Bank transfers are one of the most popular payment methods in online gambling. Especially now that customers cannot use credit cards for betting transactions.
Here we will discuss betting sites that accept bank transfers. Including how to deposit and withdraw by bank transfer, a list of pros and cons, and whether it involves fees? And a range of alternative payment methods.
Pros & Cons of Bank Transfer as a Payment Method
Bank transfer is among the safest and most secure betting payment options. It is trusted by punters and gambling firms alike. Banks encrypt your payments and use advanced fraud prevention measures.
And bank transfers let you make large deposits and withdrawals. So, this is a useful option for big-staking players or those who don’t want restrictive limits.
Other positives of bank transfers are the lack of bookmaker charges. Also, your details are not shared with the Bookmaker.
- Bank Transfer Pros
- Top-class payment security
- Large deposit and withdrawal limits
- No bookmaker’s fees
- Claim welcome offers
- Bank Transfer Cons
- Slower payment processing
- Bank restrictions on betting deposits
- Possible bank charges
Does Using Bank Transfer Require an Account?
As you would expect, using a bank transfer means you need a UK bank account. Use your existing bank account, or open a new account online, in a branch, or via telephone. Just have your personal information ready. The bank runs an automatic check on your details against the UK electoral roll and/or a credit check agency.
Then, you’re ready to go.
Bank Transfer Deposit
Here’s how to deposit at betting sites via bank transfer:
- At the bookmaker’s site, go to the Cashier or Deposit page, and pick “Bank Transfer”.
- Note the bookmaker’s bank account details. Then, log in to your online banking. Input the bookmaker’s bank name, IBAN/SWIFT code (for an international payment), account number, and sort code. Your betting account username is the reference.
- Choose how much to deposit and send your funds to the bookmaker.
- Once the funds are in your casino or sportsbook account, it’s possible to start betting.
Bank transfers can take 1-5 business days to show in your online betting account. But this payment method comes with high limits, sometimes over £100,000 per transaction. Bank transfers are simple to use on mobile devices. No matter if you use a tablet or a smartphone.
Some bookies offer instant bank transfers, with immediate access to funds paid in. But this option isn’t as widely available as standard bank transfers.
Bank Transfer Withdrawal
Now you want to withdraw your betting winnings. Bank transfer withdrawals work in a similar way to deposits.
- Go to your account and select “Withdraw”.
- Enter the correct amount and check that the currency is correct. Instant bank payment withdrawals are instant once approved.
- If you are using a traditional bank transfer, expect the withdrawal to be credited by your bank within 3-7 business days.
Limits are typically high, up to several hundred thousand pounds. And the withdrawal process is simple from any mobile device.
Bank Transfer Fees in the UK
Betting sites do not generally charge for bank transfer deposits and withdrawals. However, your bank may charge fees for gambling transactions. Please ask your banking provider first.
Other possible charges to consider are international transfer or instant bank transfer fees. Each bookmaker has specific fee information, so please check with the relevant site.
How Does Bank Transfer Compare to Other Payment Methods
Bank transfer betting sites have many plus points. Most operators accept bank transfer payments. And it usually qualifies for a welcome bonus and ongoing offers. Whereas e-wallets like Neteller and Skrill are often not allowed for such promotions.
A bank transfer goes directly from your bank account to the betting site, unlike e-wallet payments. Meaning there’s no third-party involvement to think about.
Bank transfer allows larger transactions than Visa, Mastercard, or e-wallet payments.
Betting sites with bank transfer do not usually have fees, just like Visa or Mastercard. But e-wallets charge to move your money to your bank account or original funding source.
Bank Transfer Alternatives
Mastercard, Visa, or Revolut all offer fast deposits. Plus, quicker access to your betting funds than bank transfers. You might also consider an e-wallet like Neteller or PayPal for ultra-fast transactions.
How to Choose a Bank Transfer Betting Site or Casino
Consider these factors when you choose a good Bank Transfer betting site:
- License & security: Trustworthy bookmakers hold a license with the UK Gambling Commission (UKGC). This licensing ensures you’re playing on a safe and secure platform.
- Promotions & bonuses: Look for bonuses that allow bank transfer deposits.
- Payments: While a bank transfer isn’t the fastest payment option. Swift transaction processing is important, including instant confirmation of your request and no unnecessary delays.
- Site experience: A smooth, logical menu system and quick navigation between betting markets are key.
- Sports betting options: A wide selection of betting events and markets, including pre-event and live odds. From mainstream sports to esports and niche events.
- Trusted brand: Only use bank transfer with a 100% secure, regulated betting brand that has a solid reputation.
Common Problems & Solutions When Using Bank Transfer
- Slow deposits: If deposits take too long, check if the betting site has instant bank transfers.
- Bank fees: Are you concerned about international transfer fees? Or fees for processing a betting payment – check the bank’s terms before starting payments.
- Verification issues: Bank transfer withdrawals may need extra ID checks. Ensure you upload ID, address proof, and other requested documentation to the bookmaker.
- Blocked transactions: Some banks do restrict online betting payments. First, ask your bank if they allow gambling payments. Or if they can remove a block on gambling transactions. Otherwise, try an alternative bank account.
Final Verdict – Is Bank Transfer Right for You?
Bank transfer is a convenient deposit method, as you only need a personal bank account. It suits a range of bettors. Whether you’re a small stakes player who wants to deposit £5+, or if you wish to take advantage of the large transaction limits.
If you’re not confident using mobile apps like Revolut or modern e-wallets. Then, relying on a bank transfer may feel more familiar.
Bank transfer processing times differ between betting sites. Some bank transfer casinos and sportsbooks enable instant deposits. But others take 1–3 days to complete. Yet, bank transfer offers safer and more secure payments than faster e-wallet options.
FAQ
Is Bank Transfer legit and secure?
Bank transfers go directly from your bank account. So, this is a legit and secure way to add or remove funds from betting accounts. And UKGC licensing provides a fair and safe gaming experience.
Is Bank Transfer a common payment method among UK betting sites?
Yes. Bank transfer is a popular payment mode. You will see it in the Banking section of every major casino or sports betting site.
Are there any fees for using Bank Transfer?
There are usually no fees involved when using a bank transfer. But be aware that some banks may charge you to withdraw funds.
Are there any bonuses and promotions with Bank Transfer?
Bank transfer deposits should qualify you for the majority of, if not all, UK betting bonus offers.