the pros of wire deposits:
- Security – electronic fund transfers are typically safe. This is because the medium encountered are banks and banks are widely known to invent procedures of financial security.
- Guaranteed payment – there are cases when the transfer may be lost, but when using wire transfer, banks will guarantee the transaction done. At other countries, there are even regulations to require banks to guarantee the payment.
- High limits – bank transfers often have higher withdrawal limits than web wallets or credit cards.
The following list is the cons of wire deposits:
- Fees may be charged – because banks and other financial institutions regulate these kinds of transactions, they can be entitled to charge their clients a certain fee especially if the wire transfer done is internationally. So it is best to check first.
- Takes longer time – while the deposit is instantaneous, the withdrawal may take time. And it is generally longer than e wallets or bitcoin since banks need added protocols to verify one’s identification.