Foriegn Bank Accounts if No Neteller?

[DONTUSETHIS]

I am not educated on this subject, but it seems to me that one of the major sites ( Party Poker) would step up and partner with a bank or do it themselves to still handle the american transactions if we could not use Neteller anymore. Does this make sense or could someone tell me how I am wrong. It is just hard for me to believe that they could stand by and let such a large portion of thier market go away without trying something.

[DING-DONG YO]

The bill would put the onus of identifing and blocking online gaming transactions on US banks.

Even if party were to do this, it wouldn't be long before US banks discovered it (your situation where party would partner with a foreign bank) was a vehicle for funding online gaming and block it.

[DONTUSETHIS]

thanks thats good to know. America Sucks.

[SFBAY23]

[ QUOTE ]
Even if party were to do this, it wouldn't be long before US banks discovered it (your situation where party would partner with a foreign bank) was a vehicle for funding online gaming and block it.

[/ QUOTE ]

Couldn't party just accept checks in the mail and do cashouts in the mail? Or would the US banks still block the check from clearing?

[DING-DONG YO]

[ QUOTE ]
Couldn't party just accept checks in the mail and do cashouts in the mail? Or would the US banks still block the check from clearing?

[/ QUOTE ]

Party could probably get away with this.

Bottom line, when there is a will, there is a way. However, anything that makes playing more difficult for the casual player is -EV to say the least. Most normal fishy folks won't go to the trouble of sending a check to an overseas poker room. The true diehards will still play, but this legislation will significantly thin out the fish population hence making the games much less profitable.

[otctrader]

How about opening a true foreign bank account, i.e. with HSBC, Barclays, or whatever? I know it's done often in the case of U.S. nationals or expats, and AFAIK it's legal for anyone so long as its properly disclosed.

U.S. banks in theory should have no grounds to block the opening of an account with a big-name foreign bank, and whatever business I conduct there would be outside the realm of domestic regulation to the extent that they can't "firewall" my checks or EFT's from that account. Whether big brother snoops on my activity and chooses to harass citizens is another story, but to my knowledge the only disclosure required to the Treasury is your balance/earnings/interest received.

Is anyone here conversant with the procedures involved in opening a fully-disclosed, legal foreign bank account for a U.S. citizen?

[pokerpunchout]

[ QUOTE ]
How about opening a true foreign bank account, i.e. with HSBC, Barclays, or whatever? I know it's done often in the case of U.S. nationals or expats, and AFAIK it's legal for anyone so long as its properly disclosed.



U.S. banks in theory should have no grounds to block the opening of an account with a big-name foreign bank, and whatever business I conduct there would be outside the realm of domestic regulation to the extent that they can't "firewall" my checks or EFT's from that account. Whether big brother snoops on my activity and chooses to harass citizens is another story, but to my knowledge the only disclosure required to the Treasury is your balance/earnings/interest received.

Is anyone here conversant with the procedures involved in opening a fully-disclosed, legal foreign bank account for a U.S. citizen?

[/ QUOTE ]

This seems legal to me. Not 100% sure though, the only thing I can equatge it too is the ownership of foriegn stock. I own stock in several foriegn companies and as long as I claim any capital gains or dividends and pay a foriegn tax on those gains it is legal. You get taxed twice, (once by the country of the company and once by uncle sam), but every thing is legal.

Seems like this situation should be the same as long as every gain was disclosed on federal tax statement.

The real problem is how many players, and/or fish ,do you think will go through this to play? This will surely dry up the games.

[HSB]

[ QUOTE ]
The bill would put the onus of identifing and blocking online gaming transactions on US banks.

Even if party were to do this, it wouldn't be long before US banks discovered it (your situation where party would partner with a foreign bank) was a vehicle for funding online gaming and block it.

[/ QUOTE ]

The US bank would never have to know. You could always do something like get traveller's checks and FedEx them to the overseas bank. And that's assuming a US bank tries to clamp down on wire transfers to foreign banks.

The thing that makes me nervous is the ISP thing.