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.
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.
Direct Bank Transfer Overall User Experience
Banking, in general, has steadily been getting easier and easier with recent innovations in technology. Nowadays there are even online-only banks that do not operate on land, although traditional brick-and-mortar establishments are still the norm. They too, however, have not neglected to capitalize on the convenience of technology, which is one of the reasons many bettors are still fond of this payment method.
Things are not much different for gambling aficionados who prefer to wager on the go. Pretty much all banking institutions offer dedicated applications for devices that run either Android or iOS, so managing one’s banking account is now easier than ever. The interface of such apps tends to follow the same design language of their mobile websites, which means that most are quite clean and easy to use.
All of this serves to make bank transfers all the more appealing to gambling aficionados who simply wish to use something reliable for their wagering needs.
Bank transfer has also proven popular because these institutions usually offer perks that are appealing to potential users. Things such as loyalty programs and referral bonuses, for instance, are certainly enticing. As for sports betting, the fact that bank transfer is incredibly easy to use, as well as secure, and pretty much unmatched in availability at sportsbooks is something punters greatly appreciate. Most banks also tend to offer self-limitation services too, which are designed to help out punters who might need assistance in controlling potentially problematic habits.
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. If you happen to not have a bank account, this is what the process usually entails:
- Pick the bank and the type of account: checking account, savings account, etc.
- Provide the necessary information and documentation: your id card, passport or driver’s license, an email, and your address.
- Sign any required documentation.
- If necessary, make an opening deposit that meets the bank’s requirements.
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.
In addition, if you wish to visit a land-based bank in order to open an account, make sure to prepare all required documents beforehand and take them with you. As for how long it will take for your account to officially be available, this can vary, although you will often be looking at a time frame of seven to ten days.
Lastly, banks will typically accept most currencies. This includes GBP, EURO, USD, MXN, NOK, etc.
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. Some websites provide the deposit button on the home page for ease of access.
- Punters need to select Direct Bank Transfer from the list of available deposit options. It may also be displayed as Direct Fast Bank Transfer, or it may be displayed as a country-specific bank transfer service.
- 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. Here, punters should keep the minimum and maximum limits of Bank Transfer deposits in mind. They tend to differ from bookmaker to bookmaker, so checking the specific sportsbook’s website for this information is important.
- Users 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 on 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.
|Depositing with Direct Bank Transfer Summary|
|Minimum per transaction||$50|
|Maximum per transaction||$100,000|
|Available currencies||ARS, BGN, BRL, CHF, CZK, DKK, EUR, GBP,HUF, INR, ISK, JPY, MXN, NOK, NZD, PLN, RON, SEK, USD|
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. 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.
This is an overview of a typical withdrawal:
- Open the Cashier or Bank section of the betting platform and click on the Direct bank Transfer icon.
- If you have not verified your account yet, you will be prompted to do so.
- 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, although you will run into exceptions occasionally.
|Withdrawing with Direct Bank Transfer Summary|
|Minimum per transaction||$40|
|Maximum per transaction||$50,000|
|Fees||$9 per 28 days|
|Available currencies||ARS, BGN, BRL, CHF, CZK, DKK, EUR, GBP,HUF, INR, ISK, JPY, MXN, NOK, NZD, PLN, RON, SEK, USD|
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.
|Fees Related to Direct Bank Transfer Summary|
|Initial setup||None, but a minimum opening deposit might be required.|
|Maintenance fee||Up to $15 a month.|
|Inactivity fee||Between $0 and $20 depending on the bank.|
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.
Availability is also a great perk. In some cases, you might not be able to find solutions such as digital wallets or credit cards within a bookie’s cashier, whereas bank transfer is pretty much guaranteed to be one of the valid payment methods of a bookie. This is especially relevant in jurisdictions like the UK where credit cards cannot be used for gambling-related activities.
Moreover, the wider limits of these transfers would suit both recreational bettors and high-rollers. In addition, 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.
Last but not least, many banks offer features such as self-restriction when it comes to gambling as we previously established. This is a great failsafe for bettors who might be at risk of falling victim to problem gambling.
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 if 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, payments to and from betting sites would be forbidden, 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 to 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.
In addition, transactions will require two-factor authentication in the form of codes, face ID, or touch ID, which add an additional layer of protection.
|Direct Bank Transfer Security Summary|
Direct Bank Transfer Loyalty Program
All in all, you will find that payment solutions tend to be similar when it comes to promotional offers. Everyone is seeking to make their users satisfied and happy, after all, so it comes as no surprise that banks tend to be just as generous as other solutions used for deposits or withdrawals,
The first type of loyalty promotion you could come across is the so-called point-based programs. They entail that a customer will be earning points while they utilize the bank’s digital services, be it transactions to and from bookmakers, using the online website to manage their funds, and so on. As for the awards that can be accumulated, gift cards are popular and what bettors will often trade their points for. Cash prizes are also quite common.
Loyalty programs that involve discounts, card offers, travel, referral bonuses, and more are also popular. They might not seem to be of much relevance for sports bettors initially, but they can help you set aside more money for your bankroll, so it is still a good idea to take advantage of them when given the opportunity.
Direct Bank Transfer Customer Support
Stellar customer service is pretty much crucial for any service-based establishment. Banks are no different, and it is important for bettors to know that should some sort of an issue occur, they will have someone to turn to.
Luckily, this is a department where bank companies excel at. Due to the gravity and nature of the business, financial institutions tend to offer a variety of ways for their users to contact customer support when the occasion calls for it.
If you find yourself in such a situation, the first thing you could try is calling the bank’s support team. A customer support number can typically be found on the website of a financial institution, as well as in the envelopes that are available at brick-and-mortar buildings. You can also schedule a phone call and bypass wait times this way.
Apart from this, email is also a viable option to go for. Although it is not as immediate as a phone call would be, it is a reliable and easy method you can pick.
Many financial institutions have implemented live-chat into their customer care services. This feature has been increasing in popularity in recent years, and the fact that it boasts 24/7 availability makes it all the more appealing. This ease of use makes this method the favorite of many individuals.
Last but not least, you also have the option of visiting a branch of your bank in person, provided it is not an online-only financial institution of course. While the practice is not as widespread as it used to be, it is still available for those who would rather meet with someone in person.
Regardless of which channel of communication you go with, you can rest assured that your issues will be resolved quickly thanks to the helpfulness and skill of banks’ customer support representatives.
Direct Bank Transfer Reviews from Around the Web
Direct bank transfer remains the most reliable and accessible payment solution for bettors from far and wide. It has been a staple at online sports betting websites for a long time now, so much so that quite a lot of punters are familiar with it.
If you are new to utilizing direct bank transfer for deposits and withdrawals at sportsbooks, however, there is plenty of information to be found online regarding its usage. Expert punters have thoroughly tested out the direct bank transfer options at various bookmakers to check and evaluate what is offered. Any potential advantages and disadvantages tend to be listed out in a concise manner, so all in all, you will get a good idea of whether direct bank transfer is the perfect solution for your own wagering needs, or if it will be necessary to look for a different payment method.
When it comes to the opinions of ordinary users, this is where things become a bit complicated. Direct bank transfer is a standard service provided by financial institutions, it is not operated by its own separate company. This means that it will be difficult to find reviews written by customers regarding direct bank transfer in and of itself.
However, what you can do is look up your financial institution on Trustpilot, and see what ordinary clients have to say about it. The quality of the direct bank transfer service is entirely reliant on your financial institution, so this is the best way for you to gain insight on whether or not the products it offers, including direct bank transfer, are up to snuff.
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 either unwilling or unable 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.