If you’re an avid punter, or an eager newcomer, there’s always one pressing issue – which payment solution is most convenient for me to top up my funds? There are so many different options available these days that it might seem overwhelming choosing the best option for you. That’s where we come in; assessing what works and what doesn’t. Bank transfer methods have become the norm in daily banking and the majority of wagering sites accept bank transfers for deposits and withdrawals.
With the introduction and ever-improving mobile banking apps, it’s never been easier making a bank transfer from one account to another, or from one bank to another bank. There’s no need for idling standing in a queue at a branch anymore to make a bank transfer. However, as with any payment solution, there are a few downfalls to using direct bank transfer methods as your go-to option for bookies that accept bank transfers.
We would definitely argue that the pros by far outweigh the cons. That being said, bank transfers aren't for everyone, and we just want to help you to make a clear and informed decision. Below, you’ll find more information on each bank transfer option which will hopefully guide you in making the right choice for you! You can then confidently access your Online Bookmaker by using Bank Transfer as a method to make withdrawals and deposits.
Here are just a few of the main reasons why you might want to think about using a bank transfer method for sports betting:
You’ll need to have a valid account if you want to proceed with this option, which is what makes it one of the handier payment methods, as pretty much all of us have at least one personal bank account. However, if you do not, then you can simply go to your nearest bank of choice and open a basic account. You’ll need ID and proof of your address, and it might take a little bit of time, but not too long overall. Once this has been done, it would be advisable to download your mobile banking app. You can then make transactions wherever you are, instead of having to visit a physical bank every time. Here's what you need to do next:
Access the ‘deposit’ or ‘deposit funds’ section
In most cases, you can enter your bank details and the amount.
Otherwise, you can log onto your mobile banking app and add your betting operator as a ‘beneficiary’. In most cases, you won’t need to verify your personal details on the betting site when depositing.
When it’s time to withdraw your winnings into cash earnings (back into your bank account), you’ll need to verify your age and other personal details on your chosen operator if you haven’t done so yet.
Bank transfers have been around for a considerable time. With the technological progress and improvements in user experiences of banking apps, it’s extremely easy to make deposits on online sports betting sites and the majority accept bank transfers without questions. Logging on and depositing funds from your bank to your betting account is very quick. However, you’ll then need to wait for those funds to be credited on your wagering account. This can be instant. You’re more likely to wait 1-3 days though. Punters wanting to top up their accounts for live betting or bets based in a sudden gut feeling, might miss out due to the lengthy time period.
Withdrawing money from your operator back to your bank account is somewhat trickier.
For those who opt to make a bank transfer, bookies tend to be subject a lengthy delay that increases the wait for your winnings.
The prolonged waiting period makes this option much less attractive. The reality is you might end up waiting up to 10 days before you see any of your winnings enter your bank account. However, the upside of this is that it is far safer and more secure than using some of the quicker alternatives that are available. If you have the patience for it, it can be worth your while. After all, it's better to have to wait a while for your funds, than to not receive them at all.
As mentioned above, it’s quite simple to apply for and open a bank account. If you don’t have one, you’ll need to choose a bank to open an account with. Here is the process to follow:
Read up on the web what different banks charge on monthly fees for similar accounts. Things to look out for are withdrawal fees, transfer fees, and swiping fees.
Once you’ve decided on a bank, visit the nearest physical branch. You’ll need to provide them with an identification document, proof of address (a telephone account, electricity and water bill, or something similar that clearly shows your name and address together). If you’re opting for a more expansive account, you might need to provide the bank with salary slips. This process shouldn’t take long.
You’ll then have an active bank account which will allow you to make transfers on each betting site and receive money. You can then link your account with your online sports betting account and transfer money at quickly and easily.
The history of using bank transfer methods for payments dates back to the 1800s. In 1872 wire transfers were launched by Western Union. Requests for transfer of funds by one individual or entity to another would occur through the transmission of information by operators. The process of transmitting the requested transaction and subsequent funds would take an eternity, in today’s terms, as post was the only method of communication.
This process would be in action until the 1960s. Out with the old, and in with a revolutionary electronic system. A decade and a half later and the application of the telephone led to more expedient transactions.
However, it was only in the early 2000s with the use of the internet when the inner workings of bank transfers as we know them today, would materialize. The internet and constant connection we have to it in most parts of the world, allow us to transfer funds via our bank account whenever we please.
Bank transfer options have always been widely accepted by betting operators and using a bank transfer method to make deposits has become relatively commonplace today. Bookmakers with bank transfer haven’t necessarily reduced in size – it’s that e-wallets and alternative payment options have come to the fore such as Neteller and Skrill, greatly minimizing the general adoption of transfers as the most popular option. If you’re more inclined toward an e-wallet take a look at the Neteller guide.
Although it would seem that there are superior alternatives to using bank transfers for deposits, a few advantages are still present. This form of payment is still considered to be very secure. You have two entities involved in the process (bank and operator); both of whom have very strict and secure protocols in place that ensure the safety of your money. Just be sure to register with the recognized, well-renowned Best Betting Sites with Bank Transfer in UK. You can certainly sleep easy at night knowing your funds and well-earned winnings are safe and secure. The second reason to use this option is that the fees associated with deposits and withdrawals are very low. As a matter-of-fact, there are no fees for deposits and a very small fee when withdrawing. E-wallets will charge a higher fee in both cases. There are further guides which will help you make an educated choice. If you’d like to look at an ecoPayz overview, visit the ecoPayz deposit method guide. Alternatively, you can visit the Skrill guide.
The only real downside to using a bank transfer is the long waiting time. You’ll find yourself waiting at least a few days when depositing funds. If you’re eager to withdraw your winning and turn it into tangible cash, you’re certainly going to be waiting a while. Another reason not to adopt this method is that there are higher minimum deposit amounts. You won’t be able to deposit small denominations. On the up-side, you’ll find that the maximum threshold is much higher. If you’re a high-roller, this might be the option for you.
Here are the most common payment methods at most UK betting sites:
Cybersecurity has really come to the fore in the last 5-10 years. People are concerned about the ability of third-parties to hack and steal funds from institutions, corporations, and even e-wallets such as PayPal or Bitcoin. If you’d like to read up more about these deposit options you can go to the PayPal deposit method guide or the Bitcoin deposit method guide. However, you can be sure that banks have to comply with very strict security measures if they’re offering online banking as a service. Banking institutions have been required and are certainly eager to implement state of the art protocols that will keep your money safe when using bank transfers for payments. All the Best Betting Sites with Bank Transfer in UK have also run operator tests which must adhere to licensing laws.
Here are some of the reasons why some people choose NOT to use bank transfer for their online sports wagering ventures:
Firstly, it’s important to verify what your smallest deposit amount is. This might vary depending on which Online Bookmaker with Bank Transfer you usually use. Although the amount might vary accordingly among different online wagering sites, the general consensus is that the minimum deposit for a transfer is relatively higher than when you use other deposit methods. The reason is that there are certain fees for banks and therefore very low amounts aren’t viable.
One of the most enticing reasons to use Sports Betting Sites with Bank Transfer or an Online Bookmaker with Bank Transfer is that you’ll find there are high limits for deposits. If you are an experienced punter or familiar with online betting sites and don’t want the hassle of having to engage in multiple deposits to fund your account, then making a bank transfer directly is a great option. All the Best Betting Sites with Bank Transfer in UK have substantially higher limits for each transfer.
|Online Bookmaker||Bank Transfer Type Accepted||Minimum Deposit||Maximum Deposit||Maximum Withdrawal|
|Bet365||Faster Payments||£5||£100,000||No Limit|
|Kwiff||Faster Payments||£10||£50,000||No Limit|
|Bwin||Bank Transfer||£10||£10||No maximum limit|
|Leovegas||Bank Transfer||£10||£10||No maximum limit|
|21LuckyBet||Faster Payments, BACS||£10||£10||£5,000|
Within the broad term of ‘bank transfers’ in the UK, you’ll find different types. Some of these are relevant when engaging in online gambling while others will seem irrelevant. However, it is important to know which is which so as to exercise the best possible caution when you deposit and withdraw your funds. You certainly wouldn’t want to choose a type of bank transfer which will incur more fees than otherwise necessary. Below, you’ll find short descriptions on the varying types.
The first one is called a Clearing House Automated Payment System (CHAPS): I have listed it first as you will most likely not encounter this type when dealing with bookies. There is a considerable fee attached to this transfer type so steer clear, if possible.
The second, and most common among online betting sites who typically accept bank transfer, is called the Bankers’ Automated Clearing Services (BACS):
This title simply refers to the common bank transfer which you will use on a daily basis. You use this type of transfer when you pay a beneficiary via your mobile app or at a branch in person. All that is required for you to complete this transfer is the account details, including a bank account number and sort code as well as the full name for your account.
The third type is a bank wire transfer: Now, if you want to transfer funds outside of the UK, you will need to use a bank wire to complete your transaction. Interestingly, there are many bookies who are necessarily registered in the UK, although they are licensed to operate within the UK. You might find yourself having to make use of a bank wire in cases such as this. You will need certain account details of the beneficiary, such as their bank account number and sort code in addition to the full name on their account. If you are opting for this bank wire transfer method, make sure you have the correct details and account number to ensure a swift and successful process.
The last type of transfer is called a Fast Bank Transfer: This is something that will allow one to speed up the time needed for funds to transfer from one account to another. There is a section below allocated to this as it is an exciting installment for users who prefer to use bank transfer options as their chosen method.
|Bank Transfer Methods||Minimum Deposit||Maximum Deposit||Minimum Withdrawal||Maximum Withdrawal||Processing Time|
|BACS||£5||£10||£10||No Limit||3-5 Business Days|
|CHAPS||£100||£100||£100||No Limit||1 Business Day|
|Faster Payments||£5||£100,000||£10||£100,000||2-24 hours|
|IBAN||£5||£10||£10||No Limit||3-5 Business Days|
|SEPA||£5||£10||£10||No Limit||1-3 Business Days|
Due to the fact that normal transfers take quite a while to process, a new and improved service has been established to counteract this. Fast bank transfers enable you to deposit money directly from your account into certain Best Betting Sites with Bank Transfer in UK.
Bookies such as Bet365, William Hill, and Betvictor accept this service. Before you consider using this to lower your waiting time, make sure the bookie you tend to use does accept fast bank transfer options. If this is the case, making use of it is very straightforward. Locate the details of your Online Bookie with Bank Transfer. This includes the number of the account and sort code. All you need to do then is log on to your online banking and make a payment to the bookie.
Remember to enter the correct details. If not, you might find that the transaction will not be successful. In the worst case, you might find you’ve deposited money into someone else’s account. If you’re positive all the details are correct, finalize the payment. You will receive a one-time pin as is the case with all transactions through your mobile banking app. Follow through and you should hopefully find that your betting account has been topped up within a couple of hours.
If you’re an individual who feels that your bank is the most reliable way of transferring and securing your funds, then bank transfers might be for you. As the saying goes, “Don’t fix something that isn’t broken.” Personally, I’d be really happy to adopt this method. This is particularly true due to the ease of accessing your online banking account via your mobile device. No need to go through the process of signing up with an e-wallet and then linking that to your bank account and so on. However, if you’re a punter who likes to ride the wave on betting sites, bank transfers may not be right for you. Using bank transfers as a deposit method will limit the spontaneous punter and certainly prolong your wait. Secure, and proven to work, yet maybe in the fast-paced world of today, an e-wallet would serve you better. If you are looking to understand more about general deposit methods for online sports betting sites, bank transfer and deposit options and more you can click on the deposit methods guide.
The actual action of depositing money from your bank account to your betting account is very quick, especially if you have a mobile app. The process of those funds appearing in your betting account might take a little longer. Anything from a couple of hours to 3 days.
It is safe to say, this is one of the most secure ways that you can deposit your allocated funds from one account to the next. There are very secure measures in place that will protect your money. The best bookmakers will always ensure safe and secure platforms. Visit Betting.co.uk to find out more about which bookies are most secure.
You will find all the best betting sites with bank transfer in the UK do still accept this payment method. If you are unsure, double-check on the betting site. Also, make sure that the site accepts the ‘network’ your bank is associated with (for example, Mastercard or Visa).
Yes, all banks will have a two-step verification process for your own safety. You’ll need to log into your mobile app and provide a one-time pin when requested. This process is very quick and will keep your money safer. This process is similar to when you use a bank card to buy things online. For a comprehensive overview of using your credit card as a method, visit the credit card guide. Keep in mind that the use credit cards on betting sites will be banned from April 2023.
No, you will find that there are no fees attached when you deposit money from your bank account into your online bookie. However, there might be one or two bookmakers who do charge a fee. To make sure of this, visit Betting.co.uk and check out our guide about making deposits via bank transfer.
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