The Transfer Times and Fees when Using Bank Transfers is a big question on many peoples lips…
Are you frustrated with your bank taking forever to process wire transfers? If you want to place a bet on the Sunday football game, you’re going to need a fast deposit to get in on the action. Using fast payout bookmakers ensures you don’t have to deal with the snail’s pace of wire transfers ever gain.
Before the invention of the internet, wire transfers occurred through telegraphs, hence the term “wire transfer.” However, times changed with the introduction of electronic payments. The write transfer no occurs between banks electronically – so why does it take so long?
In many cases, you’re going to need three to four days for the money to reflect in the nominated bank account for your payment. If you want to place a bet on the weekend, and it’s Thursday, that means you’re out of luck.
However, if you want to wire money in the United States, you’re going to have to use the Clearing House Interbank Payments System (CHIPS) or the Federal Reserve Wire Network (Fedwire). If you’re sending money internationally, you have options for using CHIPS or the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
How Long Does a Bank Transfer Take?
The duration of the wire transfer depends on where you’re sending the money, the amount, and the medium you’re using to do the transaction. Services like MoneyGram and Western Union also provide wiring services for smaller amounts.
Typically, if you’re sending money to another destination within the continental United States, the transaction time is up to 48-hours for the funds to clear in the nominated account. However, if you’re working with an international account, it could take four to five days for the funds to show up.
How Do I Make a Wire Transfer with My Bank?
If you’re wiring money to another person using a bank transfer, you’re going to need all the details required to process your transaction.
That information includes the person’s account number, bank account details, and the bank’s routing number. For international transfers, you’ll need to add the SWIFT code to your list.
Typically, if you want to wire money, you’ll have to go into the bank to do the transfer. However, some banks offer you the service by phone, especially if you’re a regular customer in need of the service.
What are the Alternatives to a Wire Transfer?
Credit and Debit Cards – If you’re depositing to a gaming site, you don’t need to use a wire transfer. Most casinos and sports betting sites allow you to make deposits using your credit card. If you have a Visa or MasterCard, you’ll benefit from the fastest transaction times in the world.
The Visa network confirms 24,000-transactions per second, making it the world’s fastest and most reliable payment method.
E-wallets – E-wallets like PayPal and Stripe are popular for sending payments. There’s no waiting around for international payments to clear and funds clear right away.
Prepaid cards – Prepaid cards are a similar payment method to credit cards, and you get instant transaction times.
Cryptocurrency – Crypto payments are also instant, and you’ll have the money reflected in your account in minutes.
The Final Word – Wire transfers Have High Costs
A wire transfer offers you a secure, effective, and efficient means of transferring money anywhere in the world. However, it costs a fortune. Banks know how to charge for this service, and you can expect transaction fees to be expensive using this method.
The average fee for domestic outbound wires is around $23, with inbound wires costing about $6 to process. Compare that to your credit card costs of less than 4% or crypto transactions, which are fast and free.
Avoid using bank wires if you can – they’re expensive and take too much time to clear.