Bank Transfer/Wire Transfer for Betting
The huge number of online bettors now have access to different mobile banking applications which makes online banking much more accessible, faster, and easier. This has attracted a lot of players in the betting scene. Bank/Wire Transfer are widely available and offers the maximum deposit and withdrawal limits than any other payment methods available out there. In this article, we will take a 360° look at Bank/Wire Transfer and how they have impacted the betting industry.
Bank/Wire Transfer are widely available and offers the maximum deposit and withdrawal limits than any other payment methods
FAQ Bank Transfer
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Bank/Wire Transfer Advantages on Betting Sites?
Since every online bookmaker accepts Bank/Wire Transfer, it can be justified that it is a convenient alternative for betting enthusiasts to anything else that is available out there. To help solidify this though let us further elaborate on why Bank Transfer/Wire Transfer is better. Here are some of the major factors that contribute to Bank/Wire Transfer being a better option than anything else: Seriously Secure There is a valid reason to why bettors choose Bank/Wire Transfer over anything else. This might be the most important reason you would consider it too. The reason is the safety that a Bank/Wire Transfer provides in comparison to other online transaction methods. Validating it further, the method is the only one other than making a physical over the counter cash deposit at a betting shop, where none of the transaction procedures are carried out on the bookmaker site. Deposits are done after the player is provided with the bank account details of the bookmaker. Then, the player is allowed to transfer the funds from their own online banking facility. A reference or a similar marker will make sure that the funds have been transferred to the correct betting account. The entire transaction process is solely handled by the bank you have an account with. Every transaction is protected all the security measures and other similar protective technologies that banks put in place for their customers. Noting that every protection measure taken by the banks are unquestionably impenetrable, making deposits via Bank/Wire Transfer is the best possible option available out there in terms of safety and security of the customer’s data.
making deposits via Bank/Wire Transfer is the best possible option available out there in terms of safety and security of the customer’s data
Since the entire transfer process is carried out on the bank’s website, it gives another security benefit to Bank/Wire Transfers. This prevents you from sharing any of your bank account, card, or personal details to a third-party including the bookmaker site. Plus, all banking sites are SSL encryption protected. However, there is always a scope of your data being hacked or misused. This is mostly in the scenario where there is a debit or a credit card involved, therefore, it is best to opt for Bank/Wire transfer. Free Of Cost Bank/Wire Transfers are free of cost which means that no fee is charged for any transaction. This rule is acknowledged and followed by every online gambling and betting site. Even the bookmakers who frequently levy fees on deposits and withdrawals, make an exception for all the transactions done via Bank/Wire Transfer. This is specifically because minimal administration and processing are required from them when talking about deposits. That is why punters are so attracted to Bank/Wire Transfers than any other deposit method. Perfect for Bigger Transfers Bank/Wire Transfers are one of the betting deposit methods that offer the single highest deposit limit on almost every online betting site that accepts this method. Many betting sites have a deposit limit of hundreds of thousands through bank transfer. Other deposit methods have far lower deposit limits than Bank/Wire Transfer.
Bank/Wire Transfer Disadvantages on Betting Sites?
While the above-mentioned advantages are a compelling reason for any bettor to switch from other deposit methods to Bank/Wire Transfer, some drawbacks should also be discussed to put forth a clearer perspective of this payment method. Long Payment Processing Time This is arguable, but Bank/Wire Transfers are known to be slow a lot of times while depositing and withdrawing funds on a betting site. Although the transfer initiation process takes a few moments, the processing period can not be trusted for its quickness. A transfer period of 48-hours is promised when you perform a transaction. The longest stretch can be up to 10 working days which means that Bank/Wire Transfers are not a convenient option when it comes to the timely reflection of the requested deposit or withdrawal amount. This is not at all a great thing for punters who need quick transfers, especially when they are betting live. However, certain online bookmakers offer “Fast Bank/Wire Transfers” that shorten the transfer speed. Minimum Deposit Limit Can Be A Bit High The way maximum deposit limit has been kept high, the minimum deposit limit can also be high in many banks. Many online betting sites only allow transfers in amounts of hundreds or higher which is not at all a suitable option for new punters who wager in smaller amounts.
How to Bet Using Bank/Wire Transfer?
To make a deposit, you must create a payee with your bank. The bookmaker you have registered yourself on will give their bank account information and provide you with the instructions on how to reference a particular transaction. Usually, this is just a betting site account ID or a username. You need to fill in the bookmaker’s name, the sort code, and your account number in the appropriate fields and give the particular transaction a reference for the bookmaker to know that the transaction is being requested by you. Now, authorize the payment for which you will be asked to generate a unique pin using an SMS code, a card reader, or any other mode at least for the first time you make a deposit. The process of transferring the amount would be initiated after you authenticate the pin. It might take anywhere around 5 days or more (depending on holidays and weekend) for the amount to reflect in the betting account. For several banks, a Bank Wire needs to be performed which requires more fields to be filled. This is an elaborate form of Bank Transfer that is required mostly when overseas transactions need to be done. The transfer period is almost the same with Bank Wire taking a bit less time to reflect in the payee’s account. Some bookmakers are also accepting “Fast Bank Transfers” that further cut down the transfer time. Some bookies also accept Faster Bank Transfer that will clear even quicker, again this is discussed below. Withdrawal via Bank/Wire Transfer requires you to enter your account details, sort code, name, and IBAN in case it is a Wire Transfer. This means that there is no need to interface with the bank for withdrawal. However, it would be somehow pretty unusual for a bookmaker to let you withdraw the amount via Bank/Wire transfer unless you have used any other method to make the deposit. Moreover, there are also disadvantages to using Bank/Wire Transfers. Many bookmaker sites have higher withdrawal and deposit limits than any other payment method available out there. This is mostly because of the clerical complications for the betting site that are necessary for mediating a Bank Transfer. Because of fund transfer verification, human intervention is needed. This involves checking whether the amount has reached the bookmaker’s account or is transferred to the player’s bank account. However, this would not be done for smaller amounts which is why it is not feasible for a punter to use Bank/Wire Transfer. Whenever you are considering the processing time of a Bank/Wire Transfer, two things need to be taken care of. The first one involves the actual time it takes for the amount to be cleared from the betting account and the second thing involves how long will it take the bookie to process the amount and transfer it into your bank account. The processing speed varies among every bookmaker which is why the transfer time varies when making a transfer between two betting sites.
Types of Bank Transfers
Bank Wire
Bank Wire is a type of Bank Transfer when the recipient, either one of the beneficiaries, or both have an account outside a country. Many bookmakers with a gambling license in a particular country are not based in that country and may also not be having an account in the country. You would need Bank Wire Transfer service to send the money to these bookmakers. A Wire Transfer requires you to fill in extra details. An International Bank Account Number (IBAN), a Society for Worldwide Interbank Financial Telecommunication number (SWIFT), and Bank Identifier Code (BIC) are needed. You can find these numbers mentioned on the bank statement or can be asked for by contacting the bank. Usually, you would also need the bank’s address along with your sort code. Anyone who wants to transfer money needs to approach the bank with the BIC and IBAN of the payee. The bank will further send a message through a secure system like SWIFT to the bank that will receive the amount. The money is transferred temporarily to an intermediate account created between banks while your transfer fee is collected and the payment is being verified. This is a time taking process during which the bank sending the amount, intermediate bank, and the receiving bank can levy fees for their service. Since it is a global electronic payment method, Bank Wire should not take as much time as BACS payment. Though sometimes, transfer periods are longer than usual due to national holidays and time differences between countries. Also, many banks charge a transfer fee from account holders when they are using Bank Wire. However, most of the online bookmakers do not charge anything for a Bank Wire deposit or withdrawal. But the minimum deposit and withdrawal limits are usually higher than any other payment method.
Bankers’ Automated Clearing Services (BACS)
When making payments from one account to another, the payment will be processed by the Bankers’ Automated Clearing Services. This system also allows users to make direct deposits and debits. Dating back to the ’60s, BACS was developed for banks to cooperate for quickly clearing payments and avoid using paper documents that were earlier sent through post between banks. You only need the payee name, sort code, and account number to make the transaction. In 2017, £4.9 trillion were transferred using BACS through 6.34 billion transactions. All payments mostly take 2-5 working days but many transactions might take far lesser time depending on the banks you have chosen.
Min Deposit: $10
Min Deposit: ₹1,000
