Wire Transfers are an electronic transfer of funds from a person or company to another person or company. Wire Transfers can be done from a bank account to a bank account or by using a money transfer service like Western Union.
To do a Wire Transfer you need the receiving party's registration number, account number and IBAN number. Along with the money, it is possible to send a personal message to the receiver, which can be needed in some situations. Wire transfers take between a few hours up to five business days, depending on where in the world you are sending the money.
Most banks allow their customers to do wire transfers to foreign countries in a foreign currency. Should your bank not allow this, you can use a service like Western Union to do bank transfers worldwide.
Wire Transfers is one of the most secure ways of sending money, as both the sender and the receiver has to have verified bank accounts. This eliminates most chargeback and scams that can occur with many other payment methods.
History of Wire Transfer
Wire Transfers were invented in the 19th century, were the transfers were done over telegraph lines. Wire Transfers were a great innovation to transfer money from one part of a country to the other and quickly became popular.
People wanting to send money back then would have to bring physical cash to the telegrapher, who would send a telegraph to the money institution with the amount and receiver and the receiver could pick up the money. The telegrapher would then send a person to deliver the cash to the same institution later on.
Today all banks offer Wire Transfers and it is the most used form of transferring money between people or companies.
The name Wire Transfer comes from its origin of being telegraphed, as telegraphs were transmitted over wires.
Wire Transfer and Online Gambling
Wire Transfer is one of the most accepted deposit and withdrawal methods in online gambling, due to its security both for receiver and sender. Wire Transfers is a slow method of depositing and withdrawing to online casino sites, taking up to five business days both ways. However it's an option that all players have the possibility to use, even Americans. Wire Transfers is the most secure way of transferring funds to a online gambling site because both the sender and receiver has to have verified bank accounts. This means that the chance of your money getting lost somewhere in the system or stolen is very small, practically non-existing.
All major casino software companies and their partners accept Wire Transfers as a deposit and withdrawal option or just as a withdrawal option. The reason some sites don't accept Wire Transfers as a deposit method is the long time it takes from the deposit has been made until they receive it. Another reason is that players sometimes forget to write their username or unique code in the personal message to the receiver, making the site receive money they do not know where to fund.
Wire Transfers is not the fastest way of depositing or withdrawing online, but it is the most safe and reliable method to use.
US Friendly Casinos and Wire Transfer
Wire Transfers is an ideal way to fund your account on the US friendly casino sites, as almost all of them accept it as a payment method. Even if the method is not listed on the website, most sites can receive a transfer if you contact them.
Wire Transfers from American players are illegal for sites to accept and illegal for the banks to process, due to the Unlawful Internet Gambling Enforcement Act (UIGEA) which was passed in 2006 by the American Congress. However most banks cannot control the transactions that players send and because the US friendly casino sites operates outside of America they cannot see that it is a gambling company. This makes Wire Transfers the safest way of depositing and withdrawing online for US players.
Wire Transfer has also been made a legal way of depositing money in the already legislated states of Las Vegas and New Jersey.