Bank wire transfers have long been a selection for online gambling. It has proved its worth as being a reliable option for large transfers of money. Whether it’s a deposit or a withdrawal, some still use it even today. But is it still a good option or on the way out?
The digital age has brought forth various payment methods. Some of them are faster than others. On top of that, they are considered quicker as well. Are they enough to put wire transfers to an end?
We’ll answer this question and more in this guide. In addition, we’ll go over the pros and cons of wire transfers. Let’s get started right now.
What Are The Pros Of Wire Transfers?
Before considering wire transfer casinos, we’ll be taking a look at the pros and cons of this payment method. While it has been a longtime fixture in online casinos, it has its advantages. So let’s take a look at what they are:
It’s A Reliable Option
The primary advantage of wire transfers is that it’s highly reliable. For many years, it has been used as a stable option for online casino users. Especially when it comes to moving large amounts of money for deposits or withdrawals. Most of the time, you won’t have to worry about outages – which can occur with certain online payment platforms. This could lead to a transaction failing and may require a re-send.
Supports High Limits
As mentioned, wire transfers have been the go-to for higher transaction amounts. For those who are moving around substantial amounts of money, there may be no better option. The reason for this is that online payment platforms make security a higher priority.
They may assume that large amounts of money sent or received are outside of the normal behavior of their users. As a result, they may lock the account as a precaution.
It Boasts Strong Security
Needless to say, security is of the utmost importance. Wire transfers, for its part, have their own security measures to ensure transactions are protected against fraud and unauthorized access. Contrast this to online payment platforms. While they may implement security measures of their own, someone may accidentally open up an email that may actually be a phishing attack. Wire transfers still provide excellent security and it’s highly unlikely your transaction will be compromised. That is, assuming your financial information doesn’t end up in the wrong hands.
Global Accessibility
Wire transfers can be a reliable option for players around the globe. For this reason, it can become an excellent option for those whose country has been restricted from using certain payment methods. Don’t let the lack of availability stop you from getting cash in your hand from your most recent winnings.
What Are The Cons Of Wire Transfers?
With its advantages comes a set of disadvantages. So let’s jump right in and see what they are:
Processing Time Is Slow
While speed is convenient for many online casinos, a wire transfer might not be a good option here. Wire transfers could take a few business days to complete compared to eWallets or cryptocurrencies (among others). The transfer may depend on the online casino and the financial institution that applies it.
High Fees
Of the many payment methods, wire transfers command the highest fees. Typically, the charges may apply to the sender and recipient.
Also, the financial institution may also have its own fees. For those looking for cost-effective options, wire transfers may be out of the question.
It’s A Complex, Time-Consuming Method
Wire transfers won’t be as straightforward compared to digital payment methods. Because it will likely require detailed information, a robust verification procedure, and more. Special instructions may also need to be followed to ensure the transfer is successful. As such, you may not find wire transfers to be a streamlined approach.
Lack Of Anonymity
We understand that anonymity can be a blessing for many online casino users. Wire transfers may not offer it in the same way provided by cryptocurrencies or digital cards. The information you provide will make the sender and recipient easily identifiable. Thus, privacy-minded users may need to seek other payment methods.
Wire transfers may be the best option for those who may not mind some of the disadvantages. But it still can be useful for moving large amounts of money – albeit for legal reasons. However, the option may not be as good as it once was. That’s because many people desire to get the money in their pocket as quickly as possible.
For now, wire transfers are still around. However digital payment platforms could make improvements in the future that might make it obsolete.
