Mybookie Wire Transfer

Wire transfer, bank transfer or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office. Different wire transfer systems and operators. BetAnySports offers many of the major depositing methods such as Visa, money transfer, bank wire, Neteller and of course Bitcoin. Bitcoin payouts are free of charge and subject to availability. Bitcoin Min-$50 Max-$25,000.

After passing HB 2638 in March 2020, Washington has approved sports betting. Although sports betting is approved by state legislation, it has yet to officially launch. When it does launch Washington has over 35 tribal casinos across the state, allowing for multiple sportsbooks to be available to Washington residents. Online sports betting is also coming, although these are limited to the land-based casino operations and will not work off the premises. For now, Washington residents who wish to participate in sports betting have access to a bevy of online sportsbooks that provide the EverGreen State with a slew of betting lines and odds.

We here at SportsBettingWashington.com have spent hours compiling the best possible online sportsbooks available for sports bettors in the EverGreen State. These online sportsbooks offer a host of possibilities for Washington residents and tourists alike. These include bonuses, multiple prop bets, and betting lines, a variety of deposit and withdrawal options, as well as safe and secure betting privacy. Washington residents do not have to wait for the official launch in order to participate in sports betting.

In this hotly contested segment of the global sports betting market, we think the best choices are Bovada and BetOnline. These websites are leaders of the industry, so they are safe to use and they will offer you the best odds you can find. With these sites, you can play to win big in Washington with multiple betting lines available every day. These sites also hold betting lines for all major sporting events including March Madness and the Super Bowl, keeping you playing to win throughout the year. While you wait for the official launch of sports betting in Washington, you can find all you need at these online sportsbooks.

Legal Sports Betting Sites That Take WA Residents

Even if they are not recognized by the state of Washington, you can still find various sports betting sites that accept residents from Washington. If you decide you want to gamble on sports, you must only do so at safe locations such as legal overseas operators like Bovada, BetOnline, SportsBetting, BetDSI, and MyBookie. These websites are industry leaders and have been serving the great state of Washington for decades. They have the best technology to ensure that your data is safe and they make sure that you will receive any winnings that you may earn. These sites are trusted and they are the best in the business. Although these sites are legal, we do recommend that you keep your sports betting to yourself because the state is extremely strict when it comes to online gambling.

The sports betting sites we most highly recommend for Washington residents offer fair odds, easy and convenient access via free mobile apps that work for smartphone and other mobile devices running Apple or Android operating systems, a variety of funding methods including popular cryptocurrencies such as Bitcoin, Ethereum and Dash, and options covering a wide variety of different popular professional and collegiate sports. Just remember that anything that you do use these websites at your own risk and we the decision to do so is up to you. Just also remember that no one has ever been arrested for doing so.

Is Sports Betting Legal in Washington?

Although it has yet to officially launch in Washington State, sports betting is indeed legal. In March 2020, Washington Governor Jay Inslee officially signed a bill that allowed sports betting at tribal casinos in Washington. Once launched, the 35 India Casinos in the Evergreen State will be eligible to apply for a betting license to operate sportsbooks in their casinos. This means that throughout Washington, there will eventually be a wide variety of gambling sports betting operators available to residents and tourists alike. Sports betting in Washington will be a reality soon as the primary barrier was legislation approval. Now with the bill passed, it’s only a matter of time until things officially kick-off.

With HB 2638, both land-based and online sports betting will come to the Evergreen State. With land-based sports betting, residents and tourists alike in Washington State will be able to go into one of the many Tribal Casinos that offer sportsbooks and wager on their favorite sports teams. These sportsbooks will host up to date and accurate odds and betting lines for all major sporting events. With state-sanctioned online sports betting, however, patrons are limited to only being able to access the online sportsbooks from the physical casino associated with the book. The online gambling app will not work outside of the casino. For Washington sports bettors who wish to partake in online sports betting without the need to travel, there are other online sports betting alternatives available.

Online betting sites are simultaneously 100 percent legal in their own right while also not being beholden to any US sports betting laws. That is because they are based offshore and they are operating legally in their respective countries and on top of all of this, they are licensed accept American wagers as well. While it is not likely that you will actually be arrested for making a wager on Seahawks games because proving it would be a nightmare for the state, we just want you to be fully aware of what the gambling laws in Washington say before venturing out into the world of online wagering.

Legal College Football Betting

The Washington Huskies and the Washington State Cougars have one of the toughest and most exciting rivalries in all of NCAA Division I football and many fans of both teams are no doubt interested in the topic of legal college football betting. We are happy to report that legal offshore sports betting sites offer a 100 percent legal alternative to relying on a shady local bookie or having to take a trip out of state just to lay a bet on the Huskies or Cougars. Just be aware of what state laws say about betting online and proceed with that knowledge. The best offshore sportsbook sites are Bovada, BetOnline, SportsBetting, BetDSI, and MyBookie, and you can bet they have got the best odds on college football you can find anywhere to go along with a huge variety in terms of the different wager types that bettors have come to expect from a reputable sports wagering outlet.

Legal Online Gambling Age For Washington Residents

Online offshore sportsbooks are happy to take customers as soon as you are 18. The same goes for casinos in Washington. There are casinos in the state that allow for you to be 18 to use their facilities, but there are some that say that you need to be 21 years old. Since there might be some confusion about what that means for online sportsbooks, you probably wait until you are 21 to place your bets. That is the safest bet, but it is also probably safe to place your bets online when you are 18. If a casino is making you wait until you are 21 in Washington, it is probably due to an alcohol restriction. Both ages should be safe, but waiting until you are 21 is the safer bet.

Bovada - Best Site For All Players Betting On Super Bowl 55

There are so many sites that players can go to to bet on Super Bowl 55 in Washington and signup and bet on the biggest game of the NFL season. The only site that every player should go to and place their bets is Bovada. This is the best site because there is so much to offer and the players will have all fun that they would like when adding money. Live betting and mobile betting is an option for all players here as the Kansas City Chiefs and the Tampa Bay Bucs face off in one of the high scoring games in Super Bowl History. Make sure that you sign for an account as long as you are 18 and older. This is one of the best sites for players and there will be bonuses that will be offered for the Super Bowl weekend. Most fans will be ready this weekend and expect the game to be very good.

SportsBetting - See What The Site Has To Offer Before You Sign-Up

One of the nicest things about SportsBetting.ag is the fact that they accept bettors from Washington, even though the state has such restricting laws for bettors. This sports betting site is a fantastic legal wagering option, and features all of the lines that a bettor in Washington will be looking for such as Mariners lines, betting on the UW Huskies, the Seattle Seahawks and many more teams situated close to / within the state.

You can check out the betting odds at SportsBetting.ag even without an account. You will see for yourself the array of options available to you. And it's not just about the odds themselves, it's what you can do with those betting lines when you decide to actually make a wager. There are many wager types, and not only that, the option to bet at SportsBetting.ag's mobile site even if you aren't at your computer! Go ahead and browse the website before you sign-up. Just remember that signing up is absolutely free!

BetOnline - Early Access To Odds And Live Betting

Being on the west coast shouldn't limit the available betting options to sports bettors in Washington. With events happening on the east coast, bettors from this area are usually at a disadvantage. BetOnline ensures that those in Washington looking to place a bet have plenty of time to do so, by forming lines early and often. In fact, this sports betting site is always one of the first to form betting odds for different games / sports, which makes them very reliable as well as convenient. With this offshore online sportsbook, everyone is on even playing ground.

Another way that BetOnline caters to bettors all over the country, including Washington, is through their live betting section. No matter which game is going on and what time it is where it's being played, live betting is live betting. The game lines might come down after the game has started, but live wagering field dozens of different odds depending on which sport and the magnitude of the game being played. The odds are up all the time at BetOnline, waiting for Washington sports bettors to jump on them.

Betting On The Kentucky Derby In Washington

Churchill Downs in Louisville, Kentucky might be on the opposite side of the country, but that doesn’t mean Washington isn’t full of race betting fans. The annual race for the roses at the Kentucky Derby draws millions of dollars in bets every year, with people tuning in from around the globe to see who will be the next Triple Crown contender. The passion is no less up in Washington, where race fans will be able to have the pleasure of heading to the land-based tribal sportsbooks located in the state once they open. Until then, the best place to bet on the Derby is the international online sportsbooks. These websites have full racebook betting suites that include every type of horse race bet, just like if you were at the track yourself. With sites like Bovada or MyBookie, you can bet on the Derby from home, or even from your phone. With these online sportsbooks, there is nothing stopping you from putting together the perfect betslip for the next Kentucky Derby.

What Cities In Washington Have Sportsbooks?

With the approval of sports betting in Washington, there will eventually be up to 35 different locations across the state that will host sportsbooks in their casinos. Although sports betting has been legalized in Washington, no sportsbook has officially launched as of yet. When the sportsbooks are fully active, we will provide a list of locations closest to every major city in the state, keeping Washington sports bettors informed on the best possible places for land-based sports betting. For now, online sportsbooks offer sports betting to all Washington residents no matter which city they are in.

The only game in town when it comes to casino properties that could one day host a sports betting outlet near the city of La Center is the Ilani Casino Resort. Let us tell you, this would be a prime location for sports betting enthusiast to go to. This sprawling Native American casino takes up basically the entire 152 acres of the reservation that the Cowlitz Tribe had formally recognized by the federal government in 2013 and was established in 2015.

The Tribe has gone on since and has partnered with the Mohegan Tribe of Connecticut in the past, who are the operators and owners of the Mohegan Sun ultra casino, for the purpose of funding the casino’s $510 million price tag when the Ilani was being planned to open. Just to give you some idea of the size of this sprawling facility, it has a 100,000 square foot gambling floor, 2,500 slot machines, and 75 table games to go along with a 3,000-spot parking lot. This would definitely be the best of the best La Center sportsbooks if lawmakers pull the trigger and legalize sports betting in the state.

The leading entry in the field of potential Spokane sportsbooks is the one that could fit in nicely at the Northern Quest Resort & Casino and other Native American casinos in Airway Heights. What would make these some of the best places to enjoy sports betting for Washington Residents are the massive and well-appointed hotel accommodations, generous 55,000 square feet of gaming space and a legendary assortment of concert and entertainment venues that have hosted some of the biggest names in the music business. Additionally, and further boosting the association between a future sportsbook are the numerous ESPN2 Friday Night Fights episodes that have been filmed in the spacious event center at the Northern Quest. This location is already popular without sports betting, just imagine how many people will flock to this casino when a sportsbook does open.

Though there are no Seattle sportsbooks nor are there sportsbooks in the entire state, the presence of the exquisitely charming and profitable Tulalip Resort Casino in Quil Ceda Village, located in Snohomish County Washington makes this an ideal site for an outlet providing sports betting for Washington Residents. The resort casino property and its competitors in the Seattle-Tacoma metropolitan area is home to numerous restaurants offering everything from quick bites to fine dining, a AAA Four Diamond 12-story hotel with 370 rooms and lavishly appointed suites and a huge 192,000-square foot gaming space. The face that Tulalip casino is in Seattle which is such a prime city for tourists to go to, you can better believe that they would love to get into the sports betting action as well. That will make the future sportsbook here more exciting than any other in the state. The casino also boasts ample space for events, concerts and more to go along with its vibrant Pacific Northwest theme.

Funding A Sportsbook Account In Washington

Online sportsbooks are the best way to place your bets and what's important with all of them is the banking options that you will have. Now it depends on which online sportsbook you sign up for, but all of them have different banking options. How the money gets on to your account is very important.

Debit Card and credit cards is an easy banking option. Everyone has a debit or a credit but this option is only used to deposit money into your online sportsbook account. The maximum is usually high for daily deposit and also depending on your bank a fee is not included. So simple as typing in your card number and it will be able to deposit from there.

Cryptocurrency is one of the best ways and more recommended ways to deposit and withdraw money from your account. Because the value changes every second, the cryptocurrency you withdrawal could be more than it originally was. Cryptocurrency sites are better than methods like bank wire and come with a high maximum in deposits and withdrawal figures. Players use these options especially when they plan to take out a lot of earnings at one time.

There are many more banking options but these options are the standard. Some may take a few days for your money to be completely withdrawn but this is the most important thing when it comes to sports betting. With so many options, this makes it easier and smooth for players that are looking for safe ways to transfer their money. Having a big night and winning a lot of money needs to be capitalized with being able to safely and quickly take out your earning and possibly depositing more to collect more chips.

Live Betting

Just because you are winning money on the wagers that you placed before the game doesn't mean you can't win some on bets you can place during the game. Online sportsbooks are popular for its regular betting style but there is also live betting at Washington sportsbooks that could end up earning plenty of players extra green! Games are long sometimes and there ways where you can place a bet while watching the game or the match play out as your expected. Every quarter or every snap or every shot in a game can be bet on and live betting gives those opportunities to users on their site. This also is for those players who may sometimes miss the start of the game. Some bets that were up there before the game kicked off will be but many options will exist as well.

Mobile Sportsbooks in Washington

Washington State has legalized sports betting but has yet to officially launch it. When it does launch, Washington residents will be able to participate in mobile sports betting through sportsbook apps associated with land-based casinos. These apps will only work in the physical sports betting operator and will not be accessible outside of the radius. If you are looking for mobile sports betting anytime anywhere in Washington State, then online sportsbooks offer the same betting lines without the need to travel. These sites are all compatible with smartphones and other mobile devices, making sports betting just that much more convenient.

Washington Sports Betting & Gambling Laws

If you decide you want to start betting on sports in Washington regardless of the prohibitions against the activity that exist on the books, it’s best to understand what you can and cannot do. In the next few sections, we are going to explain some basic rules about the gambling laws that exist within Washington and we are going over some questions that you might have. We want to make sure if you do decide to go ahead and visit one of our top recommended websites, you have all the information that you will need to do so.

Land Based Gambling In Washington State

There are almost too many casinos in the state of Washington, or at least it certainly looks that way when you see just how many properties of the type are spread all over the map. While it is true that there are many dozens of different Native American tribal casinos and card rooms that dot the landscape of the Evergreen State, you will not find any legal, authorized sportsbooks anywhere on the map. With such a convoluted, over-saturated industry, it kind of makes sense that gambling based on the internet has been criminalized by Washington’s gaming-averse lawmakers.

Nearly all of the different casinos in the state offer a slew of different games from cards to table games to the ever-popular slot machines. These slot machines may face competition soon because the Professional and Amateur Sports Protection Act of 1992 (PASPA) back in May of 2018 and that means that sportsbooks can open in the state. Lawmakers already have bills ready to authorize sportsbooks in the state’s casinos. For more than 25 years, PASPA prohibited the state of Washington from authorizing the opening of a sports betting location, but now that the federal law is no more, lawmakers are finally reconsidering their longstanding opposition of sports betting in the state. Although it is a longshot, legalizing sports betting in the state could remove the strict online betting prohibition that Washington has.

FAQ About Online Sports Betting In The State Of Washington

1) Has Anyone Been Arrested For Real Money Sports Betting Sites In Washington?

As far as we know, no one has ever been arrested for betting on sports using the web in Washington State. If you use a domestically operated sports betting site you will necessarily be putting yourself at much greater risk of being caught and punished, so unless you like jail time and a hefty fine of possibly $10,000, we recommend you stick to a legal offshore sportsbook site such as Bovada, BetOnline, SportsBetting, BetDSI or MyBookie. While it is true that nobody has ever been hauled off to jail for putting money down on their favorite teams, the fact remains that it could happen. Bills are being introduced to legalize land-based sports betting so we get the feeling that the state isn’t going to be too concerned about what you do online.

2) So I have to be 21 To Gamble On Sports If The Betting Site Says So, In Spite Of The Legal Age Requirement?

In short, yes, that is exactly the case. A sportsbook, even one based overseas and operating strictly online, is a business just like any other, so the rules are still the rules, and you will need to abide by them. Overseas sports betting websites are certainly allowed to block or ban any users that are found to be attempting to play while they are underage, especially if they try to collect winnings after a successful wager. It is simply not worth the risk of losing your money or being reported to the regulatory agency that governs our most highly recommended sportsbooks, so just wait until you are the appropriate minimum age before trying to bet on sports in Washington.

3) Does Bovada Allow Washington Residents To Join / Bet?

We still see this question pop up all the time, and for good reason. Washington used to be one of the three states excluded by Bovada's terms and conditions, meaning Washington residents were not allowed to participate in sports wagering contests or even register for an account at Bovada.lv for years. Thankfully, these restrictions have been lifted and residents from Washington are now able to use one of the very best online offshore sportsbooks on the internet.

4) How Could I theoretically Get Caught Gambling On The Internet?

Every time you make a payment online you leave behind a paper trail – a record of your transactions. But since Washington has expanded restrictions on payments, many of the methods which leave this trail are not in play. Instead, Washington residents usually send cash transfers or purchase prepaid cards, online or in-person, that can then be used to send funds into sports betting sites that take WA residents. Furthermore, the best method for uploading funds into your wagering account or collecting a payout are cryptocurrencies like Bitcoin, Ethereum or Dash, all of which are supported at the various legal offshore sportsbooks we recommend.

The main advantage of betting on sports using Bitcoin and other cryptocurrencies is that these digital-only forms of legal tender exist completely outside any form of government regulation whatsoever, putting you firmly in control of what you do with your money. Not only are crypto’s much more discreet and secure, but there are also tons of bonuses for them because the online offshore sportsbooks are aware of laws in the U.S. that make things difficult for their users.

5) How does the UIGEA Affect Washington Residents If State Law Has Already Criminalized This Form Of Gambling?

The UIGEA – that is the shorthand version of the much-maligned Unlawful Internet Gambling Enforcement Act of 2006 - has added to the complication of making payments into and out of your gambling site, but it has not actually federally criminalized the various online methods gambling. UIGEA’s prohibitions are placed squarely on the shoulders of US-based financial institutions, forbidding them from processing credit card transactions related to online gambling, which for a few years caused problems for users of even legal offshore sportsbook sites. Nowadays our most highly recommended offshore sports betting websites – those being Bovada, BetOnline, SportsBetting, BetDSI and MyBookie, all use their own in-house financial processing services which enables you to avoid the hassle. All the UIGEA does is makes withdrawals take a bit more time than usual. But that is not the case if you are using cryptocurrencies to withdraw your winnings.

6) Where Can I Find A Copy Of The Gambling Laws In Washington?

To find a copy of the gambling laws in Washington, all you will need to do is simply visit the state's website and search '9.46' to find the laws relating to sports betting.

7) Who Should I Contact In Order To Help Change Washington Sports Betting Laws?

Though you and other pro-sports betting advocates (and we ourselves here at SportsBettingWashington.com are certainly in that camp as well) are definitely facing a tough, long uphill fight, we can in some small way help to change the Evergreen State’s unfair sports betting laws. What we recommend for our concerned readers to do is to contact your legislators and tell them that you want online gambling in the state of Washington. Despite the obviously challenges we are facing, now is probably the best time in ages to push for gambling expansion in Washington, as the US Supreme Court has overturned the unconstitutional ban on state-regulated sports betting in the form of PASPA, which was struck down in May of 2018 via a majority decision from the high court. Now is the best time to do so because sports betting bills are currently being considered to legalize land-based sports betting. It might be a good idea to check out the sponsor of those bills and ask them to help out the cause.

8) Is There Any Way To Legally Bet On Sports In The State Of Washington?

We are going to be incredibly blunt in this answer, but you owe it to yourself to know the facts and to understand the possible ramifications of your actions. The answer is no. Sports betting cannot be legally done in the Evergreen State, either in person or online or even in something as informal as an office pool. You will have to plan on visiting Nevada or one of the other states with legal state-sanctioned sports betting like Mississippi, Delaware, West Virginia, New Jersey, or one of the other states that have legalized sports betting if you want to wager on sports in a casino. However, you can always use a legal offshore sports betting site to place your bets because there is very little possibility that you will ever be caught doing so, though that is a risk you will have to take.

9) If I am A Washington Resident, Can I Travel Across The Border Into A Neighboring State In Order To Play?

In theory, yes, this is always an option that is available to you. But is it really worth it? Traveling to a different state to place wagers on a sporting event might coincide with your plans to visit a different place anyway, but we have a hard time imagining a scenario in which a person would purposefully visit a faraway state (the nearest to Washington is Nevada, the worldwide hub of all things related to gambling) just to put money on their favorite team.

The much better choice for most folks is to simply use a legal offshore sports betting site like Bovada, BetOnline, SportsBetting, BetDSI or MyBookie, which even have free mobile apps for Android and Apple smartphones and other similar devices so you can bet on sports no matter where you are on gameday. Besides, if you cross into another state to bet on sports to place your bets, you aren’t even having to abide by Washington law. You would be under the law of Nevada or whatever state you end up visiting. It’s not like Washington can arrest you for sports betting in another state.

10) Why Has There Never Been An Arrest For Gambling Online In Washington If The Laws There Are So Strict About It?

Well, the truth is the state’s law enforcement agencies would never be able to arrest all the people that bet on sports online. That is just the simple fact of the matter, as millions of people enjoy sports betting for Washington resides year in and year out thanks to the existence of legal offshore sportsbook websites that have served this state and others for more than two decades. Besides, law enforcement is far too busy to concern themselves with someone who is gambling, unless you get reported for whatever reason. The information that we provide here was given to us by trusted gambling portals that focus solely on listing the best legal sports betting sites. We do not guarantee the accuracy of the information you find here, but this should give you a good idea of what to expect before you decide to try out the sports betting hobby.

Wire transfer, bank transfer or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office.

Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserve's Fedwire system in the United States, are more likely to be real-time gross settlement (RTGS) systems, as they provide the quickest availability of funds. This is because they post the gross (complete) entry against electronic accounts of the wire transfer system operator.^{[clarification needed]} Other systems, such as the Clearing House Interbank Payments System (CHIPS), provide net settlement on a periodic basis. More immediate settlement systems tend to process higher monetary value time-critical transactions, have higher transaction costs, and have a smaller volume of payments. A faster settlement process allows less time for currency fluctuations while money is in transit.

History[edit]

The first widely used service for wire transfers was launched by Western Union in 1872 on its existing telegraph network. Once a sender had paid money to one telegraph office, the operator could transmit a message and 'wire' the money to another office, using passwords and code books to authorize the release of the funds to a recipient at that location. By 1877 the service was used to transfer almost $2.5 million each year.^[1] Because the earliest wire transfers were using telegraph networks, it was termed telegraphic transfer and this name is still used in some countries.

Process[edit]

A bank wire transfer is effected as follows:

1. The entity wishing to do a transfer approaches a bank and gives the bank the order to transfer a certain amount of money. IBAN and BIC codes are given as well so the bank knows where the money needs to be sent.
2. The sending bank transmits a message, via a secure system (such as SWIFT or Fedwire), to the receiving bank, requesting that it effect payment according to the instructions given.
3. The message also includes settlement instructions. The actual transfer is not instantaneous: funds may take several hours or even days to move from the sender's account to the receiver's account.
4. Either the banks involved must hold a reciprocal account with each other, or the payment must be sent to a bank with such an account, a correspondent bank, for further benefit to the ultimate recipient.

Banks collect payment for the service from the sender as well as from the recipient. The sending bank typically collects a fee separate from the funds being transferred, while the receiving bank and intermediary banks through which the transfer travels deduct fees from the money being transferred so that the recipient receives less than what the sender sent.

Regulation and price[edit]

Since 2009 the European Union Regulation No 924/2009 ^[2][3] controls cross-border payments in the European Union. In the new regulation Article 1 (q.v., Ref.4) states that an IBAN/BIC transfer within Single Euro Payments Area (SEPA) must not cost more than a national transfer, no matter which currency is used. The receiving bank can charge for exchanging to local currency.

Prior to this, in 2002 the European Union relegated the regulation of fees a bank may charge for payments in euro between EU member states down to the domestic level,^[4] resulting in very low or no fees for electronic transfers within the Eurozone. In 2005, Iceland, Liechtenstein, and Norway joined the EU regulation on electronic transfers. However, this regulation was superseded by the Single Euro Payments Area (SEPA), consisting of 32 European countries.

In the United States, domestic wire transfers are governed by Federal Regulation J^[5] and by Article 4A of the Uniform Commercial Code.^[6]US wire transfers can be costly. In 2016, among the 15 largest retail banks, the average fee for an outgoing domestic wire was $25. Incoming domestic wire fees were about evenly split between $0 (free) and $15.^[7]

In Australia, money transfers are primarily regulated by ASIC, there is sometimes further regulation by AUSTRAC in industries where money laundering or terrorism financing are a risk; such as money remittance services. Domestic transfers in Australia are generally free to consumers. International transfers can be costly, and banks will often charge a fee between $0 (free) and $20, and an FX margin (the difference between the interbank rate, and the rate that you are charged). Cheaper alternatives to the banks are available from foreign exchange brokers, who usually charge a lower fee and/or margin.

Security[edit]

With bank-to-bank wire transfer, each account holder must have a proven identity. Chargebacks are unlikely, although wires can be recalled.^{[citation needed]} Information contained in wires are transmitted securely through encrypted communications methods. The price of bank wire transfers varies greatly, depending on the bank and its location; in some countries, the fee associated with the service can be costly.

Wire transfers done through cash offices are essentially anonymous^{[citation needed]} and are designed for transfer between persons who trust each other. It is unsafe to send money by wire to an unknown person to collect at a cash office; the receiver of the money may, after collecting it, not provide whatever goods or services they promised in return for the payment, but instead simply disappear. This scam has been used often,^[8] especially in the so-called 419 scams which often nominate Western Union for collection.

International transfers involving the United States are subject to monitoring by the Office of Foreign Assets Control (OFAC), which monitors information provided in the text of the wire and then decides whether, according to the US Government's federal regulations^[5][6] and political positions, money is being transferred to terrorist groups, or countries or entities under sanction by the United States government. If a financial institution suspects that funds are being sent from or to one of these entities, it must block the transfer and freeze the funds.^[9]

Mybookie Wire Transfer Rates

SWIFT or IBAN wire transfers are not completely free of vulnerabilities. Every intermediary bank that handles a wire transaction can take a fee directly out of the wire payload (the assets being transferred) without the account holder's knowledge or consent. In many places, there is no legislation or technical means to protect customers from this practice. If bank S is the sending bank (or brokerage), and bank R is the receiving bank (or brokerage), and banks I1, I2 and I3 are intermediary banks, the client may only have a contract with bank S and/or R, but banks I1, I2 and I3 can (and often do) take money from the wire without any direct arrangement with the client. Clients are sometimes taken by surprise when less money arrives at bank R. Contrast this with cheques, where the amount transferred is guaranteed in full, and fees (if there are any) can be charged only at endpoint banks.

The European Union offers some partial protection from this practice by prohibiting European intermediary banks from taking a fee out of the amount being transferred, even for transatlantic transfers.^{[citation needed]} However, it's still common practice for a European brokerage firm to state that they charge no transfer fee, and then contact their bank to take an unpublished fee from the amount transferred as a means to compensate their bank with their clients' assets—e.g., CMC Markets implements this policy in partnership with NatWest.^{[citation needed]}

Methods[edit]

Retail money transfers[edit]

One of the largest companies that offer wire transfer is Western Union, which allows individuals to transfer or receive money without an account with Western Union or any financial institution.^[10] Concern and controversy about Western Union transfers have increased in recent years, because of the increased monitoring of money-laundering transactions, as well as concern about terrorist groups using the service, particularly in the wake of the September 11, 2001 attacks. Although Western Union keeps information about senders and receivers, some transactions can be done essentially anonymously, for the receiver is not always required to show identification.^[11]

Another option for consumers and businesses transferring money internationally is to use specialised brokerage houses for their international money transfer needs.^[12] Many of these specialised brokerage houses can transfer money at better exchange rates compared to banks, thus saving up to 4%.^[13] These providers can offer a range of currency exchange products like Spot Contracts, Forward Contracts and Limit Orders.^[14] However, not all such providers are regulated by appropriate government bodies. For example, in the UK, even though such companies are regulated by the Financial Conduct Authority, not all of them fall under (FCA) scrutiny.^[15] Regulators include the Australian Securities and Investments Commission (ASIC), the Financial Transactions Reports Analysis Centre of Canada (FINTRAC) in Canada, the Hong Kong Customs and Excise Department in Hong Kong and the Financial Conduct Authority (FCA) in the UK.^[16]

International[edit]

Most international transfers are executed through SWIFT, a co-operative society founded in 1974 by seven international banks, which operate a global network to facilitate the transfer of financial messages. Using these messages, banks can exchange data for the transfer of funds between financial institutions. SWIFT's headquarters are in La Hulpe, on the outskirts of Brussels, Belgium.

SWIFT also acts as a United Nations–sanctioned international standards body for the creation and maintenance of financial-messaging standards. See SWIFT Standards.

Each financial institution is assigned an ISO 9362 code, also called a Bank Identifier Code (BIC) or SWIFT Code.These codes are generally eight characters long.^[17] For example: Deutsche Bank is an international bank with its head office in Frankfurt, Germany, the SWIFT Code for which is DEUTDEFF:

• DEUT identifies Deutsche Bank.
• DE is the country code for Germany.
• FF is the code for Frankfurt.

Using an extended code of 11 digits (if the receiving bank has assigned extended codes to branches or to processing areas) allows the payment to be directed to a specific office. For example: DEUTDEFF500 would direct the payment to an office of Deutsche Bank in Bad Homburg. SWIFT deviates slightly from the standard, though, by using position nine for a Logical Terminal ID, making its extended codes 12 digits long.^[18]

European banks making transfers within the European Union and within Switzerland also use the International Bank Account Number, or IBAN.

International prepaid cards[edit]

International prepaid cards are an alternative way for transferring funds. Companies can provide a debit card for worldwide employees' payments. The recipients don’t need to have a bank account and can use the card in places that a debit card is accepted at point-of-sale or online and may withdraw funds in local currency at an ATM.

United States[edit]

Banks in the United States use SWIFT to send messages to notify banks in other countries that a payment has been made. Banks use the CHIPS or Fedwire system to actually effect the payment.

Domestic bank-to-bank transfers are conducted through the Fedwire system, which uses the Federal Reserve System and its assignment of ABA routing transit number, which uniquely identify each bank.

Other electronic transfers[edit]

Other forms of electronic transfers include, for example, electronic funds transfer system (EFTS). This is the system used to transfer money from a bank account to another party. It is also the system used in some payments made via a bank's online bill payment service. These transfers are made using a bank routing number and the account number at that institution. EFTS transfers differ from wire transfers in important legal ways. An EFTS payment is essentially an electronic personal check, whereas a wire transfer is more like an electronic cashier's check.

EFTS transfers are often called 'ACH transfers', because they take place through Automated Clearing Houses.

One important way ACH transfers differ from wire transfer is that the recipient can initiate it. There are of course restrictions, but this is the way people often set up automatic bill payment with utility companies, for example.

See also[edit]

References[edit]

1. ^Standage, Tom (2007). The victorian internet : the remarkable story of the telegraph and the nineteenth century's on-line pioneers (Pbk. ed.). New York: Walker. p. 119. ISBN9780802716040.
2. ^Regulation (EC) No 924/2009.
3. ^'EUR-Lex - 32001R2560 - EN'. Retrieved 16 June 2015.
4. ^Regulation (EC) No. 2560/2001. European Parliament and the Council of the European Union
5. ^ ^abRegulation J - Check Collection and Funds Transfer. BankersOnline.com
6. ^ ^abSection 4A of Universal Commercial Code. Legal Information Institute.
7. ^Tierney, Spencer (March 25, 2016). 'Wire Transfers: A Guide to What Banks Charge'. NerdWallet. Archived from the original on 2019-08-29. Retrieved April 3, 2017.
8. ^Morrow, Julian (13 March 2014). The Checkout. Series 4. Episode 2. 14 minutes in. ABC. access-date= requires url= (help)
9. ^OFAC facts
10. ^'Western Union Money Transfer Options'. Westernunion.com. Retrieved 2010-07-01.
11. ^Can Western Union Keep On Delivering?. Business Week
12. ^'Money Transfer South Africa: Starting Information'. MoneyTransferSouthAfrica.org. Retrieved 2011-01-01.
13. ^'Money Transfers for Small Businesses'. MoneyTransfers.com. Retrieved 2019-08-22.
14. ^'Forward Contracts and Limit Orders Explained'. moneytransfercomparison.com. Retrieved 2015-11-26.
15. ^'Currency Specialists'. fxcompared. Retrieved 2012-11-28.
16. ^'The Importance of Regulation and Who Does What'. Transumo.com. Retrieved 17 May 2016.
17. ^'SWIFTRef - The global reference data utility'. Retrieved 16 June 2015.
18. ^'What is SWIFT? - C24 Technologies'. Retrieved 16 June 2015.

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