We’ve dedicated a substantial portion of our website to iGaming payment methods. The truth is, in today’s technical age, there are so many to choose from. Bank transfers alone come in three varieties. There are domestic bank transfers, international wire transfers, and a more modern option known as instant bank wire transfers. Sure, they all sound like the same thing, but they’re each uniquely different in their own way.
Today we’ll be talking specifically about the instant variety, also known as direct bank transfer, fast wire transfer, fast bank transfer, or EasyEFT. Almost every online casino on the planet offers standard bank transfers as a viable deposit and/or withdrawal method, but only a few promote instant wires. We’ll tell you how they work, why they are less common, and which Canadian online gaming sites support them.
Instant Wire Transfer vs. Traditional Means
The easiest way to highlight the features of an instant bank wire is to compare it to more traditional fund transfers. Here’s how each one works, and how they differ from one another.
 | Bank Transfer – A traditional bank transfer is a simple EFT, or electronic funds transfer. The payment takes place between two domestic bank accounts, meaning the sender’s and recipient’s banks are both located in Canada. When that’s the case, EFT bank transfers are quick, painless, and extremely secure. While confirmation of the payment occurs immediately, it can take 1-3 days for the money to arrive. |
 | Wire Transfer – These are similar to bank transfers, except that they normally occur between international banks. If you have a Canadian bank account and want to deposit or withdraw funds at an online casino in Europe, those funds will be traveling overseas. Again, payment confirmation may take only a moment, but that money won’t actually arrive for 3-5 days at best. |
 | Instant Wire Transfer – This payment option gives players the best of both worlds. By promoting Fast Bank Transfers, the iGaming site is assuring customers that their money will be available right away. Confirmation of the payment is instant, and so is access to the funds being sent. This goes for withdrawals, sort of. An instant bank withdrawal normally takes anywhere from a few hours to one day, minus a convenience fee. |
Why Use an Instant Bank Transfer?
Obviously, one of the great things about the Instant Wire Transfer is that the process is much faster than a traditional wire transfer. However, it still shares the same advantages that all bank transfers enjoy.
There’s a certain sense of security that comes with knowing that your deposit is being handled by your bank, rather than by the casino itself or some obscure third-party facilitator. Since you’re not sharing any personal data with the casino, your banking information stays safely in the hands of your bank.
As previously mentioned, the thing to watch out for when using an Instant Wire Transfer are any fees that might be associated with the process. It’s rarely the online casino, poker room, or sportsbook that charges a fee. It’s the banks involved in the transfer. Most iGaming operators will absorb fees from their financial institution, but the player is likely to take a hit from their bank. Be sure to check with your bank to see how much an instant wire will cost before choosing this payment method.
Fast Bank Transfer Pros & Cons
From the information above, it’s pretty clear what the main advantages and disadvantages of instant wire payments are. There are more subtle attributes worth noting, as well. I’ll lay them all out here for you here.
Pros
Payments are extremely secure. Deposits appear instantly in your iGaming account. Confirmation of funds is immediate – no chance of NSF overdraft. Withdrawals are fast, usually in 2-24 hours. Higher cashout limits.
Cons
Not a lot of iGaming sites support Direct Transfers. Not always available for withdrawal, even when offered for deposits. There is almost always a fee attached.
Depositing Via Instant Wire Transfer
Funding your online casino account with an Instant Wire Transfer is easy enough, but you’ll need to gather some information. First, check to see whether the online casino charges a fee to deposit or withdraw with this method. If so, it may impact your choice to pay or get paid by wire. From there, you’ll need to follow these steps to Deposit with Instant Wire:
1. Log in to your online gaming account.
2. Navigate to the Banking section.
3. Choose to make a Deposit.
4. From the list of available deposit methods, look for and select one of the following options:
—> EasyEFT
—> Direct Bank Transfer
—> Fast Bank Transfer
—> Instant Bank Transfer
—> Instant Wire Transfer
5. Enter the amount you wish to deposit.
6. Depending on the casino operator and where it’s licensed (Ontario, for example), you will need to fill out a quick Purpose for Reference form for your bank. Simply enter the amount and why you’re sending it (e.g. Deposit of $X-amount to name-of-website).
7. After a moment or two, you’ll receive a Reference ID for the transaction. Write it down and put it in a safe place, as you’ll be able to use the same Reference ID for future transactions.
8. Press the appropriate button to confirm the deposit.
9. Log into your online banking account and initiate a wire transfer. Enter the Reference ID, confirm the details are correct, and submit the payment.
Cashing Out with Direct Bank Transfer
The process for requesting a Fast Bank Wire Withdrawal is similar:
1. Log in to your iGaming account
2. Make your way to the Banking section.
3. Request a Cashout.
4. From the list of available withdrawal methods, select one of the following:
—> EasyEFT
—> Direct Bank Transfer
—> Fast Bank Transfer
—> Instant Bank Transfer
—> Instant Wire Transfer
5. Enter the amount to be withdrawn (up to your total balance, minus the instant transfer fee, if any).
6. If you don’t already have one, the operator may request you fill out a Purpose for Reference form. Enter the amount of the cashout and why you’re requesting it (e.g. Withdrawal of $X-amount from name-of-website).
7. You’ll soon receive a unique Reference ID for the transaction. Write it down and put it in a safe place. You can use it for future transactions with the same operator.
8. Press the appropriate button to confirm the cashout.
9. Now log into your online banking account, request a transfer, and enter the Reference ID. Look over the details to confirm they are accurate, then submit the payment request. It usually takes 1-24 hours for the money to appear in your bank.
Canadian Casinos that Accept Direct Bank Transfer Deposits
We’ve scoured the web for Instant Wire online casinos in Canada. There aren’t many that offer this payment option, but we did manage to find a few good ones.
Jackpot City Casino – One of the oldest, most trusted gambling sites on the web today, JackpotCity has been welcoming Canadian customers through its virtual doors since 1998. Direct bank transfers are just one of many safe and convenient payment methods on offer. The minimum deposit is $10, and the minimum cashout $50.
Gaming Club Casino – A member of the Baytree family of online casinos, Gaming Club is Microgaming powered and eCOGRA certified. Amidst a throng of Canadian-friendly payment methods, the online casino supports Direct Bank Transfers. Deposits are instant with a minimum $20 purchase. Withdrawals take longer, with an average 3-7 day wait time.
Mummys Gold Casino – Sure, it sounds more like a slot machine than an online casino name, but rest assured, Mummy’s Gold has been paying out satisfied customers across Canada for 20+ years. Transparent policies are among their most affable qualities, along with a bevy of payment options that include Direct bank transfers. They are instant, requiring a minimum purchase of just CA$10.
River Belle Casino – One of Canada’s oldest iGaming haunts, River Bell has been around since 1997. It is also a member of the Baytree casino family, employing eCOGRA-certified Microgaming software. Players can use instant wire transfers to deposit and withdraw by choosing Fast Bank Transfer or Direct Bank Transfer from the banking menu. Minimum purchase is $20. Deposits appear immediately, while cashouts can take 3-7 days to reach your bank.
