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Wire Transfer Casinos NZ

One of the oldest methods of sending and receiving money across vast distances is the wire transfer (or bank transfer, as it is more generally referred to today). It has been in use for about 150 years and is the principal method of moving money between bank accounts. We’ll explain how it works on this page and help you determine if it’s the best payment solution to use at New Zealand’s online casinos.

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History of Wire 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 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 wire transfers, the moniker “Wire Transfer” has survived because of its familiarity, yet modern electronic networks are far more complex. 

 

How Wire 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.

 

Using Wire Transfers, individuals all over the world may send money via their financial institutions to others in other areas of the world who need it. 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 user who initiates the wire payment pays the transaction cost in advance. Assuming there are no security issues, the recipient’s bank will deposit the funds directly into the payee’s account after receiving the necessary information. This transaction will not be settled until both banking institutions involved have received payment.

 

In most cases, domestic wire transfers may be processed the same day.

Transmitting money internationally by wire transfer can take up to two business days because of the several clearing steps required. Duplication of security will ensue when each government implements its own “wire” limitations.

 

Using Wire Transfers in Online 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.

 

Deposits by bank transfer, for instance, might take up to three days to reach their destination at the casino. As if that wasn’t difficult enough, a player’s withdrawal can take up to 10 working days to process. When compared to other online casinos, this seems out of step with today’s technology.

 

However, wire transfers are one of the few, if not only payment processor that allows extremely high transaction limits, with many going up as high as $100,000. This makes wire transfers are the sole option for high rollers at New Zealand’s online casinos. 

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