Although contemporary sports betting fans are provided with a vast number of payment processors to choose from, they are looking for convenient payment options known for the security, transparency and affordability.
They can choose between a number of e-wallets and prepaid cards with the aim of protecting their banking details or just minimize the risk of overspending. However, despite the great variety of payment methods, bank transfer is still a widely preferred option for depositing funds to one’s sports betting account.
The availability of online banking options has made this type of payment even more popular. Now, you can manage your bankroll via your computer or mobile device and deposit funds in a safe and secure manner.
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How Does Bank Transfer Work
The technology development has brought considerable changes as far as banking products and services are concerned. Now, it is not even necessary to visit the a physical branch of your bank in order to make a bank transfer. Actually, this is just one of the methods, while the other two include online bank transfer and transfers over the phone.
Bank transfer, also known as a wire transfer, is one of the most widely preferred options for transferring money from one account to another. Actually, if you are looking for security, reasonable fees and efficiency, bank transfers are probably the best choice as scams are rare and transactions are processed only when the receiver and the sender are identified by the bank institution.
In a nutshell, bank transfers allow bank customers to exchange funds without exposing any sensible details to unnecessary risks. Funds can be transferred from your account to the receiver’s even if the latter is based in other city or country.
What makes bank transfers such a convenient and secure payment option is the fact that customers do not handle any cash. The transaction is electronically processed by the bank.
If you are the sender, you need to get receiver’s banking details including their full name, account number, routing number, address and the phone number of the bank of the recipient.
Next, you have to make sure that you have sufficient funds to complete the transaction and then inform your bank about the exact amount you would like to be transferred. Give the aforementioned information about the recipient and once the transaction is processed, you will be given a receipt.
If you decide to perform the transaction on your own, you have to log into your online banking and follow the instructions. However, many banks require the customers to undergo authorisation procedures before being given the right to process such kind of transactions over the Internet.
Although the optimum amount of time required for a bank transfer to complete is 3 days, more and more banks strive to provide their customers with efficient services and transactions are usually processed within an hour or two.
In point of fact, cash is immediately transferred from the sender’s account to the recipient’s but some time is necessary until the sum appears in receiver’s account.
There is no need to wait for a couple of days until your account is ready to use. Every account holder can visit a bank branch and request a bank transfer to be processed. Yet, the online bank transfers require initial authorisation but then, you will be allowed to send money in a time saving manner.
As far as deposits to online sports betting sites are concerned, you need to set up a payee with the bank you have an account with. Then, you have to obtain the required information in order to be able to transfer the funds to the bookmaker. What you need to know is how to reference the transaction. In most cases, this is either your username or account ID. In other words, you need to write down the information for the bookie in the required fields. You will be supposed to enter the bookie’s name, account number and the username or the account ID, so the bookie knows who is making the deposit. In order to complete the authorisation, you have to receive an SMS code or generate a unique code by using a card reader.
Depending on the bank you have an account with, it may take between a few hours and a couple of days for the money to be routed to bookie’s account. Please keep in mind that if there is a holiday or you initiate a transaction during the weekend, it can take longer.
Depending on the country you reside, you might be required to perform a bank wire, where you will be supposed to provide some additional information. Some banks offer their customers the so-called fast bank transfers, which clear within an hour or two.
In point of fact withdrawals via bank transfer are not really widespread although they are a convenient method for cashing out your sports betting winnings. If you have, after all, decided to do that, you have to go to the cashier page of your bookie, enter your banking details and follow the instructions. However, you might not be allowed to withdraw your winnings via bank transfer unless you have used this method for depositing funds.
What makes withdrawals via bank transfer less popular than withdrawals via a certain e-wallet is the fee deducted for the transaction. The other reason that makes punters shy away from this withdrawal method is the fact that the withdrawal requirements are more complicated and you must have generated solid winnings in order to be allowed to initiate a withdrawal via bank transfer.
What is more, withdrawals via bank transfer require verification and as a result, more time is necessary for the transaction to complete.
However, there is another side of the coin. Your bank might clear the transaction in a time-efficient manner, but the bookie itself may impose delays.
Since every bookie has its own policy regarding withdrawals, you are advised to read the terms and conditions and find out how long it takes for a withdrawal request to complete.
If the bookie you have an account with is based in the country you reside, you should not have to pay a fee or it will at least be a negligible amount. However, banks usually impose heavy fees for international transfers, so you are strongly recommended to check how much it will cost to make an international bank transfer.
As for the bookies, most of them do not charge a fee for deposits or withdrawals via bank transfers.
What makes bank transfers such a secure method for sending and receiving money is that one cannot initiate a deposit or withdrawal anonymously. On the contrary, the bank would not complete the transaction unless the identities of both the sender and the receiver are approved.
In addition, you don’t have to handle any cash as the transaction is electronically processed. If you are able to make online bank transfers, you are not advised to access your account via public Wi-Fi networks. The latter is one of the best practices adopted for protection against identity thefts, phishing attacks, etc.
When you make a bank transfer to a bookie, the latter does not receive any sensitive personal or banking information. In other words, if the bookmaker experience any troubles related to fraud or dishonest identity theft practices, your details are not exposed to any risk.
It is also important to mention that in some countries bookies have to adhere to more strict banking regulations and as a result, they accept bank transfers from a limited number of countries.
Gone are the days when you had to go to the bank branch and wait in line to pay your bills, send or receive money. Now, you are enabled to take advantage of different banking services without leaving the comfort of your home. Every reputable bank has either an app or a mobile version of the site where customers are enabled to process transactions in a fast and secure manner.
First of all, bank transfers provide the necessary level of security, and this is the main reason why punters choose it over some other payment processors. Second, you might be able to transfer funds by logging into your online banking via computer or a mobile device.
Every bank institution aims at protecting its customers from dishonest practices, so you can be sure that your information is heavily encrypted.
Speaking of the disadvantages, the high commissions for international transfers are probably the main reason why some punters opt for alternative payment solutions. Although bank institutions do their best to protect customers from frauds, there is still such a danger. In case you are a victim of a fraud, you can hardly recover your financial losses. Last but not least, bank transfers and international ones in particular, take up to one week, which can be a serious issue if you would like to place your wager right away.
Countries Where Bank Transfer is Used as a Deposit Method for Sports Betting
Bank transfers are a widely accepted form of payment but as far as deposits and withdrawals to sports betting websites are concerned, you have to be aware of the following. You have to make sure that the bookie is based in a country where sports betting is legal, otherwise your transaction might be rejected.
In case your bank transfer request is actually rejected, you can always opt for the most widespread e-wallets or prepaid cards.