The Bank Transfer is one of the classic payment methods that you can find in all online bookmakers out there. It’s one of the first payment methods used by punters to upload funds to their betting accounts and it kept evolving across the years to keep up with the fast-paced rhythm online betting has nowadays. Bank transfers are around ever since the first banks were established around the world. However, online bank transfers also known as Direct Bank Transfers or Wire Transfers for betting purposes appeared together with the first online bookmakers as the only available payment options alongside cards. Nowadays, bank transfers are operated through online banking apps and dedicated services offered by each bank.
For getting all the details about depositing via bank transfer at an online sportsbook, the best bookmakers that accept bank transfer deposits and withdrawals, as well as how exactly this payment option works, we recommend reading the article below.
Yes. When using an online bank transfer as payment method for your first deposit, there’s no reason to worry about not getting the bonus on that deposit. Since bank transfers are among the safest payment options around, bookmakers have absolutely no concern about the identity of the players choosing bank transfers as deposit options. The only payment options that usually come with restrictions regarding eligibility for the first deposit bonus are the ewallets. Since it’s so easy to create an account with an ewallet and add funds to it, some users can take advantage of this feature and use different personal details to create an account. To protect themselves against such practices, online bookmakers decided not to award the first deposit bonus for payments via ewallet. However, since with a bank transfer your identity and details are verified through your bank, there’s no reason for bookies to think twice about the validity of your payment.
Depositing via bank transfer is a very simple procedure from one end to the other. Indeed, it can come with certain particularities depending on the bank you have an account with. However, the action of adding funds from your bank account to the online bookmaker is pretty straightforward. Here’s what you should know to successfully make a bank transfer deposit:
You should know that the processing time for Bank Transfer deposits are different depending on the type of service you use. Most bank transfers through dedicated apps or online banking are instant. However, in some instances, you may have to wait up to 5 minutes until the funds show up in your betting account.
Cashing out after you placed a bet and scored a nice win is also very simple. You just go back to the Cashier, look for the Withdrawal button, insert the amount you want to cash out and select Bank Transfer once again. Next, you will just have to enter your IBAN or account number and finalize the process. The transfer is initiated by the online bookmaker without any further checks required since you already deposited with the same method and they were able to verify your identity. Also, for online bank transfers, there should be no fees included by the bookmakers. However, if you go for a classic Wire Transfer, you can expect a fee of up to €40 so it’s better to go online.
One more thing you should know about requesting a Bank Transfer withdrawal is that only some banks will process your withdrawal on the same day. Usually, it can take up to 2 or 3 business days for the funds to go back to your account.
One of the advantages of depositing via Bank Transfer to fund your online betting account is that you won’t have to sign-up to another third-party. There’s no need to create another account with an app or another entity. The bank where you opened the account will provide you with everything needed to access online banking and you’ll never need anything more than your login credentials or the security token some banks use for the two-factor authentication system.
Since opening a bank account is a process that can only take place after several checks, there’s no need to verify the account for online bank transfers. Unlike many other online payment options, you won’t need to confirm your identity or address since all these are verified by the bank when you open the account. Indeed, the procedure of opening an account in the first place may take more than getting an ewallet account, however, you gain a lot of time for not having to go through any extra steps.
Even though the bank transfer payment method isn’t among the fastest in terms of withdrawal processing times and opening an account is not as easy as with other payment options, when talking about fees, it has a few aces up its sleeve. The complete absence of fees for sending and receiving money is an excellent example to back up that statement. Sure, you may be looking at some monthly or annual commissions set by the bank that handles your account. However, compared to other payment methods that apply a fee for each transaction, you’re saving a lot of money with online bank transfers.
So, your deposits and withdrawals are absolutely tax-free when using the online bank transfer method and that’s excellent. But the good news doesn’t end there! You can get cash at the ATM without any extra fees for most of the banks. Some apply the tax-free rule for ATM withdrawals as long as you use the bank’s ATM, however, some banks do so on all ATMs so you have even more flexibility.
Various forms of bank transfer systems were used for payments between banks ever since the banking system was set up. The first widely used bank transfer system was established by Western Union all the way back in 1972 and it was done through telegraph. Since then, the system evolved gradually keeping up with the new technologies presented to the world. Naturally, bank transfers became faster and easier to perform, however, it was in 1973 when SWIF ( Society for Worldwide Interbank Financial Telecommunication, changed the game forever. Through SWIFT transfers, banks were able to easily communicate with each other and the customers of any bank were able to send money from one account to the other without difficulty. Based on the SWIFT system, banks started to develop their own online services and online banking is one of the most successful banking products when it comes to payments.
Since banks function all over the world, you can’t really pinpoint a core market for online bank transfer. However, there are some markets that have a predisposition towards using various online bank transfer methods. Germany, Austria, Sweden, Denmark or Norway are the countries with the highest rates of online bank transfer usage.