The wire transfer (or bank transfer as it is more commonly called nowadays) is arguably the oldest known way to send and receive funds over long distances. It is the primary means of transferring money between different bank accounts, and has been around for almost 150 years. On this page, we will learn how it works and help you decide if this is the best option for you to use for your online casino transactions in the UK.
The term 'wire transfer' actually comes from telegraph wires. Western Union, which started life as the New York and Western Union Telegraph Company, began to use its wires not simply for sending telegrams but also sending money. In 1872, the company found that with passwords and code books, the telegraph operators were able to securely send money from one telegraph office to another. The customer would deposit the funds at his station, and the operator “wires” the information to the local telegraph office of whomever was the recipient. Then, the receiving office could pay the wired amount to the intended payee.
Although the name, Wire Transfer, has stuck and the process is broadly similar, the electronic networks that we use today are much more advanced. You can now “wire” money to the most far-flung corners of the earth, not just across the North American prairies.
Another feature in common with the initial telegraph transactions is that no tangible money is transferred. The network, which connects hundreds of institutions throughout the world, is designed to send and receive data as quickly and securely as possible. Wire Transfers allow people from all over the world to transmit money to people in other parts of the world through their banking institutions.
The intended recipient's name, bank account number, other identifying details, and the amount of money they are to receive are among the items transferred from the origin to the destination.
The user who initiates the wire transfer pays for the wire pays the transaction fee upfront. The recipient's bank will get the information quickly and, assuming no security concerns, will deposit the monies into the payee's account from their own funds. The two financial institutions involved will not settle the bill until after the transaction has taken place.
Domestic wire transfers are frequently completed on the same day. Because clearing has to be done twice, international wire transfers may take 1 or 2 business days. Each country will have its own "wire" restrictions, resulting in duplication of security.
When it comes to depositing and withdrawing money from online casinos, credit/debit card payments and E-Wallet transactions are far more efficient. This is supposedly due to the fact that casinos and banking institutions have to spend more time verifying the identity and security of these transactions.
As an example, a bank transfer deposit may take up to three days to arrive at the casino. If that wasn't bad enough, it can take up to 10 working days for a player's withdrawal to be processed. This appears antiquated in the age of near-instantaneous transactions and withdrawals at other online casinos.
On the flipside, most bank transfer deposit and withdrawal maximums can go up to a limit of £100,000, which is a ceiling that no other payment method is willing or able to allow. As such, high roller players at UK online casinos will likely only have wire transfers to rely on.