As we power our way through everything iGaming, we’ve got plenty of new worlds to show you, and there’s loads of excitement on offer! Today we’re making our way through
online gambling payment methods, with the emphasis on finding the very best bank transfer betting sites.
If you’re searching for the top bank transfer bookies and casinos, keep reading. We’ve got all the info you need to know to enjoy placing your bets online and collecting your winnings!
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Online betting bank transfers and the law
Keen gambling fans will be all too familiar with the complex laws governing online betting within the US. There are no federal laws governing the whole country on the subject, so every state is allowed to make up its own mind about whether or not to permit online betting. And because the laws are so convoluted, some types of
online betting payment methods
have become more desirable than others, simply because of the number of casinos offering them.
Bank transfer deposits
We can guide you towards the bookmakers that accept bank transfer withdrawals, but you’ll struggle to find any sites in the US that allow bank transfer deposits. Regular betting fans will be familiar with this aspect of US banking law, which also forbids making deposits using credit or debit cards linked to your bank account, so we advise checking the regulations in your specific state for further clarification.
High rollers around the world traditionally favour bank transfer deposits, simply because this method permits large sums of money to be deposited into player accounts. And unlike some other payment methods, bank wire transfers don’t usually come with deposit limits attached. Fees are normally capped too, so bigger transactions won’t necessarily incur excess charges. But even in jurisdictions where bank transfer deposits are permitted, most sites won’t allow new signups to make an initial bank transfer to fund their account, so you’ll have to choose another option for your first payment.
Bank transfer withdrawals
The UIGEA, or Unlawful Gaming Enforcement Act of 2006 has made it endlessly complicated to try and deposit funds into betting accounts in the US. So you’ll find it almost impossible to find any sites that will allow you to use this deposit method.
But that doesn’t mean you can’t use bank transfers at all for your betting hobby. Most US casinos and betting sites positively welcome withdrawals made via bank transfer, with many sites claiming it’s their preferred option. Part of the reason for this is the fact that offshore sites permitting deposits via card payments don’t allow the same method for withdrawals. And not surprisingly, this makes bank transfer withdrawals seem the preferred option for many players too.
The major downside, however, is that bank transfer withdrawals are anything but speedy, and that can be a problem when you want to get your hands on your funds quickly. You could always request a check to be issued of course, but that’s an incredibly expensive option, and takes up to a month to process.
However, even though withdrawing funds via bank transfer isn’t the quickest option, it’s very reliable and safe. It may take up to a couple of weeks to receive your funds, but they won’t get lost in the system, so they’ll reach your bank account eventually. Just be aware that some sites have maximum cash out amounts that you won’t be allowed to exceed. So if you’re a high roller expecting to make huge withdrawals on a regular basis, this might not be the best option for you.
Advantages and disadvantages of bank transfer betting sites
Like so many things in life, using bank wire transfers to fund your betting account has its pros and cons. We’ve drilled down deep so that you’ll be able to make the most informed decisions about what to do with your money.
Pros
- Bank transfers are available to just about everyone – all you need is a bank account and you’re good to go
- Instant transactions, particularly if you’re sending money to a business or person in the same country
- You don’t need to download or install anything – just input the relevant details about where you’re sending your money, and it’s done!
- Bank transfers are subject to high-grade security protocols, ensuring your money is safe and secure
- Every transaction is recorded for additional security, making every payment verifiable and traceable
Cons
- US players are currently prohibited from making bank transfer deposits to betting sites – although bank transfer withdrawals are usually permitted
- Fees can be high, depending on your bank’s specific policy
- Bank transfers can be slow to process when it comes to withdrawing gambling funds, taking up to five days to process in some cases.
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How to conduct bank transfers to betting sites
Anyone with a bank account, and who is of legal gambling age, can use bank transfers for deposits and withdrawals at non-US gambling sites and for withdrawals only at US-facing betting websites. It’s a very easy and intuitive process, and you don’t need to install any apps or special software to complete your transactions.
Making a bank transfer deposit
Visit the cashier section of your chosen betting site, and browse through your deposit and withdrawal options to find the bank transfer logo. If you’re making a deposit, you’ll need the full banking details of the merchant, which includes their account number, company name and address. You’ll also need the IBAN and SWIFT codes too, as well as the name and address of their bank.
Once you have all the necessary information, input those details online, or visit your bank in person and instruct them to make the transaction on your behalf. Unfortunately, since this process is rather lengthy, you’ll have to wait at least a couple of days before your funds are in your player account – and even up to a week in some cases. If getting straight down to placing bets is your ultimate goal, bank transfer deposits definitely aren’t the way to go!
Making a bank transfer withdrawal
When it comes to withdrawals, on the other hand, bank transfers are often chosen as the default for many online betting sites. Some players prefer to use e-Wallets, such as PayPal, Neteller or Skrill, but where this isn’t an option, bank wire transfer is the preferred method, thanks to its layers of security and traceability.
Bear in mind though, that bank transfers can take several days to process in some cases, particularly when making a withdrawal. And you’ll most likely be required to pay any transaction fees involved in making the withdrawal too, so this isn’t the perfect solution for every bettor.
Important tips when using bank transfer at betting sites
Using bank transfer for betting site deposits and withdrawals can be a great option for some bettors, but it’s not the answer for everyone. It does have safety and security in its favour, although the lengthy processing times won’t appeal to everyone.
The most important point is to make sure you correctly input all relevant banking information, whether you’re depositing or withdrawing cash. Even something as simple as an incorrect digit will send your money to the wrong place, taking time and trouble to try and have it returned to the correct place, with no guarantee of success.
It’s also worth making a note of whether your preferred betting site offers any incentives to use a particular payment and withdrawal method. Some sites offer bonuses to customers who use a specific payment method, so if you’re interested in grabbing yourself a freebie you might be more interested in going with the added-value options.
Conclusions: the lowdown on sports betting bank transfer sites
As we’ve seen, there are advantages and disadvantages to betting using bank transfer in the US. Deposits using this method aren’t permitted, but the canny bettor will be able to find their own way through the maze of bureaucracy. So if you’re looking for safe, secure and verifiable account withdrawals, this could be the best option for your needs.
Check out our other guides, before coming to a decision. We can guide you towards the best
American Express betting sites, if that’s your preference, or if you’re more of a prepaid card fan we can take you directly to the top
Paysafecard betting sites. Players who like to do everything on their smartphone can be taken directly to our selection of
Venmo betting sites.
Whichever deposit and withdrawal method you favour, be sure to read through our comprehensive guides, so you can be sure of making the best decisions. With us by your side, you really can’t go wrong, we’re in this together!
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