Poker
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Would anyone be interest in a professional poker funds transfer site?
Using**, Pokerstars, UB, and a few others....
thanks :)
Using**, Pokerstars, UB, and a few others....
thanks :)
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Replies: 45
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Put up some more details.
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I mean is there a market for it?
I have a site ready to go, soon to launch just wanting to know if it would be a success or the demand was big in your opinion(s)... Transfers would be within 3 hours between any sites which do transfers, just a small fee taken (from the transfered funds, a base rate) thanks |
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no chance this works with stars.
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Well.
If you can find a way of getting funds out of** in sterling without being ripped of by a bank on the exchange rate, I would definitely be interested. (I don't know if that's part of what you meant, apologies if it isn't) |
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I think there is likely a market for it. Have you looked into the money regulations side of it. If you are doing volume cross sites then I would expect that the sites will be passing on responsibility for various checks (KYC) etc and making you liable as much as they can. This could be more work that you envisage. You may also fall foul of opinion with the US sites if you are transfering off shore in end transaction, maybe. Good luck with it, I hope it works out for you.
Personally I hate giving small % here and there for passing my own money around and I avoid it at all costs, but that is just me and I am likely the minority in that view. |
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TJ thanks its interesting reading.
The sites which allow transfers are already covered for checks...the main site accountant has accounts set up with all the poker sites etc |
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Chop, you can open a $ account with most banks. HSBC and Barclays for definate. You then withdraw and deposit in $ and switch to stering as and when the rate is favorable at a reasonable rate with your bank or use crown for very close to spot rate if it is a reasonable amount.
Some banks charge £10 per month to have the $ account, others will waive this dependent on balances and number of transactions. I think Cater Allen, (part of Santandar) does it free, but that might be for business customers only. |
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If the site gets a professional following, it would be pretty instant transfers from any poker site which allows transfers to another poker site...
Plus there will be discounts via my other site (horse racing site giving free tips) thanks for your thoughts |
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Paying devils advocate here but...
Stars for example check your ID and are happy that you are the same person that the money is going back and forth. They have no control over someone using your service to pass money to another on a global basis and I would think they would either refuse or want complete protection from your onward transaction. You are the only entity to know that the person is the same person on both accounts. Your service could be open to laundering and fraud quite easily in theory. Not trying to be negative, but this would be a huge part of my diligence if I was going into it. I hope it is no issue but do go in with your eyes open. |
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TJM, appreciate the thought, but the idea of paying a monthly fee would put me off, especially as I would also have to pay to get the money as a foreign transfer!
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TJ you have some fair points. I will look into this further...as I said if I do go ahead with the launch there will be many offers via my other site.
thanks |
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Chop, they are usually called multi currency accounts and if your holding a reasonable amount, say £5K minimum. then it is quite easy to switch between currencies using forecasting services as a lazy guide and make a few quid that way which easily covers the monthly fee. We are not talking high end FX trading here btw.
The sites should not charge you for depositing and withdrawing in $ either. Definately not if opening the account in $. It all depends on the amounts and frequencies your talking about as to if it is worth it. |
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Hate to say, however, you are doomed to failure with this.
You may last 2 or 3 weeks at most before booooooooooooooooooom |
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Okay, cheers. Not going to be holding near that amount unfortunately, 1k+ odd or so usually, baring a big win :(
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Why Teeth? Withdraw/Deposit ratios?
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Fingers crossed for the big win then Chop :-)
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Indeed, although the way I am running for the last two months it would seem unlikely!
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You guys on**?
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The issue is that the rooms that do transfers are pretty dam strict. They start seeing money moving around and then being withdrawn and they will just close the accounts. Not of course for one offs, however, once they see a big picture they will flag it up instantly.
They have no option tbh, added to the fact that they also see the bank charges on withdrawals when money is transferred in and then withdrawn. Perhaps if it is just to transfer between rooms and be played it may work, however, even then i think they will flag it. |
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Teeth people transfer millions per day just between accounts.
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Speaking from experience, stars are super hot on this, you get a transfer (of any significant amount), you have to play it shedloads to withdraw, no good just playing a few stts.
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Yes they do, however, setting up a system to do it for people will not be tolerated, i guarantee you! its not the same as a forum that links people.
I struggle to get money out of tilt when its them that paid me let alone anyone else. Seriously, if you want to chat about it hit me up on skype rakebackpro or email me paul@rakebackpro.co.uk i can head you in the right direction for some good feedback and advice from people. Up to you, however, i think you may find a few issues. |
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as i said before this wont work (cba to explain all the reasons but there are like 5) else someone would have done it by now. end of
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Flops correct
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Done 10 transfers of $100 this weekend so far as trials without problems on same acc using**...
But I do take your adviced on board and will look further, thanks guys. |
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Seriously, put the site live and see how long before the ** hits the fan!
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veiled PEOPLE WIN THREAD
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sites do not want money leaving their site and going to their competitors. They don't mind p2p transfers on the same site as you ahve to play it but a transfer to an intermediary like this would be money going off site and so would get flagged. It also has massive fraud and laundering issues that you dont get if the cash is staying on the site cause u have t play it so much to withdraw.
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beckton msn!!!
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Recently, there was a change on our Terms and Conditions regarding Real
Money Transfers. We recommend reviewing section 5.3 Real money Transfers: http://www.pokerstars.com/poker/room/tos/ We are restricted by our licensing agreements in the Isle of Man that prevent us from being able to offer a real money transfer service for a different purpose than playing at the tables. This applies to accepting Real Money Transfers with the intention of cashing out funds. |
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Off to bed, been updating the site.
Just to say, its not necessarily THE option to withdraw funds (as in a wage from doing lots of transefers) ....they could be played with on the site (s) just like normal, but nothing in set in stone. Goodnight guys |
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I think yuo may be better acting as a middleman offering direct swaps, (ie each site gives and receives the same amount), but that also seems more trouble than it is worth at a glance.
As with anything you should follow it through and if it is not going to work you will be richer for the experience and one day one will work out and you will never look back. |
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JIM HENSON IS A TURD YOUR FULL OF USELESS CRAP HOM O
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I resent useless !
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HENSEN SAT WITH HIS COC K IN HIS HAND AGAIN WAN KING OVER SENDING POSTS ON BETFAIR YOU TURD GET A LIFE FOR CHRISTMAS
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can you see me?
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AL SMASH YR FACE IN PEADO DONT THINK YOUR SMART WITH ME
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I am not sure it is possible to be smart with you sir.
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FUC K OFF PEADO YR CARDS MARKED I PROMISE
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