You will sometimes see some sportsbook sites referring to bank wires as bank drafts or wire transfers. Don’t panic; these aren’t different deposit methods that you have to learn; they are all the same thing. Bank wires are not a new thing; they have been a part of sports betting for a long time. While instant deposits are not one of the advantages for sports bettors, many benefits can be received from using bank wires.
Some sportsbooks don’t offer bank wires as a payment method especially the smaller sportsbooks. However, a vast majority of sportsbooks in the United States will provide the bank wires as a online banking method.
Top Betting Sites Offering Bank Wires
Making a Deposit on a Betting Site
The first thing a bettor needs to do to deposit into their sports betting account is to contact customer support to get their banking details. There are various ways available to reach the sports betting sites like email, phone or the live chat option.
Methods and Transaction Time
Some banks will allow you to make bank wires through the phone, but that is a rare occurrence. Most of the time you will have to go to the bank and make the wire transfer in person. It can take one business day to process the payment, but in general, it can take two to three days to process the deposit. The sportsbook will then credit your account with the funds, and you can start betting from that point on.
The exact fees that you will be charged for the transactions cannot be determined because it varies from one bank to another. It also depends on the sports betting site that you have chosen to gamble on. Depending on the amount you have deposited into your sports betting account you can receive the money you paid for the transaction back. Many sportsbooks like offering that cash back as a depositing bonus.
Bank Wire Withdrawals
Many sports betting sites in the United States offer Bank Wires as a payout method. When you need to cash out, you will have to provide the sports betting site with your details. The processing time of bank wires is the same as that of checks. In general, it may take you one to two weeks to have the money into your account.
Bank Wire Pros
When comparing Bank wires with other methods of transferring funds, you’ll see that the deposit limit is much higher than any other way like credit cards. A majority of sportsbooks will allow up to $10, 000 to be deposited into the sports betting account.
For those that like to deal with third-party authorities, you will be happy to know that by using bank wires you cut out the middle man. Your deposits will go straight from your bank account into your sports betting account and the same applies to withdrawals.
Bank Wire Cons
Bank wires are not instant, and you will have to pay a $50 fee for depositing fund into your sports betting account. The depositing and withdrawal fees can be viewed by some as high. Most sports betting sites will provide you with one free withdrawal, and after that, you will have to pay the fees associated with.