Bank Transfer Betting Sites – 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. This is one of the oldest and most traditional payment methods. This method is older than the internet and online betting sites themselves. Bank transfer 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 have trusted it, it’s not surprising that many operators still offer it despite its apparent disadvantages. In this article, we’ll introduce the advantages and disadvantages of bank transfer as a payment method. Before deciding on your favorite deposit method in top betting sites and online casinos, you will have a complete picture.
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Other Deposit Method Guides
How Does a Bank Transfer Work
Players interested in using bank transfer as a favorite deposit method should know one thing. Bank transfer 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 players excellent security. Especially those players 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-wallet account, so their only option is to use a bank transfer.
Compared to newer and significantly faster payment methods, bank transfers are safe and proven payment methods. Still, given the pros and cons of paying at online betting sites, players should be aware that wire transfer isn’t one of the most suitable methods that can be found.
A bank transfer is an electronic money transfer from the bettor’s bank account to the company receiving the payment. In this case, an online betting site or a casino. It can be done through mobile banking, internet banking, or physically going to the bank and making deposits. The only speedier option for bank transfers 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 every time, depending on the bank and the chosen betting site.
How Does a Bank Transfer Work?
To make a bank transfer, the bettor needs to ask the bank to pay to a specific legal entity, in this case, an online betting site. For the bank to know the legal entity that needs to receive money, it always looks for two main pieces of information – BIC and IBAN.
The unique BIC code (Business Identifier Code), better known as the SWIFT code, is used worldwide to correctly identify financial institutions such as banks. On the other hand, IBAN is a unique number for every bank. He consists of 32 characters, an additional check when sending money through bank transfer.
To make a bank transaction, enter your personal information (first name, last name, address, day, month, and birth year). Also, all the recipient’s business data. When making a bank transfer to the best bookies and UK betting sites, 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 the information is correct, they’ll contact the company’s bank you’re paying money to. If the recipient’s bank verifies all the data, only then is the money transferred electronically. Therefore, it’s crucial to be careful when completing all the documentation. Even the slightest mistake can lead to a delay of several days and sometimes even weeks.
Instant Bank Transfers
Some of the top best betting sites offer an instant bank transfer option when choosing payment methods. 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 at Betting Sites
Sportsbooks and Bank Transfer
The love between the best betting sites and bank transfers has been going on for a long time. Ever since online betting was created, and even before that, bank transfer was one of the most important ways to make a deposit. Even today, in addition to a large number of quality methods, bank transfer is still the safest method you can find.
There is almost no quality operator that does not accept this deposit method. There are many reasons for that. If you ever want to make a large deposit or have large winnings to withdraw, be sure to check out this option. Bank transfer betting sites that offer this deposit method are considered professional and high-quality. Our recommendation goes to the operators Megapari, Rabona, and Sportaza. Look at their offer, because you certainly won’t regret it.
Bank Transfer Deposit and Withdrawals
Regarding the bank transfer as a withdrawal option, we must mention that this method exists in all the best online betting sites. The procedure itself is the same as depositing. You must visit the payment methods page and select bank transfer as a withdrawal method. Then, you must have all the information about your bank to write to the bookmaker when sending the request.
Again, it should be noted that there are transaction fees when withdrawing money. They can range from acceptably low to extremely high. You should keep 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.
Bank Transfer Transaction Fees and Security
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 online betting sites, 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 betting site brand to play in, which has its own IBAN and SWIFT codes, there’s no chance that you’ll become the subject of fraud.
Conclusion
A bank transaction is definitely no longer one of the most popular deposit methods today. 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 players. 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.
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FAQ
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How long does a bank transfer take?
Well, usually it takes several business days to move your money from one account to another if you use this deposit method. You need to have in mind that on weekends banks don’t work, and if you make a deposit on Friday, you will need to wait even more.
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Is there a limit on bank transfers?
One of the most important things regarding bank transfers is the fact that there is no limit. You can move vast amounts of money from one account to another. That’s why many professional players, still prefer to use this deposit method.
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Which are the best bank transfer betting sites?
Nowadays, almost every online betting site allows its customers to make deposits via bank transfer. So, if you are looking for the best bank transfer betting sites, you should look at our list of top choices.
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How to find best sportsbook sign up offers?
If you prefer to use bonuses and promotions from sportsbooks, you need to regularly check their promotional pages, or you can visit our page and see the list of the best monthly bonuses.
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What is the best betting site UK?
There are many quality betting sites for players from the UK. Most of them offer excellent welcome bonuses and regular promotions. Still, every player has their own preferences, and it is hard to be exact and put the finger on just one betting brand.