I haven’t personally deposited to a betting site using bank transfer in a few years, but it is a perfectly viable payment option that is as widely available – if not more so – as any other alternative.
In fact, you’ll find all online bookmakers accept Bank Transfer deposits and withdrawals. The following table, therefore, gives you details of the best Bank Transfer friendly betting sites.
Top 5 Bank Transfer Betting Sites
*Listings accurate as of 14-05-2019 (UK market).
Should You Use Bank Transfers for Online Betting?
As all online bookmakers accept Bank Transfers, it makes sense to give some thought to whether it’s an alternative that may be right for you. To help you along in that regard, let’s run down the main reasons why you might want to use bank transfers and also why you may not.
Why You Should Use Bank Transfers
Seriously secure… there is one big reason why punters do choose to deposit to their accounts via bank transfer, and why you may wish to consider the payment method yourself. That is that bank transfer deposits are arguably the single most secure type of online transactions that you can get, and there are a number of reasons why.
Firstly, it is the only deposit method other than depositing physical cash over the counter in a betting shop, where no part of the financial transaction takes place on the bookmaker’s website. How the deposits work, after all, is by providing you with the bookmaker’s bank account details and allowing you to transfer funds through your own online bank. A specific reference or another similar marker will then ensure that the funds are added to the correct betting account.
What that means is that the entire transaction is controlled and handled by whichever bank it is that you have an account with. As such, the transaction is safeguarded by all of the security measures and other similar protections that banks afford to their customers. Considering that those measures are unquestionably the most impressive and secure around, then, depositing via bank transfer is possibly the best choice if security is your biggest concern.
What’s more, the fact that bank transfer deposits are handled entirely on your own bank’s site also has a related security benefit. That is that at no point do you have to share any of your bank account or card details with the betting site you intend to use. That’s a significant benefit as, whilst those sites are protected by SSL encryption, there is still a chance that your details could be compromised. Depositing by bank transfer rather than by debit card, therefore, entirely eliminates any such risk.
It won’t cost you a penny… it is a payment method which is free of fees with basically every online betting or gambling site. Even those sites which routinely apply charges to deposits and withdrawals, in fact, tend to make an exception for deposits by bank transfer. That’s because there is minimal processing or administration involved on their part in the case of those deposits, and makes bank transfers an even more attractive option for punters.
Perfect if you want to fund your account big… bank transfers are the betting deposit method with the single highest maximum deposit amounts available in the case of almost all betting sites. Many sites accept deposits into the hundreds of thousands by bank transfer, whereas caps on other deposit methods are far lower.
Why You Shouldn’t Use Bank Transfers
Whilst the above are compelling reasons why bank transfers may be the best option for some punters, there are also some pretty significant factors that make them unsuitable for many others.
It can take some time to process… arguably the most notable of those factors regards the time that it actually takes to deposit to and to withdraw from betting sites by bank transfer. The actual process of actioning a deposit only takes a few moments but there is then a processing period that has to be waited out before the funds will appear in your betting account.
Generally speaking that period is a good 48 hours long at best and can take anything up to ten working days. That means that bank transfers are extremely inconvenient as a deposit method for most punters and will be entirely unsuitable for many. It should be noted, though, that a small handful of bookmakers do now offer so-called ‘fast bank transfers’ as an alternative deposit method and these can shorten the processing period somewhat.
Min deposit amounts can be low… in the same way that the maximum deposit amount for bank transfers is the highest of any payment method, the minimum is also the highest you will find. For many betting sites, in fact, only transfers in the hundreds of pounds or higher are accepted and that will not suit a lot of punters.
Privacy can be an issue… some gamblers may not like the fact that depositing via bank transfer affords them no degree of privacy. Depositing in that way, after all, means that the betting site’s name will appear on their bank statement whereas using an e-wallet or other similar service can avoid this.
Other Deposit Options To Consider…
If you have a bank account you’ll have a debit card and if you use that to deposit then you’ll find deposits will be processed instantly and withdrawals will be 24-48 hours only.
If you use PayPal to deposit and withdraw from betting sites then only PayPal ever appears on your bank statement so you get added privacy.