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.
Pros and Cons of Bank Wire Transfers at Online Casinos in India
Pro and Con
- Large sums of money can be transferred
- Safe and secure
- Most casinos have this payment method
- Expensive compared to other methods
- Takes a long time to reflect in your account
How to Make a Payment by Wire Transfer
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
- Go to the deposit section of your chosen online operator that accepts bank wire transfers. Click on the button to make a deposit.
- Among the choices given, choose Bank Transfer or Bank Wire. The name can vary.
- On the next page, you would need to enter your bank account details for the bank wire transfer. The information usually includes the BIC and IBAN codes of the receiving operator’s bank account. These banking codes can usually be found in the banking section terms and conditions, or you can get them from their customer support.
- Enter the amount and click next or confirm.
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:
- Go to the deposit section of your chosen online operator. Click on the button to make a withdrawal.
- Among the choices given, choose Bank Transfer or Bank Wire. The name can vary.
- On the next page, you would need to enter your bank account details. The information usually includes the BIC and IBAN codes of your bank. These banking codes can usually be found in your checkbooks, or you can check their website or even contact your bank’s customer support.
- Double-check the amount entered and also read the terms and conditions if there is any fee.
- Click to ‘confirm’. Your amount would reflect in your account in a week or two.
Average Time for Deposits and Payouts
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.
Verification Requirements – What Does it Take?
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:
- First, check if the bank you have an account with allows online transfers. Only a very few banks are allowed to wire transfer with online casinos.
- There are no special verification requirements to start a wire transfer. You are pretty much verified when you open your bank account. When a customer transfers/remits funds to another through net banking, the sender’s bank will only verify the IFSC Code & Bank branch and carry out the instruction.
- When you open a bank account, depending on the bank, you would need the following documents for verification
- Aadhar Card
- Pan Card
- Address Proof, it could be your electricity bill or a telephone bill.
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 History of Wire Transfer
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.
How Do Transfers Compare to Other Payment Types
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.
Alternative Payment Methods
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.
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Wire Transfer FAQ
Do I need to use the same deposit and withdrawal method?
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.
Why does an operator block my account?
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.
Can I get a wire transfer bonus?
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.
Are other banking methods preferred to online casino bank wire India?
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.
Is online casino bank wire India safe to use?
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.
Do punters need to pay any fees for using wire transfers?
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.
Will my bank allow an online casino deposit?
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.
Tips on Using Online Casino Transfers in India
- The fees associated with bank wire transfers tend to be fixed. It means if you transfer one lakh or one thousand, the amount the bank charges would be fixed. It is wise to plan at least a month in advance and then transfer a huge amount in one go, rather than doing multiple small-amount transactions, which would cost you a lot in the form of fees.
- Plan ahead for deposits keeping in mind the transfer processing time. For instance, if your cricket match is in fifteen days from now, you must make the deposit now, so on time of the match, your money is reflected in your bankroll. After your first few transactions, you will be able to estimate the time your bank takes and plan accordingly.
- If the operator is charging a fee per for more than three or two bank transfers, try to manage with one large sum instead of a number of smaller ones to minimize the costs.
- If you are a VIP player on the operator, you may be able to benefit here. You can negotiate higher limits from your online operator, and this will help you in reducing the number of transactions and eventually its costs.
- If your operator is accepting Indian currency, you will save currency conversion charges, which can be significant. You can find many online betting sites serving to Indian players that allow them to deposit, wager and withdraw in INR currency.
- It makes more sense and is safer to carry out bank wire transfers for gambling reasons from a multinational or a private bank of India. Using state banks or national banks may waste more time for taking permissions from India from one of the multinational banks or private banks from “higher authorities” within the bank.
Finding The Right Bank Wire Casino To Play At
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!
Conclusion
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.
