⚡ INSTANT BANK TRANSFERS – FAQs

What are Instant Bank Transfers?

Instant Bank Transfers are a new deposit and withdrawal payment method for Betfair customers in the UK and Ireland, available to mobile users.

 

How do Instant Bank Transfer work?

An Instant Bank Transfer is a new type of payment method, powered by Open Banking. It’s easier than traditional bank transfers and more secure than card payments. Your funds can settle within seconds – and you can do it all from within the app.

 

What is Open Banking?

Open Banking enables you to securely connect to your bank and authorise an instant bank transfer to your gaming account, instead of using a card or  an alternative payment method. Its goal is to give you more transparency and control over your money.

 

Who are TrueLayer?

We partnered with TrueLayer, an FCA (Financial Conduct Authority) approved provider, to securely connect to your bank and process your payment. With instant bank transfer, you authenticate the payment with your bank meaning you benefit from bank-level security and your login credentials are never shared with anyone. For more information on TrueLayer and Open Banking, please click here.

 

How secure are instant bank transfers?

With instant bank transfer, we authenticate with your bank meaning you benefit from bank-level security and your personal details are not stored or shared with anyone. For more information on TrueLayer and Open Banking, please click here.

 

What are the benefits to me?

●       Start playing right away and cash out instantly – payments can settle instantly enabling faster gameplay and the ability to withdraw your winnings instantly.

●       Highly secure and increased protection against fraud – payments are authenticated directly with your bank, and login credentials are never stored or shared with anyone.

●       Easy Registration - You don’t even have to type in your bank details!

 

Why use Instant Bank Transfers?

By using Instant Bank Transfers, you can benefit from:

●       Instant withdrawals after your first deposit

●       The most secure payment method

●       0% Fees guaranteed

 

Can I use this offering on desktop?

Instant Bank Transfers are currently only available to mobile users, although we have plans to extend this to desktop users in the near future!

 

How do I Register?

It’s easy!  You don't need to input your bank account details like account number or IBAN to register, you simply add Instant Bank Transfers as a deposit method and link your bank account to your Betfair account. Get started and start by depositing using Instant Bank Transfers now by clicking here.

 

Who can use Instant Bank Transfers?

The majority of Betfair users in the UK or Ireland will have access to instant bank transfers, with most banks currently eligible.  For the full list of bank availability click here for the UK or click here for Ireland.

●       This offering is currently only available to mobile users, although we have plans to extend this to desktop users in the near future!

●       Please note there are a few differences in the offering for UK and Irish customers!

UK Customers:

●       For UK customers you need to be using £ as your preferred currency and have an eligible UK £ Bank Account.

●       Both Instant Deposits and Withdrawals are available for eligible banks!

Irish Customers:

●       For Irish customers you need to be using € as your preferred currency and have an eligible Irish € Bank Account.

●       Instant Deposits are now available for eligible banks.

●       At present, Instant Withdrawals are available for Revolut users. We plan to be able to offer this to more customers soon, as more Irish banks enable the functionality needed!

●       Non-Instant Withdrawals are typically received within 2 – 6 hours!

 

What are the Limits for Depositing and Withdrawing using Instant Bank Transfers?

Deposits:

●       Maximum limit of £/€ 5,000 [Per transaction]

●       Minimum of £/€ 5 [Per transaction]

Withdrawals:

●       None!

How long does it take to Deposit and Withdraw using Instant Bank Transfers?

We aim to allow customers deposit and withdraw their funds as quickly and as easily as possible! Please note there may be some slight differences on the offering for UK and Irish customers:

For UK customers:

●       Both Instant Deposits and Withdrawals are available for eligible banks!

For Irish customers:

●       Instant Deposits are now available for eligible banks.

●       Please note that after your initial Instant Bank Transfer Deposit, you will not be able to withdraw for a period of up to 24 hours. Please note that this will only happen after your first deposit, as we aim to protect our customers and keep your funds safe.

●       At present, Instant Withdrawals are available for Revolut users. We plan to be able to offer this to more customers soon, as more Irish banks enable the functionality needed!

●       Non-Instant Withdrawals are typically received within 2 – 6 hours!

 

Betfair has appeared on my past transactions and transfer list in my Revolut App, can I make a deposit directly into my Betfair account from my Revolut App?

No! Please note that all Instant Bank Transfer Deposits must be made through the Betfair application. Any transactions attempted outside of this will have to be returned to your Revolut Account, please note you may need to contact customer service to ensure this transaction is returned.

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