Using a bank wire transfer to top up your bookmaker balance is one of the oldest and safest ways of completing a transaction with an online bookie. In essence, it’s pretty much the same as making a regular payment or sending money through a bank, however the use of the internet has obviously made things a lot easier for every party. This guide will offer you an inside look on the advantages and disadvantages of using a bank wire transfer and give you some tips that will hopefully improve your betting experience.
Betting through a Bank Wire transfer
The main reasons for opting for a bank wire are security, ease of use and extremely high limits. You don’t need to go through the lengthy process of creating and verifying an e-wallet or a credit card. You simply have to log in to your bank account, select the according payment reason on the e-banking service, enter a certain code, confirm your deposit and your money will be delivered in a few moments (or days), with no added charges. In most cases you will not be subjected to any limits and should a technical issue arise, you can easily solve it by contacting your bank’s customer service.
However, there are various drawbacks when you are using your bank account to top up your bookie balance. The most important one is the time it takes for the payment to be delivered. Although this procedure is in most cases instantly concluded, a bank wire transfer may take several days to be completed on some bookies, which can be prove to be extremely frustrating when you want to place a bet quickly. What is also a bit annoying is the fact that if you wish to withdraw your money, you will have to make a bigger withdrawal compared to other payment methods (e.g. 50€) and also pay a certain fee.
Τop 5 bookmakers that accept Bank Wire
Understanding the various terms
Before we go into details concerning your transactions, we need to clarify four things. The IBAN number, the reference number, the VAN code and the SWIFT/BIC code. The IBAN number basically acts as the id of your account and offers a more convenient way of paying, instead of having to fill in various bits of information. The reference number, is a unique code that the betting company provides to the player, in order to specify where he should send his money. The VAN code (virtual account number) works the same way as the reference number, but is only used on Fast Bank Transfers. Finally, every time you wish to send money from your bank account to a bookie, you will be requested to enter a Swift/BIC code. This stands for Bank Identifier Code and acts as a referral to your bank. You can find the IBAN and the BIC codes on your bank account.
Making a deposit
This is actually pretty straightforward. All you need to do is go to the e-banking section of your bank’s website and select “payments”. In most cases you will have to justify this payment on the “other types” form and enter your bookmaker’s name. For the next step, you simply have to fill in your personal deposit code found on the bookie’s website (usually on the bank deposit menu) and confirm the payment. The time it takes before your money is credited, varies from one bank to the other and might take from a few moments up to a couple of days.
If you do not have an e-banking service linked to your bank account, or simply are a man of tradition, you can complete a deposit through a cashier by going to the bank. What you will need (besides your passbook and id) is once again the name of the betting company, in order to state your payment and your personal deposit code. The time it takes will likewise vary depending on your bank and bookie.
Finally, you might wish to make a deposit through American Express or a cheque. For the latter, unless you are planning on going to a bank teller, you will have to contact your bookmaker to make sure they accept such an option and to receive their mailing details. You must wait between 5 days and a month before your cheque clears. If you want to use American Express, then it’s best to fund an e-wallet or buy a pre paid card, as you are likely to be heftily charged, besides the fact that most bookmakers do not accept this type of deposit method.
Making a withdrawal
You must choose the “bank account withdrawal” option on your bookmaker. If you have not already entered your bank account’s details, you will have to do so. Make sure to double check every bit of information you fill in, if you wish to avoid any technical issues, and pay extra attention on entering the correct IBAN number. Upon having entered your personal info, you need only state the amount you wish to withdraw, enter your bookmaker password and click the confirm button. You will receive your money in about 3-5 days, minus a certain fee that each bank places on every transaction.
Other bank deposit methods
There are a few ways of topping up your account through a bank, however we will cover the two most commonly used, besides a normal, local transaction.
The fast/instant bank transfer, made their first appearance in 2008. They offer the fastest way of sending money between two accounts from two different banks, usually taking a few minutes. It can be used on betting, if your bank is not accepted on a bookmaker.
An international money transfer can be used when you wish to punt on a bookmaker on a foreign country, or if you do not have a local bank account. You will have to state your IBAN, your bank’s SWIFT/BIC code and pay a somewhat hefty fee.
Bank Wire Security
If you decide to make a deposit via a bank wire transfer, then it will be completed under the highest level of security. Obviously any e-wallet, pre paid card or other type of payment can rightfully be considered as safe, however it can never offer you the same guarantees of stability and security as a bank does. Each and every transaction is monitored and recorded both on the bookmaker’s and the bank’s database, making your bank account practically impervious to any hacking or scamming attempts. This is due to the use of SSL encryption technology that monitors every connection on the bank’s server and will block any hacking attempts. What is also equally important, is that compared to other payment methods, a bank will never be subject to certain restrictions from a gaming authority, as they are already being strictly regulated to prevent any money laundering activities.
Pros and cons using Bank Wire
- Accepted on almost every bookmaker
- Added security
- High limits on deposits
- Instant deposits in most cases. This may vary depending on your bank & bookmaker.
- Long waiting times on withdrawals (up to 5 days) and deposits on rare cases
- Higher limits placed on your minimum withdrawal amount
- Every withdrawal is charged with a certain fee.
Where to bet using Bank Wire
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