I have various questions about Bankwires.
Do all bankwires go through 3 banks (sending bank, intermediary bank, receiving bank) or do some bankwires go directly from the sending bank to the receiving bank?
I have received a few bankwires and have noticed the amount I receive is generally lower than the amount the sportsbook agreed to send me. I suspect this is because the intermediary bank charges a fee and deducts this fee from the wire amount. Is this correct? I have noticed that some sportsbook websites says they will not be responsible for fees charged by intermediary banks and the sportsbooks often can’t tell me what these fees will be. My bank told me they just receive the wire and do not require it to go though an intermediary bank so it seems the sportsbook’s bank should know the intermediary bank and the associated fees upfront.
So I have learned that when I request a bankwire, the overall fees are more than the $30 fee or whatever fee the sportsbook deducts from my sportsbook balance. My bank also charges a $10 fee to receive a bankwire and an intermediary bank may charge an additional unknown fee that is deducted from the wire amount? The intermediary bank fee is what frustrates me since the sportsbooks generally do not specify this fee amount upfront.
I will list my bankwire withdrawal information below so others will understand the total fees, including the intermediary bank fees, from the sportsbooks that I have received bankwires from. I would appreciate it if others could list their bankwire withdrawals from other sportsbooks so we will know the intermediary bank fees from other sportsbooks:
The Greek – I just received a bankwire. The Greek charged a flat $30 fee upfront but there was no intermediary bank fee deducted from the wire amount. However, when I received a bankwire from The Greek in January, the wire amount came in $11 lower than expected so I think the intermediary bank charged an $11 fee on that one.
Superbook – The wire amount received was $25 lower than expected so I think the intermediary bank charged a $25 fee.
Bookmaker – The wire amount received was $30 lower than expected so I think the intermediary bank charged a $30 fee.
Do sportsbook actually pay higher fees when paying larger bankwires? I suspect the answer is no since most sportsbook charge a flat fee for a bankwire withdrawal. However, some sportsbook charge a bankwire fee based on the amount being sent.
I have heard some people say it is best to keep checks below $10,000. Is there any specific maximum $ level that should generally be used for receiving bankwires?
If I receive a bankwire into my account, is the money immediately available for my use or can the bank put a hold on the funds like they would for a large international check deposit?
Is there any chance a bankwire can bounce (i.e. be taken back out due to insufficient funds or some other reason) once it is received into my account?
I have also noticed that some sportsbooks mention they have EFT payouts or bank transfer payouts. Are EFT/bank transfer payouts the same as an ACH payout?
If I receive an EFT into my account, is the money immediately available for my use or can the bank put a hold on the funds like they would for a large international check deposit?
Is there any chance an EFT can bounce (i.e. be taken back out due to insufficient funds or some other reason) once it is received into my account?
Do all bankwires go through 3 banks (sending bank, intermediary bank, receiving bank) or do some bankwires go directly from the sending bank to the receiving bank?
I have received a few bankwires and have noticed the amount I receive is generally lower than the amount the sportsbook agreed to send me. I suspect this is because the intermediary bank charges a fee and deducts this fee from the wire amount. Is this correct? I have noticed that some sportsbook websites says they will not be responsible for fees charged by intermediary banks and the sportsbooks often can’t tell me what these fees will be. My bank told me they just receive the wire and do not require it to go though an intermediary bank so it seems the sportsbook’s bank should know the intermediary bank and the associated fees upfront.
So I have learned that when I request a bankwire, the overall fees are more than the $30 fee or whatever fee the sportsbook deducts from my sportsbook balance. My bank also charges a $10 fee to receive a bankwire and an intermediary bank may charge an additional unknown fee that is deducted from the wire amount? The intermediary bank fee is what frustrates me since the sportsbooks generally do not specify this fee amount upfront.
I will list my bankwire withdrawal information below so others will understand the total fees, including the intermediary bank fees, from the sportsbooks that I have received bankwires from. I would appreciate it if others could list their bankwire withdrawals from other sportsbooks so we will know the intermediary bank fees from other sportsbooks:
The Greek – I just received a bankwire. The Greek charged a flat $30 fee upfront but there was no intermediary bank fee deducted from the wire amount. However, when I received a bankwire from The Greek in January, the wire amount came in $11 lower than expected so I think the intermediary bank charged an $11 fee on that one.
Superbook – The wire amount received was $25 lower than expected so I think the intermediary bank charged a $25 fee.
Bookmaker – The wire amount received was $30 lower than expected so I think the intermediary bank charged a $30 fee.
Do sportsbook actually pay higher fees when paying larger bankwires? I suspect the answer is no since most sportsbook charge a flat fee for a bankwire withdrawal. However, some sportsbook charge a bankwire fee based on the amount being sent.
I have heard some people say it is best to keep checks below $10,000. Is there any specific maximum $ level that should generally be used for receiving bankwires?
If I receive a bankwire into my account, is the money immediately available for my use or can the bank put a hold on the funds like they would for a large international check deposit?
Is there any chance a bankwire can bounce (i.e. be taken back out due to insufficient funds or some other reason) once it is received into my account?
I have also noticed that some sportsbooks mention they have EFT payouts or bank transfer payouts. Are EFT/bank transfer payouts the same as an ACH payout?
If I receive an EFT into my account, is the money immediately available for my use or can the bank put a hold on the funds like they would for a large international check deposit?
Is there any chance an EFT can bounce (i.e. be taken back out due to insufficient funds or some other reason) once it is received into my account?