If you’re not interested in funding your sportsbook account with a standard credit card or e-wallet, then perhaps you’ll take a look at a money transfer option instead. The great thing about these alternative payments is that there’s quite a large number of them, so you won’t specifically be restricted with what is available to you. Plus, some countries have their own specific money transfer options, too.
Money transfers will see funds taken from a bank account and travel through one of several different ways to get to the sportsbook. The issue with them is that they can sometimes take longer to process through than card, cryptocurrency, or e-wallet transactions. This isn’t always the case, but if you’re wanting to use something that is guaranteed to be instant, then potentially a money transfer isn’t the option for you. Yet, it’s an option that does come with its benefits, too. So, let’s learn more about the money transfer payment method for online sports betting.
In actuality, the main versions of money transfers can be split into two separate parent categories. These are the standard transfers and the wire transfers. They do have some differences that set them apart, with the standard transfer going under many names, including ACH, fast bank transfer, bank wire, and more. This basically operates as a sort of electronic check, which will transfer money from a bank account without having to actually hand a check over. These do take a few days to process through, but they do offer a more secure method of depositing funds. Most international money transfers are sent via something known as SWIFT, which is a common name in today’s banking world. An IBAN code will also be required for European banks for transfers within the EU and Switzerland.
So, how exactly is the wire transfer option different? Well, just keep in mind that we’re not talking about bank wire transfers here, so push that notion to one side for a moment. This wire transfer option is basically moving money from one account to another, although it doesn’t necessarily have to be to and from a bank account. So, if you’ve ever heard of Moneygram or Western Union, these companies exist within the wire transfer sector. These wire transfers are used when money is needed to be sent in a faster time span, although they do also have additional charges to pay for using the service. Think of it as a sort of payment for speeding up the money transfer process.
While these are both considered money transfers, they operate in slightly different ways while achieving the same thing overall. So, how does a sports bettor utilize one of these options to fund their account?
There are several money transfer options available to utilize when it comes to depositing, and most online sportsbooks accept one form of such or another. However, we’ve reviewed a wide range of sportsbooks for you to read about, so if you want to locate a platform that offers the specific money transfer option you’re wanting to use, make sure you check them out!
So, let’s find out how to use the two different types of money transfers when betting at a sportsbook. To begin with, we’ll take a look at the money transfer wire option. Options like Western Union and Moneygram used to require users to visit a nearby outlet to begin the transaction, but it’s now also possible to conduct a deposit online instead. Should you choose to do it the second way, then you’ll need to fill in a few of your personal details at the relevant money transfer site. From this moment onwards, the process is fairly similar, regardless of if you’re doing it through the website or in person.
You’ll need the details of the sportsbook’s Western Union or Moneygram account, which are usually given by one of the customer support agents at your chosen sportsbook. You enter these pieces of information on the site or hand them over to the Western Union agent to enter for you. Then, it’s simply a matter of handing the money over to the agent or entering your card details on the website and the amount you would like to send. In both instances, you will be given confirmation of the amount you’re wanting to send, who it is being sent to, and details of the transaction fee that you will also pay. Confirming this will send the wire transfer through, and once this has been completed, in most cases, the funds will be available in the recipient’s account.
On the other hand, if you opt for the standard money transfer, things don’t necessarily work in much of a different way. The details for the account that you’re sending money to will be different, but you will usually be the one who inputs these into your online banking. Alternatively, if you choose to, you can go to a physical bank and request to send the money that way, in which case you need to hand the details over to the teller. It’s sometimes the case that these bank details can be found on the sportsbook’s cashier page, but if not, you will need to speak with a support agent once more. Keep in mind that this kind of transaction does sometimes take longer to fully process through, so you will potentially need to wait two or three days for the funds to show in your sportsbook account before being able to use them.
Perhaps the main drawback when it comes to using the money transfer option for depositing money is that it can often include fees that you need to pay for the transaction. Now, because there are so many money transfer options, the fees for these will differ not only between method to method but potentially from site to site as well. This is because both the sportsbook and payment method will add charges on top of your deposit.
It may also depend upon the amount of money that you’re looking to deposit into your sportsbook account. Some money transfer methods will increase the percentage of the fee that you have to pay one way or another in relation to this. Let’s take a look at the Western Union option, for example, though. You see, it can also sometimes depend upon the location that the money is being sent to, which will determine the fees for paying.
Let’s say that we’re intending to send £100 from the United Kingdom to reach a Malta-based sportsbook. Now, sending from the UK will denote that the funds are sent in British pounds, but Malta utilizes the euro, so a conversion will also take place. The website dictates that with this deposit, you can choose to have the receiver pick the funds up in cash, which comes with an extra £4.90 charge, or have it sent straight to a bank account, which is free. Yet, if you opt for the cash choice, you can send this through one of the Western Union outlets to reduce the fee to £2.90.
Let’s flip that example around a little bit and say that we’re sending £100 to Curaçao instead. This is only possible with a cash reception, so bank account transfers aren’t possible. Yet, the fee for this increases to £9.90 through a debit or credit card transaction online. The same thing comes into effect when you opt to use Moneygram. So, it’s important that you check out the details of your chosen money wire transfer before you decide to go ahead with it.
On the other hand, if you’re making a bank wire transfer or ACH or whatever you would like to call it, the details are fairly similar. If your money is being sent to a location within the same country as you, then the likelihood is that you won’t have to pay a transaction fee. However, making international bank money transfers will generally have such attached to them. It’s the same thing to say that additional fees will depend upon the location the money is going to, how much you’re sending, and the money transfer method you’re using.
It seems quite clear to say that using a money transfer option comes with its own added sense of security. Using this doesn’t require you to input any of your personal details into the sportsbook site that you’re betting at. Instead, you take the account details of the sports betting site and utilize that to send your money to. This way, you’re processing a bit more of an anonymous transaction through. It stands out as being somewhat safer because of this, and security is a big thing for many online gamers.
As far as the standard money transfer options are concerned, you won’t need to wait for these funds to process through. In the case of Moneygram or Western Union, for example, the transactions usually occur instantly. This means that you can send the funds and pretty much get to placing your sports bets as soon as this completes.
The other thing that stands out about the money transfer payment method is that they’re quite readily available at many online sportsbooks. Therefore, you won’t need to search too far for a platform that will allow you to use one form of money transfer or another. Of course, not all types of money transfer will be available at online platforms. However, on the other hand, at least one or two can be found. So, it does have quite a wide reach as far as sports betting is concerned.
Yet, perhaps the main downside when it comes to money transfers is that they often come with fees that need paying on top of the deposit. As noted earlier, these fees will differ due to several factors but can sometimes be fairly hefty. Not everyone is comfortable with paying a fee for sending their own money somewhere, so it might not be the best option for everyone. In addition to this, if you’re sending money that needs to go through a currency conversion, this can also invoke extra fees, so just be wary of this when opting for this method.
Additionally, something else that stands out as being quite negative about this payment method is that they can sometimes come with longer time periods to wait before they become available in your sports betting account. While credit card and e-wallet deposits are generally instant, money transfers have to process through sometimes, meaning that a two to three business day wait awaits you.
Finally, the only other thing to remember is that some of these methods can be subject to extra fees from the sportsbook as well as the actual money transfer method. So, you could be hit with fees from both sides of the spectrum, or as it’s often known – “double fees.” It’s not great having to pay transaction fees in the first place, but when it happens for a second time from the sportsbook the funds are being sent to as well, that’s a sort of double-whammy impact.
Do Sportsbooks Impose Any Limitations on Money Transfers?
Well, the only real limitation comes from the types of money transfer options that each different sportsbook accepts and supports. Some of them offer up a variety of these, while others only have one or two. Therefore, it’s important to find out if the sportsbook that you want to bet at offers deposits through your preferred money transfer method before you join.
Sometimes, you’ll also find that some sportsbooks require a higher deposit amount to be made through money transfers than other payment methods. So, it’s not specifically uncommon to see the need for at least $100 to be deposited through this method, while card or e-wallet deposits sit lower at $20, for example.
Will I Be Able to Withdraw Through a Money Transfer, Too?
Yes, withdrawals are frequently offered through such means. In fact, the likelihood is that if you deposit through a money transfer, a withdrawal will automatically be sent through such as well.
The money transfer method is one that has been around for a considerable amount of time now. In fact, Western Union is the longest-running money transfer service (other than banks). So, there is a history to the option. Yet, some of the features of using such methods are a little bit negative, like the additional fees or the wait times. That being said, if you do choose to deposit through a money transfer, the likelihood is that you will find a greater level of security from doing so.
The thing to remember about choosing this option is that they all have differing fees, transaction times, and processes. So, once you pick an option and select a specific sportsbook, you will need to make sure that you’re fine with everything that comes along with it. Other than this, you can use money transfers for withdrawing, they usually have higher depositing limits to benefit from, and they’re quite a convenient option to go for in terms of being easily available.