Bank transfer as a payment method is widespread and is one of the preferred payment options, both offline and online. It allows payment for goods and services. And to bet.
Almost all adults have an open checking account or currency account in a bank, and the representation of it in sports betting is really massive. There are a lot of shortcomings with wire transfer as well, but we’ll cover that later.
The most important facts about wire transfer
Bank transfer is one of the oldest means of payment and allows offline and online payments. Paying to the betting account in this manner is straightforward. The user just has to make sure that all the data is correctly indicated, when the purpose of the payment is also important, indicating to which bookmaker account the payment goes.
The user receives all the information necessary for the bank transfer from the bookmaker. As for the duration of the transaction, we come to the first shortcoming of this method. Namely, a bank transfer can take up to several days. This applies to both payment and withdrawal of money.
Advantages and disadvantages
Although its length is one of the disadvantages, the banking transaction certainly has its advantages. Here are the most important:
- One of the most secure online payment methods
- Payments can also be made through online banking
- No need to open an additional bank account
Here are the biggest drawbacks:
- Transactions take longer
- Bookmakers can be easily fooled
Benefits in detail
Security is the most important thing for most users when paying online, and wire transfer guarantees a very high level of security. So far, no cases of fraud in this way are known.
If the user opts for this method, he has two payment options on his account in the bookmaker. He can complete a payment slip with his bank or he can do it via online banking. In the case of the second option, the user must first check whether their bank supports online banking.
For payments by bank transfer, it is not necessary to open an additional transaction account, so the user does not leave any personal or banking information. You don’t even need to have a credit card, which is good news for some players.
Disadvantages in detail
The biggest disadvantage of this payment method is the length of the transaction. The user has to wait a long time for the money to be transferred to their betting account. Payments also take longer, while some bookmakers don’t offer this option at all.
There is another downside to this payment method, but it only applies to the bookmakers side. Namely, in this way, bookmakers can easily be deceived when, for example, an unknown number of the account is provided. Bookmakers try to combat this type of fraud, so they rarely offer a bank transfer as an option.
Replenishment of the account by bank transfer
The user must first select the bookmaker in which to open an account. This process is usually always the same. The user enters their personal information, chooses a username, a password, and that’s it. In rare cases, sometimes, he has to enter a few more details.
After opting for a bank transfer as the payment option, the user receives the appropriate bank details. The purpose of payment must always be the number of the betting account that the user receives when registering. If he doesn’t, he can’t make the payment. Once all the data has been entered, the money should be in the bookmaker’s account within a few days.
In most cases, it takes one to three days, which is too long for most users. This is also the reason why fewer and fewer bookmakers are offering wire transfer as a payment option, but it is also one of the more secure methods, which is definitely a big plus.
Are there any fees when paying by bank transfer?
There is also a charge for bank transfer. When opening an account, the bank charges a fee in the form of a monthly account management fee.
Most bookmakers charge a certain handling fee, which is usually $ 10. For payments, this amount may be higher. The user must absolutely be informed in advance. The bank transfer takes a long time so the expected charges arise.
What is the alternative?
There are many other payment methods available as an alternative to wire transfer. The most popular is PayPal, where the transaction takes place very quickly. Within seconds, the player transfers money from their PayPal account to the betting account. Additionally, PayPal payments apply to almost all bonus promotions, which is not the case with Skrill or Neteller, for example. Still, Skrill and Neteller are certainly good substitutes for a wire transfer. And in this way, the paid amount is transferred in just a few seconds, which is a benefit especially for lovers of live betting, where bets need to be placed quickly.
There are also Trustly, SOFORT Banking and Giropay. Here the user must have a bank account, which supports online banking. The transaction only takes a few seconds. The importance of payment systems for online betting is also shown by the fact that online bookmakers are classified according to this criterion, so there is, for example, Reliable betting sites.
Payment details by bank transfer
Do I have to enter an international bank account number (IBAN) and a bank identification code (BIC)? When paying by bank transfer, these two numbers must be entered, which is safer for many users than a TAN or PIN number. This is why this payment method is still very popular around the world.
Users are strongly recommended to look at online banking options, where instead of IBAN and BIC number, they enter a PIN or TAN, and bets can be placed from home. A PIN code and TAN number require a bank card and, in some cases, a TAN generator.