The technological innovations of the recent past have considerably changed the world of sports betting and today, you do not need to visit your local bookie to bet on your favorite team or player. One of the factors that made online sports wagering possible in the first place was the introduction of safer, faster, and more convenient ways to pay over the Internet and for many betting fans, the most preferred method was and still is the direct bank transfer.
The popularity of direct bank transfers for betting and gambling online lies in its wide availability. The vast majority of bookmakers accept deposits and process payouts this way, whereas payouts to credit and debit cards and even some digital wallets are not always allowed. Typically, bettors who have decided to fund their betting balance using their credit card would find it impossible to withdraw their winnings to the same card since many credit card issuers and banking institutions would simply reject transactions associated with betting activities.
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Moreover, direct bank transfers can be used by anyone with a bank account. This payment method does not require opening a separate account – bettors simply need to know the enter the correct details for their bank account when making a deposit or requesting a withdrawal. The security of the electronic transaction is another issue this type of payment addresses – since the transfer is processed by a bank or another financial institution, it is carried out through a completely automated system where the likelihood of a human error is close to zero.
However, as with all payment methods available for betting online, there are certain weaknesses and drawbacks that need to be taken into consideration. The following article looks at all major aspects of direct bank transfers and their use for betting on the web, including how to deposit and withdraw funds via this method, possible fees, security features, etc.
Registering an Account for Direct Bank Transfers
Bettors who decide to use direct bank transfer to load funds into their sportsbook balances or withdraw their winnings are not required to open separate accounts for this payment method, too. A direct bank transfer is an online transfer of funds that allows bettors to move finances directly to and from their bank account. The process is automated and does not require using your credit card or sharing your card data with third parties. Moreover, these are bank-to-bank transfers, which means that they are completely safe.
To use a direct bank transfer at an online sportsbook, users need two things – a registered account at the website of the bookmakers and a bank account. To sign up at a betting site, punters are usually required to provide some basic information about themselves – full name, physical address, and phone number. Of course, they need to enter their email, as well as a password for the site. After verification of some kind – email verification or a security code sent to your phone, the sportsbook user account will be set up and ready to use.
Setting up a bank account is just as easy and most people already have registered with at least one banking institution. This could be a checking or a savings account, or any other type of account offered by your local bank. Bettors should also make sure they sign up for the online services offered by the bank – depending on the country and banking institution, logging into the online bank account may require a 2 or 3-factor verification. Some banks tend to send their customers single-use security codes via text message, others require only a password, while other banks increase the security by adding security tokens.
Depositing with Direct Bank Transfer
Depositing into a sports betting site via direct bank transfer is quite straightforward and includes just a few steps. Once bettors have a bank account and an active online banking account, they need to log in to their sportsbook account and open the Cashier or Banking section of the website. Then, they need to select Direct Bank Transfer from the list of available deposit options. It may also be displayed as Direct Fast Bank Transfer.
The page will then show a dedicated field where punters need to enter the specific amount of money they wish to deposit into their balance. They will also need to specify the name of their bank. Some betting sites work with the banks themselves, with a bank union, or another financial institution and every step of the process can be done on the site. Others, however, would redirect you to the online banking page of your bank where you will need to log in and complete the transaction.
If the payment is done on the site of the bookmaker, the bank will need some authorization from the customer. This means that bettors will be required to provide their full name, IBAN (International Bank Account Number), as well as the BIC code of the bank – each bank has a Bank Identifier Code. Sometimes, it will be displayed as a SWIFT code, which is practically the same.
Once all information has been entered correctly, bettors will be given the Payee information – usually betting sites will provide an easy-to-use online form with the full company name, IBAN and BIC numbers, country and registered address. The Payment Reference number will also be displayed – this is a unique payment code bettors should remember, although it will be saved in their Account page, as well. Then, they simply need to confirm the transaction and it will be processed between the two banks. Any fees, as well as the processing time, will be displayed on the Deposits page.
Withdrawing with Direct Bank Transfer
In order to withdraw your winnings from a betting or gambling site, you will need the same things as required for depositing. In other words, you will need to have a verified user account with the bookmaker or casino you are betting at, as well as an active bank account. To request a withdrawal, you need to open the Cashier section of the betting platform and click on the Direct bank Transfer icon.
After that, you need to provide your bank account details, so that the betting operator knows where and whom to send the payout to. Once again, this will include full name, IBAN and BIC/SWIFT code, but there may also be mandatory fields for country of residence, physical address, and phone number. Once all details have been entered, you may confirm the request and it will be sent to the bookmaker’s financial team for processing.
Usually, when paying or being paid with direct bank transfer, you will notice higher limits to the amount of money that can be moved via this method. The reason is in the processing fees charged by the banks. Often, deposits with this option start from $10 or $20 but withdrawals may have higher limits – $50 or even $100.
Fees Related to Betting with Direct Bank Transfer
Most betting fans who have chosen to wager on sports online are looking for free payments. However, financial transfers are always charged with a fee of a certain amount – the important thing is who will pay the fee. Many bookmakers prefer to cover banks’ processing fees, although there may be additional fees such as charges for international transfers, currency exchange fees, and others. For operators, this is a small cost to pay in turn for customers’ loyalty.
Not all betting and gambling sites, however, cover all costs associated with the direct bank transfer. Sometimes, bettors will be charged a service fee or a processing fee that will be a certain percentage of the transferred amount. If, for instance, we are requesting a $300 withdrawal via direct bank transfer, we may be required to pay an additional $15 processing fee or exactly 5% of the amount. In some cases, the fee is fixed – $30, $50, or even $100, and it is charged on every withdrawal. Depending on the particular withdrawal, such a fee could eat up a huge chunk of the transferred amount of money.
Of course, bettors are advised to always look for betting sites that offer free and fast deposits and withdrawals via direct bank transfer. As we have mentioned above, such payments may be linked with higher minimum limits.
Benefits of Betting with Direct Bank Transfer
Probably the biggest advantage of using direct bank transfer for betting online is security. Since the money is transferred between two banks, each transaction is checked and verified. It is being processed in the most secure way possible – not to mention the fact that bank transfers are insured against any fraud and are refundable. Some people are concerned that with this type of payment, they share their banking details but whenever they are paying with a check, they are required to provide the same information, plus their signature.
The other obvious benefit of using direct bank transfer for sports wagering is the familiarity of the process. Most people have already paid or received payments in this way and would find it easy and straightforward. In comparison, modern payment methods such as digital wallets, for example, require setting up a user account, having it verified, and loading it with funds through a direct bank transfer or some other way before they can be used at betting and gambling sites. Whereas the vast majority of bettors already have a bank account.
Moreover, the wider limits of these transfers would suit both recreational bettors and high-rollers. Last, but not least, many sportsbook operators have quite restrictive bonus policies and often, you cannot receive a bonus if you decide to make a deposit via an e-wallet. There is no such rule regarding direct bank transfer – bettors can make as many deposits with this method as they wish and claim a bonus without having to consider such limitations.
Drawbacks of Betting with Direct Bank Transfer
Along with the unquestionable benefits of using direct bank transfer for betting online, certain drawbacks must be taken into account. First and foremost, bettors need to know that the processing time of their deposits and withdrawals would depend on their bank. Betting sites usually process these transactions within 24 hours – deposits are actually completed almost instantly.
Banking institutions, however, typically need more time to move the funds between accounts. Deposits may be processed within a few hours but in some cases, it may take up to two days to appear in the person’s betting account. Bettors who decide to withdraw their winnings via direct bank transfer will need to wait for even more for the money to reach their account – this could be anything from 1 to 5 working days. If this is an international transaction, the processing time may even increase to two weeks due to the additional security and verification procedures carried out by the bank.
Another disadvantage that should be considered is the cost of the direct bank transfer. Some bookmakers tend to cover this cost for the customer but some betting sites charge their members for this payment. More importantly, banks always have fees that could be really high – up to $500 per transfer. This is why before opting for a direct bank transfer, bettors should always check whether their bank charges processing fees, international transfer fees, currency conversion fares, etc. Moreover, they need to see whether these fees are fixed – $10 or more per transfer, for instance, or they come as a percentage of the transferred amount.
Regulation and Availability of Direct Bank Transfer
When it comes to the general availability of a payment method, the direct bank transfer should be our top pick – these transfers are provided by every bank in every single country. Practically any individual above the age of 18 has access to this type of payment as long as they have a bank account. Moreover, most, if not all, betting sites offer direct bank transfer as a deposit and withdrawal method. Whenever credit/debit cards, digital wallets, and other payment options are not available, direct bank transfer usually is.
What bettors need to keep in mind, however, is the gambling and betting legislation in their country of residence. If online betting is illegal, the payments to and from betting sites would not be permitted, as well. Furthermore, even if the direct bank transfer goes through, it may result in a government investigation into your online betting activities. This is, indeed, highly unlikely but it is a certain risk in some countries.
US-friendly betting sites, for instance, would not offer direct bank transfer for deposits or withdrawals, especially to users based in the United States. Since 2006, US banks are not allowed process transactions originating from or directed toward gambling or betting websites. SEPA transfers, on the other hand, are quite a different example – these are a new form of bank transfers, aiming at faster and easier moving of funds within the 34 European countries that are in the Single Euro Payments Area or SEPA.
Direct Bank Transfer Security
Bettors who decide to use direct bank transfer for wagering on sports online would probably want to know what security measures have been taken by banks and betting sites to protect their finances and sensitive data such as name and bank account details. First of all, all reputable sportsbook operators use the latest SSL encryption certificates to protect all data that is being communicated to and from their websites.
What is more important is the fact that direct bank transfers are carried out between the banks themselves. This means that the payment is automatic and it passes through the security systems of both banks – the bank of the payer and the bank of the payee. And, as we all know very well, all financial institutions, including banks, employ a wide range of security measures to guarantee that transactions are protected and cannot be compromised in any way.
Direct bank transfer is not the fastest or most convenient way to make a deposit or withdraw your winnings from a betting or gambling site. However, it is a wonderful solution for those who are not willing to pay online using their credit card, as well as for those who had never used digital wallets or some other modern payment methods. Overall, direct bank transfers are extremely secure and reliable but equally important, they are widely available and can be used by almost anyone.