The wire transfer is a reliable fallback option when other deposit methods don’t work for you for various reasons. Wire transfers can be a bit expensive thanks to fees charged by your bank, but there are certain occasions when the old-fashioned wire makes the most sense. We’ll get into those later. But first, let’s take a look at the best wire transfer poker sites:
How Wire Transfers Work
A wire transfer sends money straight from your bank account to the bank account of the recipient. There are several different types of wire transfer mechanisms for domestic and international transactions, but they all work in the same basic manner from your point of view. Instructions are sent to the receiving bank that same day in most cases, but the funds may take a couple days to move from your account to the recipient’s.
When you choose the wire transfer option from your poker site’s cashier, you’ll be given instructions for completing the transfer. Your site will tell you where to send the money and provide you with a BIC, SWIFT, ABA or IBAN code that you’ll need to give to the bank.
If you’re not sure what to do with this information, don’t worry. Just copy the information your poker site gives you and take it with you to the bank. When you get to your bank, tell the cashier that you need to send a wire transfer and show them the information you’ve been given.
Your bank will know what to do with the information and help you complete the transaction. Poker sites that accept wire transfers don’t normally charge fees for this deposit method, but your bank may assess a fee in the range of £10 to £20. This is more expensive than most deposit methods, so that’s why I don’t recommend the wire transfer for everyone.
When should I choose wire transfer as my deposit method?
There are two instances in which the wire transfer ends up being the best way to fund your poker account. First of all, it works very well for larger-than-normal deposits. If you need to make a large deposit and all other funding options available in your country charge a percentage fee, the wire transfer will be the cheapest way to move your money.
Next, the wire transfer is fairly reliable when other deposit methods in your country aren’t working. If you’re having problems with your credit card being declined and you have no other way to fund your account, the wire transfer will get you going in no time.
I’m a big fan of wire transfer withdrawals because they are safe and tend to be fast. When you choose this as your cashout option, your poker site will ask you for your bank’s IBAN, SWIFT or BIC code. If you don’t have this information handy, just give your bank a call and they’ll tell you everything you need to know.
After you send the information to your poker site, you should see the cashout credited to your account several days later. The money will go straight to your bank account and you’re free to move on with your life. There are no middlemen or other hoops to jump through. I’ve cashed out my winnings numerous times with wire transfers and have always found it fast and convenient.
You may also want to consider cashing out your winnings with a wire if you have a very large balance. Traditional withdrawal methods max out at anywhere from £10,000 to £50,000 depending on where you play. Wire transfers, on the other hand, can often be processed for upwards of £500,000 or more.
Wires are especially useful in the US poker market when other methods don’t work. You can usually cash out significantly larger sums with wires and you don’t have to wait weeks for a check in the mail.
Additionally, checks tend to be limited in how much they can send you at a time. It’s not uncommon for USA poker sites to break you deposit up into chunks of $3,000 or less and send you one check a week until the full amount has been withdrawn. This can take a long time if you have a five or six figure balance to cash out. The wire transfer is usually the best option for large cashouts.