Bank Transfers & Betting Sites

Bank Transfer BettingBank transfer or bank wire has been one of the fastest ways to move money up until 30 years ago. Things have changed significantly in the last few decades with the arrival of modern debit/credit cards, eWallets, etc. that have sped up substantially money movements. Even though, still today lots of people prefer to move money by using bank transfers.

The majority of UK betting sites do accept bank transfers so if you are not in a rush and prepared to wait for funds to clear up this is without any doubts the most secure and cheap way of depositing funds into your betting accounts. You can, of course, use bank transfers also to withdraw money. As bank transfers are seen as very secure, this payment method has the highest limits of all the rest so if you are planning to bet large, you should consider it.

Betting sites allow many different bank wire like for example the faster payments service also called FPS. Keep reading this guide to discover what are the bookmakers that accept bank transfers, the fees, time of processing and a lot more useful information.

Betting Sites That Accept Bank Transfers

888-sport (1) 888 Sport  FPS: Yes | Min Deposit:£10 BACS £100 Wire | Deposit Time: Up to 10 Days | Min Withdrawal: £10 | Withdrawal Time: 5-8 Days

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ladbrokes 1 - Betting Sites Payment Options – Bank Transfers Ladbrokes  FPS: No | Min Deposit: £10 | Deposit Time: 1-5 Days | Min Withdrawal: £10 | Withdrawal Time: 1-5 Days

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Coral - Betting Sites Payment Options – Bank Transfers Coral  FPS: No | Min Deposit: £5 | Deposit Time: 2-5 Days | Min Withdrawal: £5 | Withdrawal Time: 2-5 Days

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betvictor 1 - Betting Sites Payment Options – Bank Transfers BetVictor  FPS: No | Min Deposit: £20 | Deposit Time: 3-10 Days | Min Withdrawal: £25 | Withdrawal Time: 3-10 Days

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betway 1 - Betting Sites Payment Options – Bank Transfers Betway  FPS: No | Min Deposit: £10 | Deposit Time: 1-5 Days | Min Withdrawal: £10 | Withdrawal Time: 1-5 Days

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william hill 1 - Betting Sites Payment Options – Bank Transfers William Hill  FPS: Yes | Min Deposit: £25 | Deposit Time: 3-5 Days | Min Withdrawal: £25 | Withdrawal Time: 3-5 Days

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betfred 1 - Betting Sites Payment Options – Bank Transfers Betfred  FPS: No | Min Deposit: £85 | Deposit Time: 1-5 Days | Min Withdrawal: £25 | Withdrawal Time: 1-5 Days

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unibet 1 - Betting Sites Payment Options – Bank Transfers Unibet  FPS: No | Min Deposit: No Min | Deposit Time: 2-3 Days | Min Withdrawal: £15 | Withdrawal Time: 3-5 Days

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betfair 1 - Betting Sites Payment Options – Bank Transfers Betfair  FPS: Yes | Min Deposit: £10 | Deposit Time: 3 Days | Min Withdrawal: £10 | Withdrawal Time: 3-5 Days

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paddy power 1 - Betting Sites Payment Options – Bank Transfers Paddy Power  FPS: Yes | Min Deposit: £5 | Deposit Time: 1-5 Days | Min Withdrawal: £10 | Withdrawal Time: 1-5 Days

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betsafe 1 - Betting Sites Payment Options – Bank Transfers Betsafe  FPS: No | Min Deposit: £10 | Deposit Time: 3-6 Days | Min Withdrawal: £20 | Withdrawal Time: 3-6 Days

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When you make a transfer to and from a debit card, it goes quicker than a bank transfer and theoretically it is a similar process as the card is connected with your bank account. There might be reasons though that you wish to make a bank transfer: for example, you don’t have your debit card as it has been lost or you are waiting for a new one to be issued. You might also want to have more security and don’t want to pay card fees. For whatever reason, you wish to make a bank transfer you should know that this is entirely possible with all the UK bookmakers we have listed in this page.

Bank transfers are guaranteed and regulated in the Uk by the Financial Conduct Authority (FCA), and in this article, we will give you further information on how they work and what kind of fees you might be charged.

Using Bank Wire for Betting Purposes

bank_wire_gamblingIf you are living in a country where online gambling is legal, there are no restrictions for making a bank transfer towards a betting site. To make a bank transfer you will need to authorise your bank to move the funds, and you will be able to do in different ways like using your card readers, a security pin and so on. There is therefore enhanced security compared with a debit card transactions.

You might notice that some banks tend to block first debit card transactions towards betting sites (especially the first time) just to check that there is no fraud involved. This is not happening with bank transfer as you are doing the authorising. Also, the bank transfer might take a bit longer to set up the first time but once you have made the first one successfully things will be quicker as the bank system will remember the merchant details and will lower the security needed to make the successive transfers.

So there is added security when making a bank transfer and in some cases, if you want to make a substantial deposit that is the only option as other methods of payments will have reduced limits than a bank wire. Another advantage of the bank transfer is that has the lowest fees as less number of intermediaries are involved so again there is some financial convenience there in addition to the enhanced security in comparison with other payments methods.

How to Deposit To A Betting Site With a Bank Transfer

To fund a betting site via a bank transfer, you need to set up the bookmaker as a payee with your bank. To do so, you will need to have your bookmaker account details, and also you need to know what reference you should put in the transaction: usually the reference should be your username or your bookie’s account ID.

The other fields should be the bookmaker name, account number and sort code which again you will find in the betting site. Once you have filled all the information required for a bank transfer you will need to authorise the payment: depending on the bank this can be done in different ways. Usually, you will need to generate a pin using a card reader or get a secure SMS code at least if it is the first time you are paying towards that merchant. Once you have completed the authorisation, the funds will be sent to the betting site bank account, and this will take from hours to a few days to clear.

If the betting site bank account is not in the UK, then you will need to do a bank wire which is going to take longer. This type of bank transfer requires you to add additional information like IBAN, Swift and similar. The authorisation process will be the same and the time needed shouldn’t be too long, but obviously, it will depend on where the bank account is situated. Some betting sites also accept faster bank transfer, and if you keep on reading, you will find more information about this method.

If you want to make a withdrawal the whole set up will take place directly on the betting site: you will be asked to provide your bank account with info like account number, sort code, name, IBAN and so on. Usually, you can only use this method of withdrawal if you have also deposited via bank transfer.

One negative about withdrawals via bank transfer is that usually, the limits are higher. The reason is that this type of payment requires more admin than other methods like for example debit cards: every bank transfer involves a level of manual intervention, and this is the reason why the betting sites are not willing to create too much work for small transactions.

If you are looking to make a bank transfer to a bookmaker, you should check two things: the first is the time of processing and the second is how long the bookmaker will take to add the funds in your account. As you can imagine, as there is some manual job involved, the difference from betting site to a betting site can be significant. You will be able to see the processing time for every top betting site in the table on this page.

What are the Types of Bank Transfers Available?

Bank TransferWhen you are processing payments from one bank account to another, this is done by the Bankers’ Automated Clearing Services which is the same one that also does direct debits and deposits. BACS was developed in the 1960’s as a method between banks to allow transfers to be quicker and avoid to have to send paper documents via posts. Nowadays more than £5 trillion transactions are done every year via this system and more than 6.4 individuals payments: to use BACS only the payee name, sort code and account number are required. Usually, the service stated that it takes 2 to 5 days to complete the transfer, but often, those are cleared a lot quicker.

What is Clearing House Automated Payment System (CHAPS)?

This is another way of bank transfer used in the UK, but this is not something that you will find with betting sites. This transfer service is over the same day and it is usually used to move a large amount of money, for example, to buy a house. The bank fee is substantial on CHAPS as it is £30. If you are planning to deposit a considerable amount to any betting site via CHAPS, they will accept it, but you will need to contact them first to arrange this.

What is Bank Wire?

A Bank Wire is a form of bank transfer that is necessary when either the recipient or the beneficiary or both of them have an account situated outside the UK. Lots of betting sites that hold UK license have finance based outside the UK so they might be processing bank wire. A Bank Wire will require a bit more information compared with BACS. For example, you will need to provide an International Bank Account Number (also known as IBAN), a Bank Identifier Code (BIC) and a Society for Worldwide Interbank Financial Telecommunication number also known as SWIFT. All those numbers will be on your bank statement, or you can request them to your bank.

Remember that both the sending bank and the receiving bank can charge fees for bank wire. Since all is done electronically, there is no reason why a bank wire should take much longer than a BACS. Sometimes there are time differences between countries though that can cause some slow down or particular bank holidays. The majority of betting sites won’t charge to send or receive a bank account, but minimum limits tend to be higher as we have discussed in precedence.

What are Faster Payments Service (FPS)?

The Faster Payments Service also called FPS was created in 2008 by BACS as a way to process payments almost instantaneously. This type of bank transfer works in the same way as a normal BACS but with the difference that if both the banks involved in the transaction support FPS then the payment can be cleared in less than two hours. In the table, we have highlighted those betting sites that support FPS.

The Faster Payments System was created as customers were disappointed with how long it took for a bank transfer to be completed. Many suspected that lots of banks were using the money in their advantage during the 3 to 5 days needed to clear the funds. Nowadays the majority of banks accept FPS and more and more betting sites are going to sign up to this service.

What is the History of Bank Transfers?

Bank Transfer BettingIt is called ‘wire’ as back in 1800’s there was a process of sending payments by telegraph wire. Until 1960’s all bank transfers were on paper and the time needed to complete payments was weeks or even months sometimes as signed confirmations were sent via post.

It was in 1968 when Dannis Gladwell who was the chairman of the banks’ committee decided to adopt an electronic system with magnetic tapes to send money quicker than with paper. This was followed in 1983 by a telephone system and in 1985 most banks subscribed to the system. In 2003 BACS made a move from telephone to internet service and now BACS payments are online only (BACS Approved Solution Suppliers).

What are the Countries Where Bank Wires Can Be Used For Gambling?
A bank wire can connect two banks accounts in the world permitting money to move. The main thing to check though is if gambling is legal in the country where the account is situated. If your bank account is in a country where gambling is illegal, then you will not be permitted to deposit money into a bookmaker account. If you, however, live in a country where gambling is legal a solution is to look for a new bank that is situated in a country where gambling is legal. Alternatively, if you live in the UK but have a bank located in a country where gambling is not legal, you can also fund an e-wallet like Skrill, Neteller or PayPal and use this as an intermediary. You could also by a cash voucher-like PaySafeCard and then fund the betting account in this way.

Bank Transfer Security

A bank transfer is without doubts the most secure way of moving funds as you are actually authorising with your bank the transaction. Unless someone else has every detail about you including passwords, bank card, sort code, account numbers etc. they will not be able to action a bank transfer on your behalf. As it is tough for hackers to obtain all those information the majority of online fraud happens with bank cards as data are more easily obtainable with phishing attacks.

When you are making a bank transfer towards a betting site, you are not sharing bank details with the bookmaker so even if the latter is hacked the hackers won’t be able to access your account details. If there is an issue in the bank transfer and the money gets lost in the transfer, it is not your fault, and the bank will have to refund for your loss. Since not all countries have the same level of financial rules like the UK you might find that some betting sites are not accepting bank transfers from some countries.

Bank Wire Costs

You shouldn’t be charged any fees for a BACS bank transfer and even for FPS transfer as long as both the sender and receiver accounts are in the UK. Your bank could, however, charge you a fee if you are making an international bank wire, so it is crucial that you check first what type of transfer the betting site you have selected is requiring and where their bank is based so to figure out what fee you will be charged. So apart from particular situations bank transfers are generally free.

The majority of bookmakers also do not charge fees for bank transfer, and limits for deposits are higher than other methods as for the enhanced security. All the betting sites we have listed on BestBettingSites.Online does not charge a fee for bank transfers as long as you are in the UK.

You would need to pay attention when transferring money in different currencies as those will involve a commission fee as the bank will have to convert the original currency to your currency (i.e. pound).

BEST FREE BETS

FREE BETS (18+, T&C's Apply, Gamble Responsibly)
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888 sport 1 - Betting Sites Payment Options – Bank Transfers
New customers only – Minimum deposit of £10 using deposit code 30F - A qualifying bet is a ‘real money’ stake of at least £10 placed on any sports market - Minimum odds of 1/2 (1.5) - Free bets credited upon qualifying bet settlement and expire after 7 days - Free bet stakes not included in returns - Deposit balance is available for withdrawal at any time. General deposit method & withdrawal restrictions apply
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william hill 1 - Betting Sites Payment Options – Bank Transfers
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bet365 logo - Betting Sites Payment Options – Bank Transfers
Open Account Offer - Up to £100 in Bet Credits for new customers at bet365. Min deposit £5 and 1x settled bet requirement to release Bet Credits. Min odds, bet and payment method exclusions apply. Returns exclude Bet Credits stake. Time limits and T&Cs apply.
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Ladbrokes - Betting Sites Payment Options – Bank Transfers
18+ New UK+IRE customers. Paypal and certain deposit types and bet types excluded. Min £5 bet within 14 days of account reg at min odds 1/2 = 4 x £5 free bets. Free bets valid for 4 days on sports, stake not returned, restrictions apply. T&Cs apply.
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Coral - Betting Sites Payment Options – Bank Transfers
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betvictor 1 - Betting Sites Payment Options – Bank Transfers
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betway 1 - Betting Sites Payment Options – Bank Transfers
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comeon 2 - Betting Sites Payment Options – Bank Transfers
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SportNation - Betting Sites Payment Options – Bank Transfers
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betfred 1 - Betting Sites Payment Options – Bank Transfers
Only available to new customers from UK & Northern Ireland. You must stake £10 or more at single/cumulative odds of Evens (2.0) or greater on your first bet. Free bet balance of £30 credited within 48 hours of your first bet being settled. Free Bets expire after 7 days. E-Wallet restrictions apply. Game restrictions apply. Maximum 30 Free Spins on selected games. Free Spins expire after 7 days. T&C's Apply. 18+. Please Gamble Responsibly
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NetBet - Betting Sites Payment Options – Bank Transfers
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betfair 1 - Betting Sites Payment Options – Bank Transfers
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paddy power 1 - Betting Sites Payment Options – Bank Transfers
Risk Free 20: New customers only, limited to one per person. If you’ve previously had a Paddy Power account, you will not qualify for the offer. Place your FIRST bet on any Sportsbook market and if it loses we will refund your stake in CASH. Max refund for this offer is £20. Only deposits made using Cards or Paypal will qualify for this promotion. T&Cs apply. Paddy's Rewards Club: Get a £10 free bet when you place 5x bets of £10+. T&Cs apply.
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betsafe 1 - Betting Sites Payment Options – Bank Transfers
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