Banking using cheques has been one of the most popular methods of banking for the last one hundred years, and has only started losing popularity in recent years due to the expansion of online services. Bank cheques are still widely utilized across the world, however, and most betting websites will have an option for their bettors to make deposits and withdrawals using bank cheques. Even with the introduction of e-wallets and cards, bank cheques are the most commonly within the betting scene globally.
Bank cheques are perhaps the slowest method available for depositing funds into a betting site account, which may dissuade bettors from using cheques, but there are some good reasons to stick with this tried and tested method.
One of the greatest uses of bank cheques in the betting scene is the fact that bettors do not have the same monetary limit on cheques that they would find with credit or debit cards. While many credit cards may have a limit of a few thousand, cheques have almost no limit, and bettors can deposit and withdraw as much money as they wish. This is why bettors that wager large sums of money tend to use a bank cheque over a credit card, as it completely eliminates the worry of deposit limits.
Most sportsbooks will readily accept cashier’s cheques, and are often held in the same regard as having large amounts of cash. Depositing a bank cheque into a betting account should usually only take around a day to clear.
Of all the methods used to withdraw money from an account, the cheque still reigns supreme. Betting sites ensure that all cheque withdrawal is done fast and efficiently to compensate for the sheer amount of bettors using this method to withdraw.
Unlike deposits, cheque withdrawals do have a limit to the amount that can be withdrawn, but this can vary greatly depending on the policy of the site being used. Withdrawal times may also vary, but the most bettors will never have to wait more than ten business days for their cheque to clear, with elite withdrawals often taking less than a week. Withdrawing a cheque may often come with a withdrawal fee, which varies depending on the site used. Additionally, many betting sites even offer bettors the chance to withdraw using bank cheque completely devoid of withdrawal fees, but this usually only occurs once every thirty days.
Some banks, depending on the region that the process is taking place from, may not accept cashing a cheque from a sports betting US site. This is why many betting sites will issue cheques through foreign banks, where it is legal and regulated. It is advised that bettors try and avoid physical interactions with banks directly, and allow for the automated nature of the process to take place before cashing the bank cheque at an ATM.
All in all, using bank cheques is still a popular form of money transfer in the betting scene, and should allow bettors to both withdraw and deposit funds painlessly and quickly.