Bank Transfer Betting Sites UK Options Updated for 2023
Updated: 6 December
Most betting sites in the UK offer some sort of bank transfer system. They will normally operate under the Direct Debit system (run by BACS), but there may be other bank transfer betting sites options.
On this page, we are going to give you an overview of how the bank transfer system in the UK works. We are also going to run you through the pros and cons of the system (of which there are many).
Bank Transfer Betting Sites UK
See alist of latest betting sites that offer bank transfer as a deposit method.
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How To Make a Bank Transfer to UK Betting Sites
As we said, there are a few different systems that online new betting sites can use in the UK.
A small proportion will use the Direct Debit system. This means that you will need to submit a Direct Debit instruction to the online betting site (normally in the banking section), and then wait a few days for your bank to approve it.
Once the bank has approved it, you can instruct the betting site to use the Direct Debit. Initial set-up can take 3-working days, and each additional deposit after that can take 3 working days too.
The second option will be to deposit your online banking. This process is a bit more convoluted but faster for first deposits (you don't have to set up a Direct Debit)
- Head to the online betting site and discover their bank transfer details (normally under the banking options). Write these details down.
- Head to your online banking and start a new bank transfer. How you do this will be dependent on your bank.
- Type in the details that you received from the betting site.
- Wait 3-5 working days for the cash to be in your account.
Is It Secure?
Bank transfers are among the most secure of transactions that you can make.
If you deposit using Direct Debit, then you are protected under the Direct Debit guarantee. This means that the bank has a legal obligation to give you your cash back within a reasonably substantial time (if you didn't authorise the transaction)
If you are using the online banking method, then it is unlikely somebody else will have the ability to go into your online banking system. There are too many safeguards for that.
We always recommend that people steer clear of bank transfers, where possible.
It is always considerably better to use an eWallet (e.g. PayPal, Neteller, or Skrill) for your deposits and withdrawals. They are faster, and you can attach several different payment methods to them.
Pros and Cons
Let's wrap up by giving you an overview of the pros and cons of the bank transfer system. This way you can decide whether it is the right system for you.
As we mentioned previously, the bank transfer system is incredibly secure. You don't have to share your details with the new UK betting site. You don't have to give them any personal information related to payments.
There will rarely be fees tied to the bank transfer too. We know that some online betting sites charge a little bit, but they are exceedingly rare.
You can also use the bank transfer system for deposits and withdrawals, which means that you only need one payment method on the site.
The major problem with the bank transfer system is that it is slow. Since all of these sites use BACS, you are looking at a minimum of 3 working days deposit and withdrawal time. You can't get around this. That is a minimum. Sometimes it can take up to 5 working days. Not good if you want to gamble now!
The minimum deposit and withdrawal amounts tend to be a little bit higher than other payment methods too, which can be a bit annoying if you are a gambler that likes to play with lower stakes.
We also find that the process is a bit more complicated, at least on the deposit front. This is because (in most cases), you will need to use your online bank in addition to the online betting site. It is just more steps in the process.
Online bank transfer in the UK is a great payment method, but not necessarily when you are betting online. It is a secure method for getting cash into your account, but it is just too slow.
Only use online bank transfer if you are planning on gambling with the cash in the future.
If you need to gamble today, then we suggest that you use debit cards or eWallets.
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