Electronic funds transfers (EFTs) have been around for a long time already, and bank wire transfers are one of the earliest forms of such. The first of this kind of service came about in 1872, being utilised by Western Union on its telegraph network.
It remains active today, although the technology for it has changed throughout the years. Bank wire transfers usually provide users with the ability to send higher amounts of money to their online sports betting accounts in a secure way. Learn all about using a wire transfer for sports betting in this review.
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If you haven’t used a bank wire transfer before, then you’ll need to know what it’s all about. That’s where we step in. Below, we’ll outline details of using a bank wire transfer for sports betting and what benefits it provides to you when you do so.
A bank wire transfer exists as a method of transferring funds electronically from one person or entity to another. This can occur from one bank account to another bank account, or even through a transfer of cash via a cash office. Most online betting sites accept this form of banking, as it remains one of the traditional payment methods familiar to many people. Different wire transfer systems provide a variety of options in relation to how quickly these transfers take place, as well as the cost for such.
To complete a bank wire transfer, you need to visit your bank and tell them how much you want to transfer. IBAN and BIC codes are necessary to hand over, so that the bank knows where to send the money.
The online sportsbook should be able to provide you with these details. While this form of depositing and withdrawing takes a lot longer than many other forms in most cases, it offers a high level of security and the chance to deposit larger amounts.
Perhaps the biggest benefit that comes with using a bank wire transfer for betting is that there are usually no limits imposed on you. This relates to both deposits and withdrawals in most instances, so you can transfer as much as you like in or out. If limits do exist, they usually tend to be very high – much higher than most other payment methods.
In many instances, you can also submit a scan of the bank receipt you receive after completing the wire transfer to the sportsbook. Because it can take several days for bank wire transfers to clear, the sportsbook can see the receipt and credit the funds to your account for you.
This way, you’re not waiting around to place your preferred sports bets. It is always important to take note of any fees that your bank charges on such transfers, though. This is especially vital if you’re engaging in an international wire transfer for sports betting.
One other thing to mention is that a bank wire transfer is very simple to complete. It offers a good level of security too because banks process them through in encrypted format. This is due to them being EFTs. It’s always better to have a simple, effective experience than work with something complicated.
While many online wire transfer betting sites exist in South Africa, you can’t outrightly suggest that all of them are ideal to join. Instead, you need to figure out which of them are the best to become a member of and deposit money at. We have outlined some guidance on this for you below, explaining more about completing a wire transfer for sports betting.
Via our website, we have highlighted the best South African sportsbooks for eSports betting, football betting, cricket betting, and so on. Yet you still need to compare the different recommendations to ensure they offer the best experience for you personally. Some things to consider about these sports betting sites include:
The wire transfer payment method is one that people usually select if they find they have nothing else available to them. This is because the transfer time is often longer than any other method.
Plus, there are often fees to pay on top of the transactions. Yet despite these drawbacks, bank wire transfers do come with some useful features as well. They include:
If you do decide that you’d like to use a wire transfer for sports betting, then you will need to consider a couple of things. Make sure you follow this guidance to get the most out of the banking method.
It can be easier to budget when using a bank wire transfer for sports betting. This is because it takes a lot longer to process transactions that you won’t want to wait around for the funds to transfer. Thus, you can create your betting bankroll by determining how much you can afford for it per week or month, for example.
Then, transfer this amount via bank wire into your chosen sportsbook. Don’t be tempted to complete another wire transfer if you should lose any wagers, either. Only bet with small units of this bankroll and you’ll get along much better with it.
With bank-to-bank wire transfer, each account holder needs to have a proven identity. Wire transfers cannot usually be recalled either, which makes them different to card payments. Information within wires is transmitted securely via encrypted communication methods.
The fee associated with the service, costly as it can be, helps with keeping the money secure. Wire transfers occurring through cash offices, on the other hand, are anonymous. If you’re not comfortable revealing a deposit to a sportsbook via wire transfer, then a cash office can be much more appealing.
Bank wire transfers may be one of the older accepted betting payment methods available, but they are still popular with many gamblers. If you are prepared to possibly wait around for the money to fully transfer, you should have a top-quality experience.
Bank wire transfers are safe, offer higher transactions limits, and are simple to complete. They give you the potential for easy budgeting with betting, and, if you engage in responsible gambling activity, you can benefit from this payment method for both deposits and withdrawals.