Check out our extensive bank transfer guide and learn all there is to know about this banking method. We examined the most important features of bank transfers in cricket betting India to provide you with an in-depth review of this payment method.
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The old-fashioned bank transfer remains one of the most popular banking methods in Indian betting sites. After all, why not cut out the middle man and eliminate the need to send your hard-earned rupees to some e-wallet first? So, let’s see what makes bank transfers so convenient and reliable.
Bank transfers, or bank wire transfers, are the classical form of making payments and financial transactions. As the name of the method suggests, these transfers are conducted through official bank channels.
To clarify, Indian punters can send the money directly to their favorite cricket betting site. With that said, it is important to note that wire transfers have their pros and cons. Of course, we will get to that later.
For now, let’s just mention that the best online cricket betting sites in India support bank transfers. Therefore, take a look at the list of those websites and pick the one that best suits your betting style.
Once you do so, you’ll be ready to fund your account and join the exciting world of cricket betting in India.
What Makes Bank Transfer the Best Banking Method for Online Cricket Betting?
Bank transfers have been present in the online gambling industry ever since the first virtual betting site was launched. In other words, this is one of the oldest banking methods out there. So, how did wire transfers survive to this day? What makes them so useful and helpful?
Well, bank transfers are not a perfect payment system, far from it. Yet, they have their qualities. For example:
Bank transfers are always under extensive scrutiny. Every self-respecting bank will employ a series of checks to verify the credibility of the transfer request. Since all wire transfers are monitored by the banks, the levels of safety are at the highest possible level. Therefore, if you have an account with one of the major Indian banks, you have nothing to worry about. Nonetheless, this is a double-edged sword, and all those safety measures are time-consuming.
Even though wire transfers are not free, in most cases, they can be cost-effective. The reason for this lies in the fact that bank transfers come with the so-called fixed fees. In translation, the banks do not charge a percentage of the amount you are transferring. Instead, the commissions are known in advance. For that reason, wire transfers are most suited for high stakes bettors and pro punters.
Ease of use
Simplicity is a valued commodity in the world of financial transactions. Well, wire transfers are as simple as possible. The process is straightforward – just enter the details of the betting account and send the money flying. What’s more, the process of opening a bank account is sometimes faster than creating an account with some of the e-wallets out there.
Unlike digital wallets and other forms of payments, wire transfers often have high limits for transfers. In a way, this is also one of the reasons why high rollers are the ones who mostly rely on this banking method. High limits allow Indian punters to make a single large transfer instead of several smaller ones through an e-wallet. Once again, bank transfers prove to be a cost-effective solution.
How to Set up a Bank Transfer for Online Cricket Betting?
As we said, the process of setting up a wire transfer in India should be a breeze. Nonetheless, we will explain the process in full detail, step by step.
So, the first thing you need to do is to open up a bank account. Any Indian bank will do. Once your account is up and running, you can request a bank transfer towards a betting site. There are two ways to do this – online or in person. Since you are already betting in a virtual world, then the online request seems a logical choice.
Either way, you will have to provide certain information about the betting site to complete the transfer. For instance, Indian bettors need to provide the SWIFT/BIC code and IBAN code.
After the formalities, all that is left is to enter the amount you wish to transfer. And to wait. Unfortunately, bank transfers can take a long time to complete. Sometimes, it could be a week before you see the funds in your account. On average, Indian banks will need 3-5 working days to facilitate a wire transfer towards a cricket betting site.
How to Place a Bet at a Bank Transfer Cricket Betting Site?
Despite the fact that wire transfers are slow, they are accepted by every bookmaker in India. So, if for some reason you choose not to use a credit/debit card or an e-wallet, wire transfers are a safe bet.
Therefore, let’s take a look at how you can make deposits and withdrawals at a cricket betting site with the use of bank transfers.
As a rule of thumb, Indian betting sites will not charge a fee on the deposits. Yet, this may not be the case with the banks, so make sure to check before you authorize the transfer. Just to avoid any potentially unpleasant surprises. On the other hand, the good thing is that you can send money in rupees, avoiding the pesky conversion fees. As we said, the process may take from 2 to 10 days, so be patient. Or, you could plan in advance and authorize the transfer days or even weeks before you need the money.
When it comes to withdrawals, the fees can vary from one website to the other. On top of that, the banks will charge a FOREX commission as well. The standard fee is anything from 500 to 2500 INR for one wire transfer. So, we recommend that you make withdrawals as rare as possible. Also, Indian betting sites often employ limits for withdrawals via bank transfer. On average, the lower limit is around 500 INR while the maximum amount could go up to 500,000 INR.
Can You Make a Bank Transfer Through a Cricket Betting App?
In essence, bank transfers are flexible and they go wherever the banks go. In the early days, you had to go to the bank and file the request in person. Later, the introduction of e-banking allowed punters to fund their accounts through web-based portals.
These days, mobile banking is taking over the world. Likewise, mobile betting is growing in popularity all over the globe, including India. In short, Indian punters can make a wire transfer through their mobile devices.
One way to authorize the transfer is by using an app provided by the Indian bank. Or, you could use the app created by the betting site of your choice. Either way, the main concept remains the same. Just follow the on-screen instructions and everything should run smoothly.
Bank Transfer Customer Service
Online cricket betting in India is a bustling community, full of excitement and action. In such an environment, mistakes are possible and they happen from time to time. So, it’s always a good idea to have someone to turn to when things go wrong.
Well, in case something happens with your wire transfer, there are two things you could do. You could either contact the bank, or you could check with the betting site. Both options could solve the issue, depending on the type of the problem. With that said, it is easy to see that banks are the higher authority in this case, and they should be able to track down the funds and rectify the situation.
Depending on the bank, you should be able to contact their customer support via email or phone. Just head over to their official website and choose your preferred channel of communication.
The Pros and Cons of Bank Transfers
Since we provided a bunch of information so far, you may be overwhelmed with everything you learned about bank transfers. Therefore, it’s best to recap and check the most important features of wire transfers in online cricket betting in India.
Is Bank Transfer a Reliable Banking Method for Online Cricket Betting in India?
Ever since 2008, bank transfers have played a role in the online betting world. So, this banking method is tried and tested, which speaks for itself. What’s more, wire transfers are accepted by virtually all betting sites on the planet. So, Indian punters can feel confident when it comes to bank transfers. Even though this method is slower than others, wire transfers can still offer an important range of benefits. One of them is reliability, but the list does not stop there. Safety, convenience, and other advantages are also part of the package.
All your questions about Bank Transfer answered below.
Yes. As a matter of fact, almost every online cricket betting site in India accepts bank transfers.
Yes, bank transfers are one of the oldest and most common banking methods for betting on cricket.
Yes, bank transfers are facilitated by Indian banks, which are as safe and reliable. A wide range of measures will protect your funds.
Since almost all betting sites accept bank transfers, Indian punters can easily find a good bookmaker. The best bookies are 10Cric, LeoVegas and BetWinner.
No. As the name suggests, bank transfers are channeled through banks. In other words, you need a bank account first.
Indian punters can withdraw funds with bank transfers. All they need to do is select the right option at the Cashier on the betting website.
Even though official regulations on online gambling prohibit such actions, cricket betting is not frowned upon by the Indian government.
Yes, banks often charge fees for bank transfers. On top of that, some betting sites may charge their own fees.
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