Bank wire transfers is one of the oldest banking methods around, especially in the online betting scene. It is also the safest way of transacting between you and your favorite online bookmaker.
Although bank wire transfers aren’t usually instant, they have some advantages over other banking methods. Below we’ll take a look at what a bank wire transfer is, the top sportsbooks that use is, how to use this service, and the advantages and disadvantages.
What you’ll find in this guide to bank wire betting:
- What is a Wire Transfer?
- Using Bank Wire at US Sportsbooks
- Bank Wire Security
- Advantages of Using Bank Wire
- Disadvantages of Using Bank Wire
- Bank Wire Overview
Best US Bank Wire Transfer Sportsbooks
Most smaller recreational sportsbooks might not accept bank wire deposits because they’re usually working with smaller bet amounts. Also, wire transfers may be harder to find in the offshore sports betting industry. While, these two types of sportsbooks may not take wire deposits, we’ve rounded up the most recommended bookies taking bank wire bets.
A bank wire transfer is sending money through the bank from one person to another. This payment method dates back to the 19th century when telegraphs were the most reliable and fastest way of communicating.
Bettors looking to use this transfer will need to get the details of the bank and also the details of those receiving the funds. These include the bank’s name and their ABA (American Bankers Association), BIC (Bank Identifier Code), or IBAN (International Bank Account Number) numeric code.
While most sportsbooks may not offer bank wire transfers, some do accept it, like the ones we’ve recommended above. There are no lengthy and tedious processes of creating and verifying credit cards or e-wallets. You just need to have a valid bank account with a legitimate bank. It’s as simple as logging into your online banking profile, selecting the bank wire payment option, enter the valid details and codes.
Some banks may require you do the transfer in person at the bank. But the teller will do everything for you so you don’t have to sweat the small stuff.
Below, we’ll take a look at how to deposit and withdraw your funds using this method.
Making a Deposit
When doing it online it’s pretty straightforward especially if you have all the required information at hand.
- Go to your online banking profile and open the payments section.
- Fill in the personal deposit code you’ll find on your bookmaker’s website.
- Confirm the payment.
- Your payment should reflect within a few days, at the latest.
If you don’t have access to online banking, head down to your bank and complete the transaction at the cashier section. Besides an official identification document, you’ll need to have the betting company’s name. The period it takes to process your payment depends on the bank and bookie.
See our guides for more sports betting banking methods:
Making a Withdrawal
First check if your bookie offers bank wire transfers as a withdrawal method. You’ll find that they sometimes don’t.
- Click on the withdrawal option on your bookmaker.
- Enter your bank account details if you haven’t already done so.
- Make sure you enter the correct IBAN code.
- Enter the amount you want to withdraw.
- Enter your bookmaker password and click enter.
Your money should take between three and five working days to show up in your account. There may be a fee which will be deducted off your withdrawal.
Security is one of the reasons why bank wire transfers have stood the test of time. The stability and security offered by a bank performing the transaction is unmatched. They are nearly immune to hacks and scamming attempts because banks use the latest SSL encryption software.
We’ve listed some of the pros that come with using bank wire transfers:
- They are accepted at nearly every sportsbook.
- Additional security from the bank.
- High deposit limits.
- Deposits are instant, depending on the bookie and bank.
- Longer waiting times for withdrawals – can be up to 10 days in extreme cases.
- Higher limits on minimum withdrawals.
- Withdrawals are charged a fee.
Bank wire transfers are a great option for those who don’t want to use their credit card or debit card. Additionally, they work for those who don’t want to spend time creating e-wallet accounts. They are also less affected by attempts to curb online sports gambling. So, they’re a great option for those who want to make large deposits that won’t be affected by regulation.