There are various ways you can fund your account on an online casino. One of the methods is a bank wire transfer. A bank wire is a financial transaction that will transfer money from a player’s bank account to that of the online betting operator, and vice versa. A bank wire transfer takes longer, unlike eWallets and credit cards, because of the complex steps it takes for authorization. If you are considering a bank wire transfer to fund your account for betting online, it is important to have an overall understanding of online casino bank wire transfers in India.
It is the bank’s role to ensure that the money is transferred to the intended operator. Further, they also have to make sure that the operator you choose is a compatible allowed to receive or send funds. In India, there are a lot of regulations when it comes to sending and receiving funds from a foreign casino. Some banks do not even permit this. Bank wires typically take a week or more to process, and it takes more time if the required information is not given correctly.
Before you make a payment using a wire transfer, it is obvious that you need to have a bank account, no matter if you want to bank wire casino. Assuming you do, you can then follow the following steps.
Wire Transfer Deposits
Wire Transfer Withdrawals
If you want to withdraw your winnings from online casinos using a wire transfer, here are the simple steps you need to follow:
The average time it takes to make a deposit or withdraw from an online casino site is around 6 – 8 working days. While reviewing the payment options for the operators online, this is the standard processing time for the majority of the casinos. A few of them also showed as long as ten working days. You can see the time frame under the payment section for each individual online casino site before you initiate your transaction.
Always keep a three-day period after the given time for the online casinos. So, if the expected deposit or withdrawal date given by the casino brand is 15th of a month, wait till the 18th, so if there is any internal waiting period besides the standard wire transfer processing time, it is included. If you do not receive or see your funds deposited after this as well, then it is wise to contact their support team and ask for help.
Whichever mode of payment you choose, you will typically be required to complete verification before you deposit to a casino site via wire transfer. Here are the requirements for verifying wire transfers:
Once you open the casino account and choose the bank transfer as the preferred money transfer option, you should enter all the required bank account information for quick and hassle-free money transfers. The casino would take some time to verify this process, and it would be anywhere between 3 and 5 working days.
The first publicly used service for wire transfers was started by Western Union in the year 1872 on its current telegraph network, and since then they have become one of the most successful methods of transferring money across the world. In our ever-changing world, everything happens online.
The last 150 years show us a development in payments or otherwise known as the money transfer industry. Money has been part of human history for the last three thousand years, and banks and financial institutions have existed alongside it. However, after industrialization and globalization, there was a new method of receiving and sending money – the bank wire method.
The popularity of the wire transfer gave birth to many more private companies giving the same service but without the presence of a banking environment. Some companies exist even today like the Western Union, which is a formal telegraph service turned into a financial service company. Due to the popularity of the wire transfer method, there are now many online casinos that accept bank wire transfers.
Bank wire transfers have certain special characteristics that make them suitable for certain types of players. Bank wire transfers should be your choice if it suits your needs.
This way is best suited for high rollers who are typically required to transfer large sums of money to and from online casino sites. For them, the fixed fees are more affordable than the variable fees charged in other options because of the nature of large transactions.
The first transaction may be complex and lengthy because you will have to understand and obtain the information needed. But from then on, the bank wires are easy to make. The second important thing you need to keep in mind is that these transactions can take several days, and the time frame is usually unpredictable, especially in India due to the compliance laws.
Therefore, this banking method is best for those punters who can think in advance and make withdrawal requests while they still have big cash in their accounts at the betting sites to cover any wagers on upcoming sporting events.
There are a few Indian players who are not yet content and comfortable with making online payments involving credit cards or e-wallets because of security concerns. There are people who are willing to pay higher fees; they may find bank wire transfer a more comfortable option.
Unless transfer times are a major issue for you, we do suggest that you give online casino bank wire India a thought as one option for payment. One cannot ignore the fact that there are a vast array of online casinos which offer the Bank Wire method as a banking option because of its global popularity and reach, meaning that players using this method have an endless range of online casinos to choose from.
Most importantly, high-rollers will find online casino sites that accept bank wires in India particularly suited to their needs because of the large sums of funds that they are able to transfer through this method and the relatively low transfer fees involved when using Bank Wire Transfers for large transfers. So, give Bank Wire Transfers a try; it’s a safe, highly accessible option that has remained as popular as any.
Most of the operators these days support the Money Laundering Act, according to which you have to use the same method of withdrawal which you use as your deposit. Money laundering is a process by which criminals transform the proceeds of their activity into legitimate cash. Once money has been laundered, it is hard for law enforcement bodies to trace it as having been obtained through criminal activity.
An operator can block your account if they find any suspicious activity going on or if they find you have multiple accounts if you are a minor if you misuse bonuses, or even if you are caught in fraud activity.
There are generally no special bonuses for using wire transfer as your payment option on online casino. However, this is the safest way to get the sign-up bonuses, as usually, e-wallets are not eligible for bonuses.
It depends on what your needs are and what is best suited to you. Besides bank wire transfers, there are several other ways to make payments to online casinos. These methods are also as secure as wire transfer, but it is even faster and cheaper. For instance, a lot of e-wallets today don’t need punters to enter personal details. In one way, it is safe to say that if you are a new punter, or want to bet for lower limits, other options are more convenient and if you are a high roller, then bank wire is the best choice.
Yes. Payments made through wire transfers in one of the safest ways to pay online. The information is encrypted and uses the standard method of security, so you can assure that your confidential data will not reach in wrong hands.
Making wire transfers to pay for online casinos can incur large processing fees, but the exact amount depends on one bank to another. So, we always urge our readers to check beforehand how much it is going to be, to avoid costly surprises later.
Some banks in India do not allow direct payments from your bank account to online casinos. You may first want to check with your bank about all the rules and regulations before you initiate any transaction to an online casino bank wire India. This can be frustrating at times, even though it is done to protect you from cheating, so some players prefer to use alternative methods of payment for online casino use for hassle-free quick payments and withdrawals.
Unlike various other payment methods like Citadel, Payforit, Ideal, Bank wire, Paynearme, Paysafecard, and Pay by phone, etc, Bank Wire is accepted by the vast majority of online casinos meaning that the discerning. You can find a plethora of online casinos at his or her disposal when it comes to choosing the right one. On Gambling Guy, we do all the research so you can immediately start playing on a secure and legit operator. Readers do not need to check each and every site individually to check if they support bank wire transfers. At Gambling Guy, we can guarantee you won’t be disappointed!
Bank wire transfers are very secure since they use the same channels as those for international commercial trade. High rollers can use bank wire transfers as their option. But the transactions are not private, meaning the name of the casinos will appear in your monthly bank statements. Thus, anyone accessing your past transactions would know, for instance, a visa agency.
A bank wire transfer is a useful option for Indian players who need to transfer large sums of money to and from betting operator sites. Banks usually charge a high fixed fee per transaction, and hence this option is most advisable for the higher rollers or frequent bettors. Majority of the online casinos accept bank wire transfers. So, if you do not have a debit and credit card or are not keen on other e-wallet options like ecoPayz, Neteller, Entropay, etc, this traditional method is meant for you. No matter what, if you are looking for a casino with bank wire options in India, you will easily find one.
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