US sportsbooks now provide a range of payment methods. Bank transfers are one of the safest options, but they have drawbacks. We discuss these payment methods in the article below.
The threat of online payment fraud increases every day. In industries that rely on massive ingoing and outgoing transactions to function, like sportsbooks, they automatically become a prime target. Luckily, the best sportsbooks in the US are extremely secure, and many have excellent payment methods to keep your funds and details safe. So which of these is the most secure, and do old-fashioned bank transfers remain the safest bet?
The Benefits of Bank Transfers
With all these new payment methods bouncing about, it can be easy to forget about the old-fashioned bank transfer. It has several advantages. You have no middleman, meaning the money goes straight from your account to the operators. This cuts down the chance of having information intercepted or changed along the way. All you need to do is check you have the details correct. Make sure you get them directly from a legitimate website, and that you haven’t been provided with scam or incorrect details from someone pretending to be the casino.
You will also find that deposits are usually free of charge, though the bank may charge withdrawal fees. Limits on these transfers are also extremely high, so you can put in far more than you could with a Visa or Mastercard. There is also a wide range of top providers that accept bank transfers. Many of them prefer it due to a lack of fees. When looking for the best bank transfer betting sites you can view all available options here.
This makes bank transfers one of the safest methods of crediting your sportsbook account. However, there is one big reason most people don’t tend to use bank transfers and that is their speed. You can expect your funds to last anywhere from two to fourteen days before they are credited to your account. That means a lot of forward planning when most people credit their accounts right before big games and events.
Debit Card
For those who want to make a deposit quickly, the best option is probably a debit card. These allow you to input the details, and confirm, then the money is almost immediately debited from your account and sent to theirs. Most major providers will accept debit cards, except a few niche cryptocurrency-only casinos.
Debit cards do have limits, of both minimum and maximum amounts. They also don’t offer any level of anonymity. It is essential to input and provide your details for them to be used, so it is not ideal for everyone. Withdrawals can also take some time.
When it comes to security, they probably provide the highest security threat of all the options. Debit cards are a big target for fraudulent activity, and your details may be kept by the operator. This makes it vital you trust their security protocols. This will depend on your bank as well. Make sure you have things in place like two-factor authentication so people can’t use your details without your clearance.
E-Wallets
If you haven’t used an e-wallet before, they are digital storage systems that you load with money from a bank account. You can then use this money online, usually from your smartphone, allowing features like one-click purchases or the ability to scan your phone for payment. There are several on the market, each with marginal differences from the others.
In terms of security, e-wallets are probably a better choice than carrying physical cards. The reputation of the companies providing them hangs on their robust security measures. Encryption and authentication methods will keep details safe, and you may even need to provide biometric data to authenticate transactions in some cases.
The most known of these is PayPal. It has extremely fast processing and withdrawal times. Most people have used this and will have an account from its association with eBay. The problem with PayPal is that it does tend to have very high fees, often over 3% for cross-border transactions and currency exchanges.
Another popular option is Skrill, though it is most well-known in Europe. It is very similar to PayPal but does not have the high fees. It also has a range of quite innovative features. However, it is disqualified from a lot of promotions online sportsbooks may have so check the small print carefully.
There are a few other e-wallet options you may consider. Other payment options also exist, such as cryptocurrency. However, for the safest way to send your money from your bank to your chosen sportsbooks, bank transfer does reign supreme. The obvious cost is its speed, so you may have to plan way in advance if security is your top priority. Check your have the right details, contact your bank and make a transfer, then enjoy your newly credited sportsbook.
