Advantages and disadvantages of bank transfer betting sites
Pro and Con
- Available at all sportsbooks
- Big limits on deposits and withdrawals
- Qualify for welcome offers
- Slow deposits and withdrawals
- Have to provide financial infomation
Making a payment at bank transfer sportsbooks
Did you know that betting sites that accept bank transfers are actually the high rollers’ payment method of choice and thus one of the best sportsbooks deposit options? Bank transfers don’t have limits set by the sportsbook, so the sports bettor is free to wager with large amounts of money. Let’s take a look at how to make a deposit and withdrawal at bank transfer betting sites.
- Step number one: create an account on a sportsbook operator that catches your fancy. The sign-on process is really simple - just follow the instructions and fill in the information that is requested.
- After your account is successfully created and verified, go to the cashier section and look for the deposit option. You will find the bank transfer option here and click on it to start the process.
- Enter the amount you’d like to transfer to your sportsbook account and provide the banking details required by the sportsbook.
- If your bank sends a message to your phone that you need to “accept” before the funds’ transfer can happen for security purposes, you can also finish this step.
- After you’ve successfully gone through the verification stage on your phone, you can just wait until your funds reflect in your sportsbook account.
Withdrawal via bank transfer is very common at most bank transfer betting sites, so let’s quickly go through the withdrawal process to familiarize ourselves with the ins and outs of this process, seeing as it’s very common.
- Go to the cashier section and instead of opting for a deposit, click on withdraw.
- Enter your withdrawal amount you would like to withdraw for your sports betting bank transfer.
- Add any required information like bank details.
- If you need to do the confirmation process again on your phone, you can complete this for extra security measures.
- This is an extra but final step: at the end of the withdrawal stage, you may have to supply the sportsbook with identification documents like a utility bill for verification before it can release your funds.
Now, all you have to do is wait as bank transfer betting sites take a little while. Your funds will be in your account soon.
Withdrawal and deposit timescales with bank transfer betting sites
Bank transfer betting sites are just as common as Visa betting sites and, at most sports betting operators, it is possible to use bank transfers for deposits and withdrawals.
Let’s look at how the timing works for this payment method:
- Timing can depend on your bank, your sportsbook operator, or both. You can wait a few minutes or end up waiting up to 24 hours for a deposit to clear. However, waiting that long with a sportsbook is unlikely as it will result in losing a lot of customers.
- Sports betting bank transfer withdrawals usually take 3-5 business days but they can take up to six days if there are complications due to verification requirements. One possible reason may be because bank transfer sportsbooks and banks need to follow verification procedures, so if one of the providers experiences an issue, the waiting period will be prolonged. Both the sportsbook and bettor’s bank need to provide confirmation to securely complete the inter-bank transaction.
- Nevertheless, if your funds take longer than six working days to reflect in your bank account after a withdrawal request, contact customer support immediately.
| Bank transfer |
Deposits |
Withdrawals |
| Limits |
Upwards of $10 |
From $10 upwards |
| Timescales |
Typically 24 hours |
Between three and five working days |
| Fees |
None from the casino |
None from the casino, but check with your bank |
Bank transfer betting sites' verification requirements
Creating an account at bank transfer sportsbooks
When registering at bank transfer betting sites, you'll find it easy to set up an account. You will always be required to provide some personal information. The reason for this is harmless and actually for your security and the security of the sportsbook. Just like with Mastercard sports betting, the site needs to ensure that you are of legal gambling age, that you are an actual existing citizen, that you reside in the required state, and the list goes on. If you want to avoid the perils of identity theft and online fraud and keep your account safe and secure, then proving your age to your sportsbook seems quite reasonable. Here are the details usually required by bank transfer sportsbooks:
- Email address
- Residential address
- Telephone number
- Username
- Password
- Security question (optional)
Most bank transfer betting sites allow you to start playing after your first deposit has cleared. However, what you are allowed to do on the sportsbook platform may be limited until you provide supporting documents confirming your identity, address, and age, as listed above. The reason for this is that bank transfer sportsbooks, like financial institutions in the US, are subject to “Know Your Customer” (KYC) laws, and these can have an effect on your accessibility on the betting site before your Identification has been verified.
The history of bank transfer sportsbooks
We all have Western Union to thank for the clever idea of electronically transferring funds. It started off much more primitively in the nineteenth century after the telegram was invented. After a while, the idea of a monetized telegram came to fruition, which meant that payment would be made by a customer at a telegram office and a request to send money to another individual. The telegram would then be sent, and when it arrives, the other office would pay the amount to the recipient. For us, that sounds a bit complicated, and that’s probably why large financial institutions like Western Union stepped in, financed and developed a computerized system, ultimately streamlining the money transfer process.
Once the entire banking system was computerized, the arrival of the Internet brought a complete modernization and transformation of the bank transfer, making it so quick and efficient that the old telegram method seems almost unfathomable.
Everyone uses bank transfers today, and it’s not seen as a luxury at all. Even bank transfer betting sites have benefitted from this technological revolution which is now a staunch withdrawal method for every bank transfer sportsbooks and even for other withdrawal types like American Express sports betting. The banking transfer method is further supported by online banking mobile apps and services, which you can find at basically every financial institution so we are able to manage our finances on a 24/7 basis.
Bank transfer sportsbooks compared to other providers: how it measures up
Bank transfer betting sites versus Cash at Casino
Cash at the casino
cage is handy when you’re on-site, whereas a bank transfer will not be as handy. However, when it comes to online sportsbooks and bank transfer betting sites, cash at casinos is usually available, but only as a last resort or if you happen to swing by the casino. It is, of course, also handy if you specifically need cash and don’t have steep transfer fees.
Bank transfer sportsbooks versus Skrill
Skrill is an online payment platform that is similar to PayPal but easy on the fees. This makes it great compared to bank transfers, which can have quite steep fees. However, Skrill is also considered to be a “middleman,” and while some sports bettors at bank transfer betting sites prefer anonymity, others prefer being directly linked to their bank to avoid double fees. In this case, it’s purely a question of preference as both options are great ones.
Bank transfer betting sites versus Neteller
Neteller is famous for making its customers feel special and always looking out for their best interests. This includes the security of funds transfers. When it comes to bank transfers, customer services would depend on the bank you decide to transfer from, which can be good or bad. However, Neteller is not a bank, so it, again, is a middleman that is used to keep and transfer funds charging a fee. Both have their strong points, but Neteller is much less likely to be a withdrawal or even a deposit option than the trusty bank transfer.
Three major facts about bank transfer sportsbooks
Bank transfers can have fees, and so can bank transfer betting sites. This is something that depends on the online casinos at which you are playing, but you’ll find that there is most often some type of fee associated with online casino deposits. Not all operators impose fees, but it’s better to be aware of a possible fee than to get one unexpectedly. Whether there is going to be a fee, and the exact amount of the fee, will depend upon the operator in question and will also most likely be related to how much money you are depositing.
Bank transfers are your trusty withdrawal go-to
Bank transfers are known for being widely accepted as deposit and withdrawal methods. Something that separates bank transfer deposits, from deposits using any other method, is the fact that bank transfers are almost always accepted as a withdrawal method too. So, while other players may be forced to deposit via one payment method and withdraw via another, bank transfers allow for the seamless deposit and withdrawal of funds whenever this is most convenient for the customer of bank transfer betting sites. However, it’s important to keep in mind that sports betting bank transfer withdrawals tend to take a few days to process while other methods of withdrawal can be faster.
Using a bank transfer as a deposit method might cost you that bonus
When it comes to bonus offers, these are often linked to specific payment methods. And, these specific payment methods do not normally include bank transfers. You can still use bank transfers for all your other transactions, but if bank transfers are the only option you have, this may be a problem, especially if you love promo deals.
Conclusion: Bank transfer betting sites are still in the game, baby
For all your sportsbook needs, choose a sports betting bank transfer operator that offers quality payment methods. The bank transfer has a fascinating history and will remain relevant in all aspects of payment because it is such an integral component of the computerized payment mechanism. And as proven in our bank transfer betting sites review, it remains a staple where other methods cannot be used, like in the withdrawal section of your favorite sportsbook. So check out some of our recommended bank transfer sportsbooks for a great way to play!
Bank transfer betting sites FAQ
👀 What happens when I make a bank transfer?
The bank transfer system is now completely computerized and, with the use of the internet, you are virtually transferring funds from your account to another one. If you want to find out how this magic happens, take a look at our in-depth review of bank transfer betting sites.
💲Can I use bank transfers for deposits and withdrawals at my favorite sportsbook?
Bank transfers are one of the most reliable ways to send money. If you take a look at our review where we cover all aspects of bank transfer sportsbooks, you’ll be able to find the information you are looking for and learn a lot about bank transfers in the process!
💸 Can I use a bank transfer as my payment method for a bonus deal?
Many bank transfer sportsbooks offer bonus deals that come with certain requirements. For example, some requirements are linked to payment methods, which means that you have to use specific payment methods for the deal. In our review, we discuss bank transfers and how they can be optimally used at your favorite sports betting site.
💳 What’s the difference between a bank transfer and paying with a credit card?
There are several large differences, but to understand them, you need to understand exactly what a bank transfer is. In our review, we show you how bank transfers work, how you can use them for sports betting, and how the technology developed. Take a look and discover your new favorite bank transfer betting sites!
