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Bank Transfer as a Means of Payment for Online Betting

Bank transfer as a means of payment is widespread and is one of the favorite payment options, both offline and online. It allows payment for goods and services. And for betting. 

Almost every adult has an open current account or foreign currency account in a bank, and the representation of it in sports betting is really massive. Bank transfer also has a lot of shortcomings, but more about them later.

The Most Important Facts About Bank Transfer

Bank transfer is one of the oldest means of payment and allows both offline and online payments. Payment to the betting account this way is simple. The user only needs to take care that all the data are accurately stated, where the purpose of the payment is also important, indicating which account in the bookmaker the payment is going to.

The user receives all the necessary information for the bank transfer from the bookmaker. As for the duration of the transaction, we come to the first shortcoming of this method. Namely, a bank transfer can take up to several days. This applies to both payment and withdrawal of money.

Advantages and Disadvantages

Although its duration is one of the disadvantages, the bank transaction certainly has its advantages. These are the most important ones:

  • One of the most secure payment methods online
  • Payments can also be made through online banking
  • No need to open an additional bank account

These are the biggest disadvantages:

  • Transactions take longer
  • Bookmakers can be easily deceived

Advantages in Detail

Security is the most important thing for most users when paying online, and bank transfer guarantees a very high level of security. So far, no cases of fraud in this way are known.

If the user opts for this method, he has two options of payment to his account in the bookmaker. He can fill in a payment slip at his bank or he can do it through online banking. In the case of the second option, the user should definitely first check whether his bank supports online banking.

For payments by bank transfer, it is not necessary to open an additional transaction account, so the user does not leave any personal or bank information. You do not even need to have a credit card, which is good news for some players.

Disadvantages in Detail

The biggest drawback of this payment method is the duration of the transaction. The user has to wait a long time for the money to be transferred to his betting account. Payouts also require more time, while some bookmakers do not offer this option at all.

There is another downside to this payment method, but it only applies to the side of bookmakers. Namely, this way, bookmakers can easily be deceived when, for example, an unknown number of the account is provided. Bookmakers are trying to combat this type of fraud, so they are rarely offering a bank transfer as an option.

Account Replenishment via Bank Transfer

The user must first select the bookmaker in which to open an account. This process is generally always the same. The user enters personal information, chooses a username, password, and that is it. In rare cases, sometimes, he has to enter a few more additional details.

After opting for a bank transfer as a payment option, the user receives the appropriate bank details. The purpose of the payment should always be the number of the betting account, which the user receives when registering. If he fails to do so, he cannot make the payment. Once all the data has been entered, the money should be in the bookmaker’s account in a few days.

In most cases, this takes one to three days, which is too long for most users. This is also the reason why fewer and fewer bookmakers offer a bank transfer as a payment option, but it is also one of the safest methods, which is certainly a big advantage.

Are There Any Fees When Paying by Bank Transfer?

Bank transfer certainly carries some fees as well. When opening an account, the bank charges a fee in the form of monthly account management costs.

Most bookmakers charge a certain processing fee, which is usually – give or take – € 10. For payments, this amount may be higher. The user should definitely be informed in advance. Bank transfer takes a lot of time, so the expected fees arise.

What’s the Alternative?

There are many other means of payment as an alternative to bank transfer. The most popular is PayPal, where the transaction takes place very quickly. In just a few seconds, the player transfers money from his PayPal account to the betting account. In addition, PayPal payments apply to almost all bonus promotions, which is not the case with Skrill or Neteller, for example. Still, Skrill and Neteller are certainly good substitutes for a bank transfer. And this way, the amount paid is transferred in just a few seconds, which is an advantage especially for fans of live betting, where bets must be placed quickly.

There are also Trustly, SOFORT Banking, and Giropay. Here the user must have a banking account, which supports online banking. The transaction only takes a few seconds. The importance of payment systems for online betting is also shown by the fact that online bookmakers are ranked according to this criterion, so there are, for example, Trustly betting sites.

Details of the Payment by Bank Transfer

Do I have to enter an international bank account number (IBAN) and a bank identification code (BIC)? When paying by bank transfer, both of these numbers must be entered, which is more secure for many users than a TAN or PIN number. This is why this method of payment is still very popular in the world.

Users are definitely recommended to look at online banking options, where instead of IBAN and BIC number they enter a PIN or TAN number, and bets can be placed from home. A PIN and TAN number require a bank card, and in some cases a TAN generator.

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