The Complete Overview of Bank Transfer Betting Sites
Adding funds to your online sports betting site using a bank transfer is one of the oldest methods and is still favoured by many punters, especially high rollers. In this guide to bank transfer betting, we explore if this payment method is still relevant in the modern age, or are there better alternatives? We recommend bank transfer betting sites that you can use and provide a step-by-step on making a deposit and withdrawing winnings at betting sites that accept bank transfer. We cover the charges you may face and discuss how long it takes to fund your account and receive your winnings.
When sports betting online, choosing a payment method that you are happy with is just as important as finding a bookmaker that you like. In our guide to bank transfer betting, we explore the good points as well as the bad points, and if we believe there is a more suitable way, we will tell you. It’s not all just about the payment method, though; we also introduce our best bank transfer betting sites that we recommend and why. In this guide, you’ll find all the information you need to decide if bank transferring funds suits your needs.
Essential Information for Every Gambler
If you are in the hunt for a bookmaker to use, we’ve got your back! As avid sports fans, we love to bet, and over the years we have sampled hundreds, if not thousands, of betting sites and this experience means we are confident in helping you find the best betting sites that accept bank transfer. We know what you want in a bookie because we want the same, and if you need more in-depth information on an operator, you can read all about them in our award-winning reviews. A full list of our reviews can be found at our homepage.
Fees and Processing Times
In this next section, we answer the question that is on almost punters lips when considering a payment method, and that question is “how much does it cost?” Any charges, no matter how small can soon add up, especially if you deposit and withdraw regularly and no-one wants to pay if they don’t have to. We also investigate how long it takes to make a deposit and when you win, how long does it take before the funds are in your account and ready to spend. You can see the results of our research in the table below;
|Operator||Bank Transfer||Processing Time||Limits min/max||Fees|
|William Hill||3-5 working days*||£25 – £100000|
|5-10 working days||£25 – £100000|
|Unibet||1-3 working days||none|
|3-5 working days||none|
|Bwin||1-4 working days||£10 – £3000|
|2-4 working days||£10 – £7000|
The first thing you’ll probably notice about the table above is that none of the best bank transfer betting sites that we feature charge for either making deposits or withdrawals. You will, however, have probably noticed the dreading asterisk next to the information. This is due to the likelihood of your bank charging for the service and as all banks charge differently. We cannot provide that information; you would need to check with your bank. Another variable is the timescales as you can choose which type of transfer you make. A standard bank transfer is typically 1-5 working days, an urgent (called Swift) is 1-3 working days, and in the UK you can take advantage of CHAPS which can complete your transaction in as little as one business day.
The Pros and Cons of Using Betting Sites that Accept Bank Transfers
Without doubt, one of the most attractive aspects of bank transfer betting is the security with a bank transfer being one of the safest ways to deposit funds. We are used to bank’s employing state-of-the-art measures to keep our funds safe. Another great feature about a bank transfer is that you are totally in control and there is no intermediary involved. It also means that you are not sharing sensitive information like credit card numbers to a third-party. Another plus is that bank transfer betting makes the customer eligible for new customer bonuses on offer at most bookmakers.
Whilst using the best bank transfer betting sites it scored highly with security, one area it distinctly lacks in is speed with the time it takes to make a deposit lagging well behind other payment methods such as Mastercard or Visa. And in the unlikely event that things go wrong for whatever reason, payments performed by bank transfer are not as protected under consumer law as other means of payment. The question of charges made by the bank could also act as a deterrent for some. You also must enter a lot of details for both deposits and withdrawals; we discuss this topic in the next section.
Depositing Funds with Bank Transfer Betting Sites
The process to deposit funds at betting sites is a two-stage process;
You firstly need to log-in to your bookie’s account and select withdrawal. All the information you need will be displayed; you will need to use this information on the internet banking site of your bank. Ensure you have enough funds in your account to cover the deposit, then create a new payment. Let’s take a closer look at the steps you need to complete;
Step One: Log-in at your online sports betting account.
The first step in depositing funds into bank transfer betting sites is to log-in to your sports betting account. If you don’t already have an account, you can find highly recommended bookies listed on this page, all of which are licensed and regulated by the UK Gambling Commission. Go to the account section and select the deposit option and select bank transfer from the list of payment methods. It’s worth pointing out that this stage is only to obtain the details you need to perform the bank transfer, if you already know the details that the bookmaker uses, you may not need to complete this stage.
Step Two: Access your internet banking.
The quickest method of making a bank transfer is to use internet banking. Most of us use internet banking, and the process is simple, and the chances are you have performed this task in the past for setting up one-off payments.
We would advise you to double-check you have enough funds in your account to cover the amount you wish to send as most banks will charge you if you go overdrawn or the transaction could be declined.
You can also set up a bank transfer using telephone banking or by going into any branch of your bank and speaking to a cashier and filling in a form but for this example, we will concentrate on internet banking.
Step Three: Complete the required fields.
Within your internet banking, you need to select an option to create a new payment, this can be called different names and certainly look different at each bank’s website, but it should be easy to find.
You now need to enter the details that you saw displayed in the deposit section at the bookmaker. This will include, Beneficiary Name, Beneficiary Bank Name, Beneficiary Bank Address, Beneficiary Account, Bank Sort Code and your online bookmaker account number.
To ensure accuracy, we strongly advise that you copy and paste the details, rather than type them out to reduce the chances of a mistake.
Once all fields are completed, enter the amount you wish to deposit, you may also ask which bank transfer method you want to use (standard, swift or CHAPS) and submit the form.
You are now likely to receive a text message with a unique code; this needs to be entered on the webpage to confirm the transfer.
Withdraw Your Winnings – Takes Time
While it may seem, there is a lot involved in depositing, it’s is just a case of following the process step-by-step, and it does get quicker, and like second nature the more you do it. The process for withdrawing money is more straightforward, but as with all payment methods we review, we will talk you through the stages. The process shouldn’t take more than a few minutes and is as follows;
To request a withdrawal by bank transfer, click on the balance icon at the top of the page (could also be called my account or similar) and then select withdraw. The bank transfer option will be presented to you, and you now need to enter your bank details. You will need to enter the full name of your bank in the bank name field. Next is the bank address in which you need the complete address of your bank including postal code & country. The account holder’s name details are next, and these need to be your name accurately as it is registered with your bank. You are then required to provide your 8-digit bank account number along with your 6-digit sort code along with the amount to withdraw. Click on withdraw, and if all fields are completed correctly, you will then see a confirmation page.
Security of Bank Transfer Gambling Sites
We all trust banks to look after our money, you are likely to get your wages paid into a bank account on a weekly or monthly basis. Few of us are worried about the safety and security of our money, after all, what is more secure than a bank? The banks have sophisticated measures to combat fraud, attempt to log-in from a different computer and the two-stage authentication will require you to confirm it is you via text. End-to-end encryption used on the online platform ensures your data is safe from prying eyes. Every time you use bank transfer betting, you will be sent a full overview of the transaction which you need to confirm, making mistakes unlikely.
Bank Transfers: A Few Facts
Typically in this section, we like to give you an informal tour of the payment methods businesses, when they started and some interesting trivia. This payment option is a bit different, but we would still like to keep up our tradition in this section by sharing some interesting facts and stats we found;
Bank transfers once ruled for making payments, but it is now direct debits which can claim the crown. Figures released by bacs have shown total direct debit volumes of 4,356,618. Of this total for domestic consumers, 581,483 are due to mobile phone payments. Domestic fuel bills accounted for 264,973 with council tax payments figures being 2066,444. Closely behind was the subscription for TV/broadband/ satellite services at 197,600.
The Bank of England is the second oldest central bank on earth. Established in 1694, the principles of lending introduced by the bank were based on a scheme devised by a Scotsman, William Paterson.
How does Bank Transfers Compare to Other Alternatives?
There are other ways to fund online betting sites using your bank account, and PayPal is one of them. They offer a similar service to a bank transfer, using a service we have reviewed called Trustly, that performs the same actions as a bank transfer but in a fraction of the time that a standard bank transfer will take. If you plan on depositing large amounts, bank transfer is likely to be your preferred choice, unibet for example, don’t have a set deposit or withdrawal limit. If you are likely to bet away from the major bookmakers, more bookmakers accept bank transfers than PayPal. However, both payment methods do not share your card and financial information with third parties, except for the details needed to process the payment.
A great thing about online sports betting is the chance to get freebies just for opening an account. We know the world has changed, but I’m struggling to even think of a single time when Bert from the local bookies would offer me a tenner to place a bet, a cup of tea was also an unrealistic expectation.
Today, bookies offer incentives to sign up a new account. As some bookmakers exclude PayPal from taking advantage of these, Bank transfer gets this round. However, withdrawal times is where PayPal shoots ahead, instant deposits and withdrawal times that depending on the bookmaker, are the fastest we have review. Bank transfers feel distinctly 17th century compared to PayPal.
Bank Transfer Betting Sites: Conclusion
Any criticism of using bank transfer betting almost feels like criticising Royal Mail because a letter takes longer than an email. It is what it is, and the people who use this method do so for a reason. For travellers, you can perform a bank transfer in any country, and your card details are not needed. And while it is true that there are many steps the first time and a lot of information you need, your bank will store the transaction, and one button can repeat the transaction in the future.
- Financial details not shared
- Very safe to use
- No need to sign up
If however we remove the nostalgic glasses and compare bank transfer gambling to other methods, it struggles to convince. The wait to see your funds in your account would rule most people out, not many of us are that organised, but we see the benefits for those who have a budget or wish to control their spending on gambling, this would be both applauded and encouraged. Therefore we feel bank transfer betting is a niche market which is preferred by many, but for the majority, there are more suitable alternatives. PayPal would be our choice for using our bank account for sports betting due to the instant deposit facility. If you want to know more, you can read our review of PayPal here.
Q&A / FAQ’s About Bank Transfer Betting
We love hearing your feedback and suggestions for our site, and if you have any questions regarding bank transfer betting, online gambling sites or any sports betting questions then you are welcome to drop us an email at email@example.com.
How come the deposit I made by bank transfer is not showing in my bookmaker account?
This is the most common question we get asked regarding bank transfer gambling sites and is usually due to the customer missing their account number on the withdrawal form. Double-check and contact customer services.