What About Sending And Receiving Cash Through Registered Mail?

[SavageMiser]

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How long do you think it takes to open an envelope count the cash, type the amount and account info into the computer and then put the cash in the pile or slot with the rest of the money? Maybe ten minutes? How much do you have to pay your menial employees in India? I have no idea, but let's say maybe $3/hr?

Even adding in other costs that I'm ignoring, this costs in the ballpark of $1 per transaction. That is less than they would pay now in Neteller fees.

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The problem isn't the process in this scenario. It's the theft. Pay a guy $3 an hour to open cash-laden envelopes and you'll see some cash leave the building.

[steamboatin]

I believe it is ilegal to send cash through the mail or frowned upon anyway.

[goodgrief]

It is not illegal to send cash through the mail. However, I have gotten conflicting information on whether or not the cash is covered by the "registered mail" insurance. It doesn't even quite answer the question on their own web page:

http://pe.usps.gov/text/DMM300/503.htm#wp1100045

You have to declare it, but if it's lost, will it be reimbursed? The last time I asked, I was told "no" but maybe that's just the clerk in question.

I've received gemstones through registered mail OK but I don't see many people funding their PokerStars account with gem grade sapphires.

[ericicecream]

I'm not sending cash, and neither are most players. Checks are a different story.

[omgwtf]

It's a great idea and not too far off base. There is a vacuum being created for an easy cash to e-money conversion, and somebody will fill it. I think within the next year you will be able to go into a local presence (probably like a supermarket, bank, drugstore, maybe even gas stations) and trade your cash for an e-money credit, or a card that is convertible to emoney. You then use the e-money to buy iTunes or stuff online or gambling.

I think this type of service is badly needed and will emerge regardless of the banking regulations that are ultimately implemented.

You'll be able to convert it into cash, but you often won't need to, since you can spend it directly from there.

[WhoIam]

How long do you think it would take postal employees in Costa Rica or Antigua to figure out the all international mail addressed to site X contains huge amounts of untraceable cash?

[Lawman007]

Is this the real David Sklansky or that evil cousin of his? [img]/images/graemlins/confused.gif[/img]

[NickyD]

I work for the Post Office, this is a very safe and secure way to send anything. Anyone who handles them is directly responsible and has to sign off on that piece of mail. If you lose one it could cost you your job. Out of country different story?

[scarfire]

What about money orders? Could at least cash out with them couldn't you?

[Performify]

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It's a great idea and not too far off base. There is a vacuum being created for an easy cash to e-money conversion, and somebody will fill it.

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No, there really isn't.

Before anyone starts turning to cash, you've got to understand that paper checks are entirely unaffected by this legislation. There will be no verifications or validations in place to stop you from sending a paper check someplace and getting it cashed. You could send a paper check to Party Poker on Monday and your bank will happily make good the funds to the Payee as instructed if Party were to present the check for payment.

So at the very very very worst case, the sites that do stay open direct people to get them a check, and they proceed from there. But they don't actually have to do that: there are many actual loopholes around the users having to mail the check: the oldfashioned way pre-EFT, for example: you hand over your account # and routing #, the party receiving the check prints a check on your account and cashes the paper check that they've created. Guess what - your bank will pay that, too. Without blinking in the slightest. That eliminates the mailing time, and lets people deposit right away: the poker site has you enter your details just like they do now, except instead of pulling out the funds EFT which takes 1-3 days they have to present the paper check they created physically, which takes around 7 days to clear. It increases the fraud window for the processor, but they'll live with it.

But that's not even going to be necessary. I said it previously in the ZeeJustin thread, and somewhere else, and I'll say it again here: Neteller is not going away. Because third party payment processors aren't being directly targeted by this legislation. If anything, the vacuum that would be created would be in the event that Neteller does pull out for some reason, there will be a thriving market for offshore third party payment processors who are able to take funds directly from your bank account and then turn around and directly deposit them in gambling sites.

And that's not to mention that in all likelihood regulation of EFTs (aka ACH, aka electronic checks) is probably not going to happen remotely to the extent that anyone here is predicting...