Introduction
Wire transfer isn’t as common a method of sending money as it used to be (thanks to quick and safe newer options such as online banking and e-wallets), but it’s still around, and many online bingo sites still accept it as a way for you to deposit. All the term “wire transfer” means is to send money electronically from one bank account to another. It’s a very safe method of sending money – even if it’s a lot slower than online transactions – as it means your details aren’t being sent over the internet.
Background History
Wire transfers actually date back to 1872, when Western Union would “wire” money that had been paid to that office by a sending customer to another office via telegraph (while also using passwords and code books), to be paid out to the receiving customer. Within a few years, this service was transferring almost $2.5 million every year.
Nowadays, you can use companies such as Western Union to undertake wire transfers, or you can do it through your bank – make sure you check first that it’s a service your bank offers, as not all do.
Wire Transfer and Bingo Sites
Many online bingo sites accept wire transfer for both deposits and withdrawals, although it’s important to remember that this method can take up to a few weeks – meaning that if you’re looking to play straight away, it’s probably not the best option for depositing.
A lot of online bingo sites’ bank accounts are based abroad, so most banks will charge fees to conduct wire transfers to these accounts – another thing to bear in mind if you want to use this payment method.
Fraud Protection
Because no information is sent over the internet, wire transfer is a very safe and secure method of depositing. It also requires both accounts – in this case, the bingo site’s account and the player’s account – to be verified, so you know you’re sending money to and from legitimate accounts.
How To Sign Up for Wire Transfer
First, you’ll need to check that your bank actually offers the option to send money via wire transfer – if it doesn’t, you’ll need to use a company such as Western Union to handle the transaction. You don’t need to sign up for anything as long as you’re already using a bank (if not, you’ll have to make an account at the company you want to use), but you will need your bank account number, your routing number (contact your bank if you do not have it), and the SWIFT code of your bank (contact your bank for this code). Once you have all this information, send it to the bingo site and they will provide you with details to make your deposit.
Advantages and Disadvantages of Wire Transfer
Advantages of Wire Transfer:
- Very secure as it does not need the internet.
- If your bank offers the service, you don’t need to make any new accounts.
- Ideal for transferring large sums of money.
- No fees if sending money across the UK.
Disadvantages of Wire Transfer:
- Fees apply if you’re sending money abroad (and many bingo sites accounts are based outside of the UK).
- It’s one of the slowest methods to transfer money.
Wire Transfer Vs Other Brands
The most obvious difference between using wire transfer and other types of payment such as e-wallets like PayPal or Neteller is the speed – PayPal and Neteller are very quick methods whereas wire transfer can take weeks. However, wire transfer is possibly the most secure method – definitely more so than credit or debit cards – as you don’t need to send the money over the internet.
Wire Transfer Usability and Registration
When you make a deposit at a bingo site, you’ll need to click on the option to deposit, then click on the wire transfer logo to get started. You’ll input your deposit amount, as well as your bank account number, your routing number (contact your bank if you do not have it), and the SWIFT code of your bank (contact your bank for this code). The site will then send you the next steps.
Wire Transfer Withdrawals
You can both deposit and withdraw by wire transfer at a bingo site, so you can just use one method for all your transactions. It may take a while to receive your money, but you can be assured that your cash is safe – this makes this method ideal if you’re withdrawing large amounts.
Wire Transfer on Mobile and Tablet
Wire transfer doesn’t require the internet, so it’s the same story whether you deposit or withdraw on desktop or mobile – you’ll still need to hand over your information to the bingo site. It’s the exact same process on mobile and tablet as it is on desktop PC – and your money will be sent in the same way.
Wire Transfer Final Thoughts
Wire transfer is definitely one of the safest methods we’ve seen for depositing and withdrawing your cash, but there’s the downside that it takes longer than virtually every other method, making it a bit useless if you want to start playing straight away. However, it might be the method of choice for older players who are used to conducting transactions this way and don’t feel comfortable sending money over the internet.
We’d rate wire transfer as 5/10.
