Wire transferring money to and from your bank account to and from an online casino is one of the simplest methods of making financial transactions. However, there are a few steps that must be followed to ensure the accuracy of the information and thus have your money go where intended.
The process consists of four primary steps including:
- Initiation
- Use an account
- Authorization
- Input information
The first step in the process is the individual needing to transfer money must initiate the transaction. Second, they need to use a bank or online account that has the requested funds available. Third, the individual must acquire authorization from the company handling their finances. Finally, if it is a bank, they must provide specific information like the IBAN and BIC codes which clearly indicate the recipient bank.
Once the player completes these requirements, the bank systematically communicates a message to the receiving party using an advanced system such as FedWire or Swift. The message is a simple request asking the bank to send the money as soon as possible. The method of payment is typically noted. Also in these messages are settlement instructions.
The quickest part of this process is the speed at which the message reaches the required individuals. It is the second part of the process that takes the longest amount of time. This usually involves ensuring the money has been transferred to the correct location. A wire transfer typically takes between 3 and 5 days to process.
Therefore, the time to send money in this manner is often much longer than all available online transactions. For those that need the money transferred instantly, such as to a casino, this is not the ideal method. However, the amount transferred will always be confirmed and accurate. There are plenty of other options for those looking to deposit money at an online gaming site.
Some of the most commonly-used companies that offer these transfers include:
- JP Morgan Chase
- Swift
- Western Union
If you do not need to play at the casino immediately, this is the most secure and accurate method of transferring money from your bank account to the casino and vice-versa. Wire transfers are tremendously popular in Europe due to the low fees and patience within society. Wire transfer is an excellent method if you have the time and patience to do it.