Otherwise known as a wire transfer, a bank transfer payment is one of the most traditional ways of sending money from one place to another and is still a practice used by bettors to get money into their online sportsbook account.
Part of the reason for its popularity is simply that almost all casinos and sports still advertise wire transfers as an option for players, with the bettor often trusting a bank more than a credit card or eWallet company.
We must remember that banks take security about as seriously as anyone outside government, so using wire transfers must be considered the safest way to move money around.
Why Choose Direct Bank Transfer for Your Betting Site Deposits
We can tell you how secure things like Bitcoin are, but you don’t have to believe us! Wire transfer though kind of speaks for itself in terms of safety, it’s been around forever and is already trusted by so many people and they can’t all be wrong.
The fact that you are not required to start all over again by signing up to a whole new payment service has to be a good thing, simply send money from your bank account to your bookie and the job is done.
Of course, for the casino or sportsbook to accept your wire transfer they will insist on vigorously checking your ID. Some people are a little iffy about giving out this kind of information over the internet, however with wire transfers there is even a simple solution to that.
A simple bank account, not linked to your savings or even in receipt of your payment checks, can be used to send money to the casino and you will receive the same stringent security you always expect from your bank.
Advantages / Disadvantages of Depositing on Betting Sites via Direct Bank Transfer
They key advantage to using direct bank transfers to fund your betting account has to be security. There can almost be no safer way to move money than direct from a bank to the payee, as the bank is always so well protected.
Simplicity is another reason to use wire transfer as, quite simply, all you need is a bank account with some cash in it! Using Bitcoin, pre-paid cards or other methods often means charging up those third party accounts first before then using them to top up your betting account.
The two key disadvantages would as usual be time and cost. Some casinos and sportsbooks can take 10 days to clear money being wired from the bank and they may also pass any costs onto you with interest.