What is a Bank Transfer?
For those who are not already familiar with what a bank transfer actually is, the following points are among the most important to know and understand:
- A bank transfer is an electronic funds transfer from one person or entity to another.
- Different types of bank transfer will come with a variety of costs, value and volume surrounding transactions.
- This method of banking dates back to 1872.
- Account holders must prove their identity before being able to process payments.
- All leading UK betting sites offer bank transfers when it comes to depositing and withdrawing cash.
How Do Bank Transfers Work?
A money transfer occurs when money is taken from a bank account and sent through a variety of different ways, before eventually ending up at the desired place, in this case a sportsbook. In some cases, money is transferred directly from a bank, however other services must be used on occasion, with a range of options being available. Users must specify the amount in which they wish to transfer, before confirming the transaction, which will then be processed over a certain period of time.
Bank transfers generally take longer to complete than through card or e-wallet transactions, however this does not mean that it should be discarded as an option when operating online.
History of Bank Transfers
Bank transfers date back to the 1800’s, with users sending payments by telegraph wire. Until the 1960’s, bank transfers were processed on paper, taking weeks and even months due to the fact that forms were delivered by post.
Meanwhile, in 1968, Dennis Gladwell, Chairman of the Banks Clearing Committee, aimed to improver the speed of transactions, developing an electronic system in the process. This system features magnetic tapes, which could be sent and authorised significantly quicker than before. 1983 saw the introduction of a telephone system, while just two years later, most banks had got in on the action. An internet-based service was founded in 2003, with this method of payment now being common across the globe using approved solution suppliers
Advantages of Using Bank Transfers
Despite not being the perfect method of banking when it comes to betting online, there are a number of advantages of using bank transfers for depositing and withdrawing cash. Firstly, bank transfers are very secure, with a number of security measures having been put in place by both banks and bookmakers.
As well as this, a logged is kept of each and every transaction made, which could potentially be useful for punters. Meanwhile, the majority of bank transfers do not come with any additional fees, meaning that both deposits and withdrawals can be completed free of charge. Those taking advantage of bank transfers are not required to register for any other platform, while the high limits make it a good option for high rollers and professionals.
Bank Transfers in Betting
Those placing bets in the UK are able to select from a large number of betting sites offering bank transfers as a method of payments, with punters having to authorise transfers with their bank using security codes, card readers or other areas. Doing so will help to ensure that there are no issues with fraud or third party involvement, with users also being able to save their details with their bookie, allowing for much quicker deposits and withdrawals.
Those looking to make substantial deposits or withdraw large amounts of winnings should certainly consider bank transfers, with this being one of the most secure methods of processing such transactions too, while the fees involved are minimal too.
How to Deposit and Withdraw Using Bank Transfers
When it comes to depositing and withdrawing cash using bank transfers, the following steps must be taken by punters:
Deposits – In order to make a deposit using bank transfers on a betting site, punters must first log into their account and access the “Cashier” or “Banking” section. Having done so, click or tap on the “Deposit” option and choose bank transfer as your preferred method, with this sometimes being referred to as bank wire. Enter your bank details, which may include number, sort code and name. Enter the amount in which you wish to deposit and confirm the transaction, with deposits generally taking between 1-10 days to complete. Customers are likely to be emailed when their funds are available online.
Withdrawals – Withdrawals can also be made using bank transfers, however this will generally have to be used for deposits too. Log in to your bookmaker account, before once again visiting the “Banking” section of the website. Having done so, select bank transfer your method of choice, and either enter your details or choose from a saved entry. Confirm the amount in which you wish to withdraw and complete the transaction as normal. Withdrawals using bank transfers are likely to take up to 10 days to complete.
How Secure are Bank Transfers in Betting?
Bank transfers are undoubtedly one of the most secure ways of depositing and withdrawing funds through online betting sites, as they require punters to directly authorise payments. As a result, unless another individual gains access to all of your bank details, including card and account numbers, they will not be able to commit fraud. Meanwhile, encryption technology is used across the board in order to add another layer of security, with all of the betting sites discussed on our site being nothing but 100% reliable and trustworthy.
Bank Transfer Fees
When using bank transfers online, it is worth taking into consideration that different banks and types of bank transfer can come with their own fees. As a result, it is important to look into this beforehand, despite the fact that any fees that are occurred are likely to be low. Bank wire transfers through betting sites are among the costliest for punters, with processing fees sometimes rising to as much as £25. However, most bookmakers do not charge their own fees for processing bank transfers, meaning that both deposits and withdrawals are free.
Alternatives to Bank Transfers
Punters are likely to have already made a decision regarding whether bank transfers are the best option for them when it comes to depositing and withdrawing funds. So, for those who are looking for alternatives, the following methods may more suitable:
- Trustly
- PayPal
- Neteller
- Credit Cards
- Mastercard
- MuchBetter
Check out our reviews of such payment methods elsewhere on our site, with each coming with their own set of advantages and disadvantages, catering for different types of customer in the process.
Betting Using Bank Transfers FAQ
The following are questions and answers surrounding some of the most talked about topics when it comes to the use of bank transfers and online betting, offering readers a better insight into how they work.
Is it safe to use bank transfers when sports betting? Yes, 100%. Bank transfers offer one of the safest methods of depositing and withdrawing cash through online betting sites, with a number of security measures being in place.
Do I have to verify anything when using bank transfers? Customers must verify their account details each and every time they process a transaction using a bank transfer, adding another layer of security in the process.
Will there be any fees added when using bank transfers? It is rare that fees are involved when it comes to bank transfers, however they can be incurred in some cases.
How long will it take before my deposit is received by the betting site? Deposits made using bank transfers take between 1-10 days in general, however this will often be quicker than the maximum time period.
How long will it take before my withdrawal is received from the betting site? Withdrawals using bank transfers are also complete within 1-10 days.