Bank wire is one of the oldest forms of transferring money. Although new modern means such as credit and debit cards were introduced for faster transactions, the bank wire method is still used by many punters. This is because of the safety element associated with this payment method. More so, bank wire transfers require no middle man and allow punters to make larger deposits. Most Canada bookies accept bank wire for deposits and withdrawals. Read on for more on using bank transfer as a deposit method at Canadian sportsbooks.
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HOW BANK WIRE TRANSFERS WORK
Bank wire transfers are a safe and secure way of transferring money from your personal bank account to your favourite Canada sportsbook. In order to perform a direct transfer, you will need to visit your local bank branch or alternatively fill in the wire transfer form online if you have access to internet banking. Canadian punters can use bank wire transfers not only for funding their online betting account but also withdrawing their winnings and sending money to other account holders.
Making a transfer is easy and straightforward. Obviously, the first thing you will need to do is log into your internet banking. Go to the payments section and then enter your bookie’s name. The next step is to then choose the amount you wish to transfer to your bank wire betting site. You may be required to enter a personal deposit code which you will find at your online bookmaker’s website usually on the banking information section. Once completed, you will need to confirm the payment. Usually, Bank wire transfers take time to be processed, unlike eWallet options such as PayPal, Neteller, Skrill and more. You might have to wait from 48 hours up to ten days.
BANK WIRE PROS
Although bank wire transfers take time, there are other advantages associated with the deposit method. The best part of this kind of transfers is that you can almost guarantee that transactions will run smoothly if you already have a bank account. Below are some of the pros for using bank wire transfers at Canada sportsbooks.
- No middle man – transactions are directly from your bank account to your bank wire sportsbook. They do not require an added step like eWallets. Your withdrawals also move straight from the bank wire betting sites into your bank account.
- They’re reliable – since there is no middle man, you won’t have any issues with third-party processors. No delays or whatsoever. You will also know who exactly to complain to, should things go wrong.
- Allow larger deposits – bank wire transfers allow Canadian punters to deposit large sums of money into their bank accounts. Limits vary and usually, they are capped by what your chosen sportsbook is comfortable moving. This option is best for punters with huge winnings since they will be able to move their money accordingly.
WIRE TRANSFER CONS
Longer processing times – bank wire transfers take longer to process. This is far behind most deposit methods. So, prepare to wait unless of course, you’re not in a hurry.
High fees – bank transfers usually have a $20 to $40 fee attached to them depending on how much you’re transferring.
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