Using a bank transfer for deposits is one of the oldest ways of account funding in the online gambling industry. Almost every betting site accepts transactions through bank wire, and players enjoy many privileges when choosing it. High limits, safety on every transaction and no need to create an account to use it are some of its main perks. There are multiple ways to make a bank transfer.
The most used in online gambling are traditional bank wire and instant banking. Bank wire transfer history goes back to the 1800s when the process of sending payments by telegraph began. On May 3, 1973, the revolution on bank transfers came through the creation of SWIFT. Today over 11.5 million transactions take place per day.
Instant banking could be the future of online transfers. Companies like Trustly, Klarna, Multibanco and POLi offer speedy transactions, lower fees than traditional banks, local currency availability and the possibility to use the service without opening an account.
Bank transfer bookmakers allow players to claim a welcome bonus and opt for any promotion they like. At the same time, fees remain close to zero. In the upcoming sections, you will take a deeper look into every aspect of gambling with bank wire, such as:
- An up-to-date (2024) list of Bank transfer bookies
- How to use it when betting online
- All the pros and cons
Best Betting Sites That Accept Bank Transfer
Among the multiple bank transfer betting sites that exist, we have selected the top-rated ones. They offer quick withdrawals in combination with low fees. Plus, we have tested them in terms of reliability and safety.
Why should you bet on bank transfer betting sites
There are many different payment methods, but at the same time, multiple reasons that make bank transfer sports betting sites feel like a good choice. Instant deposits, no need to create an account and no withdrawal restrictions are the leading edges of betting with a bank transfer.
✔ Widely accepted by bookmakers: It is hard to find a bookmaker that doesn’t accept transactions through bank transfers. SEPA and SWIFT are two of the most popular ways among online gamblers.
✔ No withdrawal restrictions: It is crucial for players to be able to make a withdrawal in the same way that they deposited. When you deposit through your bank account, you are always eligible to withdraw your winnings no matter what.
✔ No need to create an account: When players want to deposit through bank transfer, they have to choose it as a payment option. In most cases, under the name ‘bank transfer’ or ‘bank wire’. After that, they will be automatically transferred to their online banking account to proceed with the payment. So, there is no need to create an account with an instant banking provider like Klarna/Sofort.
✔ Safe and secure: We are discussing probably the safest way to deposit on a bookmaker. Users’ data is transferred with SSL encryption. Two-step authentication, fingerprint scanner, and TAN code through an SMS on a registered phone number ensure safe transactions. The security procedure may vary depending on the bank.
✔ High deposit & withdrawal max limits: It is essential that players can deposit and withdraw large amounts easily. In comparison with other bookmakers, bank transfer bookies allow bettors high maximum limits on their transactions. This is a key advantage, especially for high rollers.
✔ Eligibility for a welcome offer: Bank transfer bookmakers allow players to claim a welcome bonus and participate in any other offer or promotion most of the time.
✔ Easy deposits via mobile phone or tablet: Every time players choose to deposit via bank transfer, they are redirected to their online banking account. They can also download the app of their bank and deposit quickly and easily.
✔ Low or zero fees in local transfers: No fees on transactions is something that every bettor wants to take advantage of. When depositing through bank wire, there are zero fees on domestic transactions, at least most of the time. Still, a small fee may apply when the withdrawable amount is under a specific limit depending on the bookmaker’s policy.
Drawbacks of bookies that accept bank transfer
Although gambling with bank transfer has several benefits, it also comes with some shortcomings. The fact that your betting activity can be easily tracked and that you might experience a possible delay in withdrawals can make you reconsider choosing wire transfer betting sites.
❌ High minimum deposit limits: Most payments allow players to deposit low amounts that even start from €1 in some cases. Betting with bank wire comes with the disadvantage of the minimum deposit amount being as high as €20 on some bookies.
❌ High minimum withdrawal limits: A significant drawback when betting on bank transfer bookmakers is that the minimum withdrawable amount is usually higher than that offered by other payment methods, like e-wallets. A player might have issues withdrawing his winnings, especially when betting on international bookies, where limits are even higher.
❌ Potential high fees on international transactions: Some fees may apply depending on your bank and mainly on the bookmaker you choose when proceeding with an international transaction. Also, conversion fees will be added to your transfers if you are not using your local currency.
❌ Probable delay on your withdrawals: This applies more to international transactions. When it comes to domestic transactions, most of the time, the amount will be on your account within one business day. Depending on your bank and the bookmaker, the withdrawal procedure can take up to 5 business days in some cases.
❌ Possible regulation issues: In some countries, like India and the US, gambling is still illegal or restricted in some states. In this case, even if bettors choose an international bookmaker, they will not be able to deposit through bank transfer.
❌ Your betting activity is tracked: Your transactions will not remain under the radar when you deposit on bookmakers that accept bank transfers. Your bank continuously records every transfer for security reasons.
Is bank transfer betting legal and safe?
In most countries of the world, it is 100% legal to use your funds directly from your bank account or simply connect it with an instant banking payment service. Regarding safety, when it comes to bank transfers and the online gambling industry, we’re probably discussing the most secure way to make the most of your betting activity.
SSL encryption technology ensures the safety of your transactions. At the same time, every bettor can set a unique security procedure depending on the bank he is dealing with. Two-step authentication, fingerprint scanner and TAN code through SMS before proceeding with a transfer are some of the security levels that a user can choose when betting on bank transfer bookmakers.
Types of Bank Transfers
⏩ Bankers’ Automated Clearing Services (BACS)
Previously known as Bankers' Automated Clearing System, BACS Payment Schemes Limited (BACS) was founded in 1968. Every transaction that takes place between two UK-based bank accounts goes through BACS.
When a transfer takes place, it can take from 2 up to 5 days to be completed. Direct debit, BACS Direct Credit and Current Account Switch Service are the banking products that are also available.
⏩ Single Euro Payments Area (SEPA / SCT Classic) Bank Transfers
The most famous banking system for transactions in the European market is SEPA. The system created by the European banking and payment industry is represented by the European Payments Council (EPC).
Players from 36 countries in total, and more specifically from 19 Eurozone states (i.e. Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain) can use it.
Moreover, bettors in Bulgaria, Croatia, Czechia, Denmark, Hungary, Poland, Romania, Sweden, Iceland, Liechtenstein, Norway, Switzerland, Andorra, Monaco, San Marino, and the Vatican City can also use it. The UK also participates in SEPA as a non-member with exceptions.
Payee name, account number, and BIC code are needed to make a transaction. Also, SEPA retains a TÜV-certified data security centre in Germany. The transaction is instantly visible on your bookie for domestic transfers, while an international transfer could take up to one banking day. It is hard to find bank transfer bookmakers that don’t accept SEPA.
⏩ Bank Wire Transfers SWIFT
Society for Worldwide Interbank Financial Telecommunication (SWIFT) was founded in 1973, and its headquarters are in La Hulpe, Belgium. It is a global network that connects banks and allows international transactions. Almost 33.6 million transactions per day take place through it.
⏩ Faster Payments Service (FPS) Bank Transfer
We are talking about a banking system that BACS supports. The system was launched in 2008, and by this time, most UK banks supported it. The transactions through FPS could be completed within two hours. More and more bookmakers in the United Kingdom accept FPS deposits.
⏩ Instant Banking
When we talk about Instant banking, we discuss an Internet payment method based on online banking. To use this service, players don’t need to create an account. The only requirement is that their bank cooperates or participates in the Instant banking platform they choose. There are many different providers, but the most used for betting are SEPA Instant Credit Transfer and open banks like Klarna/Sofort, Trustly and Multibanco.
⏩ Instant Credit Transfer Scheme (SCT Inst)
Like BACS developed FPS, SEPA had created the SCT Inst in 2007. The significant advantage of it is that all transactions are processed in almost 30 seconds. However, the system hasn't been adopted by many European banks so far. At the same time, not many bookies accept deposits through it.
Useful Banking Terms
If you choose to bet with a bank transfer, it is also important to know some details regarding the banking system. More specifically, it is beneficial to learn some important terms that you will come across very often.
IBAN: Basically, it acts as the ID of your account. IBAN (International Bank Account Number) is a series of alphanumeric characters identifying an account held at a bank and operates under ISO 13616:2020.
Reference number: We are talking about a unique number that bank transfer bookies provide to players. This number specifies where bettors should send their money.
VAN code: VAN code (Virtual Account Number) is pretty much the same as the Reference number, but it is only used on Fast Bank Transfers.
SWIFT/BIC code: Every time you want to transfer money from your account to a bookie, this code will be requested. A Bank Identifier Code (BIC) is an 8 to 11-character code and refers to your bank. Before placing their wagers on betting sites that use bank transfer, players can easily find this code in their bank statements since it is unique for every bank. Some SWIFT/BIC codes of the largest banks are the following:
- HSBC Holdings: MIDLGB22
- BNP Paribas Bank: BNPAFRPH
- Banco Santander: BSCHESMM
- Barclays plc: BUKBGB22
- Deutsche Bank AG: DEUTDEFF
- Lloyds Banking Group plc: LOYDGB2L
- ING Groep NV: INGBNL2A
- UBS Group AG: UBSGCHZH
- Nordea Bank AB: NDEASESS
What do we call open banking?
Open banking is a way for bank account holders to share their financial information or authorize a payment safely. In 2015 the European Parliament adopted a revised Payment Services Directive, known as PSD2, that allows the development of innovative online and mobile payments through open banking.
Users can utilize a single app and check their financial activity even if they have multiple accounts in different banks. Using open banks means that users don’t need a credit or debit card.
How To Deposit On Bank Transfer Betting Sites
Regarding your deposits on your favourite bookmakers that accept bank transfers, the procedure is pretty simple since you only need to choose it as your payment method.
- 1 Log into your sports betting account.
- 2 Click on the Deposit option.
- 3 Choose ‘Bank Transfer’ or ‘Bank Wire’.
- 4 Select the amount you want to deposit.
- 5 The system will redirect you to your online banking account.
- 6 Authorize the transaction as your last step.
That’s it. The transaction has already taken place, and the amount is available on your betting account. In rare cases, when you deposit on an international bookmaker, it could take up to 5 minutes to be completed.
Can I withdraw from bank transfers bookies?
One of the most significant advantages of betting with bank transfer is that you can withdraw your winnings easily when you follow the steps below.
- 1 Log in to your sports betting account.
- 2 Click on the Withdraw button.
- 3 Select ‘Bank Transfer’ as your withdrawal method.
- 4 Fill in the amount you want to withdraw.
- 5 You have to enter your IBAN or account number.
Since you have already deposited the same way, the procedure will be completed. After you withdraw a large amount in total, some bank transfer bookmakers may ask you to identify your bank account for security reasons.
In this case, you need to send a document from your bank that proves that you are the bank account holder. Most of the time, the money will be available to your account within a business day; but international transactions could take up to 5 days.
Fees and limits
Fees on bank transfers mainly depend on the bookmakers that you choose. Most of them are not charging any amount on your deposits but may charge you on your withdrawals. Also, your bank may apply international transaction fees if you are not depositing with your local currency.
Many bookies inform you before you proceed with your transaction if you have to pay any extra fees. Limits on your transactions may vary depending on your bank transfer sportsbooks. Usually, the minimum deposit and withdrawal amount are a little higher than those of other payment methods.
For deposits, the most common amount is €10 and for withdrawals, €20. However, some bookies allow deposits of €1. Regarding the maximum amount, deposits could be up to €10,000 and withdrawals up to €100,000, depending on the betting site.
Bank Transfer compared to other payments
We discuss a practical choice for gamblers looking to fund their betting account when talking about bank transfers. However, below we will see how it works through specific banking companies.
Trustly is a classic example of an online open bank payment system. It was launched in Sweden in 2008. By now, the company has almost 525 million users, and at the same time, it cooperates with 6300 banks globally.
It allows player-to-player transfers, combined with the eligibility to choose between multiple different currencies, which are some of its main perks. Speedy transactions and low fees are also hard to pass.
However, not being available in many countries, the lack of a dedicated app and the fact that players can only fund Trustly bookmakers through a bank account; are significant shortcomings.
Beginning as Sofort in 2005 and continuing under the Swedish bank Klarna, we discuss a popular method for depositing funds when gambling online in German-speaking countries. Speedy deposits, low fees and the possibility of under-the-radar activity make Klarna betting sites a valuable choice.
On the other hand, the fact that players cannot proceed with a withdrawal is a serious issue that the payment has to resolve.
POLi was created in 2006 in Melbourne. We are talking about an Internet Banking System that operates in Australia and New Zealand. Being widely accepted by bookies, allowing local currency deposits and the fact that players don’t need to have an account to use it are some of its main edges.
However, POLi betting sites don't accept deposits with cryptocurrencies, and players can not withdraw any amount from them.
Euteller is an online banking method for Finnish users founded in 2007. For those who enjoy online betting, Euteller provides a user-friendly and safe platform. Bettors may rapidly deposit money into bookmakers using Euteller and easily withdraw their profits quickly and without any hassle.
On the downside, some betting sites might not offer Euteller, which would limit players' options and perhaps force them to look for different payment options.
Nordea is a popular Scandinavian bank operating since 1997. The payment comes with several perks, such as high safety standards and effortless transactions, as users are not required to create a Nordea account. On top of that, there is a mobile app to make deposits on the go.
However, Nordea gambling sites come with one serious drawback, as players cannot withdraw money from their accounts using this specific method.
Multibanco was founded in 1985 and is now considered the largest interbank network in Portugal. Therefore, Multibanco bookmakers are a widespread option in the land of the three F's due to the payment's eligibility for Welcome Bonuses and the ability for P2P transfers.
Nevertheless, Multibanco is only restricted within the borders of Portugal; thus, bettors from other countries need to find another method with the same traits.
Final word on Bank Transfer by Book Spy
Bank transfer is a popular way to deposit and withdraw money from any bookmaker. Bookies that accept bank transfers allow players to participate in almost every promotion. They also offer betting with low or zero fees and allow bettors to withdraw their winnings with ease.
Plus, it is hard to find a bookmaker that doesn’t accept bank wire as a payment method. Still, bank transfer has some significant drawbacks. Many betting sites have high minimum deposit limits in combination with high minimum withdrawal limits. Also, it is not possible to use it in some countries or specific states when gambling online. Moreover, on international transactions, high fees could apply.
To sum up, bank transfer bookmakers will always be a fair option for gamblers. High levels of security on transactions and the fact that you can quickly deposit through a mobile device using your online banking app make them an attractive choice.
However, your betting activity can be easily tracked by the authorities, and your withdrawals can take up to 5 business days in some cases, and these are some undeniable drawbacks. So, a bank transfer is a safe and valuable option for recreational bettors, but I would instead recommend other options like Skrill or Neteller for high rollers.
Complete list of Bank transfer betting sites
Gambling with bank transfers is always safe and secure for players. High-security protocols followed by the approval of the international bank system allow transactions with no risk for bettors.
Being one of the safest and most reliable methods when betting online, bettors who prefer to deposit via bank transfer can claim new offers and promotions.
Straightforward answer, yes. It is always an advantage to make a withdrawal in the same way that you have deposited. Sports betting with bank transfer ensures that bettors will always be able to withdraw their winnings.
It depends on the bookmaker. Usually, when you deposit with a payment method that allows withdrawals, you must proceed the same way for security reasons.
SEPA transactions could take place only within the Single Euro Payments Area. The payment is sent in euros. On the other hand, a SWIFT payment can be made between any bank in the world that supports the service and in multiple currencies.