Betting sites offer many different payment methods to their members. However, some of these are more common than others and are supported by nearly every bookmaker. Bank transfers are one of these popular payment methods. Making deposits and withdrawals using this method is no different than a standard bank transfer: you transfer money between IBAN numbers and use the banks' infrastructure. There is no difference except that the beneficiary or the sender is a betting site. Bank transfer is a method that can be used for both deposits and withdrawals.
Although bank transfer betting sites are quite common, this method is mostly preferred by high rollers who transfer high amounts. This is because a bank transfer is more secure and reliable, and these two things matter if you are transferring high volumes. However, this comes with a price: a certain amount of fees must be paid for each transfer, and the process (especially international transfers) can take quite a long time. For this reason, bettors who frequently transfer small amounts often prefer alternative methods such as credit cards and e-wallets.
However, if you know what to do and how to use it, bank transfers can be as fast and secure as any other payment method and require almost no fee. In this article, we will explain how this is possible and enable you to use betting sites with bank transfers much more efficiently. But first, let's take a brief look at the legal basis of this method.
Is it legal to make a bank transfer to an offshore betting site from Australia?
The Interactive Gambling Act 2001 banned online gaming in Australia. There are some exceptions to this: each AU state is free to make its own regulations on gambling, and all states have already legalised online betting to some extent. Online casinos are still considered illegal in Australia, but by obtaining a licence from each state's gambling regulator, it is possible to offer legal online betting services to residents of that state, and you can use bank transfers when taking advantage of such a service: there is no debate about this.
However, what is the situation with international betting sites that offer services with licences from countries such as Malta & Curacao and that accept Aussie bettors? There are hundreds of bank transfer betting sites that fit this description, but can Aussie players deposit/withdraw at these sites using their bank accounts?
The good news is that there is currently nothing preventing this. You can send money to international bank transfer betting sites from your account in any bank in Australia and accept payments in the same way. The Interactive Gambling Act considers offshore gambling companies illegal, but this law targets operators, not players. In other words, there is no provision in the law that says players cannot send money to (or accept money from) offshore betting sites with a bank transfer function. As of 2022, both local and international bank transfer betting sites can be used from Australia without any problems.
However, over the past few years, there has been some legal debate about whether using credit cards and bank transfers to offshore operators would violate the Criminal Code Act 1995 and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Some Australian nonprofits are running campaigns to ban both of these methods for gambling payments. If these are successful, it may become problematic to use international bank transfer betting sites from Australia in the near future. However, even in such a case, it will still be possible to take advantage of some alternatives that use the banking infrastructure: we will provide more information on this below.
How to make a deposit at bank transfer betting sites?
But first, let's talk about how you can deposit at bank transfer betting sites. This is actually quite an easy task and if you have ever paid any online merchant by bank transfer, you already know what to do. However, if you do not know or are unsure, you can make a deposit at bank transfer betting sites by following the simple steps below.
- First of all, you need to find a bookmaker that supports this payment method and become a member. As we mentioned above, bank transfer betting sites are very common, so you can be sure that you will find more options than you want. However, if you want to play at the best and not just any site, we recommend that you choose one of the bank transfer betting sites we recommend: we have personally tested these online bookmakers in Australia for a long time and have made many deposits/withdrawals using bank transfers, we guarantee they will provide a hassle-free experience.
- After you become a member, log in to your account with your user information. Most bank transfer betting sites have a large “deposit” button on their homepage. If you do not see such a button, you can find it on your profile page. In any case, continue by clicking the “deposit” button.
- Doing so will open a new screen listing available payment methods. Select the “bank transfer” option from this screen.
- On the next screen, you will see the bookmaker's bank information. This information will include everything you need to make a transfer, such as the beneficiary’s name, beneficiary bank, sort code, and IBAN number. Make a note of this information.
- Now you can make a bank transfer over the internet as you always do. How you do this will be determined by your bank and will be slightly different for each bank, so we are unable to give precise steps. Simply, you will need to visit your bank's website from your desktop PC or mobile device and make a transfer over the internet using the information you obtained in the above step.
You can freely decide on the deposit amount, but keep in mind that bank transfer betting sites have a minimum deposit limit, and you can earn a bonus with your deposits. So:
- Make sure the amount of the bank transfer matches the minimum deposit limit.
- The bonus that you will trigger with your deposit may have a different minimum limit. If you want to benefit from it as well, determine the deposit amount accordingly.
In general, deposits you make to bank transfer betting sites with this method are completed in a short time. In most cases, this will be 10-15 minutes, and almost never more than an hour. If, for some reason, you do not see your deposit in your betting account even after one hour has passed, you can contact the support of both the bookmaker and your bank. The last tip we can give here is to be mindful of remittance costs. Your bank may charge a processing fee for the transfer you make, which is directly deducted from the amount of money you sent. So, for example, if you send 500 AUD, the betting site can only receive 490 AUD: the difference is charged as expense/commission by your bank. Therefore, do not forget to calculate this as well when determining the amount of the deposit.
Making a withdrawal at bank transfer betting sites
Making a withdrawal is as easy as making a deposit and the steps are pretty much the same. However, this time, instead of learning the bookmaker bank information, you share your own information. As we did above, let's explain step by step how to withdraw from bank transfer betting sites.
- Log in to the bookmaker site with your user information and open your profile page. This time you're looking for the "withdrawal" button: it's usually near the deposit button.
- Click on this button: once again, you will see a list of available payment methods. This may be a slightly shorter list as some of the deposit methods will not be available for withdrawals. Select “bank transfer” from the list.
- On the next screen, the bookmaker will ask you to enter your banking information. Share your bank name, sort code, IBAN number, and any other requested information completely and accurately. Note that you must provide details of a bank account registered in your name: otherwise, bank transfer betting sites may refuse to complete the transaction.
- After double-checking your bank details, click on the “proceed” button: now you can start checking your bank account.
This may be a bit of a wait as we will explain below, as your request will first be reviewed by the finance departments. This review will check, for example, whether you have an active wagering requirement and the source of your earnings. These are elements that may prevent the withdrawal request from being approved. Another thing that can extend the time is the identity verification procedure: due to laws and licensing conditions, bank transfer betting sites have to verify your identity with different documents. This process alone can take 2-3 days. It also usually takes 2 days for the finance department to approve. This means that your money will be sent to your bank account within 4-5 days of your request, and you will also have to wait for the transfer to complete.
Fees and processing times at bank transfer betting sites
As we mentioned above, bank transfers are mostly preferred by high rollers because they can be slower and more expensive than other payment methods. For this reason, all bank transfer betting sites support different methods too and for most players, these alternatives may be a better option. This is because:
- A deposit made to bank transfer betting sites is completed in a time ranging from 10 minutes to 1 hour, it is never instant.
- A withdrawal can take up to 7 days (sometimes even more) with the approval procedures mentioned above.
In addition, you may be required to pay a fee for each remittance (deposit or withdrawal). Below, you can see a table showing the transfer fees charged by Australian banks. However, these figures are for informational purposes only and are subject to change: you can find the exact and up-to-date figures by visiting the banks' websites.
|BANK NAME||SENDING FEES||RECEIVING FEES|
|Westpac||10 – 20 AUD||12 AUD|
|NAB||10 – 30 AUD||15 AUD|
|ANZ||12 – 18 AUD||15 AUD|
|Commonwealth Bank||6 – 12 AUD||11 AUD|
|Bendigo||30 AUD||2 – 10 AUD|
|BOQ||30 AUD||10 AUD|
|Bank West||15 AUD||10 AUD|
|HSBC Australia||20 AUD||10 AUD|
|Bank of Melbourne||10 – 20 AUD||15 AUD|
|St. George Bank||10 – 20 AUD||15 AUD|
At the beginning of this article, we said that if you know what to do, you can still make quick and inexpensive payments using your bank account. This requires using other methods (specifically, online banking methods) supported by bank transfer betting sites. These methods allow you to use your bank account as a kind of e-wallet. Below we list some of the payment options that can do this.
- POLi: This is the official payment method of “Australia Post”. You simply add your bank account and complete all payments almost instantly.
- Trustly: This Canadian payment provider works in Australia too and it is exactly like POLi. Its mobile app is better though.
What to expect from betting with bank transfers?
Before making a payment using this method at bank transfer betting sites, it is useful to know exactly what to expect from it. Below we list the advantages and disadvantages of this payment option.
- The safest and most reliable method to transfer large amounts of money
- It is possible to track money transfers through banks
- Also available on mobile
- If there is a problem, you can also get help from the bank
- One of the most common payment options
- No different than any other bank transfer: easy and convenient to use
- Instant payments are not possible
- Longest withdrawal period (excluding checks)
- You must pay a fee for both deposits and withdrawals
If you are a high roller, we recommend choosing this method at bank transfer betting sites: you can be sure of getting more security and reliability. Bettors who transfer frequent and low amounts can still benefit from the advantages of the banking system by using one of the alternatives listed above. In any case, we strongly recommend that you play at the bank transfer betting sites we have chosen for you: you can find the best possible service at any of these newest online bookies.