What is Wire Transfer?
Using a Wire Transfer to move your money from one bank account to another is perhaps the most direct way of handling online deposits. There are no secondary accounts or fees that need to be paid for using them, the transaction occurs between your bank and the poker room’s bank. Wire Transfers are fairly common and chances are you are familiar with the terminology already. Often a Wire Transfer is used to pay bills as a less expensive alternative to debit cards or checks. Wire Transfers are extremely safe; they have the full might of the banks security systems behind them. Money will never go missing in a bank to bank Wire Transfer.
How does it work?
The first thing you will need to do is request the banking information of the poker site you want to use. They will give you their account number and code. Then you can go to the bank and request a Wire Transfer of a certain amount to the account that you have provided. It may take hours for the money to be transferred into the receiving bank account, but there are poker rooms that will allow you to play immediately on good faith. You can send money anywhere in the world and the bank will exchange the currency for you. You will also need to be a member of the Poker site with your own account number so that they can identify you. There are no limits when it comes to sending a Wire Transfer, send as much money as you have if you want.
How do I get my money out if I win?
There are some poker sites available that will gladly send you a Wire Transfer in return, much the same way that you deposited the money; it will be returned to you. It can take up to five days for the money to clear once it is in your account however, and you have to specifically request a Wire Transfer withdrawal at the poker sire for them to consider it. Alternatively poker sites are more than happy to post you a check of your winnings or place them in a secondary account for you in case you might want to use them again.
What are the advantages of using Wire Transfer?
- It’s direct, from bank to bank. This means there is no chance of theft, breeches in security or accidental loss of payment.
- Most poker sites will credit you with the money immediately so that you won’t have to wait the clearance time.
What are the disadvantages of using Wire Transfer?
- There may be considerable bank charges depending on the amount you will be sending and the distance it must travel. Take into account that the bank also charges for currency conversion.
- There are poker sites that will make you wait for the money to clear in their accounts. This may take hours and sometimes even days.