Cheques are one of the most dependable payment methods since people invented modern paper money. It’s a great way to give cash to someone without having to actually carry any notes. Since it is a secure way to transfer money from one person or account to another, it is no small wonder that people choose to use cheque payments for sports betting. However, because of the chance of bouncing, they aren't accepted everywhere.
Cheques are one of the most dependable payment methods since people invented modern paper money. It’s a great way to give cash to someone without having to actually carry any notes.
Since it is a secure way to transfer money from one person or account to another, it is no small wonder that people choose to use cheque payments for sports betting. There are sports bookies who take advantage of the convenience of using cheques to fund customer accounts.
Of course, the paper cheques themselves have no intrinsic value; however, banks and other financial institutions take cheque payments because it is an assurance of cash. You can call it your personal bill because only you, or whoever the issuer has named on the bill, can use it to get money.
You can write a cheque and name the bookie who is supposed to receive the funds. The reverse is also true. Your bookie can write you a cheque and then you can withdraw the funds in the bank.
In this page, we’ll cover the details about using cheques in sports betting. Of course, you can use them to withdraw and deposit funds. However, there are pros and cons when you use this method of payment. We’ll go over those in the discussion below.
Let’s go over the benefits and downsides of using cheques to process your transactions with your favourite bookies. Note that there will be different terms and conditions that will apply depending on the bookmaker. Each one may have a different policy on the use of cheque payments and withdrawals.
a) The first benefit is the fact that cheques are widely available. These paper financial instruments are available in pretty much every country in the world. You may have withdrawn money but you can use cheques over and over again to get more funds as you need them. It can actually be a source of quick cash as needed. Note that some sites will restrict the number of cheque payments or withdrawals. That means you better check the rules and FAQs of your bookie.
b) Another benefit to using cheques is that bookmakers usually attach the lowest fees to cheques, in comparison to using other payment methods. The fees, of course, will vary from one sportsbook to the other but they usually have cheaper transaction fees.
c) Cheque payments usually have budget-friendly withdrawal limits. It should be noted that the transfer limits for withdrawals via paper cheques are pretty good; better than with payment options such as PayPal and Visa cards. Some sportsbooks allow you to make payments of £100 or less and they may also allow withdrawals and/or payments up to several thousand pounds per transaction. This arrangement makes cheque payments quite attractive for casual bettors as well as high rollers.
d) It is convenient for both the payer and the payee.
e) Your money stays in the bank until the person you paid the cheque to actually goes to the bank and cashes the cheque.
f) It is less bulky even compared to carrying cash.
g) You can postdate the cheque – but please check with your bookie if post-dated cheques are allowed.
a) One of the biggest downsides of using cheque payments for sports betting is the fact that it will take a while for your cheque to get to your home. The transfer, of course, is pretty slow compared to electronic transfers. This is because you will have to wait until your postman delivers it to your mailbox. The other downside is that fact that the postie can only deliver it and the bank can only process it during business days.
b) The other downside, which can actually be a bit frustrating is the fact that you can lose them in the postal system – and this has happened on several occasions. The mail service isn’t impeccable – it can and has misplaced or lost deliveries before. Even if you use a more reliable shipment company, there is still a chance that they will lose the envelope with your cheque in.
c) It will take several days before the bank notifies you that the cheque had insufficient funds or if it was actually fraudulent.
d) The bank can deduct the cheque amount from your bank account fairly quickly if there is an app for it – yes some banks have cheque apps and you can deposit the cheque amount electronically. You just have to fill out all the necessary info.
e) There are merchants who may be reluctant to use cheques as payment methods, especially if the bank issuing the check is one that is not familiar.
f) In case your bookie does allow post-dated, you will still have to inform your bank that you have issued a post-dated cheque. You will have to take the time to give the payment details. If you fail to inform the bank and the bookie deposits the cheque before the date then this will negatively impact your credit score and the bank will charge you with penalty fees.
Cheques are by far one of the most secure ways to send and receive funds for sports betting and pretty much anything else. Obviously, no one can hack your chequebook even if they try.
Note that bookies may not allow you to use your personal cheque when topping up your bookie account or other transactions. Bookmakers may well prefer the use of postal orders. That is why you should always check with your bookie.
Obviously, depositing funds to your account via a cheque payment isn’t the fastest way to do it. On top of that, not all sportsbooks take cheque payments. However, the biggest reason that some sportsbooks allow cheque payments is due to the huge amount of money that they need to deposit into an account. Cheques are definitely a safer way to do just that.
Credit cards and debit cards usually have the lowest deposit limit amounts for many bookies. Some can have limits as low as £500. However, cheque deposits definitely have higher limits compared to all other deposit and payment methods.
Some bookies allow cheque payments of £10,000 and higher per transaction. It shouldn’t come as a surprise that there are bookies that do not have any deposit limits for cheque payments.
This is actually advantageous for players who usually make very large bets. They can top up their accounts without any worries. They won’t have to go through the hassle of reloading their accounts over and over again. In other words, it’s a way to get past the deposit limits.
So, why won’t bookies take personal cheques? Well, it’s all about the clearing time. Bookmakers will prefer to take postal orders and bank drafts rather than personal cheques since they are as good as cash. However, do check with your bookie if you can use your personal cheque, especially when you have to deposit really large amounts of cash.
You can get postal orders from your bank. In order to top up your bookie account via cheque payment, you need to contact the customer support directly. It would be better to talk to an actual person since you could be sending a fairly huge amount of money.
They will most likely make arrangements with couriers like FedEx, UPS, and DHL. They will then provide you with instructions on how to send the cheque payment. On top of that, if you deposit a really large amount of funds, your bookie may be generous enough to cover any fees or reimburse you for any fees you may have paid to send the cheque.
Withdrawal limits will also vary greatly from one sportsbook to another. They usually have £2,000 to £3,000 amounts for each cheque. However, there are sportsbooks who will issue cheques with larger amounts.
The fees for these withdrawals will also vary. A good estimate will be £30 to £50 for each cheque.
The process times of withdrawals will also vary from one bookie to the next. There are those who can get the cheques to you within 10 business days. That’s a pretty long wait time to get your winnings to your door, isn’t it? However, don’t be surprised if you find that there are longer process times – sometimes lasting a couple of weeks. Some even have 30 day processing times.
Another thing that you should look into when making cheque payments with your bookie is the fact that there may be local restrictions in your area. Please check with your local online gambling laws if cheque payments are allowed or if there are certain restrictions that apply. At times you may be better off depositing the cheque to your bank account rather than trying to cash the cheque directly. Again, check local regulations beforehand.