Either direct or through a third party
Many sports gamblers are no stranger to bankrolling their deposits and withdrawals with wire transfers. These transactions consist of all different money exchanges. They can involve a third-party facilitator, such as MoneyGram or Western Union. They can involve e-wallets that have wire transfer services, like PayPal. They can be straight-up bank account-to-bank account transfers. They can be third party-to-third party transfers, which consist of using a service, such as TransferWise to exchange money between bank accounts from different countries. There really are a wealth of options at your disposal when looking at wire transfers. Is that good? Bad? Neutral? We’re here to help you find out.
Our breakdown of Wire Transfer will cover a ton of information, including:
Fees
You will not be responsible for paying a fee at BetOnline when making deposits and withdrawals via wire transfers. Your overhead is limited to what your bank or wire transfer service charges to facilitate the transaction.
Speed
Wire transfer deposits at BetOnline are processed almost instantly. Withdrawals, on the other hand, will usually take between one and three business to go through.
BetOnline offers a nice mix of luxuries for wire transfer bettors. Their deposit bonuses are competitive, they don’t waste time processing transactions, you don’t have to hit a high threshold on your deposits and, above all, they’re among the most reliable sportsbooks in the business. We highly recommend them.
Read BetOnline Review
Fees
There will be no fee from SportsBetting.ag to process wire transfer requests, but you will still be on the hook for surcharges levied by your bank or wire transfer service.
Speed
Wire transfer deposits at SportsBetting.ag are completed posthaste while their payouts are processed in line with the industry standard of one to three business days.
Wire transfers, like money orders, are subject to higher deposit minimums, which can be annoying. SportsBetting.ag’s minimum (which is sub-$300) is more reasonable, and they back up the process with high withdrawal limits and speedy process. Use them with confidence.
Read Sportsbetting Review
Fees
Fees are not charged at BetNow on wire transfer deposits and withdrawals. This unfortunately doesn’t include any fees associated with your bank or wire transfer service. However, specifically on deposits, BetNow has been known to cover the transaction cost for new bettors and returning high rollers.
Speed
BetNow follows the theme of instant deposits when it comes to wire transfers. It is their payout processing time that could stand to be a little faster. You can still get your money within three business days, but it oftentimes takes the full 72 hours for the transaction to process.
Don’t fret about the extra wait time on payouts. BetNow is a viable online gaming site for wire transfer bettors. Not only are their deposits bonuses some of the best, but you may have the opportunity to forgo the cost of the wire transfer itself.
Read BetNow Review
Fees
Though Bodog doesn’t hit you with any specific fees for wire transfer transactions, your wire transfer service or bank are more likely to charge higher prices to complete the exchange.
Speed
Wire transfer deposits at Bodog will be available to use at the sportsbook almost immediately. Their payout service is also extremely fast and ensures your money will be ready within a couple of days, if not hours.
We applaud Bodog for allowing wire transfers for relatively smaller amounts compared to many of their competitors. Combine this with fast transaction processing and one of the most extensive sportsbooks offerings in existence, and you should have little issue absorbing the extra costs you may incur from your bank or wire transfer service.
Read Bodog Review
Fees
Bovada does not charge a fee for completing wire transfer transactions. All charges from your bank or wire transfer service.
Speed
As perhaps the biggest online sportsbook on the planet, Bovada has a reputation for ultra-fast deposits and payouts. Transactions made via wire transfer are no different. Deposits are available within a few minutes, and payouts can be ready in as little as a few hours.
Our extensive research has yet to find a mobile sportsbook site that consistently handles e-wallet and wire transfer transactions as easily as Bovada does. Even if you need to have further contact with customer service, they make it easy with a live-chat option that can be used in their app or mobile site.
Read Bovada Review
Fees
As is the case for basically every other sportsbook, GT Bets does not charge anything extra to send or receive wire transfers. But, as also is the case with every other online gaming site, you will have to pay for the cost of the transaction charged by your bank account or wire transfer service.
Speed
GT Bets process wire transfer deposits right away. Withdrawals, meanwhile, are ready within one to three business days.
The bonus available at GT Bets is enough on its own to sway wire transfer gamblers. You get up to 100 percent of your first deposit matched and then up to 50 percent of your second deposit back as well. That’s a serious bonus, and GT Bets pairs it with reliable processing speed on both deposits and withdrawals.
Read GT Bets Review
Wire transfers begin, first and foremost, by deciding on a transaction type. You have three different ways to go about it: in person, over the phone or online. All methods work generally the same, though they do vary in certain steps.
If you’re wiring money in person, you’ll head to your bank or a MoneyGram, Western Union, etc. provider. At your bank, you’ll need your account number and valid identification, plus the account you’re sending money to, in order to get things done. If you’re sending the money via MoneyGram or Western Union, you only need the method by which you’re paying (like cash) and the recipient’s information.
When wiring money over the phone, your two priorities are the recipient’s information and a valid form of payment. Most wire-transfer services won’t accept bank accounts over the phone—unless you’re using your bank itself—so you’ll need a credit or e-wallet. They’ll then process that payment method and send your money to its intended destination.
For online wire transfers, you’ll need to visit a third-party site, such as MoneyGram or Western Union or your online banking provider. Transactions work the same way here. Your online bank will probably ask you to authenticate your identity before choosing which account you’re taking money from and entering where you’re sending it to. Wire-transfer services will need a valid credit card or e-wallet, in addition to the recipients information.
Please note that certain e-wallets can double as a wire-transfer service. Some of them, such as TransferWise, have the ability to send money directly to a bank account rather than another e-wallet. While many e-wallets don’t directly offer this service, they do have sister services that do. PayPal is an example of a major e-wallet that does.
One final thing you want to consider is the fees attached to your wire transfer. They will vary by institution and the amount of money you’re sending or receiving. E-wallets and direct bank transfers tend to be cheaper than using third parties like Western Union and MoneyGram, which can charge larger rates depending not only on the amount of the transaction, but the territory the money’s being sent to or from.
When wiring money to a sportsbook, it’s imperative you get the information of the account or service that will be receiving the transfer. Your transaction cannot be completed without it. Many gambling sites list that information on their deposit methods page. Others are set up so you need to contact customer service. When in doubt, the latter is the best way to go. Inputting the wrong recipient information can result in a rejected—or, worse, lost—transaction.
Wire transfer betting is hugely beneficial for two reasons. First off, it has the potential to protect your financial information, which we’ll get into momentarily. Second, and equally important, it offers a great alternative to those paying with money orders. Wire transfers aren’t necessarily instant, but they come pretty close. Deposits are usually available within a few hours, if not minutes, and payouts typically don’t take longer than a couple of days.
Here are our five favorite online gaming sites that accept MoneyGram:
Fees, fees, fees. They’re all over wire transfers, especially if you’re using a third-party service. These surcharges vary by transaction size and where the money is coming from or going to, but they’re often quite large. You can easily end up paying 10 percent or more of the transfer total to push the transaction through. That’s a lot for anyone, but it gets especially ludicrous for high rollers, who could end up paying hundreds, maybe thousands, in fees depending on the size of their transaction.
Beyond that, many sportsbooks require higher deposit minimums for wire transfers because of the extra approval steps involved. Rather than being able to put, say, $25 into your account, you may have to transfer at least $250. That increases both the fees and your overall investment, which can be a deal-break for some.
Deposit bonuses are important for every bettor, but they’re triple paramount for wire-transfer users. You’re going to be responsible for fees on both sides of the process—withdrawals and deposits. You also may be forced to deposit a higher amount than initially desired.
Your goal should be to minimize the overhead through large deposit bonuses. Sites offering 50 to 100 percent matches on your first transaction should be your bread and butter. You cannot withdraw this money right away; it is subject to a lengthy rollover in most cases. But it’s better than nothing, and it could, in theory, help offset the cost of your fees.
Using wire transfers at sportsbooks is convenient and secure if you’re doing it right. The safety comes solely down to the recipient’s information. Make sure you’re sending money to the right place so the transaction isn’t compromised. If you do, you’re golden.
And if you get all this right, you’ve put an extra layer of security between yourself and this so-online world. Wire transfers don’t need to include account information or credit card numbers if you don’t want them to. You can complete them in person using cash. And by doing that, you’re ensuring you won’t have to enter or store your most sensitive financial information with sportsbooks or third-party payment services.
Faster Than Money Orders
Wire transfers are a great alternative to current money order bettors. Both deposits and payouts process a lot quicker.
How to Limit Fees
Paying fees is unavoidable on wire transfers. The best thing you can do is use the cheapest option available. In our research, we’ve found using your bank to directly complete wire transfers is the most cost-effective. E-wallets that also offer direct-to-bank transfers can also be a cheaper alternative.
Best Wire-Transfer services
If you are compelled to use a third-party service to complete your wire transfer, we’ve found the most reliable to be MoneyGram, Western Union, TransferWise, XE, Currencies Direct, TorFX and CurrencyFair.
