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Bank Wire Transfer in UK Casinos
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With the market legal for years now, UK players have had the best choices when it comes to games, payment methods, and promotions to try compared to players from other countries, but it looks like the good old bank wire transfer remains one of their top choices when it comes to solutions to use to fund their accounts. With the continuous changes and restrictions in regulation, this payment solution remains a constant, a solution they could use anytime they want, without having to worry about breaking any law or rule. That's one of the reasons why you should educate yourself more about it, to be able to give it a go the next time you wish to play a round or two of your favorite game across UK online casinos. So, stay with us, and we’ll provide you with all the info you need. What is a bank wire transfer and why use it across UK online casinos?
Online Gambling Regulation in the United Kingdom
The United Kingdom is certainly one of those countries that has managed to set an example of how gambling should be enjoyed. With proper laws and regulators in place at all times, since 1928, the country has been offering players the chance to engage in legal gambling. When it was legalized while the country was under King George V’s rule, the land-based gambling industry was an instant hit, with horse racing betting at the forefront of the industry. Years went by and the industry was getting better and better controlled, and in no time, the UK became a symbol of a well-established gambling market.
As one of the longest-running gambling markets, the UK shocked the world when it didn’t immediately embrace online gambling when it appeared. In fact, it took the country several years until it restructured its regulatory framework to include online gambling, but in 2005, the UK officially legalized it. The Gaming Board of Great Britain, which was the regulatory body for land-based gambling, was replaced with the UK Gambling Commission, which is in charge of both the land-based and online gambling industry to this day. The UKGC needs no official introduction because if you know anything about online gambling, you must have heard of it, even if you're not a UK player.
The UK Gambling Commission is one of the toughest, most well-regarded online gambling regulators in the world. Since it is all about safe and fair gambling, the watchdog has managed to, in the two decades that it has been in charge of the industry, establish order in the industry, and get both operators' and players' respect. Known to change the laws and rules as many times as necessary, just to ensure the industry is running smoothly for everyone, the regulator certainly deserves the respect and reputation it has today. It imposes new restrictions whenever they are necessary, just so that the industry is safe for every single UK player, and is known to suspend and even revoke the licenses of operators that do not operate according to the rules.
One of the most drastic moves the UKGC ever made was to ban the use of credit cards for online gambling purposes. Players and operators were shocked alike since credit and debit cards were the most used for deposits and withdrawals across licensed online casinos. With them out of the picture, players had to turn to other reliable methods to fund their casino accounts and cash out winnings from them. Most of them found solace in the standard, good old bank wire transfer.
Considering UK players have access to the industry's finest games, delivered by the world's best software developers, they didn't really have any problems when it came to joining a casino and starting playing. However, when in 2019, the credit card ban came into effect, it was the first time they had to stop and think about what to do. Wanting to get the same security and convenience the cards offered, many players turned to bank wire transfers, as it allowed them to, in a few simple clicks or taps on their devices, make a transfer of money from one to another bank account.
With it, UK players know that their money is safe and transferred through the standard banking system through well-established wire networks. Plus, transactions are in their native currency, the UK pound/sterling and the solution is offered across most, if not all, UK online casinos. That's why it should not surprise you to learn that it is one of UK players' top choices when it comes to methods to use for deposits and withdrawals. Continue reading to find out more about it and how it works, as one day, you might want to give it a try yourself.
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Using Bank Wire Transfer Across UK Online Casinos
We must address the elephant in the room: yes, there's a huge variety of modern, alternative payment solutions you could use across UK online casinos, and yes, some are even more convenient and easier to use than bank wire transfers. But, none of them will give you the peace of mind when it comes to the security of your money as bank wire transfer will. That's because, with it, the money you have on your bank account can easily be transferred safely to the recipient's bank account, without you having to lift a finger, through the standard banking system and wire networks.
With it, in just a few taps or clicks on your mobile or desktop device, you can effortlessly request a transfer of money from one bank account to another,in your native currency. You won’t ever have to create a new account in order to start using it, but you do need to have an online banking profile, of course. In the UK, you can make both local and international bank wire transfers. Local wire transfers are usually sent through the CHAPS (Clearing House Automated Payment System) or the Faster Payments network. International bank transfers, if you need to transfer to the UK or send money from the UK to a casino based elsewhere, will be sent through the SWIFT (Society of Worldwide Interbank Financial Telecommunication) network.
These local and global wire networks have all UK banks communicate between them and with banks around the world, to ensure the transfer goes smoothly and with no risk involved. In fact, the UK has a reimbursement limit set at £85,000 for victims of bank transfer scams, so you can rest assured that your transactions with it will be backed up.
To start using the solution across UK online casinos, as long as you have an active bank account and your online banking profile is up and running, you’re equipped with everything. All you have to do is request a deposit/withdrawal, enter the needed banking details, and that’s it. The banks through wire network codes/keys will communicate and ensure the transaction succeeds with no interruptions whatsoever. Therefore, as long as you’re equipped with the essentials, stay with us and go through the next section, as we’ll share with you the exact steps you’ll need to go through in order to successfully use a bank wire transfer to fund your UK casino account and cash out winnings from.
Deposits and Withdrawals with Bank Wire Transfer
We don’t need to beat around the bush when it comes to its popularity across UK online casinos, so let’s get down to business right away. If you have an online casino in mind, one that you’re already registered at, check its Payment Methods page and you’ll see that bank wire transfer is an option for deposits and withdrawals. But, if you’re not a registered player anywhere, you’ll need to find the right casino for you to join.
Check out a few licensed UK sites, and in no time, you'll find one that suits you and accepts the solution. Register a player account with it and fund it with a bank wire transfer by following these steps:
- Open the Payment Methods page on your registered player profile.
- Press the Bank Wire Transfer icon on the list of Deposit Methods.
- In a new safe window, enter the bank account details needed, including the local/international wire network code/key.
- Set the amount you wish to deposit.
- Confirm the transaction and in a few hours/days, the funds will arrive at your casino balance.
Depending on the nature of the transfer, the funds can be transferred to your balance in a few hours if local or in up to several days if an international transfer is made.
The same goes for withdrawals, but here, you’d need to wait up to 48 additional hours for the casino operator to approve your withdrawal request. After you select the solution on the list of Withdrawal Methods and enter the needed banking details and codes/keys, as well as the amount you wish to cash out, wait for the operator’s approval, and you’ll receive the funds in a few hours/days, depending on where the casino is based.
Conclusion
Whenever in doubt about the solution to use across UK online casinos, make sure you choose bank wire transfer over any other option, as this is one of the most reliable, convenient, and safest payment methods to use for your deposits and withdrawals in UK pounds.
FAQs
Is online gambling legal in the UK?
Yes, online gambling is a legal industry in the UK, regulated since 2005. The UK Gambling Commission is the regulator in charge of licensing and overseeing operators licensed to operate on the market.
Do UK online casino players have access to offshore casino sites?
No, they actually font. The UK Gambling Commission has made sure to ban any unlicensed online casinos, by blocking their IPs, so not only are they advised against joining such sites, but they are also not given access to them.
How many online casinos licensed in the UK offer bank wire transfer?
We were dead serious when we said that bank wire transfer is an option across most, if not all UK online casinos. Maybe crypto-only sites are the exception since the solution really has unparalleled availability across UK sites.
Do any deposit/withdrawal fees apply when using a bank wire transfer across UK online casinos?
No, actually, deposits/withdrawals with bank wire transfer are usually fee-free across UK online casinos, and that’s one of the many reasons why UK players are choosing it over any other method for their deposits and withdrawals.
Do any processing fees apply when using bank wire transfer for deposits?
Yes, you should expect processing fees, charged by the banks involved. These fees, of course, would depend on the banks themselves, the amount of money sent, and the nature of the transfer, whether it is a local or an international transfer. The former is, of course, more inexpensive, while the latter can come with pretty hefty fees, but usually, the fees range from as little as £5-£10 to £50 or more.