💻 Operator | 💳 Accepts Instant Banking | 💰 Claim Welcome Offer with Instant Banking | 🔢 Minimum Instant Banking Deposit/Withdrawal | 👉 Visit Site |
---|---|---|---|---|
William Hill | ✅ | ✅ | £5/£5 | Bet with Instant Banking |
Kwiff | ✅ | ✅ | £10/£10 | Bet with Instant Banking |
CopyBet | ✅ | ✅ | £10/£10 | Bet with Instant Banking |
Coral | ✅ | ❌ | £5/£5 | Bet with Instant Banking |
Ladbrokes | ✅ | ❌ | £5/£5 | Bet with Instant Banking |
Instant Banking is a relatively new feature for online payments, especially in the gambling world, which essentially cuts out the middleman and makes transfers nearly immediate. This open banking solution works in a similar way to Trustly, which is also accepted on several betting sites, but new technology has made the process even faster.
Indeed, the Instant Banking referred to here is powered by the open banking company TrueLayer, which is approved by the FCA (Financial Conduct Authority) in the UK. Having become completely compatible with the major banks in the UK, including Barclays and HSBC, TrueLayer is the most convenient open banking solution for all parties involved.
Almost all of the best betting sites now accept Instant Bank Transfers and it is believed that this will become the No.1 payment method soon among punters. It is easy to understand why since both deposits and withdrawals are near-immediate with the method. It is also a very safe method, which we will come on to.
The perks of using Instant Banking are quite obvious, such as the withdrawals being incredibly fast, but there are also some cons that punters should be aware of. No new technology is perfect but, having said that, we still feel that this method will be incredibly popular moving forward. Without further ado, below are the pros and cons.
Security: The Instant Banking technology, more specifically the TrueLayer one, has been through rigorous tests and has been approved by the FCA in the UK. In fact, industry experts consider Instant Banking to be safer than debit cards as the payments are authenticated directly with the bank.
Fast Withdrawals: This is the biggest perk of using Instant Bank Transfers on betting sites, as withdrawals usually are completed within a few seconds/minutes. In other words, it is the fastest method available right now and without any competition, as even Visa Direct tends to take a few hours at least.
Low Minimum Amounts: Since Instant Banking is both inexpensive and convenient for betting sites to use, the minimum amounts are usually lower for both deposits and withdrawals when using this method.
Limited Availability: Almost all of the most prominent betting sites now accept the method, as stated, but you will not find it on many of the new betting sites. This is the case with most payment methods in fairness, such as PayPal, but it is still worth mentioning and perhaps a bit ironic as the method is all about being 'open'.
Welcome Offer Ineligibility: As highlighted above, some of the betting sites that accept Instant Bank Transfers also allow punters to claim the welcome offers with this method. Unfortunately, this is not always the case as betting sites still have a tendency to restrict the offers to debit cards only.
New Technology: Open Banking remains a relatively new technology and potential issues cannot be ruled out. We are not talking about security, as the technology has been through rigorous tests on that front, but sometimes punters might not be redirected to the bank app when attempting a deposit.
If you have not deposited or withdrawn with Mastercard on a betting site before, you can follow our step-by-step guide below. The process is very straightforward, so you should have no issues regardless.
Of course, the first step is to pick a betting site that accepts Instant Banking for deposits and withdrawals. We have made life a little bit easier for you by listing these sites at the top of this page, so take a look and choose the bookmaker you prefer.
After picking a betting site, and perhaps even registering on the latter, head over to the cashier and browse the payments available. The image below is from William Hill's deposit cashier and you can see Instant Bank Transfer at the very top.
Now, you will need to enter the amount you would like to deposit/withdraw. You will be asked to choose your bank from the list of accepted banks. All the major banks in the UK support the technology so there are no worries on that front.
Once you have entered the amount, selected the bank and clicked through to continue the process, you will be redirected to your bank's app. If you are depositing on a desktop, there will be a QR code to scan with your phone.
In the bank app, you will need to double-check the information and authorise the payment. That's it! Now the money will be in your account.
Coral is one of the most popular betting sites around and Instant Banking has been offered for quite some time. The method cannot be used to claim the welcome offer, as it requires a debit card, but the minimum deposit as well as withdrawal amounts are at least low at £5.
Minimum Deposit | £5 |
---|---|
Deposit Processing Time | Instant |
Minimum Withdrawal | £5 |
Withdrawal Processing Time | Within minutes |
Being a sister site of Coral, the terms are exactly the same for Instant Banking deposits and withdrawals at Ladbrokes. In other words, punters can deposit and withdraw just £5 with the method and that is indeed great news.
Minimum Deposit | £5 |
---|---|
Deposit Processing Time | Instant |
Minimum Withdrawal | £5 |
Withdrawal Processing Time | Within minutes |
William Hill is one of the best for deposits and withdrawals, without a doubt, and Instant Banking is an option for both of these. As you can see in the image below, this is also the method that the bookmaker recommends.
The minimum deposit amount for Instant Bank Transfers is set at £5 and the same goes for the minimum withdrawal. The maximum amounts are good too at £99,000 and £33,000 respectively.
Minimum Deposit | £5 |
---|---|
Deposit Processing Time | Instant |
Minimum Withdrawal | £5 |
Withdrawal Processing Time | Within minutes |
CopyBet may not be our favourite betting site, but its journey to the top has been commendable and the bet £10 get £50 offer is one of the main reasons for that. These days, in order to claim said offer, punters must deposit with Instant Bank Transfer and the minimum amounts are set at £10.
Minimum Deposit | £10 |
---|---|
Deposit Processing Time | Instant |
Minimum Withdrawal | £10 |
Withdrawal Processing Time | Instant (within minutes) |
Kwiff is still an up-and-coming site in the UK but thanks to a recently improved welcome offer, as well as Instant banking being accepted, more punters are bound to sign up. The minimum amount is higher for both deposits and withdrawals at £10, while there is a £3,000 maximum limit for deposits.
Minimum Deposit | £10 |
---|---|
Deposit Processing Time | Instant |
Minimum Withdrawal | £10 |
Withdrawal Processing Time | Instant |
Punters who like fast withdrawals should definitely use betting sites with Instant Banking, seeing as the money is in the bank account within just a few minutes. It is the fastest withdrawal method available in the UK, by far as well, and the method's quick as well as easy process also makes it a very good option for depositing funds.
The speed is all thanks to the open banking technology as the transactions are made directly between the betting site and the bank. Debit cards, meanwhile, go through Mastercard or Visa and can thus take up to three business days. Instant Banking is also considered to be a safer method than debit cards.
Isak is an experienced content writer with a background in sports journalism. Having focused mainly on football in the past, he certainly knows a thing or two about the betting industry. At BettingLounge, Isak makes sure that all of the content is up to date, specialising in reviews of UK betting sites.