View Poll Results: What countries do you use for bank accounts?

Voters
35. You may not vote on this poll
  • I'm a US-based affiliate with a bank account in the US

    18 51.43%
  • I'm a US-based affiliate with a bank account in Canada

    1 2.86%
  • I'm a US-based affiliate with a bank account in the UK

    0 0%
  • I'm a US-based affiliate with a bank account outside the US, Canada, and the UK

    0 0%
  • I'm a US based affiliate considering opening a bank account in Canada

    3 8.57%
  • I'm a US based affiliate considering opening a bank account in the UK

    2 5.71%
  • I'm a US-based affiliate considering opening a bank account outside the US, Canada, and UK

    5 14.29%
  • I'm an affiliate based outside the US

    12 34.29%
Multiple Choice Poll.
Results 1 to 12 of 12
  1. #1
    MichaelCorfman's Avatar
    MichaelCorfman is online now GPWA Executive Director
    Join Date
    June 2004
    Location
    Newton, MA
    Posts
    4,182
    Thanks
    859
    Thanked 5,350 Times in 1,730 Posts

    Default Bank accounts used by affiliates

    It is not uncommon for bank accounts in the United States to be closed down if they receive a lot of deposits from online gaming sites. Certainly there is a lot of uncertainty about receiving and depositing payments given recent developments. Some US affiliates have either opened or considered opening bank accounts outside the US as part of their business strategy. Have you?

    Michael
    GPWA Executive Director, Casino City CEO, Friend to the Village Idiot

    Resources for Affiliates: iGamingDirectory.com, iGamingAffiliatePrograms.com, GamingMeets.com

  2. #2
    helpyou is offline Public Member
    Join Date
    June 2006
    Posts
    830
    Thanks
    8
    Thanked 5 Times in 5 Posts

    Default

    P.S. I am not American.
    I don't want to go off-topic than I'll very few. I think that this law'll be not very helpfull. I think this law'll be similar to that of alcohol.
    In U.S.A. there was a law against alcohol but there was more alcohol after the laws that before. With law against Gambling, The U.S.A. lost vey things. One clear example to have less money in U.S.A. bank as say MichaelCorfman.
    Last edited by helpyou; 31 January 2007 at 3:11 pm.
    The site www.onlinexcasinos.com has all the information that an online casino gamer needs. Information on the best online casinos . Read the casino game rules, history and gaming strategy of all online casino game. Read the software and payment option review. Online flash casino.
    review exchanges with websites about casinos on blog.onlinexcasinos.com.

  3. #3
    Doolally's Avatar
    Doolally is offline Private Member
    Join Date
    February 2003
    Location
    Scotland
    Posts
    4,583
    Thanks
    479
    Thanked 731 Times in 572 Posts

    Default

    It's all very well a US affiliate having a bank account abroad but surely at some point they have to take their money into the country and pay their taxes on it.

    With this in mind, does it make any difference where the account is held? I suppose an offshore company paying someone for "consultancy" work would get around this though?

  4. #4
    MichaelCorfman's Avatar
    MichaelCorfman is online now GPWA Executive Director
    Join Date
    June 2004
    Location
    Newton, MA
    Posts
    4,182
    Thanks
    859
    Thanked 5,350 Times in 1,730 Posts

    Default

    Quote Originally Posted by Doolally
    It's all very well a US affiliate having a bank account abroad but surely at some point they have to take their money into the country and pay their taxes on it.
    For a cash-basis taxpayer, taxes are owed on income once payment is received independently of whether the money is deposited into a US or foreign account. So tax savings is not a reason to operate an offshore account.

    Banks can choose to "fire" their customers, and they sometimes do that when they view that a customer is having a lot of transactions they are uncertain about, even if those transactions are completely legitimate. And I understand that some online gaming businesses do not like to deal with depositing money into US accounts. And some businesses like to have an overseas presence, if only in the form of a bank that is local for their customers. An affiliate might consider having an overseas account for many reasons including these.

    Michael
    GPWA Executive Director, Casino City CEO, Friend to the Village Idiot

    Resources for Affiliates: iGamingDirectory.com, iGamingAffiliatePrograms.com, GamingMeets.com

  5. #5
    ntaus's Avatar
    ntaus is offline Public Member
    Join Date
    September 2002
    Location
    Vero Beach, FL, USA
    Posts
    1,295
    Thanks
    149
    Thanked 50 Times in 30 Posts

    Default

    I'm about ready to move my sites to the UK and set up an overseas mailbox, but can't go ahead until I get the money sorted out.

    Casinos are writing to ask how I want to be paid and I don't know what to tell them.

    Setting up an overseas account is not easy. Look at all you went through, Michael, in the UK. I'm a British subject but couldn't provide all that documentation. Any other country is going to give us a similar hassle.

    I still haven't looked into Offshore Banking yet but it just doesn't feel solid for some reason. I understand that it's expensive to set up and then who knows how safe the money will be.

    Seems to me Mr Yook has the right idea just moving out of the country - but we can't all do that.

    Between a rock and a hard place...

    ntaus

  6. #6
    mojo's Avatar
    mojo is offline Private Member
    Join Date
    March 2005
    Posts
    4,985
    Thanks
    1,933
    Thanked 1,883 Times in 1,222 Posts

    Default

    Setting up an overseas account is not easy. Look at all you went through, Michael, in the UK. I'm a British subject but couldn't provide all that documentation. Any other country is going to give us a similar hassle.

    I still haven't looked into Offshore Banking yet but it just doesn't feel solid for some reason. I understand that it's expensive to set up and then who knows how safe the money will be.
    My sentiments as well ntaus. It is just not feasable right now. I am now on a "wait and see" mode and will utilize the current payment methods. I am hoping for something creative and legal to replace neteller. I see some encouraging things that will take time. Meanwhile, I believe patience and understanding for affiliate programs and casinos are helpful. They too are between a rock and a hard place.

    We just don't know what we will wake up to in the morning!

    Hanging in,
    Mojo

  7. #7
    bonustreak's Avatar
    bonustreak is offline Private Member
    Join Date
    March 2006
    Posts
    495
    Thanks
    610
    Thanked 267 Times in 148 Posts

    Default

    Is there a thread that details your problems getting a UK account? I would consider flying back to do that, anyway you can list what items were needed please or pm me this info, thanks

  8. #8
    MichaelCorfman's Avatar
    MichaelCorfman is online now GPWA Executive Director
    Join Date
    June 2004
    Location
    Newton, MA
    Posts
    4,182
    Thanks
    859
    Thanked 5,350 Times in 1,730 Posts

    Default

    Quote Originally Posted by bonustreak
    Is there a thread that details your problems getting a UK account? I would consider flying back to do that, anyway you can list what items were needed please or pm me this info, thanks
    There is a thread in the private forums that outlines my findings about opening a UK bank account. You can find my post here: https://www.gpwa.org/forum/showthrea...126#post476126

    Michael
    GPWA Executive Director, Casino City CEO, Friend to the Village Idiot

    Resources for Affiliates: iGamingDirectory.com, iGamingAffiliatePrograms.com, GamingMeets.com

  9. #9
    bonustreak's Avatar
    bonustreak is offline Private Member
    Join Date
    March 2006
    Posts
    495
    Thanks
    610
    Thanked 267 Times in 148 Posts

  10. #10
    Ziggy is offline Private Member
    Join Date
    March 2005
    Posts
    944
    Thanks
    102
    Thanked 27 Times in 26 Posts

    Default

    I have been toying with an offshore bank account as well. At some point, U.S. banks will just not accept deposits for gaming.

    That being said, I am hopeful to find a solution together.

    Thanks,

  11. #11
    igami is offline Public Member
    Join Date
    August 2005
    Location
    usa
    Posts
    48
    Thanks
    2
    Thanked 6 Times in 4 Posts

    Default

    Quote Originally Posted by MichaelCorfman
    It is not uncommon for bank accounts in the United States to be closed down if they receive a lot of deposits from online gaming sites.
    Wohhhhhh. Are you serious? Are american affiliates/marketers and their referred players in danger of having their USA bank accounts locked and/or closed entirely? Futher what are you basing the "not uncommon" comment on?

  12. #12
    MichaelCorfman's Avatar
    MichaelCorfman is online now GPWA Executive Director
    Join Date
    June 2004
    Location
    Newton, MA
    Posts
    4,182
    Thanks
    859
    Thanked 5,350 Times in 1,730 Posts

    Default

    Quote Originally Posted by igami
    Wohhhhhh. Are you serious? Are american affiliates/marketers and their referred players in danger of having their USA bank accounts locked and/or closed entirely? Futher what are you basing the "not uncommon" comment on?
    I'm definitely serious. Most companies don't tell others when this happens. I know of one company that had it happen within the last week, and I know of another company that had to do a lot of fancy footwork to prevent it from happening a couple months ago. I don't know that it is a significant danger for smaller businesses or for players - the companies I know about were dealing in annual amounts in excess of a million dollars.

    Michael
    GPWA Executive Director, Casino City CEO, Friend to the Village Idiot

    Resources for Affiliates: iGamingDirectory.com, iGamingAffiliatePrograms.com, GamingMeets.com

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •