Out of the many payment methods out there one has been unjustly ignored for quite a long time. Of course, we are talking about the classic means of transferring money – the Bank Wire.
Bank Wires are one of the dozens of payment solutions that you will have at your disposal when you register with an online sportsbook but for one reason or another, many users overlook this payment method and go with more modern options. Despite its age, we believe that Bank Wires still have a lot to offer the gambling community and in this article, we will focus on all important aspects of this service and how it could be used for the purposes of online sports betting.
How Bank Wires Function?
Bank Wires are ones of the oldest means of transferring money without having to physically carry it from one place to another. They have been around for decades and have certainly proven their value in the world of international banking. For many years they were the default means of topping up an online bankroll until more popular services came into the fold.
They are quite simple to understand and to utilize. When you send a Bank Wire, you are ordering that money be taken out of your account and transferred to that of the recipient. The bank handles the transaction and the order is processed within 5 business days. After the payment has cleared, you will have full access to your money and you can then use it to put down bets on your favorite sports team. It is one of the easiest means of depositing money, though maybe not as convenient as other services.
When issuing a Bank Wire, you will need to know the recipient’s banking information. Many countries nowadays use the IBAN system, particularly the countries in the European Economic Area and a few others. Customers in the United States are given routing numbers which are used for domestic transactions. For international payments, most countries use the SWIFT network to settle transfers.
Opening an Account
In order to issue Bank Wires, you first need to have a bank account. This is the only barrier to entry and it is set quite low, considering that just about everyone has an account. Even if you do not, then you can easily open one in the nearest bank. Once you have acquired a bank account, you can wire money to whomever you want, including online sportsbooks. Each bank offers its own process to sending Bank Wires and the fees associated with the service.
Depositing to your Sportsbook Balance
Depositing to your online sportsbook account with a Bank Wire is no more difficult than using any other service. The process has been streamlined so that anyone can carry out a Bank Wire in only a minute. First, you will need the sportsbook’s banking information which you will then have to enter on the banking form. Once you choose the amount that you wish to deposit and confirm the payment, all you have to do is wait for the transaction to clear. Depending on your bank and country of residence, this can take up to 5 business days. Although, there is no accurate time frame and it can also take a single day. Each user’s experience is different.
Withdrawing from your Sportsbook Balance
When you wish to withdraw your funds from your sportsbook balance then all you have to do is head over to the Cashier page and select the Bank Wire option. From then on, you will have to fill out the form with your banking information, select the amount that you wish to cash in and confirm the withdrawal. It usually takes the gambling website up to 48 hours to process the cash-in request and only after it is reviewed will they send the transaction. From that point, it can up to 5 business days for the transaction to clear and for you to get your money.
Cost and Fees
While the fee structures of most services are cut and dry, Bank Wires are not so simple to pin down. A Bank Wire is a service offered by individual banks and each institution sets its own different fees and charges for each payment. Depending on your bank, it could be completely free to make a Bank Wire or the price could be $10 or more. Something else that you also have to take into account is your geographical location and that of the sportsbook. If the gambling website is based in a foreign country, then the cost of a Bank Wire will be higher than if it was based domestically in almost all circumstances. Location also has an impact on the speed of the transactions, with international transfers taking longer to clear than domestic ones.
Another thing that you should consider is that you have to bear the cost of deposits. However, withdrawals are a completely different issue. Many sportsbooks choose to relieve the punter from the cost of withdrawal but there are websites where this is not the case. Others will eat the cost of the transaction if it exceeds a certain amount of money. There is no clear solution to the cost of Bank Wires and each punter will have a different experience. Therefore, each scenario should be judged on a case-by-case basis.
Security and Privacy
An all-important aspect of making payments on the Internet is the ability to maintain the security of your funds and personal information. When it comes to security, you can hardly beat a Bank Wire. When a transaction goes through all of the banking institutions’ security systems there is very little room for any fraudulent activity. Banks have some of the safest and foolproof infrastructures in the world and international banking has never been more secure. As such, you can expect the same level of security when using a Bank Wire to fund your online sportsbook balance.
Privacy, however, is a different matter. When you make a Bank Wire payment you have to put down your name and the relevant banking information on the statement. This means that the sportsbook will know all of those details once they receive your funds. If you are not the type that likes to share their information with gambling websites, then you might do well to avoid this service. Other payment solutions will completely hide your information from the recipient of the money but Bank Wires are made to be transparent and out in the open.
Advantages of Bank Wires
As with any online payment service, there are distinct advantages and disadvantages that you have to take into account. In our case, we will first address the benefits of using Bank Wires for the purposes of online gambling.
One of the best aspects of using Bank Wires to fund your online gambling activities is how widely accepted they are. Bank Wires are the traditional way to transfer money and as such, everyone is familiar with how the process works. Moreover, there are no gambling websites out there that will not offer you Bank Wires of some form. This comes into effect especially when you have made a deposit via a service that does not support withdrawals, for example, prepaid cards. In such cases, you clearly cannot cash in your balance using the same method and thus, have to receive your winnings via a different solution. This is more often than not a Bank Wire and it is the most hassle-free means of cashing in.
Another factor that you should also take into consideration is that Bank Wires allow you to transact larger amounts than any other service on the market. Often you will find that credit cards and electronic wallets can only handle up to a few thousand dollars at a time. Whether this is determined by the sportsbook or by the company that handles the transactions is irrelevant. In the best case scenario, you would be able to transact up to $10,000 using a service such as PayPal, Skrill or Neteller. Bank Wires, on the other hand, can easily handle payments of $100,000 or even larger should the gambling website support them. This makes Bank Wires the perfect payment solution for high rollers who handle large amounts during their gambling sessions.
Other benefits of using Bank Wires include the inherent security that comes with the service. Bank Wires are arguably the safest method to transfer money in today’s day and age since the transactions happen bank-to-bank with no middleman to oversee them. This means that once the payment is sent, you will receive your money within a few days and there is little probability of things going astray.
Last but not least, Bank Wires afford you some sense of legitimacy over other payment services. Since Bank Wires have been around for such a long time, they are often associated with higher prestige than other methods of payment. Furthermore, it would be much easier to explain to the taxman where your winnings come from if they come from a Bank Wire where everything is out in the open.
Disadvantages of Bank Wires
While Bank Wires have many good things going for them, there are also negative aspects of this service and you should know about them. Bank Wires are not perfect by any stretch of the imagination and the disadvantages of the service can be a real detriment for some people. Below, we have outlined some of the most important that you will experience when using Bank Wires for the purposes of online gambling.
First and foremost, you will immediately notice that Bank Wires take a long time to process when compared with other payment services. A standard Bank Wire will usually clear within 5 business days, depending on where you are currently located. This type of service is one of the few that is dependent on your geographical location. As such, the further away you are from where the sportsbook is based, the slow the speed of the payments. It could take a few hours or a whole business week for a transaction to clear and the wait times are not always set in stone. This means that you have a varying experience each time you make a transaction, which is less than ideal.
Something else that you also have to take into consideration is that Bank Wires are not always immediately available as a deposit option. It is much more common for credit cards and eWallets to take center stage for the purposes of depositing and gambling websites extend better support for services which have a larger user base. This means that you may be required to use another payment solution or a man-in-the-middle service to move money from your bank account. Granted, Bank Wires will surely be available for withdrawals, though that does not help you if you want to deposit large amounts all at once.
Another potential negative aspect of Bank Wires is that you reveal all of your banking information to the sportsbook when you make a transfer. After all, it states on the transaction details where the money is coming from and who sent it. This is unfortunate if you are the type of gambler who does not like to reveal their data to gambling websites. This is something that eWallets and online banking services handle much better, as they do not give out your data when you make a deposit or request a withdrawal. If you would like to keep that information from the gambling website then you may want to consider a different service to manage your bankroll.
Finally, we come to one of the worst scenarios that you can experience when using a Bank Wire, which is the bank rejecting the transfer. This is quite possible, particularly when you request your winnings by Bank Wire. Online gambling still does not enjoy a positive reputation in certain circles and there have been reports of banks blocking gambling transactions when detected. In such cases, you have little recourse against the bank and you will need to find a different solution to receiving your winnings. While this is by no means a sure thing, it is always a possibility and one that you should be mindful of. In order to ensure a smooth experience, you may want to ask your bank about its policy towards online gambling.
When all is said and done, Bank Wires are a mixed bag of excellent features and some pretty serious drawbacks. Rarely are other payment solutions so divisive as Bank Wires and for good reason. While they offer impeccable security, they leave little room for privacy as they reveal all of your payment information to the recipient. Bank Wires are as legitimate as payment services go, but the speed at which transactions are carried out leaves much to be desired. The point is that for every major advantage you also have to deal with an equally major disadvantage and this is where problems may arise. Much of what makes Bank Wires so great is already present in other payment solutions and these services are much more convenient. Overall, if you would like maximum transparency at the cost of some convenience, then Bank Wires are the perfect payment method for you. If not, then there are plenty of other services that you should also explore.