Sportsbook Payment Option: Bank Wire Transfer
What is a bank wire transfer? You can consider it as one of the best and most secure ways to manage your funds when you’re betting. Topping up your bookie account through bank wire is probably the oldest method around. Some even consider it as the safest way to transact with sportsbooks both online and through the good old brick and mortar payment.
It is essentially the same as sending someone (the term people actually use is “wiring”) the money. It’s like making a regular payment through your bank. However, nowadays the internet has made the process much faster.
Bank Wire Transfer History
People have been wiring money even before there was any internet around. So, you know how old this money transfer technology really is. That means bank wire transfers have been around even before any kind of online banking has been developed.
The FNC defined the term ‘internet’ back in October 24, 1995. However, do take note that people have been wiring their money much longer than that. Back in the day, you could call your bank through the telephone and set up a money transfer to send money to another party or company.
Back then you could wire your money that way to your bookie. Well, they weren’t internet based back in those days. That phone call was usually a pretty long one since the bank manager had to verify that you, the one making the phone call, are actually the account holder.
Sometimes banks would require account holders to drop by the bank and sign a transfer mandate. That is one of the security features of this money transfer method.
The dawn of internet technology has made bank wire transfers easier. Nowadays you no longer have to speak with the bank manager to confirm your identity. You can perform a bank wire transfer through your bank’s website.
You should note that debit cards such as Visa, MasterCard and Maestro have overtaken bank wire transfers among many sports books. The big advantage of these bank cards is the fact that the bank deposits the money tends almost instantly into your bookie account. The lead times also differ but bank cards are mostly faster than wire transfers.
Understanding the Pros and Cons
Even though bank wire transfers seem like a pretty good idea to get money into your bookie account and withdrawing your winnings, it does have a few drawbacks that you should know about.
Let’s begin with the pros:
a) Most bookmakers see bank wire transfers as an acceptable means of funding your sportsbook account. You can bet that almost every bookie you can find uses it.
b) Using this service provides added security.
c) Using bank wire transfers gives you access to higher deposit limits.
d) In most cases, the deposits that you make will be instantly made to your bookie account – the time frame will vary from one bookie to the next.
And now for the drawbacks:
a) You should know that every withdrawal you make through bank wire transfer will have charges.
b) The limits on your withdrawal amount can sometimes be a bit of a hassle.
c) Perhaps the biggest downside of them all is the long wait time when you withdraw your funds. Sometimes it takes up to five business days before they deposit the cash into your bank.
Terms and Jargon
Associated with the use of bank wire transfers are some seemingly unfamiliar bits of jargon. You will hear the terms BIC code, VAN code, reference number, and also the IBAN number.
The IBAN number serves as a convenient way to supply your bookie with the information to verify your identity. This number actually acts as the ID of your account. The bookies provide you with a code to use as a reference number. You should use this number to identify where to send the funds.
VAN stands for Virtual Account Number, this code also functions the same way as the reference number supplied by your bookie only that it can only be used for fast bank transfers. BIC on the other hand stands for Bank Identifier Code, this is the code that is used to refer to or identify your bank. Note that you can find both the BIC code and the IBAN number on your bank account.
Using Bank Wire Transfers for Sports Betting
You can use bank wire transfers for making deposits, withdrawing your winnings, sending money to other account holders, and other transactions. Let’s have a look at some of the details.
Depositing Funds/Topping Up Your Bookie Account
Depositing funds to top up your bookie account should be pretty straightforward when using bank wire transfers. The first thing you need to do after logging into your bank’s internet banking website is to go to the payments section.
In some cases, on the payments section you may have to go to the “other types of payment” sub-section or an equivalent. You will then have to enter your bookie’s name.
The next step is to enter the amount you want to send and you will be required to enter a personal deposit code. This code can be found on your bookmaker’s website. You can usually find it along with the other bank deposit information.
After supplying all the necessary information you will need to confirm the payment you are making. Note that there are varying lead times when you deposit your money. Some systems only require a few minutes to wire the money while on other systems it may take as long as 48 hours.
Now, there are banks that still do not have any online banking infrastructure in place. And there are also account holders who still do not trust e-banking – and that’s ok. You can still wire money by going to your bank and wiring your money through a cashier or bank teller.
If you’re doing it that way (i.e. the traditional way), then you will need some documentation. First off you will need your passbook and along with that you will need to supply the bank staff with your ID. Any ID will do.
Other than that, you will also need to furnish the bank staff with your bookie’s name (i.e. the name of the betting company who is supposed to receive the money). They will also ask for your personal deposit code.
Note that processing times will vary. The time it takes for your bank to wire the money to your bookie will depend on your bookie and your bank. But don’t be surprised if it takes 3 to 5 days for the money to arrive in your account.
Making Withdrawals with a Bank Wire Transfer
If you want to make a withdrawal using a bank wire transfer, you will still need to login to your bookie account. Next, you should go to the withdrawal page (sometimes it is just a tab and sometimes it’s a totally different page – it’s different for each bookie).
Some bookmaker websites will require you to enter the details of your bank account before you can withdraw your winnings. However, there are those who won’t require this step. Note that you should have entered your account details when you signed up for a bookie account.
When filling out forms, make sure to double check everything before you submit your details. A lot of people forget to check the currency they are using when making withdrawals so make sure to check that.
Another important detail that you should pay attention to is the IBAN number. You should also pay attention to the amount of money you are indicating for that transaction. Once you have confirmed your withdrawal, it will usually take 3 to 5 business days for your bookie to wire your money into the bank. Yes, it does take that long but it should be worth the wait.
Are Bank Wire Transfers Safe?
Bank wire transfers are some of the most secure methods of moving money from one person to another. Many consider this as one of the safest if not the safest ways to pay merchants.
But that doesn’t take away the fact that e-wallets, credit cards, prepaid cards, debit cards, and other payment methods as safe payment options too. However, they will not be able to achieve the level of security that is directly provided for and guaranteed by the bank in the form of a wire transfer.
Note that in a wire transfer both the bank and the bookie will be monitoring the transaction closely. This isn’t always guaranteed in other payment methods which usually make use of automated systems in place.
Other than that, your bank will also apply the same SSL encryption technology that they use for credit cards and other products that also handle online money transfers. All of that basically makes bank wire transfers as pretty difficult to hack.