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  1. #1
    Malikbhai is offline Public Member
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    Default Best Banks and their locations for Gambling Affiliates

    Pertinent to a related thread by Sherlock - https://www.gpwa.org/forum/closed-ba...ng-245573.html - thought there should be a thread that can advise the names and locations of best banks (offshore included) that don't have problems with gambling related income.

    A lot of you simply don't mention gambling income, but at some point larger affiliates will and do get questioned regarding $xxx,xxx wire transfers coming in from offshore jurisdictions used by gambling sites.

    For me Standard Chartered and Hellenic Bank have always been cooperative.

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  3. #2
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    I do not intend to kill this thread and I admire your honesty, really! But I will not contribute much into this thread, because more affiliates => more problems => more accounts closed. I am perfectly happy to be the sole affiliate of my bank.

    During my hectic search for another bank I got however a hint from Malta. Sparkasse is willing to accept the payments, but you have to have Maltese company. Probably much more banks from Malta will cooperate in this way.
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  4. #3
    Malikbhai is offline Public Member
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    Yup, most in Malta and Cyprus will not have problems, as both countries run on forex, binary, gambling money.

    For example, the founder of playtech and majority shareholder in safecharge (largest cc processor for online gambling industry), Mr. Teddy Sagi lived in Cyprus for years.

    Other jurisdictions are HK and Dubai. Nowadays Seychelles is welcoming every body in the gambling world, and their banking system is robust as well as adaptable. Least questions are asked.

    I could go on...but like Sherlock mentioned; being zipped on this one is probably the best approach.

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    Quote Originally Posted by Malikbhai View Post
    Other jurisdictions are HK and Dubai. Nowadays Seychelles is welcoming every body in the gambling world, and their banking system is robust as well as adaptable. Least questions are asked.
    For now.. but in the end all of these zones get nailed eventually, Caymans, Belize, Panama, Swiss, Costa Rica were all pulled into the OCED regulations closing many accounts and tightening up security,

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    Jokerman99 is offline Private Member
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    Actually a lot of Maltese banks won't work with gaming (HSBC and BOV the 2 biggest are unlikely to accept you). Likewise, if you do anything with crypto, you will have a very difficult time getting that money into a Maltese bank account.
    Buying websites. PM me if you have anything sending 200+FTD per month for sale.

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    BOV has special rates for gaming business related companies (higher) and for casinos itself (much higher). Into some extent they must be doing gaming business. I was refused by them.
    We are all bloodsucking ticks, hungry, devious
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    They do have legacy gaming clients (us included), but are very selective on new accounts these days.
    Buying websites. PM me if you have anything sending 200+FTD per month for sale.

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    I've had no problems opening a bank account at Sata Bank and I know people that are having an account at BOV. I think it depends also a bit on who's your accountant/middleman in Malta. Without middleman and without Maltese company, I think it will be a difficult one.

    I think it's everywhere like that. Bells are ringing where ever if the ubo is from country A, his company from country B, he lives in country C and he wants a bank account in country D. Banks are not going to risk that, especially if it's not about significant amounts of money. It's a difference if you're a super affiliate based in Malta asking for an account at a Maltese bank or if you're based in (for example) UK, have a company in Belize and want a bank account in Malta.

    I see quite some payments coming in from countries like The Netherlands and Germany. If they accept affiliate programs based offshore, perhaps affiliates are having a chance. ING might be worth a try.

    Offshore a bunch of banks are accepting, but expect high fees and poor service.

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    Significant amounts of money are double edged sword nowadays. Especially in EUR currency with negative interest rates banks lose with them and the higher are balances the more they lose in this perverted economy.

    I understand that they must make money somehow, so the direct fees are important, unless you are some other source of income for them. At one bank I have a deal with them that I really hate: I have to buy some stupid bonds of certain % of my holdings. I am trying to get rid of any excessive EUR instead and make saving accounts / fiduciary deposits in other currencies like USD/AUD/GBP, which at least do not cost the bank anything and they have income from it.
    We are all bloodsucking ticks, hungry, devious
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    I've read somewhere else that it's extremely difficult to get anything opened in Cyprus unless you're a local AND you have a local company AND you do something that the KYC guy in the bank can slightly understand. Just too much hassle to deal with and too much pressure from international regulations.

    Malta could be fine, smaller countries may be fine. Most regular banks want to see and understand that you have some ties to their country - you are a citizen / resident / you spend time there. Faking it often doesn't help at all.

    I wouldn't even try Standard Chartered or HSBC (in any country) unless you are ready to deposit a huge amount and you have a huge turnaround. From what I know, they want to reduce dealing with SMEs, let alone gambling affiliates.

    On a related note - the Bitfinex exchange has huge problems with banks, they changed their bank & country already five times this year.
    So if you're interested, you can check who they are banking with. If they accept Bitfinex which is shady AF, they shouldn't have problems accepting a legit online marketing company.


    Quote Originally Posted by Malikbhai View Post
    Yup, most in Malta and Cyprus will not have problems, as both countries run on forex, binary, gambling money.

    Other jurisdictions are HK and Dubai. Nowadays Seychelles is welcoming every body in the gambling world, and their banking system is robust as well as adaptable. Least questions are asked.
    I would be sceptical about opening foreign company accounts in places like Hong Kong, Dubai - unless you're local resident, I think they will either reject you or they will require large minimum deposits. And if you think that Seychelles are safe and/or anonymous in 2018, then you are very wrong.

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    I agree that many banks prefer to have other currencies than EUR, but I think the estimated amount plays a role in the decision of the bank. The same thing with private foreign accounts. If amounts are too low, they close it nowadays.

    About Cyprys I can agree. I've tried there once, and it was quite a hassle with Skype conversations and stuff. I've heard from some people living there that they had accounts blocked. I suppose most Cypriotic companies there are having an account outside Cyprus. In Latvia, it was the same problem, although the middleman told before it's not a problem.

    Problem with a lot of middlemen operating 'exotic' is that in the end, they know nobody either and they're more vendors than good advisors. They want to sell an LTD in some jurisdiction and answer your questions with what they think you want to hear.

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    Malikbhai is offline Public Member
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    Piraeus bank cyprus (now astrobank) did block my account back in 2017; but had very little money there.

    Been doing considerable business with SCB and HB since 2000; so that could be the reason they haven't touched me for now. Another reason could be that gambling promotions only makes up 15% of the network. I basically run a marketing network, where gambling sites have their minority share.

    HSBC was never a deal. They got alerted when an above average figure amount came in after just 30 days of opening the account; from an offshore casino. The b*stards closed my account within the next month, and mailed over the check.

    Nothing is perfect. We'll have to make do to what's out there.
    Last edited by Malikbhai; 16 August 2018 at 9:45 am.

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    Banking as a gambling affiliate is a pain and I have no solid solution but some places I do bank include;

    Hong Kong (setting up a HK corporation is a little pricey, but once set up then getting a bank account created is a pain but useful. Took a while but I do some of my more mainline accounting through here)
    Malta (not as hard to set up an account, and you need a presence of some kind there but fairly friendly to banking)
    UK (do this as a business and report your taxes and should not be a big issue)
    Philippines (personal banking done to cover bills but I have no trust in the banks and they hate processing USD, quite backwards in banking and still use passbooks when dealing with your account)
    Panama (was great for banking but now not as great but still worth doing banking and as long as you do proper accounting a great place)
    Costa Rica (previously did banking but not much experience now with this market)
    Curacao (ok for banking)
    Isle of Man (they closed my accounts for no reason but was good while it lasted giving me the benefits of a first world bank while living abroad)
    Simon Eaton - Online marketing consultancy with 20 years experience

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  19. #14
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    Cyprus is definitely not to place to go for affiliates. I had accounts at Hellenic & Bank of Cyprus, and both shut me down when I started to make 6 digits.
    Second thing in Cyprus, your earnings are safe up to 100k. In case of a financial crisis, the governments has the right to cut a part of your savings above 100k. Good luck with that.
    Now I have an account in Ireland & Czech republic. So far its ok but they both have issues when incoming payments are coming from countries out of the SEPA zone especially if its "tax heaven countries" like Isle of Man, Belize, Costa Rica...

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    The 100K limit (max) is everywhere. Once the sh1t hits the fan in Europe I do not think it stops in the South this time (but indeed it is more risky there).
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

  22. #16
    Malikbhai is offline Public Member
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    Quote Originally Posted by Mikew View Post
    I had accounts at Hellenic & Bank of Cyprus, and both shut me down when I started to make 6 digits.
    They haven't shut me down, just yet, but then non-gambling affiliate payments to that account hold majority. But, like many others my luck could run out any time.

  23. #17
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    Quote Originally Posted by Mikew View Post
    ...the governments has the right to cut a part of your savings above 100k...

    In US, provided the bank is the member of FDIC; it's 250k. Most commercial banks can manage so much insurance on retail accounts.

    Getting a car insurance on Ford fiesta is possible. Not easy for veyrons.

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    Quote Originally Posted by Sherlock View Post
    The 100K limit (max) is everywhere. Once the sh1t hits the fan in Europe, I do not think it stops in the South this time (but indeed it is riskier there).
    The 100k limit everywhere is the amount up to which you (as a private person) can get your money back in case of a bank enters in bankruptcy. This is per person per account.

    Cyprus before confiscated savings from account holders. They took almost half of the money above € 100k.

    That makes Cyprus proven untrustable.

    In general, I think it's tricky to put a lot of money on accounts in small countries with a relatively small economy compared with their financial sector.

  25. #19
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    I am talking about macroeconomic future of Europe. The 100K limit (it is per person per bank not per account sadly) will probably hold, but the amount of countries that will be affected by the next crisis will be greater. I do not see for example Italy less risky than Cyprus atm. And since all banks and EU economies are connected, nobody (like Germany) will be safe once the crisis comes.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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    It depends on how huge the crisis is. In case of a complete meltdown, your money is safe just cash at home. But in the case of a local problem, I would prefer to have it not in an economy that is quite small compared with the assets on bank accounts. Assets that were in Cyprus mainly of foreigners.

    100k per person per bank is right indeed. It might be less riskier to spread capital on more than one bank.

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