Online Gambling with TransferWise
Founded in 2011, TransferWise is an online money transfer service unlike most online casino deposit methods on the market today. What makes it so unique is that it supports more than 750 currencies and the company’s borderless account option supports 40 currencies around the globe. So, if for example, you’re interested in transferring money from a bank account in India to an online casino or money transfers to India financial institutions, TransferWise may be an attractive deposit option.
In our guide to online gambling with TransferWise, we’ll cover:
- The best US sites accepting the company’s deposits
- The Pros and Cons of using it for online gambling
- How to deposit at an online casino using the service and how you’ll be billed
- How to withdraw from an online casino using TransferWise
- TransferWise safety and security
- Other deposit methods to consider for online gambling
If you want to gamble online using your Transferwise account, you’ll want a safe, secure site that processes Transferwise deposits and withdrawals quickly. However, as seamless as it may be to sync your bank account with the TransferWise currency exchange platform, you may learn that peer-to-peer direct deposits between TW and your favorite online casino may be somewhat limited. If this is the case, we encourage you to check out our deposit options.
One advantage the service does provide new casino players is that if your online casino only accepts certain currencies, you can set up an TW account and convert your money into whichever currency the gambling site accepts. So, although you may not be able to direct deposit from TW into a casino account, the platform allows you to receive accepted money at a low exchange rate.
As is the case with most online casinos, depositing using Transferwise comes with pros and cons. Due to the limited number of a sites offering TW as a deposit option, we like to promote our recommended banking method, which is always Bitcoin. Why? The processing times are lightning quick, safe and typically come chock full of deposit promotions. Just be sure to note your gambling site’s minimum deposit and withdrawal amounts or reach out to customer service for those details.
|Handles multi-currency accounts||Limited online casino options|
|Cheaper exchange rates||Unknown banking fees|
|Safe, secure and regulated|
How to Deposit at an Online Casino
1. Choose a Casino that Accepts TransferWise
Casino options within the United States may be limited, but worldwide TW is a trusted and respected brand. You should feel comfortable working with the company for your deposit needs. You may also check out our thorough casino reviews for more options.
2. Visit the Deposit Page and Select Transferwise
Upon signing up for a new casino account, it’s time to locate the site’s deposits page. Because each gaming provider is different, the location of the cashier varies, but it’ll typically be in the main menu or navigation bar. Once there, click TW as your preferred options.
3. Confirm the Deposit Details
In most cases, your TW account will already be funded with the casino’s accepted currencies. So, much like a Paypal transaction, you will simply provide the casino the pertinent details of your TW account, the amount you would like to transfer and select submit to process the deposit.
When an online gambling site pulls money from your TW account, just know that the transaction log may indicate a different name than the specific casino that accepted your deposit. This is a common practice where the casino’s parent company typically appears on the billing information following a transaction. For example, if you sent $1,000 from your TW account to Bob Casinorama, the billing information may say $1,000 was sent to Great Casino Games Forever LLC, which is the parent company of Bob Casinorama. If you’re interested in learning more, the site’s customer support team will be able to answer your questions.
Request a Withdrawal
You’ve made some money and are ready to cash out! Head to the casino’s withdrawal page, type in the amount you’d like to transfer and then choose TW as your preferred withdraw method.
Confirm Your Information
In most cases, casino powers-that-be will need to confirm you-are-you before processing a payout. This could be a form to fill out, scanned picture of your ID or a recent banking statement of some sort. The other thing could be a four-digit passcode that you provided during account registration.
Process Withdrawal and Receive Funds
After you click process, expect a response in 1-2 business days for approval. After the payout request is approved, expect the transfer from the casino to your TW account to take another 2-3 business days. Note: turnaround times vary site-to-site.
TransferWise is authorized by the Financial Conduct Authority under the Electronic Money Regulations of 2011 for the issuing of electronic monies. The site is SSL secured, which means the personal and financial information transmitted, while converting currency and/or depositing into an online casino is safe and secure from potential hackers or bad actors.