Best Bank Transfer For Online Lotteries
Bank transfer is a payment method wherein people can transfer money to a bank account from anywhere in the world. Bank transfer (or wire transfer) is very advantageous for shoppers who don’t have a debit or credit card or don’t want to use their cards for certain online payments. It is also a very secure payment method since both sides (the payee and the receiver) must have a proven identity, which leaves no possibility of a chargeback.
Bank transfer is also used by many lottery players, as the best online lottery sites allow this method of payment. The players can wire money easily from their bank to their lottery account. Most lottery websites have guides explaining how to do it. As many players go for this option, we have made a list of the best bank transfer online lottery sites.
First of all, we should state the obvious – like every other payment method, Bank Transfers also have their pros and cons.
Bank Transfer Pros
Bank transfers to lottery sites work in the same way as the funds’ transfer to other online merchants. The familiarity of these transfers makes it a more trusted process, and therefore almost all lotto sites accept this payment method. Typically, there’s no way to dispute a payment after it has been initiated.
With Bank Transfers:
• Transactions are highly secure
• There’s no possibility of payment reversals
• No chargebacks are involved in wire transfers
• Payments are fully electronic
• This payment method is customer-friendly and easy on those who are not tech-savvy
Bank Transfer Cons
Although we don’t recommend using a bank transfer, it works. The first reason we don’t recommend it is because of the fees.
Firstly, you are almost guaranteed to get a fee for wiring money. The fee is charged by your bank and not by the lottery site that you wish to transfer money to. The amount of the fee depends on the bank’s policies.
Secondly, the processing time of the Bank Transfer is painstakingly long. The funds arrive in your lottery account in up to 10 business days, which is obviously a long duration for a thing like money transfer. No avid player can wait that long to play. If you make a payment to an online lotto, it is because you want to play ‘right now’, not in two weeks.
However, some lottery sites offer instant bank transfer methods. That means that if you use those methods, the funds will be deposited in your lottery account within seconds.
Thirdly, you might encounter the same problem with wire transfers as with cards. Your bank won’t accept any transactions that are marked coming from a gambling or lottery site. This may be a problem issue depending on which lottery website you play at.