Bank Transfer / Bank Wire Poker Deposits

Are you looking for a banking option that American poker players can use? Why not try a bank transfer or wire?!

Bank and wire transfers are the process of electronically moving funds from one bank account to the next. They’re similar to echecks or credit/debit cards, except (usually) a little bit slower. It’s one of the few options that will allow you to move larger amounts of money, say $5,000-$10,000, or more.

There are fees, however. And they can take between 5-7 days to process and become available in your account. So it’s not like a credit card, or even a money transfer, where you can make your deposit and be ready to play within a few minutes.

But given how few options poker players from the USA have, I don’t think you can really complain. If anything, you can use bank transfers/wires as a backup method. And if that’s something you might consider doing, the following are the best poker sites for Americans that accept bank wires. Further below I cover how to make a deposit with them, as well as other important details.

Bank Transfer Poker Deposit FAQs

Using bank or wire transfers for banking can be confusing. It’s not just a matter of punching in your credit card number and hitting submit. You’ll have additional details you’ll need to grab first. Plus, there are other things you’ll want to consider before moving forward with wires, such as fees, time frames and more, all of which you can read about below.

How do I make a deposit with a bank or wire transfer?

The first thing you need to do is get the bank and account information from the poker site you want to make a deposit to. There will be differences from one site to the next in regards to what’s needed, because each bank will be located in different countries. But here is a general idea of what you’ll need.

• The bank’s name and address.
• The bank’s BIC (Bank Identifier Code).
• The bank’s account number, referred to as an IBAN (International Bank Account Number).
• The account holder’s name.

You might also be given details like sort codes and unique tracking or reference numbers. Be sure to print this information off. If you write the information down, double and triple check it to be sure it’s correct. Incorrect information will lead to you sending the money to the wrong person, or in experiencing delays. Neither of which are fast, nor easy to correct.

The next step is to take this information to your bank. You’ll give them the details, either the money you want to deposit or permission to withdraw it from your account, and then pay any necessary fees.

That’s all there is to it.

One other thing; it may be possible to make the transfer online. But that will depend on who you bank with. If it’s your first time, it might be quicker and more efficient to go to the bank so that you’re dealing with a bank teller in case something goes wrong.

Can I use bank or wire transfers for withdrawals?

Yes. The process is the same (only in reverse). You’ll need to provide the poker site with your banking details, address, account numbers and so on. Again, the poker site will tell you what they need to make the transfer. You should be able to call your bank to get them, or visit their website and read their FAQ section. From my experience that’s the fastest way.

Are there fees?

Yes. Whether or not the poker site will charge you will be hit or miss. From my experience the majority of them don’t, though.

However, your bank will most likely charge you a fee. The fee will vary from $10-$50 per transfer.

Bank wires are more expensive when compared to other banking options. So you might consider talking to the poker site to see if they can cover the costs, or if maybe you can split the fees. This is more likely to happen if you’re a regular customer that spends a good deal of money on their site.

Is it safe?

There are always risks when banking online. However, I would say that bank and wire transfers are relatively safe. My reasoning is that you’re going direct from your bank to poker account, and vice versa. So there are few (if any) opportunities for hackers to get access to your information.

That being said, you’ll want to make sure the bank and your information is correct. You’ll also want to avoid sending payments to unknown resources, especially if you receive emails from anonymous poker sites. When in doubt, don’t send the money or information, and ask the poker site (and maybe your bank) about it first.

How long will it take for my funds to clear?

The standard quote that poker sites give is 5-7 business days. However, from what I read deposits can make it into your account within 1-2 days. From experience I’ve had withdrawals hit my bank account in less than 24 hours. So it really does depend.

What other choices do I have?

I understand that the fees can be a turn off, especially if you’re only withdrawing a couple hundred here and there. So there are other options that American players can use if bank or wire transfers won’t do it for you.

• Credit / Debit Card – This option also pulls money directly from your bank account. The funds clear faster, too, and there are usually fewer (if any) fees.
• Money Transfer – You can use Moneygram or Western Union to transfer your funds. This is ideal because there is no paper trail, so no risk of legal problems or having your bank account closed. There are fees, however, many poker sites will cover them if you’re depositing more than $300-$500.

Each option will come with it’s own pros and cons. You can read our pages on these deposit options to see if they’ll work for you.

Bank Transfer Facts

Here are some interesting facts about bank and wire transfers.

==> November 5th is Bank Transfer Day. This has nothing to do with actual bank transfers, though. Instead, this day observes and encourages consumers to switch from larger, corporate banks to smaller non-profit credit unions. This is/was in response to the higher fees and (horrible) support consumers were experiencing with the larger banks. Bank of America, one of the targets of this movement, responded by cancelling their $5 debit card fee in November 2011.

==> An estimated 59 phishing emails are sent each day, in which 1 out of every 6 are opened. Phishing emails are emails sent to consumers looking like the bank they deal with. They ask for you to go through their link and to update your account, and when you do, they record your log-in information so they can go to the real site, log-in, and steal your money. To prevent this from happening, most banks will note in their terms that they will never ask for sensitive information in their emails. Furthermore, many banks will format their emails in such a way that you can easily distinguish theirs from a hackers. [1]

==> Identity theft affects 1 out of every 10 American consumers. The average amount taken is $4,841 and the out of pocket costs to resolve the problem is $851 to $1,378. That’s why bank transfers can be a good thing, but also why you should be careful to whom you send payments to, especially if it’s a (weird) request by email. [2]

Sources

• [1] http://www.washingtonpost.com/wp-dyn/content/article/2007/02/09/AR2007020902089.html
• [2] http://mashable.com/2011/01/28/identity-theft-infographic/