Introduction:
A cash or wire transfer refers to the process of electronically sending money from one account or person to another. This is one of the oldest forms of sending money and is one of the most widely-accepted means of depositing and withdrawing money from live casinos. The length of time it takes means that this is not the most convenient method, but it is safe and secure.
History:
The first wire transfers were completed by Western Union in 1872. Customers had to go to a telegraph office, which would then wire the money to another telegraph office. The money was sent via the telegraph network, and it came with passwords and codes. The recipient then had to present said passwords and codes at the other end, in order to release the funds.
Although this is no longer a common form of payment method today, it still exists. Part of its decline in popularity is due to the decline in telegraphs – there are much faster ways to transfer money and information in general. But its safety and security are still seen as important to many users. Western Union also remains one of the largest providers for this service.
Method:
Using wire transfers to deposit money is just as easy as any other method. You must locate the cashier section of the casino, and select “wire transfer” or “cash transfer” from the list of options. You will then be asked to type in your bank account details, and how much you are willing to deposit. When you are ready, click “Confirm”. This process does take a few days, so you cannot expect the deposit in your account immediately.
If you want to use this method to withdraw winnings, all you need to do is go to the cashier and select “wire transfer” or “cash transfer” from the list of options. Fill in your bank account details, and the amount that you wish to withdraw. When you are ready, click “Confirm”. Just like deposits, this process can take a while to fully clear.
Security:
One of the major draws to this seemingly outdated method of money transfer is its security. Most bank transfers are done through a high-level security system called SWIFT, from your bank to the casino’s bank (or vice versa for a withdrawal). SWIFT enables your bank to send a message to the casino’s bank with information regarding you as a valid sender, and details on the payment and settlement. In Europe and the United States there are also regulations that ensure the protection of both parties.
Some users are concerned that a bank transfer provides online casinos with personal information about their bank accounts. If this is a concern, you can always open a separate bank account and use that to complete the transfer.
Pros:
- Accepted by a lot of live casinos because it is so safe
Cons:
- There is a cost associated with this form of payment
- Can take a couple of days for the payment to clear