Wire Transfers Casino Deposit

Wire Transfer Casino Deposit Introduction

Wire Transfers or Bank Drafts, is a Wire Transfer Casino Deposit system that can be made either on or offline. It is a very direct and secure way to transfer funds from directly from the player’s bank account to the casino’s bank account or vies-versa. Most casinos offer this type of payment method because it is safe and secure. Strictly because of cultural preferences it is more commonly used with European players than with players from the United States. It is a method suited for large sums. The reason for this is two fold. Many times there are limits on bankcard or e-wallet transactions. With wire transfers there are no upper limits for transfers. However Wire Transfers can be costly. The sending bank collects a fee from the funds being sent. The receiving bank deducts fees from the money being transferred so the recipient receives less money than what the sender sent. But with large sums the cost is relatively small. One concern though is that wire transfers can take up to 5 days to complete, depending on the bank. But with regular use the transit time can be cut down to less than 24 hours. This takes practice and personal communication with a willing bank and the casino cashier.

Wire Transfer Casino Deposit Systems

There are a few regulatory bodies and systems already in place to Wire Transfer Casino Deposits between countries and foreign banks. If you are doing a large volume of these transactions you might want to be familiar with some systems and nomenclature.

BACS or Bank Automated Clearing Services

BACS or Bank Automated Clearing Services is a non-profit, membership based, industry body that standardized wire systems id Europe. In 2008 alone BACS processed 5.6 billion UK transactions with a total value of £3.85 trillion GBP. It is owned and operated by 15 of the largest banks in the EC. It has been at the heart of the payments industry for over 40 years and is responsible for the system clears and settles automated payments in the UK, maintaining integrity of payment services. Bacs provides two principal electronic payment schemes, Direct Debit and Bacs Direct Credit.

Euro Standard Bank Transfers

Euro Standard Bank Transfers bank transfers can only be made within the EU. It is cheaper than other international wire transfers. Euro Standard Bank Transfers are made only in Euros. They always will require the player's international bank account number and SWIFT code. ESBT was created in collaboration with all the major European financial institutions.

ACH (Automated Clearing House)

ACH (Automated Clearing House) is an EFT or Electronic Funds Transfers system. NACHA and the Federal Reserve establish rules and regulations governing the ACH network. In 2002, this network processed an estimated 8.05 billion ACH transactions with a total value of $21.7 trillion Associate members include the Federal Reserve Bank and EPN, Electronic Payment Network. It effects electronic transfers for various full system networks of financial banking institutions that make electronic transfers possible such as direct transfers for company payrolls, contractors but not online casino deposits. It is exclusively used in the USA. So it goes without saying that few casino transactions are processed via this large system. This type of system is also refers to as e-check.

ELV (Elektronisches Lastschriftverfahren)

ELV (Elektronisches Lastschriftverfahren) is more commonly know as Bankeinzug or Lastschrift. It is popular system that Germans use to electronically transfer funds and is only available in their Homeland. ELV allows German online player to authorize the casino to withdraw funds directly from their personal bank account. The player must submit their German bank account number and authorization information to the participating casino. After collecting the account information, the casino out-sources the transaction to 3rd party payment processors. ELV is a popular payment method in all sectors of German e-commerce. Surprisingly enough only 1/3 of the German adult population use credit cards. The conservative population does not like to expose the sensitive credit card information over the Internet and ELV gets around this issues. As one German put it… “Well I live in the sticks and… credit cards are rare as rocking horse shit.”

IBAN or International Bank Account Number

IBAN or International Bank Account Number is a standardized way of identifying a bank account. It is neither a company nor a method of transfer. Its purpose is to improving the efficiency and speed of cross border European Union payments. The length of IBAN number can go up to 28 digits. When a cross-border payment is made in Europe, an IBAN number is used to identify the Wire Transfer Casino Deposit account to which the payment must be made. An IBAN is always used in conjunction with a SWIFT/Bank Identifier Code (BIC). Ever since from Dec 2001, EU Regulation requires banks to provide the IBAN and their SWIFT/BIC to their account holders in EU countries. The significant advantage of using IBAN is you will be charged at the rate of domestic, if you initiate the payment to any EU country within a EU zone.

Instant Wire Transfer

Instant Wire Transfer is a general term that is used to describe Wire Transfer Casino Deposits being made in real time into your casino account. It can be done with the cooperation between the player, his bank and the casino. It is done normally with higher qualifying players. This system needs to be initiated by the player at his local bank. It normally takes practice and can be made only after all parties have established good communication.

Wire Transfer Casino Deposit Lists

This Wire Transfer Casino Deposit list is meant to be a reference for the readers benefit, of all Wire Transfer Casino Deposit Methods Worldwide. The first links below contain the Wire Transfer Casino Deposit methods available worldwide, which our casinos offer. The second longer list is all methods offered Internationally whether available in our casinos or not.

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