Across top Canadian online casinos, you’ll come across the bank wire transfer option for deposits and withdrawals. You’ll see different terms related to bank-related options, too, but they all offer a different service. This service, however, offers the smoothest transactions, regardless of whether you’re playing at a casino based in Canada or internationally. It is extremely convenient and that’s why you’ll find it across most if not all, Canadian casinos. What is bank wire transfer and why choose it as your payment method across Canadian online casino sites?
Top Bank Wire Transfer Casinos
About Bank Wire Transfer
As introduced, across the best Canadian online casinos, you’ll come across many bank-related payment methods, and it might be confusing for you to deduct what are they and how they function. The biggest dilemma appears when you see bank wire transfer and online bank transfer as options. These two are quite different, even though related to bank transactions, as you’ll soon learn.
The difference between the two is the following. The former is a solution which allows you to send money from your bank account to another bank account both nationally and internationally, via global wire networks such as the popular European SWIFT (Society of Worldwide Interbank Financial Telecommunication), the Federal Reserve Wire Network, the CHIPS (Clearing House Interbank Payment System) and the Canadian-based, formerly known as Large Value Transfer System, and now known as LYNX. To use this solution, you’d need to visit your bank and request a transfer providing the necessary bank account details for the transfer to succeed. A string of correspondent banking institutions would be involved in making sure the money arrives safely at the intended destination. The transaction, which can be sent both nationally and internationally, can be in any major currency.
The latter is a more modern solution which does not require a visit to the bank or a wiring office, for that matter. You’d have the assistance of a money transfer service provider to move the money from your bank to the receiver’s bank, but these usually function only on a national level, via the EFT (electronic funds transfer). While this solution is cheaper, the former is safer and offers more opportunities for users.
On that note, bank wire transfer is the solution you need in case you need to send large amounts of money and you need next-level security. Since banks take care of the actual transfer of money, the highest levels of security are implemented and your funds are 100% safe. Sure, other financial institutions are involved in the process, but they implement the latest encryption technologies and other preventative measures to keep your data and money safe from cyber-attacks and any other interference.
Availability-wise, as mentioned, the solution is offered across top Canadian casinos, but you’ll actually find it across most if not all, casinos that accept Canadian players, both national and international. So, if eager to learn how to use it, continue reading.
Getting Started with the Solution
The best part about using bank wire transfer is that you won’t need to create a separate account on your desktop or mobile device, or with a bank, for that matter, but all you need is an active bank account, with any Canadian bank. Therefore, you skip the boring registration procedure and you avoid having another set of passwords and usernames to remember.
As long as you’re a bank account holder, you’re good to go. It would be a plus if you’ve already set up your online banking profile so that the process goes even smoother. Nevertheless, even if you don’t have such a profile, by visiting your bank, you’ll be able to request a payment.
Since you’d be using the solution for depositing at an online casino, though, let’s assume you go with the online banking profile option. The procedure will be practically the same if you visited the bank, too, so no worries here. So, the first step would be logging into your profile (or asking the clerk at the bank to initiate the transfer for you). Provide the receiver’s bank account number, full name, address and LYNX/SWIFT key number or code. If sending money to an international casino based elsewhere and not in Canada, its International Bank Account Number would be required here, too.
Make sure the details you provided are correct and confirm your request. Through the global or Canadian LYNX network, the banks involved in the transfer will make sure the money arrives in no time and safely, to the designated receiver. From here, you can just sit back and relax waiting for your deposit to reach your balance, to start playing your games right away.
Depositing and Withdrawing
Most, if not all, leading Canadian sites reviewed here at casinoreports.ca offer bank wire transfer, as you will see if you checked. Among the top options, we can mention SlotoZen, ZotaBet, Red Dog Casino, and BzeeBet Casino. Explore other options and you’ll see that the solution is offered practically everywhere. Therefore, you’d have no difficulties trying to find the casino to join.
As soon as you’ve joined one, to actually make a deposit with bank wire transfer, you’d need to go through the following steps:
- Visit the casino’s Banking/Cashier page.
- In the Deposits section, look for bank wire transfer’s icon, the one presenting a bank, and press it.
- In the pop-up, enter your bank account and required personal details, as well as the needed international codes if sending money to an international casino.
- Specify how much you’d like to deposit and confirm the transaction.
- You will see the money arriving in a few business days on your balance.
As you can see, the money won’t arrive instantly, as it does with most modern methods. You’d need to have in mind that the banks involved in the process, especially if you’re making an international transfer, would need time to process the transfer. That’s why the overall waiting time would be 3 to 5 business days.
You’d notice that withdrawals with the solution are quite popular across Canadian casinos, maybe even more popular than deposits. That’s because the solution is incredibly safe, it can process large amounts of money and winnings arrive directly on players’ accounts. As long as the money arrives safely, of course, players don’t mind waiting a few days for the money to arrive. The actual process would be similar to the depositing one, so you’d need to enter the required details and specify how much you’d want to withdraw and in 3 to 7 working days, the money will arrive in your bank account, provided it gets approved by the casino.
We mentioned that bank wire transfer is a bit more expensive to use than online bank transfer. So, you should know that there will be fees charged by your bank, the receiver’s or just one of them. The amount would depend on the policies implemented by the banks involved, so before you confirm a transaction, make sure you discover more about the fees involved.
For deposits and withdrawals with the solution, even casinos may charge fees. So, before you choose it as a payment method at your chosen casino, make sure you find out first whether there are any related fees.
Regardless of whether you’re using the solution to make a national or an international transfer, you can rest assured that you’ll be able to use Canadian dollars without paying any conversion fees. The Canadian dollar is among the major currencies used via both the LYNX and any global networks.
But, as said, with this solution, you could use any mainstream currency you’d want to. A currency conversion fee would apply in that case, of course, but still, you have the option.
When it comes to bank wire transfer as a payment solution, no country restrictions apply whatsoever, since each country and continent have their own global networks for money transfers.
As said, Canada has one of its own, the LYNX, so local transfers would be entirely smooth. Of course, you can always make international transfers, too, so no worries here.
In case you need any questions answered or need assistance with a problem you’re experiencing, you can always contact your bank. Banks offer well-trained Support teams to attend to all customers’ questions and problems. You could reach them via several communication means, depending on your chosen bank.
Of course, you’re always free to get in touch with the casino’s Support team, too. Canadian casinos’ agents are usually available via local phone lines, Live Chat, email and on-site contact forms. Use any and you’ll get the answers you need promptly.
While there are pros and cons to using bank wire transfer, the pros certainly prevail. The only disadvantages actually would be the fees charged and the fact that transactions take at least 3 business days, and up to 7. Other than that, all you get are perks. You get bullet-proof security, global availability, multiple currencies to use, a wide array of casinos to explore and join, and you can make both deposits and withdrawals with it. So, in the lack of better options, make sure you choose it over any other.
Will I need to share my bank account details with the casino upon deposit with bank wire transfer?
Yes. As explained, you’d need to share your bank account details in order for the transaction to succeed. But don’t worry, as casinos use high-end encryption technologies to protect all data, your money and bank details will be perfectly safe.
Approximately, how big are the fees when transacting with the solution?
The fees involved normally depend on bank policy and the amount to be transferred, but usually, they range from as low as $5 to $10, to as high as $50. Across online casinos, usually, there’s no deposit fee, but almost always, you need to pay a withdrawal fee.
Are the fees across online casinos for withdrawals high?
No, not really. Considering bank wire transfer is usually the method of choice for many players, and operators actually encourage its use, the fees are usually pretty low. You’d need to explore a few sites before you choose the one to go with after you’ve seen all of their fees.
Is it possible for deposit waiting times to be shortened when using bank wire transfer?
Actually, no. You should only choose to use the solution if you’re okay with waiting for a few days for your deposit to arrive. Given the fact banks are involved in the process, sometimes international ones, at least three days is all you get. So, if you’re not comfortable waiting for so long, you’d need to choose a different method for deposits.
Why should I choose to use the solution when it doesn’t allow for instant deposits?
Well, one of the main reasons why players choose this solution over any other is the fact that it allows huge amounts of money to be transferred. And another reason is, the solution is almost always available as an option for deposits, so you don’t have to look further to find a method to use since this is a solution that allows you to transact via your bank account.