- Betting Sites
The good old bank transfer is considered to be the safest form of payment available nowadays. It’s no wonder that, whenever you have to deal with a larger amount of money when buying a house, for example, you pay via Bank Wire Transfer.
If you already used this payment method to buy anything of great value, you can agree that it is among the safest ways to transfer big amounts of money from one account to another. However, what if we told you that you could also use a Bank Wire Transfer to deposit at online betting sites? It might sound a bit off, but it’s 100% doable, and several betting sites accept deposits through Bank Wire Transfer.
Still having a hard time believing it? Keep reading, and you will discover the top Bank Wire Transfer betting sites and all the details about how to use this deposit method.
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Even though it isn’t, by far, a popular deposit method among punters, Bank Wire Transfer is present in almost every online betting site. Due to the processing time that can go up to 5 business days, it is hard to believe anyone would choose it for a dynamic activity such as placing bets. It could, on the other hand, turn out to be the only option available for some customers to make deposits. It’s known that e-wallets such as Skrill or Neteller have extensive lists of countries where service is not available. Moreover, if you can’t buy a PaySafe or if, for some reason, you don’t have a debit or credit card either, a Bank Wire Transfer might be the only solution.
As mentioned earlier, most of the betting sites have kept Bank Wire Transfer in their payment options list simply because it might be the only solution available for some customers. On the other hand, there’s also the aspect of absolutely no fees as well as exceptional security. However, even with these advantages, is it worth it to wait up to 3 business days for your deposit to be processed? It can get better though, if you’re depositing using these country/currency combinations, the processing time could drop under 3 business days:
Using other country and currency combination can have you waiting for ten days for a bank transfer. One thing is certain, it is not a good method to use if you’re planning on placing in-play bets. For what’s worth, you can use Bank Wire Transfers for cashing out your winnings as well.
Another big name in the betting industry that accepts Bank Wire Transfer deposits and withdrawals, William Hill brings some diversity to the classic Bank Transfer. There are several types of Bank Wire Transfer payments supported by this notorious betting site, such as:
As you may have guessed, the fastest form of depositing via bank transfer is Chaps. This only takes one working day, however, has the downside of only being available for UK punters. If the phrase ‘only one working day’ seems a bit off to you, you’re probably right since most deposit methods are instant nowadays. However, compared to the usual five working days a standard Bank Wire Transfer can take, one day is actually fast.
The list of big and respected betting sites that offer Bank Wire Transfer as a payment method is extensive. Paddy Power is one of those betting sites that, besides instant deposit methods and very fast withdrawal methods, also offer the classic bank transfer for those with no other alternative.
You can use Bank Wire Transfer for both deposits and withdrawals knowing that there will be absolutely no fees involved in the process. Perhaps this is one of the reasons why some punters will even consider depositing with such a slow payment option. Knowing they get to keep all the money in case of a big transfer. Just like with William Hill, UK punters that choose Bank Wire Transfer as a deposit or withdrawal method have the perk of having their transactions processed within one working day. At the same time, punters from other territories can wait up to a maximum of 5 working days.
Most punters are all about speed when it comes to using betting sites, and for them, even the thought of putting the words ‘advantage’ and Bank Wire Transfer together may seem impossible. However, if you leave the long processing time aside, there are a few things that stand out and can truly be considered advantages. These are:
One of the biggest advantages the Bank Wire Transfer has over other payment methods in the betting industry is safety. It’s true, other deposit and withdrawal options have their safety features and added security. However, nothing can compare with the Bank Wire Transfer. It is a transaction that takes place directly between two banks, the bank where the punter opened the account and the one where the betting site has an account. This makes it impossible to fraud or attack the transfer in any way.
It’s true that the vast majority of betting sites do not take fees for other payment methods as well. However, the big plus that comes with using a Bank Wire Transfer comes from the fact that the bank won’t apply a fee either. In comparison with all other payment methods, no matter if we’re talking cards, or e-wallets, all the money you win at the betting site reaches your account. Especially if you’ve won a big amount of money, it’s worth waiting the extra few days.
Another advantage that comes can be linked with using a Bank Wire Transfer to make transactions on betting sites comes from the ease with which you can track these payments. Every Bank Wire Transfer has its unique reference code that can be used to verify the status of each payment. Especially useful for those punters that have a hard time completely trusting the betting sites.
Perhaps the only real advantage you get when depositing via Bank Wire Transfer is represented by the high limits. While other payment methods have a maximum limit of £2.000 or £5,000, a Bank Wire Transfer can go up to £150,000.
We’re sure that, if you weren’t already up to date with them, you spotted a few disadvantages from what you read so far. It’s no surprise that the Bank Wire Transfer has some flaws when used as a payment method at betting sites. Among the disadvantages you may encounter when using a Bank Wire Transfer, we mention:
Sure, you might say that it’s stating the obvious with this one. However, speed is very important in the betting industry. Moreover, this principle does not only apply for betting sites that need to be on their toes to remain competitive. It applies to punters as well since a few minutes can make the difference between winning or losing. Having to wait a maximum of 10 working days for your deposit to go in can mean missing an entire championship if your timing isn’t right.
It doesn’t apply to all betting sites, however, using a Bank Wire Transfer to make your deposits can sometimes mean a very high minimum deposit amount. While other payment methods allow you to make deposits as low as €5, a Bank Wire Transfer minimum deposit can be as high as €200. That’s the case for bet365, in case you had trouble believing that.
As we’ve already established, Bank Wire Transfers are payments made between banks. A payment system that is not that popular at betting sites, however, one that you can use in most of them. If you’re wondering what the steps are to initiate a successful Bank Wire Transfer, here’s a complete guide.
Since we’ve covered the process of depositing via Bank Wire Transfer, it only makes sense that we offer a detailed guide on how to perform a withdrawal using the same method. To better illustrate this process, we will use screenshots and actual information from William Hill since they’re one of the biggest betting sites in the UK. So, without further ado, here’s how to cash out your winnings via Bank Wire Transfer:
After you inserted all the details, click ‘Continue’ to move on to the next page.
The fact that Bank Wire Transfers are different from any other payment methods is already notorious. So, nobody can expect the times, fees or limits to be anything similar to what he or she encountered so far. If you’re curious to learn exactly what are the parameters of Bank Wire Transfer transactions, we’ve prepared some data for you.
|Betting Site||Deposit Speed||Fee||Limits MIN/MAX|
|bet365||2-10 Banking Days||❌||£200 / £ 150,000|
|William Hill||1-5 Banking Days||❌||£25 / £100,000|
|Paddy Power||1-5 Banking Days||❌||£5 / £100,000|
We’ve already mentioned some alternatives along the way during inevitable comparisons with other payment methods, perhaps better suited for betting sites. However, if you want to increase the speed of the transactions and keep high limits at the same time, e-wallets are your best bet. E-wallets such as:
|✅ Extremely Safe||❌ Very Long Processing Period|
|✅ High Deposit Limits||❌ Deposits Available only Offline|
|✅ Traditional Withdrawal Method||❌ Tons of Information is Needed when Submitting a Wire Transfer Withdrawal Request|
|✅ Easy to Track||❌ High Fees|