Making deposits and withdrawals from your favourite bookmaker is no longer a ‘pull your hair out’ job. Most leading online bookmaker will provide a host of different payment platforms ranging from the traditional methods such as cheque’s and bank wire, to the more modern forms such as e-wallets, debit cards and online banking methods.
The safety issues that maybe surround that of handing over payment details online are long gone and we live in a highly secure age where banking should be something that is relatively easy. Recently we have started seeing a massive influx in the use of the online banking methods; in fact many bookmakers are starting to take away the use of things like cheque’s as deposit and withdrawal options due to the high usability and availability of many of the online wallets or online banking systems.
As the range of deposit and withdrawal methods continue to rise, we have put together a brief guide into what is available at the majority of online bookmakers.
Debit and Credit Cards – These are often the most popular payment methods to use with an online bookmaker. The availability of these cards is very high with most people having access to one of some kind. The largest company comes in the form of VISA, but also MasterCard, Solo, Switch and Maestro are all readily available. You will be asked to enter a series of personal banking details such as card number, expiry date and security code, all of which are common practices when using a Debit or Credit Card. Deposits are often instant and without fee’s whilst withdrawals will take around 1-5 working days to hit your account.
Online wallet options – The amount of online wallets that are available has risen massively since the increase in people purchasing items over the internet has exploded. They are encrypted funds storage areas to hold money online and allow fast withdrawal and deposits. Ideal for people wanting to move money around on a regular occurrence. Registration will require sending personal information in and quite possibly banking details. Photo ID and proof of address will also be required for most. The downsides to e-wallets are the fees that you will incur. Many are based as a percentage of what you withdraw back to your bank and some, such as PayPal, charge person-to-person transaction charges.
Online Banking – Bank transfers are often instant and withdrawals are made with 1-3 working days. Fee’s can be incurred though and look to pay up to 5% with most online bookmakers. Some do have thresholds where if you deposit or withdraw over a certain amount fees are waived.
Cheque – Most companies have actually stopped the acceptance and payments of cheques mainly due to them now being impractical in the current online climate. Sending a cheque to a company will obviously take time to get there, and then it will take 3-5 business days to clear. The withdrawal process will take a similar time period.
Bank transfer – by filling for a bank transfer at your local branch you can wire money into your betting account. You will need the bank details of the bookmaker and it will typically take around 3-5 for the funds to be processed and appear in your account.
Payment cards – Cards can be purchased from newsagents, supermarkets and garages with a pre paid top up amount. You can apply the code from the card to your betting account and you are ready to go. Works in much the same way that topping up your mobile phone or paying the electric card would work. Withdrawals may require you to register some sort of online banking methods.