While wire transfers are often not instantaneous, they are subject to less regulation and greater anonymity than other payment methods. Most poker sites are set up to handle wire transfers from international customers, and the fixed fee nature of wire transfers means you can often spread the cost load over larger transactions to save money.
- The most secure payment method available, operating bank-to-bank to eliminate any possible security breaches
- Ideal for larger sums of money that you don’t want to send through a third party
- Less restrictive deposit and withdrawal limits than other payment types
- Bank fees can be spread over larger amounts
- Less regulation and greater anonymity compared to other types of payment
- Direct way of transacting, cutting out middlemen fees, etc.
- Poker sites may charge an additional fee for processing wire transfer payments, which in some instances can make this expensive
- Turnaround times for payments to be credited in both directions are significant, often up to a week or more to get access to your money
Deposits
The deposit process for wire transfers depends on your bank, but a quick phone call or online transaction should be enough to get the ball rolling. You may have to quote a reference provided by the poker room or similar, and you should take care to ensure you are sending the payment to the right account, particularly for larger amounts of money. While it can take some time for your payments to filter through, the net result is a more secure method of transaction — perfect for large sums.
Withdrawals
The time frames for withdrawal are similar, and can run even over a week or more, depending on your bank and the poker room you are dealing with. There may be additional charges incurred for withdrawing in this way, and it is always worth investigating the terms of your poker site before deciding whether to use wire transfer for withdrawals. When you do, the process is secure and direct, with the money landing in your bank account, rather than in an e-wallet or third-party account first.
Wire Transfer FAQs
There are a few questions that people tend to ask before setting up for a wire transfer:
When Should I Use Wire Transfers?
Wire transfers are the ideal option for moving large amounts of money to and from your poker account. Additionally, if you are looking for a layer of security that guarantees the integrity of your payment and the utmost fraud protection, wire transfers are the answer.
How Long Do Wire Transfers Take?
The reason wire transfers are not widely used by players looking for a quick deposit is the turnaround times. Wire transfers can take days or even weeks in either direction, and there may be additional time delays in turning around wire transfer transactions if there are problems tracking your payment. For this reason, they tend to be restricted to much larger amounts of money.
How Secure Are Wire Transfers?
There is no payment method that comes close to the security and fraud protection offered by wire transfers. They happen bank-to-bank, without any middleman, so there is no danger of your private information being intercepted along the way.
What Fees Will I Pay?
You may have to pay fees with your bank to process wire transfers, which can be substantial — hence why they are usually reserved for larger transfers. Depending on the poker site you are transacting with, you may also have to pay additional fees, to cover the administrative costs of reconciling your payment to your account.