Betting using Bank Transfer

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A bank transfer, also known as a wire transfer or credit transfer, is a way of moving funds electronically from one financial institution to another. The most common bank transfer occurs between two individualized bank accounts.

Currently, bank wire transfer is the most commonly used payment method in Europe. Several million transactions are processed each day. Among the key benefits, no cash or cheque exchange is involved; instead funds are transferred directly from bank to bank electronically. Also, payments made between European Union countries are charged as domestic bank transfers, and that means very low or no transfer fees.

The process of making a bank transfer can differ greatly depending on the transfer systems and operators that provide the service. A variety of options may be available related to the immediacy and finality of settlement, as well as the cost, value and volume of transactions. In other words, no two bank transfers are exactly alike.

In the case of betting online, the two accounts involved are those of a player (customer) and a gaming web site. One of the most widely accepted forms is known as Local or Fast Bank Transfer. This option allows the bank wire transfer to clear quickly because of the location of the financial institution selected. It may be in the same jurisdiction as or in one adjacent to the gaming siteís bank. A Local/Fast Bank Transfer generally takes 1~3 days to clear, as compared to an International Bank Transfer, which can take five days.

There are currently 98 gaming sites on the Internet that support such Local/Fast Bank Transfers in English. They include Unibet, bwin.party, Eurogrand, Gamebookers, William Hill and Spin Palace, to name a few. The price of the bank transfer for each of these will depend on the bank and its location. If the countries concerned are quite far apart, the fee associated with this service can be quite costly.

Another form of bank wire transfer is known as Direct Bank Transfer. Operated out of Estonia, this service allows customers to set up accounts with SEB Bank and make direct transfers from their bank accounts to their gaming accounts. Transfers can be made to designated bank accounts located in 29 countries worldwide and representing 73 gaming web sites that operate in English, such as 888, 32Red, JackpotCity and others. This method is not, however, available to players based in the United States.

A third form of bank transfer is called Online Bank Transfer. Money can be transferred via personal banking or online banking to the bank accounts of affiliated gaming sites. As soon as the money is received, the online gaming account is credited. In most cases, however, this requires an intermediate step of setting up a special 13-digit Bank Transfer Reference Number. This is also referred to as the customerís Virtual Account Number. Once it has been established, transactions can be made by phone as well as online.

Among the 65 gaming sites accepting Online Bank Transfer as a method of making financial transactions are Intertops, Red Flush, Jetbull and Ladbrokes. All use English as their primary language. The same method used for deposits can be used to process withdrawals to customersí bank accounts, too.

Players should be aware that in all cases of bank transfer, certain minimum and maximums may apply, typically on the order of £10~£1,000 per transaction. Delays of up to five working days may occur, and although the gaming sites rarely charge fees, banking institutions outside the EU can levy significant charges. For example, as of 2012, Bank of America branches based in the United States were charging $25 to send a wire and $12 to receive one domestically. For international transfers, the fees were $35~$45 outgoing and $16 incoming.