Online casino bank transfers: Pros and cons
Pro and Con
- Available at all good online sportsbooks
- Deposits qualify for welcome promos
- Large maximum deposit threshold
- Slow withdrawal times
- Often high minimum limits
- Have to provide banking information
Making a payment with online betting bank transfer
As with all things, some are easier than others – and while the steps to make a payment at bookmakers that accept bank transfer are easy, they are split into two stages. This makes it one of the most secure
gambling sites deposit options, but for other reasons, it is not the first payment method that customers usually pick.
Before you can begin this process, however, you’ll have to already be signed up with your preferred sportsbook, and also have a bank account (we’ll go into a bit more detail about this in a later section). And if you haven’t already, also be signed up for online banking or download your bank’s cell phone app.
Making a bank transfer betting deposit
With those boxes ticked, you then have some steps to follow, some of which will be familiar. First of all, you need to sign into your sportsbook account, and click through to the cashier option. From there, select ‘bank transfer’ (might also be called wire transfer) and at the next stage, tell them how much you want to deposit.
Then, rather than put in your own details, you’ll need to write down or print out the details that the operator gives you. The format might vary slightly depending on which sportsbook you are using, but there should be their account details somewhere in there and a reference you can use for the next stage.
Making the online bank transfer
This step might be familiar, as you now have to pay the sportsbook the same way you would have possibly paid a bill or your rent in the past. You can go into your bank in person with the details and they can do it for you, but it might be faster and easier if you used your online banking site or app to enter their details and make the transfer yourself. Clearly, putting the details in correctly is crucial here, as you don’t want to be sending your deposit to some random individual due to a finger fumble.
Once this is complete, there is the inevitable wait before you see the money in your account. It won’t be a quick transfer, but the timescales involved can still vary for a number of reasons, which we’ll look at next.
Average timescales of bank transfers at betting sites
While online betting bank transfer transactions are, human error aside, very safe, they are not the quickest. As you might already know from using bank transfers for other reasons; it can take a while, and online bank transfers are definitely one of the slower moving vehicles on the information superhighway.
You can expect to be sitting waiting for 2-5 working days while all of the wheels turn, but that timescale will depend heavily on both your bank and the sportsbook. To clarify things a bit, we’d recommend checking out your sportsbooks terms and conditions (or one of our Wetten operator reviews) to get a realistic idea of when you should be seeing your bank transfer arrive in your sportsbook account, and this will also give you an indication of how much time needs to expire before you start chasing customer support to get things moving.
Withdrawals from bank transfer betting sites
While you are there, you should also check that withdrawals are possible for this same method, as sometimes they are excluded, and the timescales involved there as well. Realistically you’ll need to add the 2-5 working days to whatever your sportsbook’s processing time is, so you could be in for an even longer wait.
If you are thinking of using bank transfer, it’s clear that timescales will be part of the decision about which online sportsbook you choose. Here at Wetten, we have all of the best betting sites with bank transfer options reviewed and rated, so you can compare them easily, and make a change if you see one that suits your needs better than your current operator.
Bank transfer verification requirements
Unlike using one of the newer third party services and then spending time looking for a
VIP Preferred betting site, there is no further joining or verification process needed. This is because the transaction originates from your bank, and they will have run all of the necessary checks on you when you opened your account, however long ago you opened it.
However, it is worth taking this chance to check that you are fully verified with your sportsbook operator before you make an online betting bank transfer to them.
What do you need to become verified?
It doesn’t matter if it’s a sports betting bank transfer sportsbook, or a
Play+ betting site, the process is the same. You’ll need to prove who you are, that you are old enough to place wagers, and where you are located. To do this you’ll need some Govt. issued ID like your driving license, your social security number and usually a recent utility bill or tax statement as a backup.
If you have joined a sportsbook before, you might have photos, scans or PDFs of them ready to upload, which always makes the process quicker. While this might seem like a lot of fuss, it is much easier than finding out the hard way that someone is pretending to be you, or accessing your account.
Top rated bank transfer options
1.
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Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
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3.
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First bet back as a bonus bet up to $1000
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History of the online betting bank transfers
As soon as you realize that online bank transfers were originally known as wire transfers, you’ll know this story goes back a long way. In fact, transfers first took place around 150 years ago in 1872, and started in America with Western Union being the first company to send one. Over the following years it became the default method for sending money long distances worldwide, and not just here in the US.
They could be costly, leading to banks opting to jump on technological advancements to speed up the process and lower the costs involved. This meant that, with the advent of computers this process went digital quite quickly with SWIFT sending messages and CHIPS and Fedwire systems making the payments.
This process is also used frequently by the public with the more widespread use of home computers and the internet, and the introduction of internet banking.
Are bank transfers still safe and secure?
Of course, over time this has been supplanted by ACH transfers and more instant payment methods, yet it still persists in online gambling because of the security aspect which is probably its standout benefit. This means in turn, that the best bank transfer betting sites are easy to find, as many operators still offer it as a deposit method after all these years.
For this reason, any thoughts that bank transfers aren’t safe and secure can be put to one side. Of course, we check out each payment method in each operator review in the ‘license and security’ part of our examination, and will flag up anything we find; however, the solid past of this payment method speaks volumes for its safe use for the best sports betting sites and bank transfers in the future.
Bank transfers compared to other payment methods
So far we’ve taken a look at online betting bank transfers in isolation, and discussed the merits and the drawbacks of this deposit method. The next task is to see how it does when placed head-to-head against other methods, both old and new.
Online betting bank transfer vs Skrill
Skrill is seen as very much the rising star in many areas of the financial transaction world and has been the target of many acquisitions since its inception as Moneybookers back in 2001. It’s easy to see why as it offers fast secure transactions to online gamblers, as well as other services to those who use it. Where it falls behind the simple bank transfer though, is it can be hard to locate
betting sites that accept Skrill, and those that do sometimes exclude it from bonus offers, which is very unlikely to happen with a bank transfer.
Online betting bank transfer vs Cash at Casino Cage
While bank transfers are famously secure, those that don’t want to take any chances at all have the option of cash. Any cash transaction leaves only the tiniest or trails, meaning that what you are paying into your sportsbook account won’t be showing up on your bank or card statement. While this seems to have many advantages, where bank transfers have the edge is because as the name suggests, you have to take a trip to the right casino every time you fund your account at
betting sites with Cash at Casino Cage deposit, whereas these days, bank transfers can be completed from an app on your phone.
Online betting bank transfer vs Credit Cards
Credit cards are all about convenience and speed and making purchases when you want without necessarily having to wait for payday. They are used all of the time for online purchases, so funding your sportsbook account can be done without too much fuss or joining a third-party processor. However, when you stand them up against bank transfers, you’ll see that the charges are much higher, and you might be better off waiting for a fee-free online transfer to go through.
Other reputable payment methods
1.
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2.
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
Players from Virginia accepted
Top facts about using an online betting bank transfer
There’s a lot of information in this guide, but there are three things you absolutely must take away from this if you are intending on using bank transfers to fund your sportsbook account.
Bank transfers are very secure
Aside from human error (i.e., you put in the recipient’s details incorrectly) this is one of the most secure methods you could choose. As banks use this all of the time you know security is going to be tight, for that exact reason. So, by opting to use this method, you won’t have too many worries about anything going astray.
Bank transfers do not typically incur fees
While there may be other methods like Skrill or credit cards that might outdo bank transfers for speed, at the same time you need to remember that it might come at a cost. Bank transfers on the other hand, are usually free so you aren’t losing any of your deposit before you’ve even had a chance to place your first wager.
Bank transfer are very slow
Despite all of the benefits like security, being widely accepted and usually fee free, many people will focus on the fact that bank transfers can take days to go through, and in this superfast, digital, ‘get it done yesterday’ world, that can be a dealbreaker for a lot of people. This is probably the most important thing that you need to take into account if you are thinking of using this payment method, as those delays can seriously affect your sportsbook experience.
Conclusion – The best bank transfer betting sites
From what you’ve seen in this guide and especially the facts above, you’ll know that bank transfers are a very old method of moving money between one point and another which has advanced in line with technology. You’ll also know that it is secure, does not typically incur fees for the online bettor, but is far slower than many of the other options you are likely to see on the sportsbooks payments page.
However, if this is not a dealbreaker, and you are attracted by the security of bank transfers, then the online reviews available at Wetten.com can narrow down what could be a very wide choice (bank transfers are widely available) to something much more manageable. This can then turn what could be a very long winded process, into a much shorter and more successful one.
Bonuses to get the best start possible
1.
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Players from Virginia accepted
Requirements (WR): 1x Bonus, Min. Deposit: $10
Whatever the sport. Whatever the moment. It’s Never Ordinary at bet365. That’s why if you sign up now you’ll get the choice of two great New Customer Offers, the First Bet Safety Net up to $1000 or Bet $5 and Get $200 in Bonus Bets. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
2.
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
Players from Virginia accepted
Min. Deposit: $10
3.
Bet $5 Get $200 in Bonus Bets + 3 Weeks of NFL Sunday Ticket
+ Boost or Bonus every day in the Summer
Players from Virginia accepted
Requirements (WR): 1x Deposit, Min. Deposit: $10
4.
First bet back as a bonus bet up to $1000
Players from Virginia accepted
Requirements (WR): 1x Deposit
5.
Second chance bet: Get up to $500 in Bonus Bets
Players from Virginia accepted
Requirements (WR): 1x Bonus, Min. Deposit: $10
Online betting bank transfer FAQ
💰 Is my online betting bank transfer safe?
Before making your first deposit at an online casino or sportsbook, you are bound to wonder if you are using the best method possible. However, with the number of choices available, it can be hard to make the right decision. By reading our online guides, you’ll be able to find out everything you need to know about online betting bank transfers, including how safe and secure they might be to use.
💸 Can I withdraw my winnings using online betting bank transfers?
With the number of options available on the payments page of an online sportsbook, it can be hard to know exactly what the benefits and drawbacks are of using each one. For that reason, here at Wetten.com, we have created free online guides telling you what to expect when you use methods like online betting bank transfers at your sportsbook.
⏱️ How long will my bank transfer betting deposit take?
One of the most frustrating things as an online bettor is waiting for your deposit to clear into your account, so knowing how long it will take is a key part of your betting experience. To help you get it right, here at Wetten.com, you’ll find a range of guides detailing how long you can expect to wait for transactions to complete for each payment method.
🥇 Which are the best bank transfer betting sites?
While our online review section is proof that some sportsbook operators are better than others, finding the best one for you could be down to a number of different factors including your own betting style and which sports you normally bet on. To find out all the details you need to make this judgment for yourself, you can access both free guides, and objective, in-depth reviews here at Wetten.com
🎁 Will using online betting bank transfers mean I can’t get a bonus?
Bonuses are what attract us to an operator and missing out one can make the whole thing pointless. Knowing facts such as which payment methods are typically excluded from bonuses can save these headaches, and by using our free guide you can find all of the information you are likely to need.
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