If you've ever wondered which payment methods are the best when it comes to online sportsbooks, this…
Bank Transfer – A Traditional Way of Making Deposits
Bank transfer, or as some call it, ‘wire transfer,’ is a payment method accepted by almost all betting sites and online casinos. This is one of the oldest and most traditional payment methods because of the simple reason that this method is older than the internet and the online sportsbooks themselves. This method is widely used in everyday life and for purchasing a large number of goods and services.
Given how long this payment method has been around and how much people trust it, it’s not surprising that it’s still offered by many operators, despite the obvious disadvantages it has. In this article, we’ll introduce you to the advantages and disadvantages of bank transfer as a payment method to have a complete picture before you decide what will be your favorite deposit method in top betting sites and online casinos.
How Does a Bank Transfer Works
Players interested in using bank transfer as a favorite deposit method should know that this method is probably the slowest method existing in the sports betting and online casino industry.
As for the deposit itself, which is almost instant with other payment methods (Skrill or Neteller), bettors will have to wait from one to five business days. On the other hand, a bank transfer offers the players excellent security, especially those who fear that their personal or financial data may be stolen when making online transactions. Many bettors also don’t have payment cards or the possibility to open an e-wallets account, so their only option is to use a bank transfer.
If compared to some newer and significantly faster payment methods, bank transfers are a respectable, safe, and proven payment method, but given the pros and cons of paying in online sportsbooks and casinos, players should be aware that wire transfer isn’t one of the most suitable methods that can be found.
A bank transfer stands for an electronic money transfer from the bettor’s bank account to the account of the company receiving the payment, in this case, an online sportsbook or a casino. It can be done through mobile banking, internet banking, or physically going to the bank and making deposits. The bettors who choose this deposit method should know that this is the slowest available method and that it takes up to several business days to process payments.
If you prefer faster deposit methods, we recommend the e-wallets or Paysafecard option. The only speedier option of bank transfer is the so-called Instant Bank Transfer. Still, it’s not widely available, and it may happen that your bank doesn’t offer it.
Additionally, users pay transaction fees with this payment method, depending on the bank and the chosen sportsbook. These fees can often be low, but sometimes they are so high that it’s not worth it for the players to make deposits this way.
How to Make a Bank Transfer?
To make a bank transfer, the bettor needs to ask the bank to make a payment to a specific legal entity, in this case, a sportsbook or online casino. For the bank to know the legal entity that needs to receive money, it always looks for two main information – BIC and IBAN.
The unique BIC code (Business Identifier Code), better known as SWIFT code, is used worldwide to identify financial institutions such as banks correctly. On the other hand, IBAN is a unique number of every bank, consisting of 32 characters, which is an additional check when sending money through bank transfer.
To make a bank transaction, you must enter your personal information (first name, last name, address, day, month, and year of birth), as well as all the recipient’s business data. When making a bank transfer to online sportsbooks or casinos, you need to enter the operator’s business name, the country they’re registered, SWIFT (BIC), and IBAN. After that, you need to specify the amount you want the deposit and the purpose of the payment.
When your bank checks all the data and confirms that the information is correct, they’ll contact the company’s bank that you’re paying money to. If the recipient’s bank verifies all the data, only then is the money transferred electronically, and that’s why this procedure can take up to several business days. We emphasize business days because banks don’t correspond with each other on non-working days. Therefore, it’s crucial to be careful when filling out all the documentation because even the slightest mistake can lead to a delay of several days, and sometimes even weeks.
Instant Bank Transfers
Some sportsbooks offer an instant bank transfer option when choosing payment methods on their sites. As the name suggests, these transactions are processed quickly between bank accounts, mainly using digital services that provide this type of service in just a few minutes. The most famous digital service of this kind is PayPal, but there are others, such as Giropay or Trustly.
Making Deposits via Bank Transfers in Sportsbooks
Although bank transfer is one of the slower deposit methods, having in mind other methods such as payment cards or e-wallets, many bettors still use this method. That’s because this deposit method offers users a high security level and the ability to deposit large amounts of money.
To make a deposit with this method, you need to click the deposit section on your sportsbook account and select the ‘bank transfer’ option. Then you’ll be redirected to a page with all the necessary details about the sportsbook and detailed instructions on how to complete the bank transfer process. Regardless of whether you go to the bank in person or make an online transfer, you’ll need to enter all the personal data we mentioned earlier in this text, as well as the details about the recipient of the money.
What is positive about this type of payment method is the fact that you can choose the currency in which you want to make a deposit. You can also deposit in a different currency than the one you have selected in your favorite sportsbook. After you complete the transaction, you can expect an e-mail from the bookmaker confirming that the transaction has been sent. This e-mail should always contain a transaction identification number, which enables you to track the transaction’s status.
The transfer itself ends within a few business days, but, as we already noted, there may often be some unforeseen circumstances that further slow down the process. This is mainly the case with international transactions. If you are transferring money to a local online site, the waiting time is much shorter.
Withdrawing the Money from the Sportsbooks by Bank Transfer
When it comes to the bank transfer as a withdrawal option, we need to mention that this method exists in all sportsbooks and online casinos. The procedure itself is the same as depositing. You need to visit the payment methods page and select bank transfer as a withdrawal method. Then you have to have all the information about your bank to write it down to the bookmaker when sending the request.
Again, it should be noted that there are transaction fees when withdrawing money, which can range from acceptably low to extremely high. You should have in mind that the banks are not legally required to inform you about these types of fees, so you may be unpleasantly surprised when you finish the transaction and see the costs. We recommend contacting your bank and getting information about the fees before deciding on this payment type.
On the other hand, a positive aspect is that, as with the deposits, the withdrawal limits via bank transfer can be very high.
Security at the Highest Level
Even though we have already mentioned this, we need to emphasize again that bank transfers are one of the safest payment methods that players can choose. E-banking, just like sportsbooks and online casinos, uses the latest generation of SSL encryption, which ensures the safety and security of users’ personal and financial data.
Additionally, the risk of fraud or error when depositing or withdrawing money in your local bank is non-existent. If you choose a legal and licensed sportsbook brand to play in and which has its own IBAN and SWIFT codes, there’s no chance that you’ll become the subject of fraud.
Advantages of Bank Transfer
There are several advantages of this deposit and withdrawal method. First of all, there are no sportsbooks or online casinos that don’t accept bank transactions as a deposit or withdrawal method. This method is available to everyone who wants to bet online and is a legitimate option for players worldwide.
Another advantage is that this method is relatively simple, although the players are asked to provide detailed information about both their account and the account of the online provider. But, once you go through this process, you’ll realize that it’s not that complicated at all.
After all, we have already mentioned that bank transfers are one of the safest payment methods. They’re also available for depositing and withdrawing money, so the players won’t be required to look for alternative payment methods when paying out their winnings.
Disadvantages of Bank Transfer
Except for advantages, there are also disadvantages. They’re reflected primarily in the fact that bank transfers are definitely the slowest payment method available in online sportsbooks at the moment. For deposits, players can wait from one to five business days, which can be quite frustrating, especially for the players who prefer to transfer their money from one sportsbook to another. This situation can be crucial for the players who prefer arbitrage betting since the bank transfer doesn’t work for them at all as a payment method.
Another significant disadvantage of this payment method is the fact that there are almost always transaction fees, which are often pretty high, and this is by no means suitable for many players.
Is it Worth Using a Bank Transfer?
A bank transaction is definitely no longer one of the most popular deposit methods today since players certainly prefer payment cards, e-wallets, and even cryptocurrencies because these payment methods are much faster and simpler to use. However, a bank transfer is still perhaps the safest payment method for the players, and those players who choose it, have the possibility of depositing much larger amounts than other players. This indicates that bank transfer is undoubtedly the most reliable and the best payment method for professional players, for whom the transaction time isn’t crucial.