This method is made by a person's or an entity's account to another person's on entity's account. In online gambling, you will transfer an amount from your bank account to the online bookmaker's account. It can be done electronically, which is the predominant way nowadays, or by your transferring the amount at a cash office, by lodging the cash.
The sending of bank wires is done with different speed at different banks, and the fees for faster bank wire transfers are higher. On the other hand, your faster transfer will not be affected by any currency fluctuations. You must take these details into account and decide which is prevalent for your situation.
How you can make a bank wire transfer
To accomplish it, you must order the bank to transfer the amount you need to deposit with the online bookmaker. You must provide the account name for your chosen online bookmaker, its IBAN and the BIC code, which are indispensable for sending the money. Another detail to provide is the number of your gambling account, because it will show the boomaker to which account the received money should go to.
You can visit a bank office, or telephone your bank, or use your online bank account, to effect the transfer.
Nowadays online bank transfers are most common, as you can conveniently make them from any place, using the Internet. You must log into your online account on your bank's site, and go to the section for new transfers. Then there will be instructions displayed, to facilitate you. Enter the required data about your bookmaker: the name, the IBAN and the BIC, then the amount you want to send and the currency you will use. When you make an online transfer, you will be sent a special code via text message, or the bank will call to give you the special code. You will need to enter the special code, which is for this transfer only, and has a limited duration, to prevent unauthorised use of your bank account money.
When selecting the date on which the bank wire must be sent, choose the nearest one.
Then your bank will send a message to the receiving bank. The whole transfer may take a couple of hours, or several days.
The fees for bank wire transfers
Banks charge fees from the sender and from the recipient. So you will be charged for sending the amount.
The recipient will be charged the fee by deducing it from the amount you have sent.
When you withdraw via bank wire, you may be charged a small fee, so check these details before using this method for withdrawing.
Sending a bank wire versus paying by debit or credit card
Since debit and credit cards came in widespread use, bank wire transfers have been diminishing in popularity. Paying via plastic card is faster, compared to the time for processing of bank wires, typically about five days. A slower payment method is not convenient, when your goal is to have the money arrive into your online bookie account the fastest possible.
Nowadays there is also a system of fast bank transfers, with which the funds you send will arrive in two hours at the latest. So if you have determined to use bank transfer, you can consider this service. It is called Faster Payments Service, and acts in almost real time. To be able to use it, you must check if your bank and the bookie's bank support it. They must both support it, to enable you to send amounts via the Faster Payment Service. Nowadays most banks and companies support this method.
Using bank wire transfer with online bookmakers
As pointed out above, sending the amount via bank wire will be a realtively slow process. When you decide to withdraw, you will be able to do that if you have deposited via the same method. You must access your online banking account, or you must telephone your bank to make the withdrawal. you will not be able to do the withdrawal directly from the bookmaking site. It is better to have an online banking account.
A number of online bookies accept bank wires, so you can look for such bookmaking sites where you can use the method if you prefer it. These sites also offer attractive free bets, so you will have added advantages. Don't forget to check what the minimums for depositing and withdrawing valid for them are.
Security of bank wire transfers
An advantage of this method which help to provide security is that both you, the sender, and correspondingly the recipient must have a proven identity. The information regarding wires is sent via encrypted methods, which is another security measure.
As for your online bank account, the security of using it is connected with your username and password. You must not give these away, to prevent unauthorised payments on your behalf. But with the security code which you are sent via text message, such unauthorised attempts are not very likely, because such people should have access to your phone to learn the code and enter it. So you should be careful to keep your phone with you and not let others get access to text messages on it.
Online banking sites security is the guarantee for the security of online bank transfers too. Nowadays banks maintain stringent security measures, so you should not worry about that. They take measures against hackers using the so called “phishing”: when a different site, but also a convincing one, is shown instead of your usual online banking site, to trick users into entering their usernames and passwords.
Furthermore, even when you use this method and provide your bank details, the bookmaker itself will not have access to these details, so they will be secure and you should not worry about their safety.
Finally, the security of financial regulations in some countries is not as stringent as the security in the United Kingdom, so you must take into account online bookies may not accept bank wire transfers from certain countries. That is why you must check what the situation is in your country, before you choose this method.