Most sports betting agencies like Betfair, Centrebet and Sportsbet have a number of different ways to deposit money into your account with them. While some agencies might have unique ways to deposit money, all the sports betting agencies that I’ve reviewed have the four payment methods that I’m going to talk about below.
It’s worth mentioning that the reason for not mentioning the other methods is due to their difficulty of use, lack of popularity or not being widely available.
So what are the four ways you say? … They are:
- Credit Card
- Bank Transfer
- BPAY – Telephone and Internet Banking
For an almost instant way to deposit money into your account, you can’t go past a credit card. The two cards widely accepted are Visa and Mastercard at all the agencies. Some also accept American Express.
Some agencies require you to have the credit card in your name, while others do not go to this extent. I personally think this requirement is a good thing. The more security for the user, the better. Either way, I recommend that the credit card you use is in your name.
This form of deposit comes with a caveat, which is a 1.5% transaction fee. So if you are to deposit $100 into your account, you’ll be charged $1.50 – Constantly moving money into your account or depositing large sums of money could turn this small percentage into a lot of your money going to fees.
Ok, that was the not so good news. On the other hand, the good news is that both Visa and Mastercard offer their customers Zero Tolerance. Visa describes this feature as;
Your peace of mind and protection are paramount to Visa. Visa’s Zero Liability policy is our guarantee that you would not be held responsible for fraudulent charges made with your Visa payment card.
If your card has been illegally used, then get in touch with your provider to get the matter fixed.
The great news about bank transfers is that there are no fees! – The flip side? It’s not instant… It’s actually much slower than instant. Bank transfers usually take between 1-3 working days to be processes and deposited into your account.
How do you get the ball rolling with this process? You can do this in one of two ways. Either by Internet banking or by visiting your local bank branch. Which ever way you go you’ll need some important details prior to making the transaction.
- The agencies bank name
- Account Name
- Account Number
- Your Reference
If you go down this option, you’ll need to contact your betting agency and get the above details. Alternatively, you should receive this info when you sign up. If you intend to use this method as your primary way make sure you keep the details in a safe place.
POLi is like the new kid on the block. And this is one kid you’d like to be friends with. You’ve already seen that credit cards charge a fee of 1.5%, you’ve seen that bank transfers take almost a life time to clear – POLi on the other hand is free of fees and funding takes approximately 30 minutes.
Unfortunately not all the online betting agencies accept this type of service, although in saying that I’d say about 75% do, and the rest will have the service available very shortly… It’s in their interest to do so.
So what is POLi? From the horses mouth so to speak – this is how POLi describe themselves:
POLi is the online payment option which allows people to use their internet banking facility to safely pay for goods and services purchased online in an instant!
POLi is a great alternative for people without credit cards or for those who have them, but would prefer not to use them to shop online.
When you choose POLi to complete your purchases, everything is done within the security of your internet banking facility. With POLi, at no time are you required to register to use the service and your personal information is not disclosed to any party (including POLi).
At the current time, the following banks accept POLi: ANZ, Commonwealth Bank, NAB, Westpac, Bank of Queensland, BankWest, St George Bank, Suncorp Bank, BankSA, Bendigo Bank, Credit Union Australia and Savings & Loans.
Of course for this service to work for you, you must have access to Internet banking.
BPAY – Telephone and Internet Banking
All the sports betting agencies that I’m with have BPAY facilities. In this way you can login to your Internet banking account, go to your BPAY section and follow the process to deposit funds over to your account.
Just like with bank transfers, you’ll need some key information prior to taking on this type of deposit.
- The Biller Code
- Your Reference Number
My favourite way has got to be POLi, second is the quick and easy credit card way. What’s your favourite?