Using bank transfer for online betting payments and withdrawals
Bank transfers, also known as bank wires, are simply a way of sending your money from your bank to a betting company.
In theory, this is the simplest way of doing business as there is no middle-man transferring the payment for you. Instead it is your bank that will send the money directly from the account you hold with them to the betting company.
Advantages with bank transfers for online betting
- It's simple: All you need is a bank account with money it it.
- Availability: Because it is considered a trustworthy payment method (assuming the bank is reputable) most bookmakers will be happy to accept it as a payment method.
- Safe: It's just between your bank and the betting site. No other party is involved, which means the payment is not convoluted by other services.
- There is a high threshold for your Maximum deposit: Bank transfer will usually allow you the largest maximum deposit.
You can even deposit your money to transfer in cash
Disadvantages with bank transfers for online betting
- Processing Time: This is the the big disadvantage and will put most people off using a bank transfer. Because the main job of your bank is to hold your money and they usually leave the payments to the payment providers, this is an extra service which is not prioritized. You can expect to wait up to 10 days in some cases for your money to go through.
- Fees: This can really vary depending on your bank. The fees are not charges by your bookie but by your bank. The fees can really vary but if they are charged, they will usually be higher than the other payment methods.
- The minimum payments are usually high: Bank transfers usually require a relatively high minimum deposit. For example Bet365 requires a £25 minimum deposit. Which is high compared to Visa/Mastercard transactions which only require £5.
Bookies that do not charge a fee for a bank transfer
Checking that you can make a bank transfer to an online betting site
You will need to do this in two steps:
- Check that the betting site allows bank transfers - this will almost always be the case.
- Check that your bank will allow this sort of transfer.
Most reputable bookies and most reputable banks should allow this form of payment.
Bank Transfers to Online Bookies - FAQ
What is the difference between a bank transfer and a bank wire?
Just the wording, they mean the same thing.
What information will I need to provide to make a bank transfer to an online bookie?
- The name of your bank
- Your account name
- Your account number
- Your Swift or IBAN number
- A reference
Is a bank transfer safe?
It is one of the safest methods around. Your bank will only pay the bookie if the money is there. No-one is in credit and there is no middle-man.