Plans once the Ban occurs...Offshore Bank Account?

Bco1/75 · #1 10-09-2006, 03:25 PM

So what are everyone's plans once a ban does go into effect? Everyone should be aware that it does not only efect deposits to Poker accounts from your bank, but it also effects deposits to you bank account from poker associated sites. Once a ban goes into effect poker sites and companies that conduct business with a poker site will be placed on the OFAC list. For those who do not know, OFAC is the list of people/companies that banks are forbiden to conduct business with (terroist, drug runners, and other illegals). You will not be able to make a wire transfer or take a check from a poker related site to the bank. Any thoughts? What does it take to get a Carribean Bank Account?

Bco

PS. I am familair with how the OFAC works, because I work for a large Bank.

poorolrich · #2 10-09-2006, 03:41 PM

Whats to stop the U S from bannimng any business with off shore banks that deal with Gaming sites? We already do it for other numerous reasons.

Bco1/75 · #3 10-09-2006, 03:56 PM

It would be a very daunting task to ban a large bank in some place like Europe?

ChipStorm · #4 10-09-2006, 04:09 PM

Bco1/75, it certainly seems possible that Neteller will wind up on the OFAC list, which would complicate matters severely. I have the other angles for playing worked out, but funding could get sticky.

But (to answer poorolrich's question) they can't put EVERYONE on the OFAC list, which is what they'd have to do if they wanted to cut off the flow of funds altogether. Neteller is a juicy target because, as I understand it, they deal only with gaming sites. But the U.S. would face severe repercussions, I would think, if it tried to prohibit transfers to, say, HSBC's offshore unit.

So this is going to wind up being a daisy chain exercise of n steps, where hopefully n is small.

Problem is, from what I've seen on the web so far, opening an offshore account requires disclosure to the Feds, ostensibly for tax purposes, and it's not quite in the realm of Joe Sixpack, expense-wise. I'm not worried about the disclosure part; I pay my taxes. But I'm small-stakes, so the question is is it all worth it.

Google "offshore banking" and go from there and you'll find what I did, but it's looking like maybe $10k to open, and outgoing check & wire charges of maybe $30 per item. (HSBC offshore is a decent starting place but there are others.)

If you see something substantially better than this please post.

Kneel B4 Zod · #5 10-09-2006, 09:47 PM

[ QUOTE ]
Bco1/75, it certainly seems possible that Neteller will wind up on the OFAC list, which would complicate matters severely. I have the other angles for playing worked out, but funding could get sticky.

But (to answer poorolrich's question) they can't put EVERYONE on the OFAC list, which is what they'd have to do if they wanted to cut off the flow of funds altogether. Neteller is a juicy target because, as I understand it, they deal only with gaming sites. But the U.S. would face severe repercussions, I would think, if it tried to prohibit transfers to, say, HSBC's offshore unit.

So this is going to wind up being a daisy chain exercise of n steps, where hopefully n is small.

Problem is, from what I've seen on the web so far, opening an offshore account requires disclosure to the Feds, ostensibly for tax purposes, and it's not quite in the realm of Joe Sixpack, expense-wise. I'm not worried about the disclosure part; I pay my taxes. But I'm small-stakes, so the question is is it all worth it.

Google "offshore banking" and go from there and you'll find what I did, but it's looking like maybe $10k to open, and outgoing check & wire charges of maybe $30 per item. (HSBC offshore is a decent starting place but there are others.)

If you see something substantially better than this please post.

[/ QUOTE ]

this is all true, until some Carribean island decides to become/allow the Neteller of offshore banking.

Bco1/75 · #6 10-12-2006, 11:27 AM

Due the the complexity involved of obtaining an offshore Bank Account, Micro and Small Stakes will be hurt the most where as high limit players can hop on a flight to the bBahamas and open an acount then have it linked to their online poker account. My predictions.

CardCuda · #7 10-13-2006, 01:39 AM

[ QUOTE ]
If you see something substantially better than this please post.

[/ QUOTE ]

Swiss account? A "Swiss Postal Bank Account" is $459.00 with internet banking. I know nothing about these types of accounts I am in the "Joe Sixpack", expense category and researching...anyone have one?

Swiss Account

Wongboy · #8 10-09-2006, 04:39 PM

[ QUOTE ]
Whats to stop the U S from bannimng any business with off shore banks that deal with Gaming sites? We already do it for other numerous reasons.

[/ QUOTE ]

I'm gonna go out on a limb and say that an offshore bank will continue to do business with legal, regulated companies in their home country. If this is the case, then the US govt would have to cut-off all transfers to banks located in countries that allow online gambling.

Won't happen. This would preclude sales to foreign customers and would also force multi-nationals to divest all foreign operations (since they could not fund their expenditutres).

curious123 · #9 10-09-2006, 06:08 PM

[ QUOTE ]
You will not be able to make a wire transfer or take a check from a poker related site to the bank. Any thoughts?

PS. I am familair with how the OFAC works, because I work for a large Bank.

[/ QUOTE ]

Okay, as far as ACHs I can see this, but I thought paper checks were so untouchable? What it do?

malo · #10 10-09-2006, 08:30 PM

What about other payment options, such as Moneybookers, Citadel, or Epassporte?

Epassporte is an offshore Visa debit card based in St Kitts. Would seem very difficult for the US to ban debit cards than can be used for anything. And Epassporte is marketed as a prepaid debit card, and most likely used as such by many holders.

Click2Pay also offers ATM cards.