Bank Wires: A Good Option for High-Limit Sportsbook Bettors
Bank wires are one of the easiest ways to send funds across the world directly from your personal bank account. While credit card processing and other methods have an iffy success rate with online sportsbooks, bank wires are a secure way to get your funds transferred without any issues.
What Are Bank Wires?
Bank wires, technically known as wire transfers, are the movements of funds electronically through the worldwide banking system. While bank wires are still relatively expensive compared with other depositing methods, they are still the cheapest way to move funds between bank accounts. They are available to anyone who has a valid bank account across the world, whether the account is a personal or business account.
Depositing via Bank Wire
Although bank wire is usually a deposit option, a few sportsbooks may not offer it as a deposit method. However, it is extremely rare to find a sportsbook that does not offer bank wire as a withdrawal method (we’ll talk more on that later).
Once you are logged in to your sportsbook account, bank wire should be listed under the cashier section if it is an available option. Like other methods that require the exchange of sensitive information, the procedure for sending the wire is not going to be listed directly on the page for security reasons. The sportsbook will prompt you to either email its service center, ring their toll free number or speak to an employee via live chat to get the details for sending the wire.
Once you contact the sportsbook, you will be given the bank’s name and where to send the money, the numeric code (ABA, BIC or IBAN) for transferring and the specific bank account of the sportsbook. There may be additional information given to you by the customer support.
Generally, a bettor will have to travel to his or her branch to place a bank wire in person, but some banks may allow the process to be done over the phone or online. It all depends on the bank, but by default, you will usually have to drive down to your bank and fill out a form to get your wire processed.
Costs for bank wires can vary depending on your institution. Recent reports have shown the cost to be around $45 for outgoing foreign wire transfers. Unlike deposits via Moneygram and Western Union, online betting sites will not reimburse your fees when you deposit via bank wire. This is because there are fees associated with receiving wires. It would cost too much for them to do this.
Bank wires can be processed as quickly as one business day, but may take several days depending on the amount of wires currently being processed by both your bank and the institution receiving the wire.
Bank Wire Pros
Similar to deposits via check, bank wires have a much higher deposit limit compared with other methods, such as credit card or person-to-person transfers. While the max for these methods is usually around a few thousand dollars, sportsbooks allow players to wire much larger amounts. Most accept up to $10,000 or more via wire and some have no maximum amount.
Besides depositing via credit card, there is no faster way to get money into your account than bank wire. Most times, the transfer makes it there in less than 24 hours.
Players who request wires also won’t have to deal with the hassle of going to the bank or ATM and depositing a check. They will simply have the money transferred directly to their accounts for added convenience.
Bank Wire Cons
There are not many disadvantages to bank wires, other than the fact that the method is not instant and has around a $50 fee for sending. This still stacks up better than other methods with similar fees, such as person-to-person transfers and mailing a money order or paper check.
What About Withdrawals?
Bank wires are probably the second most popular method for withdrawals, behind paper checks. It may cost slightly more to receive a bank wire than a check, and few sites allow players to use their one free payout a month on a bank wire. However, the amount players can cash out via bank wire is much higher than every other method.
Some sportsbooks offer an unlimited withdrawal amount via bank wire, but most sites will offer a $10,000 maximum amount. The average fee for processing a wire charged by the sportsbooks is around $50. Keep in mind, your bank may also charge you a small fee for receiving the wire. This is usually around $15 or $20.
Bank Wire Is an Excellent Choice
If you are a higher limit bettor, one who likes to bet four figures or more on each contest, bank wire is the best way to fund your account and withdraw your winnings. It is relatively cost-effective compared with other options, especially considering the amount you can request per transaction.