How Do Bank Wire Transfers Work?

Bank wire transfers are a type of financial transaction that has been performed for many decades. They are based on a technology platform called as SWIFT, or the Society for Worldwide Interbank Financial Telecommunication system.
As of today, there are more than 9,000 financial transactors that carry out international bank transfers.
To deposit money through a bank wire transfer, you should first get the bank details from the casino in question. You can get this from the casino’s website or from the support staff.
Then you can carry out the wire transfer from your bank account by providing details such as the casino’s bank's name, SWIFT number and IBAN number (if you’re in Europe). After the transfer goes through, contact the casino and inform them about it, so that they can get the deposit manually transferred to your account with them.

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Advantages of Bank Wire Transfers

  • No third-party involved
    Many players around the world prefer casinos accepting bank wire transfers as a deposit method because there is no third-party involved. This means there is absolutely no risk of identity theft as you’d be sharing your details with the casino only and with no other agency.
  • It’s instant
    Bank wire transfers are not instant by any means, but at least you won’t be restricted to any processing time imposed by a third-party payment processor.

Disadvantages of Bank Wire Transfers

  • Requires at least some work
    Bank wire transfers require at least some manual effort. While you don’t have the involvement of a third-party, this also means you have to do a lot of the work yourself. This can be inconvenient.
  • Expensive
    Bank wire transfer carries a high processing fee depending on where you are from. Casinos deduct directly from your cashout amount, and you will be charged by your bank once the funds are transferred. For this reason, casinos do not allow withdrawals in the form of bank wire transfers unless you already have a balance of €700 to €800.

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