Wire Transfers - Still very much in the game with sport betting
Wire transfers are a popular form of making payments to online sportsbooks as they are fast and don’t require either party to have fancy technology. It’s simply a transfer from the player’s bank account to the chosen bank accounts of the sportsbook. The term ‘wire transfer implies more than a traditional bank-to-bank transfer. It can also mean making international payments which are referred to as a remittance wire. During wire transfers to online sportsbooks, the details of the establishment’s account are given to the player, so they can make the transfer. It’s a safe and secure payment as the security of the banks is involved which is highly rated, making it a very popular form of payment to online sportsbooks.
Essential Facts About Wire Transfers
Wire transfers are widely used across the globe to make deposits to online sportsbooks, especially by high rollers who can deposit high sums of money. There are a few essential facts to go over when it comes to wire transfers. So let’s get stuck in and tell you about them.
- You can make wire transfers to any currency you like.
- Domestic transfers can cost between $25 — $30 per transaction.
- Wire transactions to online sportsbooks can take 24 hours.
- All transactions are recorded.
- Money can be lost if the wrong details are added.
How Wire Transfers Work/How to Use It
There are different types of wire transfers that exist and have different names. For instance, you can have a wire transfer that works within the same bank, and wire transfers that go from one bank to another. These are called inter and intra wire transfers respectively. In the case of online sportsbooks, intra wire transfers are used as the accounts for the online sportsbooks are unlikely to be the same as your bank. On the other hand, there are also international payments that are remittance based which we won’t go over as you’re likely to only make transfers to sportsbooks within the US.
How to Deposit With Wire Transfers
Making deposits is easy, here is a quick step-by-step guide on how to carry it out:
- Open the cashier at your recommended online sportsbook.
- Select the deposit button and payment method you’d like to use. In this case, wire transfer.
- Select the amount you’d like to deposit.
- An online sportsbook will provide you with their banking details. You’ll need to share yours too.
- Head over to your bank account and input the details of the online sportsbook and make the wire transfer. This can take a few hours to be credited to your account.
How to Withdraw With Wire Transfers
- Open up the cashier at your preferred online sportsbook.
- Select the withdrawal button.
- Select the amount you’d like to withdraw and confirm the transaction.
All online sportsbooks will carry out the withdrawal to the accounts the deposits were made with. This removes any chances of the funds being withdrawn to random accounts that were input by hackers and scammers if online sportsbook accounts were compromised.
Advantage/disadvantage Of Wire Transfer
- Oldest and Most Popular Method: The wire payment is most popular and as a result of this, most online sportsbooks provide the method as a form of payment for players.
- Great for High Rollers: There are much higher limits when it comes to wire transfers, with some online sportsbooks having no limit on the amount for VIP users.
- Safe and Secure: Banks have one of the highest levels of security in the world. When making a wire transfer the bank’s security is added to the transactions ensuring the money reaches the destination safely.
- Use the currency of your choice: When carrying out a wire transfer you can use whatever currency you choose. You can send money in different currencies if you choose to play with that.
- Slower Process Times: Wire transfers can have slower process times in comparison to other methods such as debit or credit cards. However, payments from the US to US sportsbooks will be carried out on the same day.
- High Transaction Fees: Typically, a flat fee is added when carrying out a wire transfer. It's high for users who deposit small funds but can be good for high rollers depositing large sums, as other methods use a percentage-based fee system.
Security of Wire Transfers
We’ve mentioned this a couple of times in the article already, but let’s go into a little more depth on the security level of wire transfers. When carrying out a wire transfer there are 2 levels of security. Level 1 is the bank, and level 2 being the online sportsbook. On a standard level banks have a 256-bit AES, or advanced encryption. While online sportsbooks typically have a 128-bit encryption level and on occasions, some may up their game to the 256-bit encryption level. This significantly reduces your chances of someone getting your banking details and stealing your funds from either the banks or online sportsbooks.
Wire Transfer FAQ
Can I transfer money to online sportsbooks in other countries?The wire transfer can act as an international payment service. So technically you’re able to make payments to international sportsbooks. The issue would come up if they don’t accept users from your state/country.
What is the minimum wire transfer limit?The minimum limit would depend on the sportsbook. There are instances where users can deposit as little as $5. In most cases, the minimum is $10.
What happens if I wire transfer to the wrong account?There is nothing that can be done if the funds are transferred to the wrong account and everything is processed. There is no system to get the money back.
Will the IRS find out if I transfer more than $10,000 to online sportsbooks?Banks are obligated to inform the IRS if any deposits or withdrawals are made which is over $10,000.
What is the maximum time a wire transfer will take?When making US to US payments these are done within 24 hours. While international payments can take anywhere between 1 – 5 working days.