Bank wire or wire transfer is the oldest form of electronic transfer of funds from one person or entity to another carried out through a bank account to another bank account or via a cash transfer made through a cash office. It generally caters to personalized transactions and not mass payments like those carried out through the ACH or similar electronic transfer medium. Bank wires cannot be considered as a practical funds transfer system, as the whole process is very slow and can take several days for the funds to show up in the receiving account. However, the process is simple and straightforward and you just cannot go wrong with it.
Let us take a look at how bank wires work. A person wanting to transfer funds contacts a bank asking them to execute a funds transfer of a particular amount that the person wants to send to the bank account of another entity. The person also provides the BIC and IBAN codes that are required by the bank in order to know where the money is being transferred. The bank then sends a message, along with settlement instructions, through a secure system like the SWIFT or Fedwire to the recipient bank, asking them to complete the payment as per the provided instructions.
Since a bank wire is not an instant transfer, it could take anywhere from several hours to days for the funds to be credited to the recipient’s account. To make a wire transfer possible, the two banks must have mutual accounts with each other. If they don’t, then the wire transfer will have to be completed via a correspondent bank that holds a valid account, so that the recipient may receive the funds in his/her account. Both the sending as well as the recipient and any intermediary bank collect a certain amount in fee from the sender as well as the recipient of the funds. The recipient and intermediary banks cut off their fee from the sent amount so that when it reaches the recipient, the amount would be less than what had been originally transferred.
Now let us learn a little about BIC and IBAN codes. The BIC code is a conventional system of Bank Identifier Codes that have been authorised by the International Organisation for Standardization. It is an exclusive code that is used to identify a financial or non-financial institution, as it facilitates automated processing of payments and is an important requirement when transferring funds from one bank to the other, especially during overseas wire transfers and for the transmission of messages between the involved banks. To put it simply, a BIC code routes cross-border as well as certain domestic payments to the relevant bank or payment centre.
The BIC code contains eight to eleven digits that comprises of the bank code, country code, location code and branch code of the relevant bank. The bank code consists of four alphabetic characters that identify an individual bank. Following the bank code are two letters that reveal the country code. Then we have two alphanumeric characters besides zero that point out the location of the institution, which falls within the country specified in the country code. Lastly are the three alphanumeric characters that may not always be present, but if they are, they will identify the exact branch or office of the recipient institution.
However, BIC codes alone cannot facilitate international payments, as another code – known as the IBAN code – is also required to complete a cross-border funds transfer. The IBAN or International Bank Account Number is a financial institution number prepared in the ECBS format and intended to speed up and make cross-border transfers easier. In the EU and EEA countries, each bank account with the collaborating countries is assigned a BIC and IBAN code that one can find printed clearly on every bank account statement that has been delivered since July 2003. The two codes together provide key information that enables Straight Through Processing of payments. In the EU, when used together these codes can prove beneficial to the customer as their transaction costs can be reduced considerably.
For online gamblers, bank wire transfers are the best way to fund their accounts especially for high rollers, as one can transfer large amounts of money at a time through wire transfers. With the wire transfer facility one can transfer over $50,000 in a single wire transfer and if in case they wish to transfer a larger amount, they will need to speak to the management to clarify the rules. Other modes of funds transfer do not allow such large transactions and if you are used to betting large, there is no better way than to use a bank wire to fund your betting account. Wire transfers are in fact accepted by all online bookmakers and exchanges and are therefore a convenient mode of payment for gamblers.
If you are looking for gambling sites that offer high stake limits, there are plenty to be found. You need to look up some of the top bookmakers, sportsbooks, betting exchanges and other gaming sites to find those that offer high stake betting. You could also contact customer support and ask them which sport events, if you are a sports bettor, or gaming portal will allow you to play for high stakes. Accordingly you can make your choice and once you have registered with the online bookmakers, you may get around to transferring money using the wire transfer option. All you need to do is give instructions to your local bank and they will carry out the wire transfer for you successfully. Remember the BIC and IBAN codes!
Bank wire transfers are not only safe, but are convenient too as you can send large amounts of money without any problem. It is certainly slower than all the other processes, but it is reliable and a trusted method by bettors across the globe. There is no need for a credit card or a cheque or any other kind of banking instrument to complete a wire transfer and therefore it is a favourable choice.
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