Wire Transfer is a payment method that needs no introduction. It is one of the oldest forms of cashless, long-distance payments in existence. Short for ‘bank wire transfer,’ it is also one of the most secure and trusted online payment modes.
However, online casinos and banks have a love-hate relationship. A lot can change depending on your location in the world and the local laws on gambling and banking. This is one of the major reasons why other modern payment methods have stolen a march over wire transfers.
So, what is the current status of wire transfers as an online casino payment method in 2022? Does it have advantages that outweigh its weaknesses? Should you use it as your preferred payment method at online casinos? Which are the best online casinos that accept wire transfers in South Africa?
Read on to find the answers to these questions and more!
Top Wire Transfer Casinos Online South Africa
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Everything You Need to Know About Wire Transfer
A wire transfer is an electronic method of transferring money from one bank account to another. When you send money via wire transfer to a casino, a message is sent from your bank to the casino’s bank with the details of the transaction.
No actual cash is moved in a wire transfer. Instead, the money is debited from your account records and credited to the casino’s account. It is safer, faster, and more convenient. There are two main types of wire transfers in existence:
- Bank Wire Transfer – the transaction is conducted by banks through a common shared electronic network called SWIFT – Society for Worldwide Interbank Financial Telecommunication.
- Other Payment Services – Apart from banks, other businesses like Western Union and Moneygram also provide global wire transfer services. In fact, the first-ever electronic wire transfer was facilitated by Western Union in 1872, using telegraph lines.
But in the context of casino wire transfers, we will largely be looking at bank wire transfers. They are considered one of the simplest forms of online casino payments. You only need a bank account with online banking enabled to conduct a wire transfer.
With other forms of payments like e-wallets, you need to have a bank account/credit card and create separate payment accounts on platforms like Skrill/Neteller/Paypal. These extra steps are not required with a wire transfer.
Having everything handled by the banks without any third-party involvement is also great for security. Wire transfer is widely acknowledged as the safest form of online payment. Banks are the most trusted entities out there as they take security very seriously.
And with added security, wire transfers also tend to have far higher transaction limits than other modes of online payments. If you want to send or receive thousands of dollars online, a bank wire transfer is the best option, period.
Online Casinos and Bank Wire Transfer
Despite all those advantages of security and reliability, online casino gaming does not have a perfect relationship with a bank wire transfer. Here are x major factors that play a huge role in this situation:
- High transaction Fees – bank transfers cost extra money at online casinos, going as high as R30 or more in some cases.
- Delayed/slow transactions – if your personal bank and the casino bank are located in the same country, you can expect a relatively quick transfer of funds within 24 hours max. But if the banks are in different regions/countries, it can be delayed by up to 3-5 days.
- Legal compliance – in many countries where online casino gambling is not legal, the authorities target the industry by forbidding banks from handling gambling transactions.
Due to reasons 1 and 2, many online casinos don’t provide bank wire transfers as a deposit method, especially for overseas players. Both the casino and the player benefit from using an instant deposit method like a Skrill e-wallet instead – you can start playing immediately without having to wait for days.
However, casinos may allow wire transfer deposits when dealing with players who play in regions/countries where they have a bank account. This way, they can guarantee a near-instant transfer of funds.
VIP players and high rollers may also be offered this payment facility at many online casinos. High rollers are often willing to deposit thousands of dollars in a single transaction – bank wire transfer is the best option from a safety and security perspective.
Unlike deposits, withdrawals are an area where most online casinos provide wire transfer as an option. Since you may want to cash out large sums as gambling winnings, it makes sense to use direct bank wire transfers for maximum safety.
In some countries, certain payment options like Mastercard credit cards can only be used for casino deposits. Withdrawals are not allowed – in such instances, casinos prefer paying directly to your bank account using wire transfer.
Since the vast majority of online casinos in South Africa are based offshore, wire transfer deposits are generally not a popular option. But for casino withdrawals, it remains a very popular choice at many only casinos in South Africa.
How to Use Wire Transfer – The Basics
A wire transfer deposit is one of the simplest ways of putting money into your casino account. The hard part is in finding a casino that allows this payment option, especially if you live in South Africa which does not have local online casinos.
If you have an account at a South African bank like ABSA, Nedbank, or Investec, you can use wire transfer easily. All you need is a bank account with electronic banking enabled – contact your bank customer care if you are unsure about this aspect.
Once you enable internet banking on your account, you will be asked to create a secure username and password. Keep these things private and secure – you will need to use them to authorize the online transfer of funds.
Using Wire Transfer for Casino Deposits
You can use wire transfer on a PC or mobile casino. You will need your net banking credentials, including your username and password. Follow these steps once you have the essentials ready:
- Log into your casino account and head to the Cashier/Deposit section
- Select Wire Transfer from the list of payment methods
- Enter the amount you wish to deposit and select a bonus offer if the casino has such a system of claiming offers
- Proceed and enter the banking account and password details when prompted
- You might need to provide additional security verification, using an SMS code sent by your bank
- Once its done, wait for the money to reach your casino account – depending on several factors, it may take up to 2-3 days
Using Wire Transfer for Casino Withdrawals
Bank wire transfer is the preferred option if you want to withdraw large sums of cash from your online casino winnings. As long as you follow all casino rules regarding bonus play, wagering requirements, and withdrawal limits, you can easily make a withdrawal request using these steps:
- Log into your casino account and head to the Cashier/Withdrawals section
- Choose wire transfer from the list of available payment methods
- Check your banking details available on the casino profile and make sure that everything is accurate
- Click on the final button to send your withdrawal request
- Wait for a few days for the money to reach your account after casino security verification
Often, a bank wire transfer is provided as an alternative payment method by online casinos if they are unable to use your preferred payment methods for withdrawals. You may have to provide proof of ownership of your bank account as part of security verification (KYC) – just send a copy of your bank account statement if the casino asks.
Wire Transfer Online Casino Pros & Cons
As already mentioned, wire transfer is not the ideal payment option at online casinos in some cases. But in other instances, they are superior to all newer forms of electronic payments. Here are some of the major pros and cons of using wire transfer at online casinos:
- Safest, most reliable payment method
- Ideal if you want to transfer larger sums
- No need to open any additional accounts
- Accepted at most online casinos (withdrawals)
- Extremely easy to use
- The slowest form of online casino payment
- Not supported for deposits (at offshore casinos)
- Casinos may charge high transaction fees
- Does not support online casinos in certain jurisdictions
- Minimum transaction limits are higher
- No privacy – gambling info will show up on your bank statements
Our Verdict: Why Use Wire Transfer at SA Online Casinos
When you want a safe and assured transfer of large amounts of money, wire transfer is the best option out there. It is a reliable option to consider when you are looking to withdraw tens of thousands of rands in online casino winnings to your bank account.
But if you are looking at smaller deposits or withdrawals, you may want to consider credit cards or e-wallets in South Africa online casinos. Wire Transfer is too slow and has high transaction fees. Many SA online casinos don’t even provide it as a deposit option for this reason.
Ultimately, we have to qualms in recommending wire transfer as an online casino payment method – it is extremely safe and reliable, especially for casino withdrawals.
Wire Transfer Online Casino FAQ
Is Wire Transfer a safe payment method for online casinos?
Yes, a bank wire transfer is a secure transaction between two banks, without any middleman. It is one of the safest online payment methods anywhere. You can fully trust it for online casino deposits and withdrawals.
Why can’t I use wire transfer for deposits at some online casinos?
If the casino bank is located outside your country, a wire transfer can take a few days to deposit your money into the casino. They may also charge the casino extra fees. Online casinos want to provide free and instant deposit options whenever possible to customers. This is why you don’t find wire transfer as a payment option for deposits at some online casinos.
How good is Wire Transfer compared to other online casino payment methods?
It has both advantages and some notable weaknesses. On the positive side, wire transfer is completely safe and reliable. It is also ideal if you want to transfer large sums. But compared to e-wallets and bitcoin, it is a very slow payment method that can take up to 5 days. You may also have to pay hundreds of rands as transaction fees.
How fast are Wire Transfer transactions at online casinos?
Wire transfers are widely recognized as the slowest online casino payment method out there. If you live in a regulated market like the EU or UK, this may not be true – the casino will usually have a local bank account, enabling fast transfer of funds. But if you are playing at an EU/UK online casino from another distant country, wire transfer transactions will take anywhere from 3-5 days. And that is on top of the time taken by the casino to process your withdrawal request – it may take up to 7 days or more for the money to reach your account!
Do I have to pay extra charges on Wire Transfers at online casinos?
Most definitely, yes, you will be charged extra fees on casino wire transfers, including deposits in some cases. The fees will vary depending on the casino/banks involved, but can often go into the hundreds of rands.
When should I use wire transfer at online casinos?
For deposits, only use wire transfer if the online casino guarantees instant or same-day deposits. Otherwise, it is best to use faster methods like e-wallets. For withdrawals, you can safely use a wire transfer if you don’t want the money urgently and don’t mind waiting 4-5 days.
When should I not use wire transfer at online casinos?
Do not use bank wire transfers if you want quick transactions and low deposit/withdrawal limits. With a wire transfer, casinos often insist on higher minimum transaction requirements. If you want to deal in smaller sums below R1000, a bank wire transfer is not worth it due to the high fees.
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