Wire transfer is the oldest method of transferring funds from one bank to another. The Internet allows you to execute this transaction directly from your computer. Wire transfer is usually the least preferred payment option because of costs and time involved. However, it permits larger sums of money to be transferred, and therefore is preferred by high rollers.Get Started Learn More
If you want to make a deposit using bank transfer directly from the online casino you should have Internet banking facility with your bank. You should also have selected this option while registering at the online casino. After logging in, you access the Deposit section of the cashier. There you select the bank wire transfer option, your country and then your bank. You will be taken to the web site of your bank where you log in and enter the amount of the deposit. The particulars of the online casino bank account, like bank name, account number and bank SWIFT code, would usually be automatically entered. Otherwise you will need to obtain these details from the online casino and enter them. You then click the appropriate button to complete the transaction. A transaction code will be generated, which you may have to send to the online casino.
Your bank will charge a fee for the deposit transaction. You will also have to pay the charges of the online casino bank. These may be passed on to your bank, which will debit your account, or may be deducted from your deposit. Wire transfer transactions are carried out through intermediary banks and therefore can take from 3 to 5 days.
Not all Australian online casinos will allow withdrawals through wire transfer. If this payment option is not allowed then the online casino will remit the payment through a check. It is best that you first confirm this from the customer support of the online casino.
If the online casino allows withdrawal by bank transfer, you log in and go to the Withdrawal section of the cashier. You choose the wire transfer option and enter the amount to be withdrawn. It has to be between the minimum and maximum limit prescribed by the online casino. You should also ensure that you have adequate balance in your online casino account. You select your bank and enter your account number and your bank SWIFT code and complete the process.Your bank will charge a fee for receiving your winnings from the online casino by way of wire transfer. Different online casinos have different policies towards bank charges for withdrawals. Some will allow one free withdrawal per month and then charge a fee for subsequent transactions. The fee would be deducted from the amount remitted to your bank. It may take up to 5 days for you to receive funds in your account after the processing at the online casino is completed.
The maximum deposit and withdrawal limits imposed by credit card and electronic wallet companies are generally modest. Very large transactions through these options catch the eye of regulatory financial authorities. These are always on the lookout for illegal transactions. Therefore modest upper limits are imposed so as to avoid getting involved in scrutiny. This creates a hindrance to high roller players at Australian online casinos. They are compelled to make frequent deposits and withdrawals, which is bothersome. Wire transfers are used for regular commercial transactions and have to deal with large amounts any way. Banks do not impose limits on the amounts transferred. The online casinos are also more flexible because high rollers bring in bulk volume business for them.
Wire transfer charges are also more conducive for high roller players. The charge often includes a fixed component and a variable one. Because of the fixed component the charges become prohibitive for depositing and withdrawing small amounts. But the charges are negligible for larger amounts. Because high rollers work with bigger amounts they do not mind the time delay in the execution of wire transfers. They factor it in their fund transfer schedule.