The Best Bank Transfer Betting Sites
An excellent online betting experience depends on many factors, one of which is finding a deposit method with convenient, hassle-free payments. If you’re looking for one such option, you might want to consider a bank transfer.
Overall, bank transfer is a safe and secure payment method. It has a solid reputation and is trusted by all organizations, including online betting sites. Read on as we explore bank transfer in online sports betting and find some of the best bank transfer betting sites.
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What is Bank Transfer?
Bank transfer is also known as wire transfer. It is a payment method that involves transferring money between bank accounts. Since the bank handles it, you don’t really need a credit or debit card to initiate a bank transfer transaction.
Traditionally, you would be provided with a unique reference number and the bank account details of the receiving account. But with the growth of online sports betting and online banking, the sportsbook automatically opens your bank’s website or app. Yours is to fill in the amount, enter your pin, and confirm the transaction.
Best Bank Transfer Online Betting Sites
Our favorite online sportsbooks that accept bank transfer are:
1. Caesars Sportsbook
Generous welcome bonus
Caesars is one of the most popular sportsbooks in the country. It’s the home of good odds for all types of sports bets across various leagues and events. The sportsbook accepts online bank transfers as one of the payment methods. Furthermore, new users get a risk-free bet of up to $1000 for their first wager.
2. DraftKings Sportsbook
Better odds than most sportsbooks
DraftKing is another well-established online sports betting site that accepts bank transfers. The platform supports this payment method through MVB Bank. Once your account is loaded, you can wager on whatever sports and events you want using competitive odds.
3. BetRivers Sportsbook
Best odds of any sportsbook
BetMGM is a sportsbook with competitive odds and generous promotions. You can make all types of bets on many different sporting events and tournaments throughout the year. And in this case, you can deposit and withdraw funds from your betting account through bank transfer payments.
New users get free bets paid by the sportsbook.
4. FanDuel Sportsbook
FanDuel is another top-tier sportsbook that accepts bank transfers for deposits and withdrawals. You’ll get competitive odds for all the major sports leagues and tournaments. There are also generous promo codes, including a risk-free bet of up to $1000 for new users.
How We Rate Betting Sites that Accept Bank Transfers
What makes a good bank transfer betting site? We use the following factors to answer this question;
Different sportsbooks offer different odds for the same events. Overall though, the better the odds, the better the online betting site. This is because good odds have good potential winnings. And betting is all about the payout.
Promotions and bonuses
Promotions and bonuses are other factors that lead to better winnings. For these, we look at several things;
Intro promos; New bettors usually need something to make their entry into the world of online betting a bit smoother. As a result, most sportsbooks offer promotions and bonuses, like free bet stakes or a casino bonus. Generally, the better the intro promos, the more attractive it is for beginners.
Regular promos: Regular bettors also need something to excite them every once in a while. This typically comes in the form of promotions and bonuses. A good sportsbook will hold such regularly. An even better sportsbook will have generous promos.
Bets and bet types
Sports betting is a huge world. And most bettors want to have as many wagering options as possible. This is why all the best sportsbooks offer many different types of bets. You’ll find moneylines, spreads, totals, parlays, and futures. You can also bet on any sport you want, from baseball, basketball, and hockey, to football, soccer, tennis, and golf.
Customers share their experiences on an online betting website through ratings and reviews. So, one of the best ways to see whether a sportsbook is worth recommending is by looking at the customer ratings. A good rating indicates a good customer experience on the platform. It’s a culmination of all the other factors mentioned above.
Bank Transfer Betting Deposits
Making deposits with bank transfers is relatively easy. Today, this method utilizes online banking. So, make sure that your bank account is registered for online banking.
Log into your sportsbook and go to the cashier section.
Select deposit and choose bank transfer as your payment method
Fill in the amount you want to deposit
Select your bank from the list of supported banks. If your bank is missing, you can’t use this method.
Your bank’s website will pop up. Log into your account and click on accept the deposit.
Your transaction is underway.
Bank Transfer Betting Site Withdrawals
The withdrawal process happens entirely on the sportsbook app/website. First, log into your betting account, navigate to the cashier section, and choose the withdraw option. Next, select bank transfer as the withdrawal method and provide the required details. Once you confirm the transaction, you’ll have to wait for 2-5 days for the money to reflect in your bank account.
Mobile Betting Apps and Bank Transfers
You don’t have to log in to your bank’s website to initiate and track a bank transfer. You can always use the bank app on your phone for such transactions. This means that bank transfers can still be used to make deposits and withdrawals to your sports betting account even while on the move.
Since bank transfer is a widely accepted and trusted payment method, you’ll be eligible for bonuses and promotions offered by sportsbooks. However, make sure to check with your sportsbook of choice for confirmation.
Bank Transfer Fees
Banks don’t usually charge a transaction fee for wire transfers. This makes bank transfer one of the cheapest payment options when it comes to transaction charges.
Pros of Bank Transfer
Bank transfer has the following advantages when used in online betting;
Bank transfer is a widely accepted and trusted payment option. There are almost no online betting sites that refuse the payment method. If the sportsbook is legal, you can be sure that they’ll let you use online bank transfers for deposits and withdrawals.
Easy to use
Making a deposit/withdrawal to/from your betting account using bank transfer is relatively easy. Furthermore, the development of mobile banking apps has made the process much more convenient.
Online bank transfers and wire transfers are the most secure payment methods available. The entire transaction is done by a bank, which puts security above all else. This is why bank transfer remains a trusted means of payment despite the proliferation of eWallets and other newer technologies.
Most third-party payment services require a further verification process before you can make your first deposit. On the other hand, things are much simpler with a bank transfer. This is because your bank initiates the transaction. And by then, they would have done all the necessary procedures to confirm and verify your identity.
Bank transfers are essentially free. Most banks don’t charge a transaction fee for making deposits to your betting account. Thus, you’ll receive the total amount you intended to use for your gambling activities.
Accepts direct withdrawals
Few payment methods accept both deposits and withdrawals for betting accounts. Most payment options that allow deposits require you to use a third-party service, like an eWallet, to complete the withdrawals. But this isn’t the case with bank transfers. You can make both deposits and withdrawals directly from your bank account.
Cons of Bank Transfer
Overall, a bank transfer is an excellent option for making payments. It’s convenient, secure, cheap, and widely accepted. However, it’s left exposed when it comes to transaction fees.
Bank transfer is one of the slowest payment methods today. Transactions can take days to go through, even deposits. On average, you’ll have to wait for 2-5 working days. Some sportsbooks try to speed up the process, but it’s slower than most alternatives.
Such delays can be a dealbreaker for most people. This is especially true in online sports betting, where the speed of transaction matters a lot. Thus, you should be prepared to wait if you plan on using a bank transfer to fund your gambling.
Alternative Payment Methods
You can use several other payment methods to deposit funds into your betting account. These include;
PayPal: Paypal is characterized by fast and easy deposits. However, the eWallet comes with higher transaction fees than bank transfers.
Skrill: Skrill is an eWallet like PayPal. You get fast transactions but at the cost of higher fees.
Debit Cards: MasterCard and Visa debit cards are the most widely accepted deposited options. They offer faster deposit times than bank transfers. However, they do not support direct withdrawals.
ACH: ACH is a secure payment method. Several checks and processes need to be completed before the transaction goes through. Thus, deposits and withdrawals take several days to reflect on your bank or betting account.
Yes. As long as the betting site supports the banks involved, you can use different bank accounts for bank transfers.
Not really. Most banks don’t charge bank transfer deposits for online betting.
Only if you’re engaging in illegal gambling. Otherwise, a bank transfer payment is perfectly legal and accepted for online sports betting.
This typically happens when you’re opening a betting account. The sportsbook asks for your license information to verify your identity.
Your SSN serves the same function as the driver’s license; to verify your identity.