Future Alternative Funding Methods

[1p0kerboy]

Thought I would have some fun and brainstorm some alternative funding methods.

My first idea is that neteller would start accepting cashier checks or money orders. Simply mail it into them. The disadvantage is obviously the time you would have to wait (maybe a week?).

My second idea, should neteller go away, is that the online sites will actually pay for us to have an offshore bank account and go through the process of registering it, etc. I can see it now: $100 reload on Party Poker if you sign up through Citadel Bank in London. Link.

[redbeard]

with the current atmosphere regarding terrorism does anyone know how easy it is to open an account in a country of which you are not a citizen and do you actually have to go to that country or can you open it online? somehow i imagine it is not that easy anymore, but i am by no means an expert. i'd love to hear what others have to say regarding this.

[Uglyowl]

Becoming more and more common though is online gaming sites using misleading MCC's (merchant category codes) for their transactions.

Today, there are a significant amount of gaming transactions happening under the radar through credit cards. The sites are taking a significant risk in doing so, but apparently it is worth it to them.

[1p0kerboy]

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The sites are taking a significant risk in doing so

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How are they taking risk?

[TradeRoute]

US residents can open an account at the Bank of Montreal, which has many locations all throughout Canada. You would have to open the account in person and bring your birth certificate, Driver's ID, etc.

Neteller has told me that they will NOT allow US residents to register a foreign (including Canadian) bank account with Neteller. So, Neteller is out if the Feds successfully block US transactions to and from NEteller.

But, as I see it, why couldn't you just have the poker site send you a FedEx check, then you just deposit it into your Bank of Montreal account? Don't think there would be anything to stop that.

Then, you would just deposit the poker site with with a FedEx cashier's check or money order.

It would be an extra hassle, but I don't know how this new legislation would stop that.

[Uglyowl]

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The sites are taking a significant risk in doing so

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How are they taking risk?

[/ QUOTE ]

Using an incorrect MCC could result in non-payment and/or fines from VISA or Mastercard.

I guess further far fetched could be consumers able to declare the transaction fraud and have a much much better case as the merchant is already starting on shaky ground.

[redbeard]

thanks for the good information trade route. hypothetically speaking what would prevent me, a us citizen, from then opening an account at bank of montreal and then opening a new neteller account using a "fake" canadian address as my address. does neteller look at the bank of montreal account and say hey this guy is american and not canadian? and if they did do that is it possible for me to get a canadian post office box to use as my address linked to my bank account?

[Zele]

Why not just write e-Checks (like igm-pay) directly between your foreign account and the poker site?

[HSB]

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Why not just write e-Checks (like igm-pay) directly between your foreign account and the poker site?

[/ QUOTE ]

That's what I would be doing.

Can you open canadian accounts in american dollars?

[1p0kerboy]

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Can you open canadian accounts in american dollars?

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I'm wondering this as well.

Of course, I'm sure we could open a line of credit through the bank in Montreal. Then we could fund our sites DIRECTLY through our credit cards without requiring the e-wallet.

Just not sure how many losing players will be willing to do this. Instructions would have to be well laid out somewhere.