Top Banking Options on Offshore Betting Sites
Top Banking Options on Offshore Betting Sites
Betting on sports at offshore betting sites is a bit different than doing so at licensed, domestic sites. For one, the markets are going to vary. But aside from this factor, your permitted methods of payment are going to change, as are the associated limitations.
That’s why it’s essential to know your deposit and withdrawal options at offshore sites like Xbet, Bovada, MyBookie and others. So today, we’re reviewing the most popular banking options available for US players at offshore betting sites.
Credit/Debit Card
Credit cards, debit cards, and prepaid cards are a common form of payment at offshore betting sites. Depending on the sportsbook, different card issuers will be accepted.
Visa and MasterCard are most commonly accepted where credit/debit cards are accepted (AMEX is less common). It’s also important to note that cards aren’t usually accepted as valid payout methods.
When it comes to credit/debit card deposits, many sites set lower maximums than you’ll get with, say, Bitcoin deposits. There are other limitations to credit/debit card deposits, too, such as the number of deposits you can make. Or you might face transaction fees from your card issuer or bank.
That said, there are some benefits to depositing with cards. Let’s take a look at how these different card methods work at common offshore sites.
Visa
Most sites will accept Visa deposits, whether you’re using a debit or credit card. For example, at MyBookie offshore betting site, players can deposit with Visa debit/credit cards. Most sites require that the card be under your own name and that the card issuer accepts international transactions.
Note that for offshore sportsbooks, Visa deposits are not as reliable as cryptocurrency deposits. This is due to the fact that some banks don’t allow gambling transactions and/or international transfers.
MasterCard
MasterCard works similarly to Visa when you’re depositing at offshore sites. Betting sites usually accept MasterCard debit and credit cards with the same restrictions against credit card sharing. You’ll also likely face the same limitations that Visa has when it comes to international and gambling transfers.
Prepaid Card
Not all offshore betting sites will accept deposits via prepaid cards. However, certain cashiers, like the ones at Xbet and MyBookie. You’ll typically have MasterCard prepaid cards as your prepaid option. Note that some sites will charge fees for using this banking method, like Xbet, which charges almost 5% extra.
American Express
As previously mentioned, AMEX usually isn’t the first card option you’ll find at betting sites. However, some offshore sportsbooks will accept American Express deposits, such as BetNow and WagerWeb. Note that you may only have access to this particular method if you meet certain customer levels or requirements.
Discover
And finally, one alternate card method offered at a few select offshore sites is Discover. You can deposit gambling funds at sites like SportsBetting with Discover credit cards. Note, however, that you may face higher minimum and lower maximum rules than you would with crypto.
Cash Transfer
If you aren’t keen on tying your cards or bank accounts to betting sites, then cash transfers may suit you.
CryptoCurrency
One nice thing about offshore betting sites is that they permit the use of cryptocurrency transactions. Cryptocurrencies are digital currencies used via computer networks that aren’t tied to banks or government institutions.
It’s actually a pretty common method at sportsbooks, such as MyBookie, Xbet, and others. Depositing and withdrawing with digital currencies is beneficial at offshore sites since many traditional banks have limitations for international transactions.
Bitcoin
Bitcoin is one of the most recognized names when it comes to cryptocurrencies. Essentially, it’s a decentralized digital currency method that’s secured with cryptography (hence the name). Some benefits of banking with Bitcoin at offshore sites include:
- Lower transaction fees compared to traditional online payment methods
- Non-government issued
- Lower deposit minimums
- Higher deposit maximums
- Faster transactions compared to other methods
In fact, many offshore sites, like MyBookie, don’t charge any extra fees to withdraw winnings via Bitcoin. This method even offers more privacy for gambling transactions than you would get by using a credit card, for example.
Bitcoin Cash
Bitcoin Cash is a result of Bitcoin forking, and it works in a similar manner. Where it’s offered alongside Bitcoin at betting cashiers, it usually has the same T;Cs applied. Keep an eye out, though, since some offshore sites only accept BCH for deposits (and not for payouts).
Bitcoin Cash is thought to generally have lower processing fees and faster transaction times than Bitcoin. Furthermore, sites that accept Bitcoin and Bitcoin Cash transactions typically ensure a 100% transaction success rate.
Some of the offshore sites accepting Bitcoin Cash (BCH) include SportsBetting, BetNow, MyBookie, Xbet, and others.
Litecoin
Litecoin (LTC) is yet another crypto variation. It’s an altcoin that succeeded Bitcoin but is not quite as popular these days. The main differences you get between this transaction method and Bitcoin are a faster block generation rate and Scrypt PoW scheme.
One major benefit of Litecoin is that it offers faster transaction confirmation time than Bitcoin does. However, you’re less likely to see Litecoin accepted as a valid payout method at offshore online sportsbooks.
Xbet, MyBookie, SportsBetting, and several other offshore sites currently accept LTC payments.
Ethereum
Ethereum follows Litecoin as a slightly less popular banking method, but it’s useful nonetheless. Ethereum is offered at sites like Xbet and SportsBetting, but it’s not as common. SportsBetting, for example, accepts Ethereum for both deposits and payouts, with the same terms/limits set for each.
Dogecoin
Dogecoin (DOGE) is an altcoin cryptocurrency whose origins trace back to a meme, if you can believe it. Its technology is similar to Litecoin technology, so it works similarly at gambling sites offshore.
Chainlink
Chainlink (LINK) is a less commonly accepted offshore betting banking method. It has similar deposit amount limitations when compared to Bitcoin and Litecoin, for example. One site that definitely offers it at the moment is SportsBetting.
Cardano
Cardano (ADA) cryptocurrency is offered at SportsBetting sportsbook offshore. It was founded more recently via peer-reviewed research and evidence-based methods. Some people might find this cryptocurrency more trustworthy, but you won’t find it at betting sites quite as often.
Other Crypto Methods
The following alternate cryptocurrencies are sometimes accepted at offshore betting sites, too.
- Solana (proof-of-stake cryptocurrency)
- Stellar (lumen tokens)
- Tether
- USD Coin
- Ripple
Bank Wire (Wire Transfer)
Wire transfers aren’t always the first choice when it comes to gambling transactions. This is mainly due to the fees and limitations imposed on deposits and withdrawals. You might have better luck with depositing via wire. But at sites like SportsBetting, for example, wire payouts are limited to $25k and have a minimum set at $500.
One downside to bank wire transactions is that they are fundamentally tied to your financial information. So the privacy and security factor is somewhat limited if you choose this option. Some sites, like Xbet, only accept wire transfers as a payout method, whereas other sites only accept it for deposits.
Person2person
Person2person (P2P) is basically a money transfer system. It allows players to transfer from their credit cards or bank accounts to the offshore betting site. It does have its limitations, such as higher minimum deposit rules. And you can typically only use this method for depositing funds, not paying out.
One popular P2P option used at sportsbooks is MoneyGram. MoneyGram makes it easy to send money across international borders. This isn’t the method to use if you intend to make large deposits, but it can do the trick.
Cashier’s Check
A cashier’s check is a valid deposit option at certain offshore gamlbing sites. Cashier’s checks are guaranteed by your bank and signed by a cashier. Not too many sites will accept these, but when they do, you can expect limitations. For example, at SportsBetting, you have to deposit at least $1.5k and no more than $10k.
Check by Courier
Finally, you may also consider banking with a check by courier. This is a withdrawal (payout) method only, and it’s essentially just a check delivered to your door. A courier service hired by the betting site will deliver this withdrawal that you have to sign for.
A downside to this payout method is that you usually can’t withdraw too much money. You also have to meet withdrawal minimums for check by courier. Furthermore, it’s one of the slowest methods of payout to use.
Final Thoughts
Hopefully, our list of the top banking options at offshore betting sites has helped you narrow down your choices. When it comes to international transfers, bitcoin, and other cryptocurrencies are the most commonly chosen methods. However, that doesn’t mean you can’t use traditional methods like credit/debit cards and money transfers.
Be sure to consider the terms and conditions applied to each banking method when you join an offshore betting site. They vary from site to site and sometimes have added fees, so it's always good to do some research.