Q
quads
Rock Star
Silver Level
Has any U.S. players tried opening a European bank account to fund your poker sites? If someone has please explain the process, and if you're happy with it.
Hmmmmmm.....converting dollars to Euro...depositing Euros and converting back to dollars......The exchange rate would eat your money up. The dollar is not worth crap over there.
Hmmmmmm.....converting dollars to Euro...depositing Euros and converting back to dollars......
Isn't that like converting from fahrenheit to Celsius and back to fahrenheit?? It's still the same temperature as long as no one skims a degree or two as a conversion fee.
Sorry JD, but used professor google to see why an offshore account is possibly a very bad idea. From askmen.com:
"Legal issues
If you’re a U.S. citizen, it’s not illegal per se to open an offshore account. If the underlying reason, however, for setting up the account is an illegal act, you might be keeping your money safe, but you could still be in hot water. For example, if you’re accused of tax evasion and you’ve sent the funds abroad, you could still face criminal charges here. The offshore bank account, however, may remain free from the long arm of the law.
Risk
When you bank in the U.S., you can be secure in the knowledge that your money is insured by the government. No such guarantees exist with offshore banks. In other words, a country could have a coup or a natural disaster or an accounting scandal one day and all the money could be gone the next. Furthermore, you could find yourself scammed; it does happen. Remember, this is a business built on skirting the law, so you won’t always deal with the most honest people (but that varies by country)."
Doing these things and opening an offshore bank account are mutually exclusive events. I would venture to guess that no more than a very few US players on this site maintain an offshore private bank account. Yet they all seem to be playing poker and some of them winning. I'm sure everyone is also reporting all of their poker winnings on their tax returns already, so is the implication that they would then stop reporting this poker income if they had an offshore account? Oh, wait, they're probably not reporting it now either.Concerns maybe, but wouldn't you be opening the offshore account to basically attempt a string of several illegal acts? Playing online poker in the U.S., not paying taxes on your winnings....etc?
Well, they were acquitted after all, so they must be innocent right?I consider O.J. and Blake innocent of course.