Long before e-wallets, e-checks, debit cards, and credit cards took over the e-payment space, the wire transfer, an electronic method of transferring money from one account to another, was the preferred method. In fact, this was among the first payment methods used by NJ online casinos and sportsbooks, along with physical checks and money orders.
Money orders are nearly obsolete, and online gamblers rarely use checks, making wire transfer the longest-standing method used for transferring funds to and from internet gambling accounts. The main advantage of wire transfer deposits is that the funds are deposited directly from your bank account to the NJ casino’s bank account, bypassing the use of 3rd-party processing merchants.
Even though it comes with a few downsides, wire transfer stands out as one of the most widely accepted means of payment for both withdrawals and deposits at an array of reputable NJ online casinos. To help you get started, we’ve listed some of the best New Jersey online casinos that accept wire transfer deposits.
All of the listed gambling sites in New Jersey offer safe and secure wire transfer deposits, as well as prompt cash-outs, topnotch security, and great gambling experience. That includes Borgata, BetMGM, PartyCasino, 888 Casino, William Hill, Caesars, SugarHouse Casino, Golden Nugget, Tropicana, and Virgin Casino. Continue reading to learn more about the wire transfer system, its deposit methods available for online NJ casino games, which casinos accept it, how it works, fees, safety and security, advantages, and disadvantages.
What is a Wire Transfer?
Wire transfer (also commonly called bank transfer, electronic funds transfer, or simply EFT) is an electronic payment method that entails transferring funds directly from the client’s bank account to the account of the NJ online casino. It usually involves the exchange of bank account details, but you don’t have to give out credit card information. This form of financial transaction has been used for several decades. Each transaction is heavily protected and encrypted by the banking network to ensure your money and data are safeguarded.
Following the founding of SWIFT (the Society for Worldwide Interbank Financial Telecommunication) in 1973, bank wire transfers have been executed securely and safely at a global level. The inter-bank network currently serves over 11,000 financial institutions across more than 200 countries.
Aside from funding NJ online casino accounts, bank transfers cover a wide range of payments, from person-to-person transfer to bill payments. You don’t need a dedicated technology, tools, or special account to facilitate a wire transfer. The whole process is simple, fairly fast, and straightforward. It’s not surprising that most NJ online casinos allow players to fund their gambling accounts via bank wire transfer from their bank accounts. This also applies to virtually all sportsbook operators in New Jersey including 888 sportsbook, William Hill Sportsbook, DraftKings Sportsbook, Borgata Online Sportsbook, Hard Rock Sportsbook, BetMGM Sportsbook, PointsBet Sportsbook, FoxBet Sportsbook, and FanDuel Sportsbook.
Wire transfer deposits are especially ideal when you want to deposit or withdraw large amounts of money. Bank wire transfers are not exactly immediate; they are subject to pending periods imposed for most e-wallet and card deposits. Even with the delayed transmission, this is a popular method of financial transaction because the chance of fraud or mishap during a wire transfer is minimal to zero.
Which New Jersey Casinos Accept It?
Wire transfer is the oldest and perhaps the safest way to deposit money at an NJ online casino. Not all internet gambling sites accept this mode of payment, but wire transfer deposits are featured in several top-tier New Jersey online casinos. US players can also deposit via bank wire transfer at Borgata, BetMGM, PartyCasino, 888 Casino, William Hill, Caesars, SugarHouse Casino, Golden Nugget, Tropicana and Virgin Casino.
How NJ Casino Wire Transfers Work
The first wire transfer was conducted by Western Union via the telegraph. Today, bank wire transfers are a little different, in that the funds are transferred directly from your bank account and deposited into the NJ casino’s bank account. When the New Jersey casino receives the money, it will increase your gambling account balance by the same amount.
Since you are involving your bank directly, without third-party merchant processes, wire transfer is naturally a more trustworthy deposit vehicle than other payment methods such as e-wallet services, prepaid cards, and so forth. With this in mind, you provide your bank details knowing they are in safe hands.
When dealing with a local bank, you will be required to provide the usual bank account details, namely bank account name, account number, and the routing number. However, if you reside outside of the US, you may need to enter an international bank account number (IBAN), a 27-character transactional code that allows you to wire money across international borders.
Thanks to the power of the SWIFT network, wire transfers that used to take weeks to be cleared, can now be processed within minutes to a few business days. This makes it a fantastic choice for players who want to make a deposit and start enjoying their favorite online casino games in New Jersey right away.
Fees and Timeline for Wire Transfers at NJ Online Casinos/ Sports Books
Compared to near-instant deposit options like e-wallets, cryptocurrency, mobile wallets, and prepaid cards, wire transfers can slow. Bank transfers and wire transfer deposits can take 1-3 days or more, depending on the individual bank’s and NJ casino’s processing times.
If that isn’t inconvenient enough, the fees for processing wire transfers are high. Not only will you have to pay a substantial fee for making a wire transfer deposit but withdrawals via this method will also cost you dearly. This is the primary reason most US players refrain from funding their gambling accounts via bank wire transfers.
The wire transfer processing fees vary from one bank to another and may be charged as either a fixed amount or a percentage of the wire deposit. The bad news doesn’t end there: most New Jersey online casinos require a minimum deposit amount to use the wire transfer method.
Things become bleaker when you receive your cash-outs via wire transfer. The NJ casino will only allow you to use this withdrawal method if your winnings are in the hundreds. The NJ casino might also charge you a fee (which is deductible from your cashout) before sending a wire transfer. Once the funds reach your checking account, your bank may also take a cut in the form processing fees.
How to Make a Wire Transfer Deposit into Your NJ Online Casino Account
The process of funding your NJ online casino account using a wire transfer is pretty much the same as for most bank transactions. Before you go down this road, ask yourself if you know your bank account’s BIC and IBAN codes (if you reside outside the US). When you are ready to supercharge your gaming account, follow these steps:
Step 1: Visit the Cashier section of your New Jersey online casino. First of all, log into your player account, go to the cashier section, and choose ‘Bank Wire Transfer’ under the deposit page.
Step 2: Enter the amount you want to transfer. Once you have entered the amount you want to deposit, enter and verify the banking information the NJ casino requests (typically, bank account name, account number, and routing number, plus IBAN or BIC code). If you choose to claim a deposit bonus, you can enter the bonus code here and accept the terms & conditions. Note that there might be a minimum deposit amount set by the NJ online casino.
Step 3: Go through the security check. Your bank may send you a code or special password via email or SMS for security purposes.
Step 4: Wait for the wire transfer deposit to be processed. Once you’re through the security check, all you have to do is play the waiting game. The funds could take anywhere from a few minutes, if you have made several wire transfer deposits before, to a couple of business days if this is your first time.
Safety and Security of Wire Transfers At NJ Online Casinos & Sports Books
By design, wire transfers are conducted directly between your bank account and the gambling site operator’s bank account. As such, these deposit transactions are naturally safeguarded by the security measures put in place by the bank itself. This may include security and encryption parameters set in place by SWIFT, a robust interbank network that creates a reliable, standardized, and secure environment for wire transfers.
On their part, financial institutions like credit unions and banks have some of the strictest and strongest encryption technology to ensure your bank data and money remain where they are intended. This lends wire transfer a high level of protection and heavy encryption since they are carried out from bank to bank account.
The same is true for mobile wire transfers (mobile banking), which are encrypted and protected by top-level security protocols. Besides, you usually have to go through a two-step or three-step security verification process.
The main security concern is that you have to share your bank details with the New Jersey casino, which may expose you to identity theft, fraud, and other ills if the operator is less than reputable. Nonetheless, bank information sharing is usually carried out on a highly secure webpage. The collected data is usually encrypted by both the bank and the NJ online casino, so the chances of being hacked or compromised are generally very slim.
NJ Casino Wire Transfer Pros
- Guaranteed security: Wire transfers are carried out between bank accounts only, and don’t involve third-parties like payment processing merchants. This makes it a great choice for players who are concerned about revealing their sensitive personal information and bank details to a 3rd party.
Moreover, wire transfers are significantly secure, and fairly safe since the entire transaction is squarely in the hands of the bank. With the bank’s security protocols in place and the latest encryption technologies, you can rest easy knowing that your deposits are heavily safeguarded.
- No special account needed: With wire transfers, you don’t have to open an e-wallet account, have a credit card, or any other special holding account. As long as you have an account with a legitimate bank, you are all set to make wire transfer deposits.
- An excellent option for high rollers: Bank wire transfers are a great choice for players who want to make large-sum deposits into their internet gambling accounts.
- Widely acceptable: The vast majority of New Jersey online casinos accept bank wire or wire transfers as a method for both deposits and withdrawals.
- Guaranteed payments: That’s another beautiful aspect of wire transfers. If a wire transfer happens to be fraudulent or gets lost for whatever reason, most banks guarantee the deposit transaction, which is actually required by financial regulators in the US.
- Simple and straightforward: Making bank wire transfers is usually a simple process with straightforward steps and familiar instructions.
NJ Casinos Wire Transfer Cons
- Part of the process is manual and cumbersome: The fact that you don’t have to share sensitive details with third parties is welcome. However, finding the necessary details for a wire transfer requires manual effort and can be somewhat tricky.
- It can be costly: Wire transfers can be quite costly depending on where you reside. The bank and the NJ casino will each likely deduct a processing fee for deposits and withdrawals.
- Higher minimum deposit and withdrawal limits: Most online NJ casinos require that you make a minimum deposit of between $35 and $50.
- Takes quite long to clear: Bank wire deposits usually take longer to process and finish than e-wallets and Bitcoin. That’s because both the bank and the New Jersey casino take additional protocols to verify your identity.
Final Thoughts
Wire transfer is a reliable and secure method for funding your online gambling account. It’s also widely accepted by gambling sites, but some banks may not reciprocate. On the flip side, bank wire transfers take longer to process, may not be the safest method available, and attract quite a substantial processing fee. On top of that, NJ casinos often require a higher minimum deposit amount.
The bottom line is that bank wire transfers are an ideal option if you don’t want to make an ACH, e-wallet, or a card deposit. It’s certainly the best choice for players who plan to make large-sum deposits. So, if you’re a whale or high-roller player who wants to deposit $10,000 at a time, a wire transfer is definitely your best bet.