Making a payment with Bank Transfer - Step by step from deposit to play
1. Opening a bank account
We’ll start with the basics here. Most people will have a bank account, but if not you can apply for one online or in your local branch. To open a bank account you’ll need personal identification such as photo ID (a passport or driver’s license) and something to prove your address. Once your identity is verified, the account will be set up. You can use your bank account to make bank transfers.
2. Verifying your identity
When betting online, the best betting sites with bank transfer in Australia will ask you to verify your identity with the betting provider to ensure they adhere to Australian law. This can usually be done by providing your card details and photographic ID.
3. Make a deposit using bank transfer
To deposit using bank transfer you need to find the bookmaker’s bank account details. These will be on your account page. Then go to your online account and use the bookie’s sort code and bank account number to send funds.
Average time of Bank Transfer for deposits and payouts
Funds sent via bank transfer can take between 3-5 business days to arrive at your chosen account. This will vary depending on your bank and the receiving bank’s processing times. The best thing you can do is to keep your eye on your online betting account to see when the funds arrive. If after 5 business days they’re still not in the account, take a look at your bank account to see if there is an issue. If this doesn’t help, contact the bookmaker’s customer service team for assistance. Most bookmaker’s customer service teams are available 24/7 with live chat, email and phone options available.
Some banks provide you with a tracking receipt when you send your betting funds. This should give you a rough idea of how long it will take for funds to arrive in your chosen account.
The Legal Requirements of Bank Transfers
To have a bank account in Australia you need to be over the age of 16. Gambling in Australia is illegal if you are under the age of 18.
You must also be a permanent resident of Australia to apply for a bank account. You can prove this through your passport or proof of citizenship.
A passport, driver’s license or Medicare card is needed to verify your ID to set up your bank account. To verify your ID to transfer funds you may be required to sign in to your online account using your banking login. Some banks will also need you to verify your bank transfer by adding your card to a chip and pin reader to validate the transaction.
The history of Bank Transfer: From telegrams to the online bookmaker with bank transfers
The humble bank transfer started life over 150 years ago in the US when telegrams were first used by Western Union to transfer funds from one person to another. One person would stand at one telegram station and another at the receiving telegram station. The person at the first telegram station would send the telegram instructing the second telegram station to pay the person at the receiving end a sum of money. A fee would be charged for this transaction to take place, much like modern Western Union transfers today.
From that beginning came the revolutionised concept of bank transfers. Modern computers cut out much of the risk involved in the Western Union method by simply moving money from one place to another while cutting out the middleman. This also made the method cheaper, meaning most banks now allow bank transfers without charging a fee.
More speed, please
The bank transfer was once a slow process. But as technology improved a transfer which once could take a couple of weeks can be done on the same day, often within minutes. Mobile phone apps have helped greatly with this, and when combined with a card reader can transform your phone into a mobile banking unit.
Comparing other payment methods to online bookmakers with bank transfer
The greatest benefit of using modern day bank transfer is the safety and security of the process. Banks, like any other financially regulated business are held in high esteem because of their tight security measures and their robust computer systems which ensure that funds leave from the right account and arrive where they should in an expeditious and secure way. These online transactions are recorded and monitored from start to finish, ensuring that there is a paper trail attached to any bank transfer you or anyone else makes. This means that if necessary, your bank can trace back the route your funds took to arrive at their destination. If funds get lost, they can be tracked and found, making bank transfer one of the most reliable and trustworthy payment methods available to the modern gambler.
Most popular payment methods
When you first start wagering it’s natural to be confused by the sheer number of payment methods available. It’s possible that there are some you’ve never heard of and some that you’re wary of. With bank transfers, there’s no need to worry. The payment method has been in existence for over 150 years and is traceable. This gives many bettors a sense of security when it's used instead of eWallet payments. One of the downsides of bank transfer is it relies on two banks processing the transaction speedily. This can slow down the process, which can take between 3-5 days to do. Still, if you’re not in a rush to top up your betting account then it is by far the safest payment method we’ve come across.
Bank Transfer FAQ - Where are the Best Betting Sites with Bank Transfer in Australia
Q1. When I wager with a bookmaker do I need to use the same deposit and withdrawal method?
To stay in line with industry guidelines, bookmakers are required, where possible, to return your funds to you in the same way that they were added to the betting account. In other words, if you deposit using a bank transfer then any winnings you enjoy will also be returned using the same bank account via bank transfer. There are some exceptions, such as, for example, if your bank account or card used to make a deposit is no longer in use. A bookmaker can then use their discretion to accept an alternative payment method.
Q2. I’ve been betting for a while with a specific bookmaker, but now I can’t wager with them any more. What’s going on?
This can happen for many reasons. Each bookmaker has their own terms and conditions, so it’s important to read them before you register with their betting site to make sure that you adhere to their rules at all times. Bookmakers frown upon specific practices, for example, using matched or arbitrage betting because they abuse the good will of the bonus terms and conditions. To clarify why you’re unable to wager with a bookmaker, please get in touch with them via their customer service team who will be able to help. If you need to find another bookmaker, have a look at our list of best betting sites with bank transfer in Australia to get started.
Q3. What alternative payment methods are available besides bank transfer?
Bookmakers use all sorts of payment methods on their websites. Some stick to the tried and true options of credit and debit card and bank transfer, whereas others are a little bit more exotic in their offerings. It’s common to find eWallets such as PayPal, Neteller and Skrill used for online betting, Some also accept cryptocurrency payments such as Bitcoin and Dogecoin. Other bookies even allow you to place money at your local bookie’s shop. Check out an individual bookmaker’s FAQ for their payment methods.
Bank Transfers - Slow and Steady Wins the Race
It may seem strange for us to recommend a payment method that stops you from immediately betting on a bookmaker’s website. But we’re so bowled over with bank transfers that we have to shout it from the rooftops! Bank transfers may not be the quickest payment method - they take on average 3-5 working days for funds to arrive in your betting account, but as technology improves, they can arrive in less than a day. It all depends on your bank and the receiving bank talking to each other.
The real bonus of bank transfers is their safety. In a time when no data feels sacred, bank transfers still rely heavily on the traditional methods of banking to keep your funds - and your personal details - safe. Firstly, to place a bank transfer you need to own a bank account. To receive a bank transfer you also need to own a bank account. These are set up only when you’ve proven that you are legally resident in Australia and you have reputable identification documents that can prove you are who you say you are. In other words, both you and the bank can trust the person you’re sending cash to.
Online bookmakers with bank transfers use a payment method that is protected by the protocols associated with Australian banking. Transactions are monitored from point A to point B with the greatest of care to ensure that the funds end up where they’re supposed to be when they’re supposed to be there.
I Really Can’t Wait, My Bet’s Today! - What’s the Alternative?
A close second to bank transfer in our opinion is card payment. These are usually completed using a credit or a debit card, but do bear in mind that you may pay interest on credit card transactions. It’s better to wager using a debit card if you can.
Like paying your sports betting sites with bank transfer, card payments are protected using the same regulations all banking transactions are. Your funds are protected from point A to B, but the real bonus of using card payment is that the payments arrive instantly. If you’ve got a sports bet that you’ve just got to place today, this is a great alternative to bank transfers thanks to the safety and long-standing reputation of the payment method. To find the best Best Betting Sites with Credit Card in Australia check out our card payment guide.
Other Payment Methods
There are plenty of other instant payment methods you can use, though how well they serve you when compared to bank transfer you’ll have to judge for yourself. The most common payment methods found on the best betting sites with bank transfer in Australia include the eWallets Skrill and Neteller. We’ve created guides for websites that use these speedy and streamlined payment methods at Wetten. You’ll find the Best Betting Sites with Neteller and a guide to a group of Online Bookmakers with Skrill written by our highly skilled betting writers online.
Conclusion: Why opt for the best betting sites with bank transfer in Australia?
So we’ve reached the end of our bank transfer review and we’ve discussed why bookmakers with bank transfer facilities use them and the benefits of bettors doing so as well. The main takeaway from this article should be the safety aspect of betting using bank transfers. These payments are managed by financial institutions, ensuring that if funds go missing, it should be easily located and the funds are protected using world-leading technological developments giving you and your bookmaker peace of mind.
Best Betting Sites with Bank Transfer in Australia FAQ
💥What are the benefits of betting using bank transfer?
When betting, you want to be sure that your funds are safe. We believe that bank transfers are one of the safest methods of deposit. Don’t believe us? Read our bank transfer guide to find out more.
✅I paid an online bookmaker with bank transfer a week ago and I’m still waiting for the funds to credit my account. What should I do?
We’re sorry to hear you’ve had a problem placing a bank transfer deposit with a bookmaker. Your first point of call should be your bookmaker. They should be able to tell if there is a hold up. If you continue to have problems in the future, then a new online bookmaker with bank transfer facilities could be on the cards. You’ll find info on some of the best above./faq-item]
💰Why should I choose bank transfer over an instant payment method like Paypal?
Choosing a payment method that’s right for you is a personal choice. For some, bank transfer is better because of its storied history, for others, they prefer the speed of PayPal. To help you decide, we recommend you read the bank transfer guide and our online bookmaker with PayPal article to see which best suits your needs.
You can deposit money into a betting site in many ways; bank transfer isn’t the only alternative. Take a read of our payments guide for extensive information.
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