Benefits of Choosing Bank Transfer as Your Preferred Betting Payment Method
As good a place as any to start, let’s consider some of the pros of using this method at betting sites with bank transfer.
- Most betting sites are betting sites that accept bank transfer: Back in the late 1990s when sports betting first went online, this was one of the very first methods available for deposits and withdrawals. Almost 30 years later, and you’ll struggle to find sports betting sites that don’t accept it, so you have all the choice in the world.
- Deposit and withdrawal-friendly: Some payment options allow you to deposit with them, but not withdraw. This will then mean finding an alternative payment option to do the latter. However, the vast majority of bookies allow you to both deposit and withdraw using bank transfers.
- You already have one and know how to use it: The vast majority of us already have an online bank account and are well-versed in the process of making or receiving a bank transfer. So, there is no need to go out and purchase a new payment option or learn how to use it because you already know how to do it.
- Lower minimum deposits: Most betting sites state that the minimum deposit needs to be somewhere between £5 and £20, depending on the bookie in question and the deposit method. Betting sites that use bank transfer tend to be at the lower end of that, £5 or £10, meaning that players on a budget can make smaller deposits than they would be able to with other payment methods.
- Safe, secure, and easy to use: Bank transfers are extremely safe because banks take the time and effort to implement security measures. They’re also much simpler to execute than in the past, taking just a matter of minutes. The process can be done via phone or mobile banking, meaning you can be anywhere when you choose to make one.
How to Make a Deposit for Betting With Bank Transfer
Here are all the important steps you need to take when wanting to deposit at the best bank transfer betting sites.
- Set up an online bank account: Most bank accounts you set up these days will allow you to use them online, but if it’s not automatic, request that you access it online, as well as set up mobile banking and telephone banking, so you have plenty of options when using your bank account.
- Go to banking: Log into your sports betting site with direct bank transfer, head to the banking section and then Deposit.
- Choose Bank Transfer: This is sometimes called Bank Wire, BACS or Wire Transfer.
- Get your betting site details ready: Get the necessary information from the betting site to make the transfer. This includes the name on the account, the bank name, bank address, IBAN number, Swift code, account number, sort code and reference.
- Set up the betting site as a payee: Log in to your bank account and go to ‘Transfers’. Set up the betting site as a new payee using the details mentioned in Step 4. Once you’ve done this once, you can save the betting site with bank transfer as an existing payee, meaning you won’t have to enter those details in the future.
- Choose your amount: Once the betting site is set up as a payee, enter the amount you wish to deposit. You may have to enter a one-off code that’s been sent to your mobile before executing the transfer as a security check. Click ‘confirm’ or ‘deposit’ and wait for the money to reach your betting account.
How We Choose the Best Bank Transfer Betting Sites
There are lots of betting sites accepting bank transfers out there, from ones that have been around for almost 30 years to new betting sites. Here’s how we separate the wheat from the chaff when it comes to them.
Is the Sports Betting Site Licensed and Secure?
Gambling licences ensure betting sites do things by the book, such as having anti-fraud and anti-money laundering checks in place, paying out on winning bets, having a Sportsbook that doesn’t crash when the site is busy and resolving disputes in a fair and timely manner.
The more respected the gambling license, the better. The UK Gambling Commission, Malta, Curacao and Gibraltar are the most known, with the first two being the most reputable.
What Sports and Markets Do They Offer?
Football, horse racing and tennis may make up the bulk of turnover at betting sites, but they’re not the only sports customers want to wager on. There will be fans of MMA, chess, badminton or beach volleyball as well, so it’s important that the betting sites with bank transfer offer these, too. You also want the betting site to offer all your favourite markets, from handicaps to player props, player of the match in cricket, and lots of stats-related ones for football.
What Extra Features Does the Site Have?
A good example of extra features is the site offering live streaming of numerous events across different sports, with high-definition pictures and very short time delays, for free or as long as the customer has funds in their account.
Another is the availability of useful stats directly related to certain markets, a mini-analysis of racing events from Timeform or the Racing Post with tips, or a blog with interesting articles and betting previews. They should also have the increasingly popular cash-out and Bet Builder features.
What’s the Welcome Offer and Other Bonuses?
At most bank transfer betting sites these days, the welcome offer comes in the form of free bets that are worth 2x to 4x the value of a qualifying bet. The bigger the ratio of the free bets to the qualifying bet, the better. It’s also preferable if you have the option to use the free bets on any sport and market you like and without wagering requirements.
But it’s also important they have plenty of other offers beyond the welcome one, such as more free bets or risk-free bets, the Best Odds Guaranteed promise for horse racing (and preferably greyhounds, as well), regular Odds Boosts across different sports, and paying out extra places on each-way bets in sports like racing, and golf.
Disadvantages of Betting Sites With Bank Transfer
No payment option is perfect, of course. Here are some of the cons of using a bank transfer at betting sites.
- One of the slower methods: Whereas deposits shouldn’t take that much longer than when using other payment options, withdrawals will. When using e-wallets or debit cards, it generally takes between 1 and 4 hours for you to get your money, but standard bank transfers could take 3-5 working days. That said, some betting sites do offer Fast Bank Transfers, also known as Fast Funds, which are far quicker.
- Higher minimum withdrawal limit: Something to consider when betting with bank transfer withdrawal is that, for some reason, betting sites have higher minimum withdrawal amounts for bank transfers than other payment options. So, if you like withdrawing after relatively small wins (£10 or less), you may not be able to do so.
- More info required: Have a look back at Step 4 in the guide to making a deposit. There’s considerably more information required to enter than with other payment options, though admittedly, you only need to do it once. However, it does mean you’re slightly more likely to make a mistake, meaning you should always check the details at least twice before processing the transfer.
Most Important Things to Remember When Betting With Bank Transfer
And let’s round things off with some last-minute considerations to remember when using bank transfers at online bookies.
- Check whether using a bank transfer qualifies for the welcome offer: It’s somewhat arbitrary which payment methods betting sites accept as ones that qualify for the welcome offer when you deposit with them. So, make sure you read the welcome offer’s terms and conditions and follow them to avoid disappointment.
- It's not one of the faster methods: If time is of the essence for you when it comes to online sports betting, then the old-school bank transfer may not be the one for you. Similarly, if you expect a (regular) bank transfer withdrawal to be instant or with you within the same day, that’s unlikely to happen as well.
- Check for faster bank transfers: As we mentioned already, some sites are betting sites with instant bank transfer, called Fast Funds, Instant Funds or something similar. If you need near-instant transfers, sign up with a betting site that has them and make sure that you have access to these speedier transfers at your end by setting them up with your bank.
