Wire transfers are a common way to deposit and withdraw money at online casinos. While credit and debit cards are even more common some players prefer to use increased anonymity and safety. A wire transfer is a secure and also relatively inexpensive alternative to using e-wallets and can be done at pretty much every major and minor bank throughout Canada.
In this article we look at:
- How to do a wire transfer at an online casino
- The benefits of wire transfers
How To Do A Wire Transfer
When accessing casino sites the process is pretty straightforward. The first step is to sign up at an online casino and then choose your preferred banking method for funding. You can choose between credit and debit card options, various e-wallets and bank transfers. There are several wire transfer options such as through Instant Banking and Citadel so you need to choose which option is the best for your banking. If you are unsure you can ask the casino’s customer service or review what wire transfer options your bank provides either directly through the bank or a third party. Trustly, WebMoney and AstroPay are also widely used in Canada with various national and local banks, and most casino sites operate with these providers.
After you choose a suitable wire transfer optio, input the routing and account numbers associated either with your checking or savings account. In some cases you may be asked to provide your bank’s SWIFT code, which is to ensure the validity and location of transfer for the wire. You will then be directed to the wire transfer menu of whichever platform you chose where it will ask you to verify your payment information and confirm submission. Upon submitting the info, your account will be credited with the amount deposited and you can begin playing for real money.
The Benefits Of A Wire Transfer
The benefits of wire transfers include:
- No need to submit credit card or debit card information online
- Fast deposits
- Protection against personal banking data being leaked
Many people are concerned about their financial information leaking into the wrong hands. Although this is very unlikely to occur, a wire transfer is the best way to transfer cash from one account to the next without submitting a card that is connected to your banking accounts. Even if your routing and account numbers were to get out in the open that would a hacker would still have issues getting access to your money.
Most wire transfers are instant but could take up to 1 day for the transfer to be complete. The best way to check up on this is to verify with the casino your receipt number and have them check on the status. Customer support for this is available 24/7 and there have been no reported cases of scams or any other fraudulent activity.
Depositing and Withdrawing Money Using Transfers
We recommend using wire transfers if you are concerned about depositing or withdrawing large amounts. Bank wire fees can vary but in some cases can be as high as $20 so if you are planning on depositing a low amount you may want to consider another option. Bank transfers also leave out any possible third party that way want to tack on other fees or have an approval process that can delay the transfer up to 3-5 days.
In some cases casino sites have minimum cash outs for receiving a bank transfer with them in the form of withdraw so you may want to check with the casino beforehand if this is a concern. Otherwise, payments for as low as $1 can be made from casinos using e-wallets and in most cases are instant.
FAQs About Casino Wire Transfers
Is it legal to receive money from an online casino site in the form of a wire transfer?
100%. You are receiving money from gambling, which is akin to winning at a land-based casino and then depositing the money. If you are ever concerned, keep receipts with you for future reference.
Do I pay taxes on the earnings I receive from wire transfers?
In Canada, no. Earnings are not considered as paid labour and therefore note applicable for being taxed as stated under Canadian law.
Are wire transfers the best method to use?
Not necessarily but this depends on your preference. Do you mind submitting your credit card info online at other websites? If so then perhaps you are overthinking to use a wire transfer at an online casino and instead could also use a card like you would across the Internet.
Is there ever any suspicion from banks about receiving wire transfers from casinos?
The casinos we promote are all publicly traded companies verified by international institutions that cover fair gaming practices. The sites also have verification from banks and creditors to receive and pay money to individuals associated with their platforms, making them 100% legit.