History of Bank Transfers
"Wire transfer" is a phrase that really derives from the use of telegraph lines. Originally known as the New York and Western Union Telegraph Company, Western Union soon expanded its usage of its lines beyond telegrams to include money transfers as well.
1872 was an important year in history for the corporation, as it discovered that by using passwords and code books, operators could safely transfer money from one telegraph office to the next. The consumer would make a deposit at his location, and the operator would then "wire" the monies to the recipient's local telegraph office. The receiving office would then be able to send the money to the correct party.
When it comes to bank transfers, the moniker "Wire Transfer" has survived because of its familiarity, yet modern electronic networks are far more complex.
How Bank Transfers Work
No actual money is sent, as was the case with early telegraph transactions. In order to send and receive data as rapidly and securely as possible, the network connects hundreds of institutions throughout the world.
Instant bank transfers allow players all over the world to send and receive money from anyone. Other identifying information, such as the recipient's name, bank account number, and the amount of money they are to receive, are included in the transfer.
The player who initiates an instant transfer to an online gambling site will pay the transaction cost if there is one. Assuming there are no security issues, the casino's bank will credit the funds directly into their account. This transaction isn't completed until both the player and the casino's bank are happy. Nowadays, with massive technological advancement, these gambling transactions are completed within seconds.
Transmitting money internationally by bank transfer can sometimes take a day or more because of the several clearing steps required. Duplication of security will ensue when each government implements its own "wire" limitations.
Instant Bank Transfer Casinos
Depositing and withdrawing money from online casinos is significantly more convenient when using credit/debit cards or e-Wallets.
According to others, this is because casinos and banking institutions have to spend more time validating the identity and security of these transactions, which takes more time.
Instant bank transfers now arrive at the online casino almost instantly. Often a real money gambling site will provide you with a reference number to use, or failing that you can use your player ID. The delay comes from the casino often needing to verify that the bank transfer came from you. Given heightened online security checks now and AML (anti-money laundering) legislation in many countries, including NZ, this can often take time, often more than 24hrs.
However, wire transfers are one of the few, if not only payment processor that allows extremely high transaction limits, with many over NZ$100,000. This makes wire transfers the sole option for NZ casino high rollers.
Wire Transfer Casino FAQs
Can I use Wire Transfer at an online casino?
Yes, you can use Wire Transfer to deposit and withdraw winnings at online casinos that accept this as a payment method.
What online casinos accept Wire Transfer?
Wire Transfer is a common payment method for depositing and withdrawing funds from online casinos. We have compiled a list of Wire Transfer casinos in New Zealand that you can check out.
