Bank wires also known as bank drafts or wire transfers have long been an option for depositing into online gambling sites. Though bank wires won’t allow bettors to deposit funds instantly, they offer several advantages over other deposit methods, such as credit or debit card and person-to-person transfer.
The availability of bank wire is not universal in the offshore industry. Smaller, more recreational focused sportsbooks will not always offer bank wire as a deposit option. This is most likely because they are focusing on bettors who deposit and bet smaller amounts. However, bank wires are commonplace at a large percentage of sportsbooks, especially those will larger betting limits.
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Depositing with Bank Wire
Depositing with bank wire isn’t as cut and dry as other deposit methods, bettors will need to contact support for banking details for details on sending the wire. This can be done through email, phone or live chat.
After you contact the sportsbook, a representative will give you the information needed to send the wire. This usually includes the bank name and the numeric details of the bank, whether that is an ABA, BIC or IBAN numeric code.
Some banks may allow you to send bank wires via phone or through your online banking account, but in most cases, you will need to go to the bank in person to send the wire. Once sent, wires can be processed in just one business day, but on average take 2-3 days to process.
Once the sportsbook receives the wire, a players’ account will be credited that same day, usually within a few hours.
Costs for sending bank wires vary depending on the bank, and international wires will cost more money than wires sent domestically. This is usually around between $30-$50 to send an outgoing wire.
Some bookmakers will reimburse players for fees associated with sending a bank wire. Whether you qualify for reimbursement of fees can depend on the amount sent as well.
As we mentioned above, bank wires allow bettors to deposit much larger amounts per transaction they could with credit cards or person-to-person transfers. Like money orders, many bookmakers have maximum deposits of $10,000 or more when it comes to bank wires. Some sportsbooks have no maximum deposit amount when it comes to depositing with bank wire.
Withdrawing with Bank Wire
Similar to deposit options, not all sportsbooks offer bank wire withdrawals, but the vast majority of sites do have the method available as a payout option.
Just like bettors received the banking information to send the wire, they will provide their banking information to the sportsbook for a withdrawal. Bank wires are processed in a similar time frame to checks. Most US-facing bookmakers process them in one or two weeks. Bank wires seem to lag behind check speeds throughout the industry, but only slightly.
The area most significantly different between checks is the maximum withdrawal amount. Checks, at most offshore sites, are usually processed with a maximum amount of $2,000 and $3,000 per check.
Bank wires will have substantially larger limits. The vast majority of bookmakers have at least a $10,000 maximum on bank wires, but this number is usually higher. Similarly to deposits, some bookmakers have no maximum withdrawal amount per bank wire.
Processing costs for players are similar to that of checks. They usually cost around $50 per wire, regardless of the amount sent. Players’ banks may also charge them a fee for receiving the bank wire. Receiving an incoming international bank wire costs somewhere between $10-$20 USD.
Bettors may be able to get a free bank wire per month or every 30 days, similar to the one free check withdrawal per month that most sportsbooks offer. Unlike person-to-person transfer or other withdrawal methods, bank wire is often eligible for the free monthly payout.
Bank wires are excellent deposit method where available and a strong option for withdrawals, especially when you compare the fees and the maximum withdrawal amount compared to checks.