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Bank Transfer

Bank transfers are one of longest standing payment options offered by bookmakers. Before the technology boom in the last decade which brought about a dearth of new payment options, customers only really had bank transfers or debit cards as a means to fund their accounts.

Are bank transfers still used much by bettors? And what are the benefits and drawbacks of customers using bank transfers as a means to fund their betting accounts? Let’s find out.

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0 – 24 Hours

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Rated by 312 users
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Terms and conditions: New Customers only; Min. deposit £15 (no Skrill/Neteller); Bonus amount is 100% of deposit up to £50; Welcome offers are limited to one per person, family, household address, email address, telephone number, same payment account number (e.g. debit or credit card, Skrill and etc.), shared electronic device (e.g. school, public library, workplace, mobile phone) and shared IP; Wager the qualifying deposit and bonus amount 8x within 30 days to convert bonus winnings into real money; Wagers must be on min. odds of 4/5 on singles or acca bets with min. odds of 2/5 per selection to qualify; Max. stake contribution to wagering requirement is the value of your bonus; Certain bet types are excluded; See full terms; Terms apply; 18+ – Terms apply
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Bank Wire
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Ukash
+1

Average Payout Speed

0 – 24 Hours

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Citadel
Instadebit
+8

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0 – 24 Hours

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4.5/5
Rated by 413 users
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28% Up to 988MYR
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Rated by 671 users
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0 – 24 Hours

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4.5/5
Rated by 413 users
Claimed by 289 people this week
50% Up To $1000
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+1

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Rated by 215 users
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Get up to €/$30 in Free Bets
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Neteller
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0 – 24 Hours

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4.5/5
Rated by 232 users
Claimed by 378 people this week
15% up to $600
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Amex
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Average Payout Speed

0 – 24 Hours

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4.5/5
Rated by 289 users
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Instadebit
+12

Average Payout Speed

0 – 24 Hours

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4.5/5
Rated by 415 users
Claimed by 178 people this week
100% up to €100
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VISA
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0 – 24 Hours

Currencies

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How Does Bank Transfer Work?

Most bookmakers still offer customers the choice of using bank account transfers to fund their betting accounts. Although in the UK and Western Europe it is not the most popular way to deposit, it is still very common in other countries But how exactly does a bank transfer work?

Follow our step-by-step guide below to fund your betting account via bank transfer.

Step 1

For a customer to deposit into their betting account with a bank transfer, the first step is to set up the bookmaker as a payee with their bank. This can be in branch, or more commonly nowadays, online.

Step 2

The bookmaker will provide its customer with the account number and sort code alongside a reference number (which is usually the customer’s account number/username).

Step 3

If payments are made online, there is usually an extra step of verification/security required, such as a confirmation SMS message, where a unique pin code will be sent and has to be replicated into the screen.

Icons pointing to online banking screen on tablet

Advantages of Bank Transfer Betting

Security and lack of fees are the two main advantages of depositing at betting sites via bank transfer.

Secure

Secure

The customer does not have to provide their financial details to online bookmakers, as all the firms do is receive the payment. Bettors use money from their bank account or can pay in cash at the branch where the firm do their business.

This makes bank transfers very secure, as the banks have extremely high level encryption and security with their transactions.

Cheap/Free

Cheap/Free

Certain payment options such as e-wallets have transaction fees when depositing money, but for the most part, bank transfers are free both in terms of depositing and withdrawing for the customer.

Disadvantages of Bank Transfer Betting

Of course, there are also several disadvantages to using bank transfer to fund online betting accounts.

Transfer Time

Transfer Time

Most methods such as debit/credit cards, e-wallets etc. allow for instant depositing into betting accounts. Bank transfers from European countries to European bookmakers typically take 1-3 days to hit bettor’s accounts. Bank wires made from certain countries/currency require more information and can take up to 10 working days.

The time periods vary by bookmaker, but for individuals who want to fund their accounts to have a bet immediately will be inconvenienced by using a bank transfer.

Minimum Deposit Amounts

Minimum Deposit Amounts

Because bank transfers are not quite so automated as other payment types, bookmakers tend to impose a higher minimum deposit amount. Most firms will accept £5/10 deposits from other payment methods, but with bank transfers minimums are often more like £25/50.

For the small staking bettor, this can be off-putting. These recreational bettors want to open betting accounts and deposit a small amount.

Regulations/Laws

Regulations/Laws

In certain countries where gambling is illegal or is restricted to certain domestic operators, then bank transfers may be very difficult to complete. Some governments place restrictions on banks in terms of performing transactions with foreign bookmakers and therefore it can be impossible.

Man holding smartphone displaying 'Transaction Successful' message

Conclusion

Bank transfers still have their place as a method of funding for betting accounts. They would tend to suit the bigger staking bettors who want to load up their betting accounts, and have no immediate need for the funds.

Bank transfers are still used in Asia with the major firms, and in countries where online gambling is illegal, the bookmakers have reps who manually deposit customers’ withdrawals by depositing cash anonymously in their bank accounts.