Wire transfer is one of the oldest and most popular payment options that is also included on the majority of betting sites in Canada. If you want to know whether you should use wire transfer to deposit and withdraw funds from Canadian betting sites, make sure to check out this review to find out more!
The Best Wire Transfer Betting Sites 2021
What Is Wire Transfer?
Wire transfer is also sometimes called bank transfer and bank wire transfer. Essentially, it is a method used to transfer money from one bank account to another. Furthermore, you can transfer cash via bank transfer by using cash offices.
This type of payment is mainly connected with your bank, and it is up to the bank to offer additional options related to wire transfer.
Why Use Wire Transfer?
Many people claim that wire transfer is a bit outdated, given that online platforms offer dozens of newer payment options that are way faster. However, bank transfer is still one of the most secure and most convenient ways to deposit and withdraw money, mainly because it has the highest success rate.
In other words, bank transfer is always successful, and its rejection rate is much lower than, say, the rate of credit cards that are often denied due to cards being expired or blocked for some reason.
How to Deposit Using Wire Transfer?
Depositing with wire transfer is not that difficult. Here is what you need to do.
- Open an account on a betting site in Canada.
- Select wire transfer as your preferred payment method.
- Obtain the recipient’s bank information (it is either displayed on the site or obtained by contacting customer support).
- Go to your bank and deposit your money.
- Wait for the payment to be processed and start betting.
How to Withdraw Using Wire Transfer?
The withdrawal process is even more straightforward.
- Obtain your bank account number and your SWIFT number.
- Go to the withdrawal page on your betting platform.
- Fill in the form and select the amount that you want to withdraw.
- Confirm your withdrawal.
Wire Transfer Online Betting Sites
Wire transfer has been one of the most popular payment methods for a long time, and the majority of online sports betting sites include it in their list of available payment options. However, bookmakers differ when it comes to the quality of the service they offer. Lucky for you, our team of experts made a list of all Canadian betting sites that use wire transfer to process transactions to and from their respective platforms.
Disadvantages of Using Wire Transfer
Wire transfer has two huge disadvantages: it is slow and it can be expensive. Both of these factors can vary depending on the bank of your choice, as some banks process payments faster than others. Furthermore, some banks are more expensive than others, which means that you might have to pay higher fees.
Wire Transfer Customer Support
This payment method is not a brand or a company, but only a name for a type of transaction used by banks to transfer money from one account to another. That being said, customer support for wire transfer is located at the bank of your choice. Should you have any issues regarding depositing and/or withdrawing payments, you need to contact your bank and ask them for help.
Wire Transfer FAQ
How long does it take to receive money using wire transfer?
It depends on your bank and the betting site that you choose. The least you need to wait is 1-3 days, but slower banks can sometimes take up to two weeks to process payments.
Does it cost more money if I make a large deposit?
This also depends on your bank, but most banks use fixed rates for these types of transactions.
Can I use wire transfer outside of Canada?
Many factors determine whether you can use wire transfer outside of Canada. Still, even if you can, we advise you not to, as fees can be even higher than usual.
Who benefits most from using wire transfer?
If you don’t mind waiting a couple of days before your payment is processed, you are probably going to benefit from using this payment method.
Which banks is wire transfer available through?
All banks offer wire transfer, but some may not allow sending and receiving payments from betting sites. However, the majority of Canadian banks should accept this payment method.
Do I have to open an account with wire transfer to use their services?
No, all you have to do is open a bank account.
Are transactions via wire transfer protected?
Yes, this is one of the most secure ways to send and receive payments.
Can I reverse a transaction using wire transfer?
As long as the recipient’s bank has not accepted the payment, you will be able to reverse it. Otherwise, it is not possible.