Presently, gambling enthusiasts are undoubtedly spoiled for choice as they are presented with the unique opportunity to pick from a wide variety of interactive sportsbooks. There are so many web-based bookies that you may find yourself struggling to pick one of them. What makes virtual sportsbooks so appealing is that they give punters the chance to choose from a broad assortment of sports to place their bets on.
What makes many bettors switch from land-based bookies to virtual ones is also the fact that the latter will allow them to place numerous exotic bets. Moreover, with interactive bookies, you are enabled to pick from a wide array of payment methods to make transactions from and to their website. Despite the fact that punters are provided with so many options, Bank Transfers remain one of the most well-liked options as they allow gambling enthusiasts to transfer their funds in a relatively fast and secure manner.
How Does Bank Transfer Work
Bank Transfers are the most basic of fund transfer methods and are easy to use because of the minimum required information. As you will be the one who will initiate the transaction, you will have to send the money through the bank where you have your bank account.
To make the payment, you will have to inform the bank about the amount of money that should be sent, you should provide the name and the account number of the receiver or the sportsbook where you wish to send the funds and to give the name of the bank and its routing number. Withdrawals also follow the same procedure as you have to let the involved sportsbook site to transfer the funds to your own bank account through the same process.
In order to make a transaction using Bank Transfers, you should go the bank where you have an account or use your details for your online banking account.
Pros of Using Bank Transfer for Wagering on Sports
Bank Transfers are definitely one of the most well-liked ways of funding your account at the preferred interactive sportsbook. The payment method has numerous assets which explains why it is a payment service of choice for so many punters. In the first place, it should be noted that Bank Transfers are one of the simplest ways of transferring funds from one bank account to another and for making online transactions including those involving sportsbook websites.
In addition to this, Bank Transfers undoubtedly remains one of the safest ways of making payments. One of the best things about them is that punters will be provided with unmatched levels of security which makes them even more well-liked. While making transactions using the service, you can rest assured that your funds will be handled with utmost care and that they will be heavily protected due to the fact that this type of payments are executed solely by the bank where you have an account. Hence, you can be sure that your funds cannot go missing and that you are highly unlikely to become a victim of frauds and misuses. That is why the payment method will undoubtedly appeal to security-conscious punters.
Moreover, payments are made from one authenticated account to another and thus, there is no effective security threat as involved in credit or debit cards and even e-wallet services which makes your sportsbook account transactions as safe as possible. What is more, with Bank Transfers, you will have the chance to transfer higher amounts of money, which is an opportunity many gambling enthusiasts will appreciate.
What is even better about payments via Bank Transfer is that it is widely accepted by interactive bookies. This is definitely an invaluable asset due to the fact that it would be easier for you to find a decent sportsbook that has included the payment solution in the list of the supported methods.
There are also many punters who prefer using Bank Transfer to make payments to the interactive bookie they have chosen due to the fact that this is a relatively quick and cheap way of sending money. Even though some fees may be charged when making payments via Bank Transfer, you should know that they will be quite reasonable.
Cons of Using Bank Transfer for Wagering on Sports
Prior to making use of Bank Transfers, you should know that the method has several drawbacks that are also worth mentioning so that you could make an informed decision whether this is the best option to go for when making a deposit or when initiating a withdrawal.
For some punters, one of the biggest drawbacks will be the fact that it will take more time for their funds to show up in the balance of their account at the interactive bookie they have registered with. In fact, Bank Transfers are quite faster than Wire Bank Transfers, but the interactive bookie will still need some time to handle the transaction you have initiated. That is why if you wish to have instant access to your funds, you should consider using some of the other payment services.
One more thing that is also worth mentioning is that the sportsbooks tend to set slightly higher minimum deposit amounts due to the fact that Bank Transfers are not that automated in comparison with some of the other payment services available out there. While using some of the alternative payment methods, in most cases, you will be allowed to transfer something of the sort of $5 or $10. Still, when it comes to utilizing Bank Transfers, however, the lower limits will be somewhere between $20 and $50, which will not appeal to casual players.
Bank Transfer Used by Punters
Wagering on sports is a great way to spend your free time and even to get some profit. In fact, this way of entertainment is preferred not only by high-rollers but also by casual players who do not wish to risk lots of money or who simply want to place a few bets on their favorite sport.
In essence, most of the interactive bookies tend to impose limits on the maximum amount they can pay, rather than on the amount you can wager. Still, some bookmakers also impose limits on the stake amounts. In most cases, web-based sportsbooks will not allow you to wager more than $1,000 or $2,500. Yet, you should keep in mind that this amount will vary greatly across the bookies, so you are advised to check this.
Bank Transfers are the perfect option for high-rollers due to the fact that the method will allow you to transfer some considerable amounts of money. In fact, most of the bookies will enable you to make the highest deposits namely when using the service. Bank Transfers will truly fit you if you are more inclined to place higher stakes for which you will need to transfer more funds.
If you prefer placing smaller bets, Bank Transfer may not be the best choice for you. Casual casino players might find depositing via Bank Transfer inconvenient and costly, considering the banking fees that are charged. This, on the other hand, can compel you to look for other options.
Bank Transfer Taxes and Deposit/Withdrawal Time
Interactive players should keep in mind that most of the web-based sportsbooks will not charge a fee on transactions that are wrapped up via Bank Transfers. The reason for this is that there is a minimal processing that should be done on their side. Still, this does not refer to the banks as some of them may impose quite hefty fees.
Deposits via the method may take several business days, but the time frames will range in the different interactive bookies. In most cases, you will have to wait for at least 2 business days, which makes the method extremely inconvenient. The same goes for withdrawals, as they may take up to 10 business days which definitely makes Bank Transfer a less appealing option.
Bank Transfers is one of the most credible payment methods accepted by online sportsbooks which is why these payments are never turned down as is the case with many credit and debit cards. Many sportsbooks offer bonuses ranging from extra credit to more bids when you choose to pay through the service.
Still, the method may not be the right choice for you if you want to have your funds credited to the balance of your account right away or if you wish to lay your hands on your winnings as fast as possible.