Bank Wire Review
Bank Wire Deposit and Withdrawal – Bank wires, also known as Wire Transfers, are a great way to transfer large sums of money to and from betting sites. They tend to be best for higher stakes bettors due to their higher fixed fees charged by the banks. They can also take longer to use compared to other methods, but they are the best way to make large deposits and withdraws.
For normal stakes players who want a similar option with less fees and faster service, we recommend Skrill and Neteller.
Sites Accepting Bank Wires
Bank Wire/Transfer Deposit Overview
A bank wire is a financial transaction that can be used to deposit and withdraw money from an online bookmaker. Punters that use this method will be faced with different circumstances than if they used a credit card or an e-wallet banking method.
Bank wire transfers take more time to be processed and received than the other banking methods, due to the fact the bank has to make sure where they are sending the money, and that the bookmaker you are depositing to or withdrawing from is allowed to receive the funds. These bank wires can then take anywhere from a few days to a few weeks to process. These transactions are very secure, but they have the downfall of not being as private as the other methods, as the transactions will appear on your account and summary as being with the bookmaker. Methods such as ewallets are often preferred for privacy, since any transaction to and from your bank will appear as a transaction with Neteller or Skrill for instance.
How it Works
Punters from India using the bank wire option will have to do several things:
1) Request a money transfer from your Bank (either in person or online).
2) Give the Bank the BIC and IBAN codes of the bookmaker they are depositing into.
* These codes can be found on the Indian friendly bookmaker’s website or acquired through their Customer Service.
3) Determine the Total Amount you wish to transfer (fees will be applied to this total)
Give these instructions to the bank and authorize the transfer.
Now, all you have to do is wait until the bank authorizes the transfer and allocates the funds, in your name, into the bookmaker. This whole process can take anywhere from a few hours to a few days for the deposit of rupees, so you will need to think ahead of when you will need that money in your account.
The delay may be due to verification of ID (such as government issued photo ID, verification of address, and verification of funds with the bank).
Fees: Deposit and Withdraw
Bank Wire Deposit Fees
Most bookmakers do not charge any fees when you use a bank wire to deposit money into your account. However, charges from your bank may still apply. Check with your bank for their fees for wire transfers.
Bank Wire Withdrawal Fees
When a punter from India wants to withdraw money using the bank wire option, there is typically a fee charged by the betting site and certain requirements you need to consider:
* Bookmakers have a bank wire minimum, can’t withdraw anything less than that using this method, and a maximum per transfer (usually the min withdrawal amount is equivalent to $50 USD, which should be around 2700 Rupees, and the maximum depends on your VIP status, changing from $5,000 USD to $10,000 USD = 270 000 rupees to 540 000 Indian rupees).
* Many bookmakers give their members one free withdrawal per month.
* Sometimes bookmakers charge for multiple withdrawals are made, so try to stay within just 1 per month if this is the case. The standard fee is usually about 1050 INR for additional wire transfers.
Why Use a Bank Wire?
This method is best for higher limit players who transfer large quantities of money to and from the betting site. Bank wires are easy to make once you get familiar with the process. However, these transactions can take longer and the time frame is usually unpredictable, this banking method should be used by punters that have plenty of time before they want to place any wagers on any of the upcoming sporting matches. Other kinds of punters that would benefit from this method are those that do not want to pay variable fees on large transactions, or do not want to use third parties. Using third parties such as ewallets are more private than bank wires, because if you use an ewallet the name of that company will appear on your bank statements, but if you wire directly to the betting site, the name of the bookmaker will appear on your bank statement. The bank wire is perfect for those high stakes punters that want and need to transfer large sums of money; the bank wire is the safer and cost efficient method.
If you are a lower stakes player, we recommend using ewallets or credit cards if available.
How to Set up a Bank Wire Account
There is nothing more to it than creating a bank account. If you have one already, you should already have the ability to send wire transfers.
Once you have made the first bank wire transfer through your bank, your bank should remember the codes for any future transfers. Just in case, it is good to keep a copy of them close by.
Tips on Using Bank Wires
* The fees involved in depositing, transferring, and withdrawing using a bank wire tend to be fixed. In other words, they do not take a percentage of what you transfer, only a set amount per transfer. This amount may be higher than other methods, but it will be very cost effective for those punters from India that want to make larger transfers.
* Remember about the time delay for bank wire withdrawal, and think ahead of when you will need the money to wager with; so if your cricket match is in 2 weeks from now, you might want to start depositing now (especially if this is your first time depositing at the online bookmaker). Use your first bank wire to gauge how much time it takes to process and reach your bookmaker account, and use that as the average time it will take each time.
* When withdrawing money from a bookmaker be sure to take advantage of the one fee free withdrawal per month, and also max out the limit out on that withdrawal. Try to limit the number of deposits and withdrawals, as the fees could start to add up, and instead try and do it all using one large sum.
* For those who want smaller fees and faster transactions, we recommend using ewallets such as Neteller and Skrill. They still provide large maximum deposit amounts, some sites allowing for as high as 700 000 INR. However, if you want larger amounts, you should stick with bankwires.
Bank Wire Briefs
- INR Can Be Used
- High Trust and Security
- Good for Large Transactions
- Banks Charge Fees
Bank Wire Fees
- Depositing: Free
- Withdraw: Free
- Bank Fees May Apply
