Bank accounts used by affiliates

[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. 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

[helpyou]

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.

[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.

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?

[MichaelCorfman]

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

[ntaus]

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

[mojo]

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

[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

[MichaelCorfman]

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

[bonustreak]

Thanks

[Ziggy]

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,

[igami]

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?

[MichaelCorfman]

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