Bank wires, or bank transfers as they are sometimes known, are simply a way of electronically sending money from your bank account to another receiver.
Although bank wires remain one of the easiest ways of making a transaction to your online betting account, they are often not the quickest due to approval times varying from bank to bank. Reports of delays up to 10 days have been made by betting customers when using bank wires, though most are happy with this due to the security level involved.
If this is an issue, a simple online chat or phone call to your prospective sportsbook will iron out any delays.
Why Chose Bank Wires When Depositing on Betting Sites
If you are tempted to use a third party such as eWallets or prepaid cards then you will effectively need to make two deposits; one to the first company and then another from that account to the sportsbook. This in itself is time consuming and so using a simple bank transfer kind of cuts out the middle man.
Given the security that comes with transferring from such large financial institutions as banks, sportsbooks are often more receptive to this and offer larger deposit and withdrawal options, so if you consider yourself a whale then this will be the way to go.
The biggest positive for bank wires is the ease of use; simply log into your sportsbook and transfer the money straight from your bank account to theirs.
Bank Wires on Betting Sites – What To Look for Before Depositing
The two main concerns when considering using bank wires for depositing in sportsbooks concern time and cost.
Always make sure you are aware of any charges for depositing money into your betting wallet via bank transfer as these do exist with a lot of North American bookmakers and its definitely something that will affect those looking to play smaller amounts.
A $50 charge is plausible for some accounts so anyone looking to load or reload their account with a similar amount has to essentially pay double.
Deposit and cash out times should be displayed on betting sites too, but if they are not easily visible then be sure to contact the customer service department before making your transfer. There is nothing worse than transferring money to bet with on the weekend games before realising it will not clear until next week!
Advantages and Disadvantages of Depositing Via Bank Wire
+ It’s easy! A bank wire is the simplest way to deposit
+ Its secure – banks naturally are fully covered so your money is safe
+ Bigger limits
- Bank charges are usually placed on top of the amount you want to transfer
- Time is a factor – delays of up to 10 days can occur