- Allows for Transfers of Large Sums
- Best Deposit Method for High Stakes Players
Bank wire, also known as wire transfer, is a useful option for Indian players who need to transfer large sums of money to and from betting sites. Banks usually charge a high fixed fee per transaction and hence this option is suited only for the higher stakes bettors. Bank transfers also take longer to complete than credit cards and e-wallets, but with a little bit of planning you can work your way around that.
Bank Wire/Transfer Overview
A bank wire is a financial transaction that will transfer funds from a player’s bank account to that of the online betting site, and the other way around. In the credit card or an e-wallet payment option the player has total control over the transaction and usually will not need authorisation from the service provider if the terms and conditions are met. However, in the case of bank transfers, the bank will scrutinise each request for a number of factors. Hence bank wire transfers take more time to be processed.
The bank has to make sure that the funds are being transferred where intended. They have to ensure that the bookmaker you are depositing to or withdrawing from is allowed to receive or remit the funds. In India a host of regulations regarding transfer of foreign exchange have been introduced and the compliance takes time. Bank wires can then take anywhere from a few days to a few weeks to process, particularly if all the required information is not provided.
There are some other differences as well. These transactions are very secure since they use the same channels as those for international commercial trade. This is another reason Indian high rollers need to use them. But they are not as private. The online betting site’s name will appear in your bank statements. Therefore this information will be known to all agencies that you have to give your bank statement to. There area few tech and security reasons why you want to remain anonymous when at betting sites.
If this is an issue with you, we recommend the use of e-wallets like Neteller and Skrill.
How it Works
Punters from India using the bank wire option will have to follow the general procedure given below:
1) Request a money transfer from your bank. Many banks will accept this request online through the secure channels set up. In case you are not able to avail of this facility, you will have to make the request in person through the prescribed form.
2) The information in the bank wire request will include the BIC and IBAN codes of the receiving bookmaker’s bank account. These codes will usually be found in the banking section of the Indian friendly bookmaker’s website or can be obtained from their Customer Support.
3) Enter the total amount you wish to transfer. The bank will recover their fees from your account as well and transfer the required amount to the online betting site.
You will have to keep checking your account with the online betting site to see if the funds have been credited. This whole process can take anywhere from a few hours to a few days, depending on the bank involved. So you will need to factor in this delay when making the request. The first time always takes longer because of verification of ID and verification of address and other formalities.
The procedure for withdrawal is exactly the opposite. You have to register your bank details with the online gambling site. When you make a withdrawal request the online betting site picks up those details and sends the request to their bank for transferring funds to your bank account.
Fees: Deposit and Withdraw
Most bookmakers do not charge any fees when you use a bank wire to deposit money into your account with them. However, charges from your bank, and maybe the bookmaker’s bank, will have to be paid by you. You should check with your bank for their fees for wire transfers before making the request.
Online betting sites charge a fee to players making a withdrawal request through bank wire. This is primarily to cover the fee that their bank will charge them. Your Indian bank will also charge a fee when crediting the funds to your account. There are certain other requirements you need to consider.
Online betting sites impose minimum and maximum limits to withdrawals using the bank wire option. Your withdrawal request has to be an amount between these limits.
These limits vary from bookmaker to bookmaker. As a thumb rule the minimum limit would be 50 USD, which should be around 3,100 INR at the prevailing exchange rates. The maximum limit would depend on your VIP status, ranging from 5,000 USD (310,000 INR) to 10,000 USD (620,000 INR).
* Many bookmakers give their members one free withdrawal per month, but charge for multiple withdrawals. In this case it makes sense to plan and stay within just 1 withdrawal per month. The standard fee is usually about 1050 INR for additional wire transfers.
Why Use a Bank Wire?
Bank wire transfers have certain unique characteristics that make them suitable for certain types of players. If those characteristics suit you then you should choose the bank wire transfer option.
This method is best suited for high rollers who need to transfer large sums of money to and from the online betting site. For them the fixed fees are more economical than the variable fees charged in other options because of their large transactions.
The first transaction may be cumbersome because you will have to understand and obtain the information needed. But after that bank wires are easy to make. The second important characteristic is that these transactions can take several days and the time frame is usually unpredictable, especially in India.
Therefore this banking method is suited for punters who can plan in advance and make requests while they still have a balance in their accounts at the betting sites to cover any wagers on the upcoming sporting matches.
There are Indian players who are not yet comfortable with making online payments involving credit cards or e-wallets because of security concerns. If they are willing to pay the higher fees, they may find bank wire transfers a more comfortable option. But as explained earlier, their gambling transactions will not remain private.
How to Set up a Bank Wire Account
All you need is an account with a bank that is authorized to carry out overseas transactions. Almost all Indian banks do that so you should be all set to go. You will have to find out the specific procedure required by your bank and obtain the required information from the online betting site.
In the unlikely event that you do not have a bank account, you will have to open one.
Tips on Using Bank Wires
* The fees involved in bank wire transfers tend to be fixed. In other words, the banks do not take a percentage of what you transfer, only a set amount per transfer. This amount will work out higher than other methods for low amount transactions. But it will be very cost effective for those punters from India who want to make larger transfers. Therefore, if you are using this option then plan for at least a month ahead and transfer larger amounts.
* Factor in the time delay uncertainties associated with bank wire transfers in your planning. For example if your cricket match is in two weeks from now, you should make the request within a few days. After your first few transactions you will be able to gauge the time your bank takes and fine tune your planning.
* Try to manage with one large sum instead of a number of smaller ones to minimise your charges. Especially, check if your online betting site is giving one free withdrawal per month and then make use of it.
* If you are a VIP player you may be able to negotiate higher limits from your online betting site and this will help you in reducing the number of transactions and the costs.
*Many online betting sites catering to Indian players allow them to deposit, wager and withdraw in INR currency. If you are able to make bank transfers in INR you will save on the currency conversion charges, which can be significant.
*It makes more sense to carry out bank wire transfers from India from one of the multinational banks or private banks. These are more efficient and have less red tape involved. If you carry out these transactions from any of the national banks you may waste additional time while permission is obtained from “higher authorities” within the bank.
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