Bank Transfer Betting Sites in India

Bank Transfers for Betting Transactions

According to reports, in 2018, over 80% of the population in India have a bank account. Bank transfers have been the most traditional method for transferring money from one source to the other.

What’s more, some online bettings sites even allow you to use it as a withdrawal method now! The fastest withdrawal betting sites will have this method, although it can be rather slow in comparison to other withdrawal options.

In the previous decade, with the technology boom, there has been a surge in other forms of payments which includes e-wallets. The number of users of these e-wallets has seen a gradual increase year after year. By choosing a third-party payment option like Neteller or Skrill, without a bank account to route the payment to, withdrawals or payments cannot be made.

However, ‘old school’ payment and withdrawal options was a bank account and your debit card which enabled you to make payments. Similarly, the best betting sites in India are offering bank transfers as a mode for any payments or withdrawals to be made by the user.

The major question is, will bank transfers stand the test of time as a withdrawal or payment method. Even though it isn’t primarily used in the West, it is still predominant in many countries, India included.

How does a Bank Transfer Work?

Bank transfers are used for both deposits and withdrawals. When you first sign up to betting sites for cricket, you will need to add your bank account details. Once the account number is verified and authenticated, only then you will be able to deposit or withdraw money.

Sports betting operators have worked to make the process of a bank transfer more streamlined and faster. With the help of the latest technology, bank transfers have become quicker and safer.

The procedure which is involved to enable bank transfers to make deposits and withdrawals is quite a lengthy one. It involved setting up your account on the website operator. Once the account is authenticated, you will also have to set up the betting operator as a payee. This can be done at the bank branch, or more commonly, online.

Payments and withdrawals can only be made once your bank details have been set up and authenticated in the betting website. Not only so, but your bank will also have to be informed about the addition of a payee. In India, it can get tricky to add a betting website as a payee in your net banking account. Hence, it is advised to proceed with caution.

Advantages of a Bank Transfer

The advantages of bank transfers as a mode of payment and withdrawal are that it is widely accepted. Even though a bank transfer is a traditional method, it is accepted by more than 90% of the sportsbook operators today, including the operators in India.

Disadvantages of a Bank Transfer

When people in the betting world think of a bank transfer, more than the positives, only one disadvantage comes to mind, time.