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Offshore Banking Legislation -Attorney Owens

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  • Offshore Banking Legislation -Attorney Owens

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  • #2
    This is an interesting topic. Do you think this will affect the gaming industry in some form? Also, if you would like to read a fascinating article, check out the new issue of WIRED magazine with the Japanese animation cover. There's a 3 page article in there devoted to PAYPAL. Very interesting article. It explains how paypal will transform the payment industry and how it will be the de facto online payment method in a year or two. It is causing a major stir in banks because everyone is shifting their money to paypal accounts and paypal transactions can go out virtually anonymous if one intended so. Most of the major books accept paypal now which is awesome. This is a must read article for fans of offshore banking. Wish I had a way of putting it online for everyone to read.

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    • #3
      SWEET, I found the article online. Here it is:
      http://www.wired.com/wired/archive/9.09/paypal.html

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      • #4
        No prob, Jeff. I've always been a big fan of Paypal and I knew this company would start to take off after they acquired rival X.com....I probably would look into buying some shares when they go public. Now with many of the books taking Paypal, it's a great alternative method to transfer money to books. Also, yesterday I started an electronic funds transfer with Paypal. Now whenever I want to wager on a game, I can have it taken out of my bank without any credit card records, mail records of statements....vice versa for a payout. It's almost incognito, that is until the GOV steps in, if they ever do. But Uncle Sam will have a tough time trying to prove that Paypal is a bank because in essence , they are an online payment system.

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        • #5
          Are they still a one-way system, allowing you only to deposit at books but not withdraw your winnings?

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          • #6
            Books offer paypal withdrawals as well. It goes into your paypal account and you can request a check from paypal or use they paypal debit card to get money from an ATM.

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            • #7
              Oh my, I have to wait until next month to get my account certified :rolleyes: That's definitely not a good start. How do you rate Paypay when compared to Neteller?

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              • #8
                Cons,

                very crappy if you are talking about that, I am still waiting for that stuff to arrive and that was somewhere between 6 months to a year ago - don't think they really give a crap outside North America.

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                • #9
                  Along with numerous advantages offshore bank accounts have, there are some points that make their usage quite inconvenient:

                  1. Despite the fact that many reputable offshore financial institutions (such as HSBC, LLoyds TSB, Barclays and many others) claim that "offshore bank accounts are for everybody", this is not true. They place minimum annual income restriction that is usually placed to open offshore bank account is that a person must have annual income of $20,000;

                  2. Secondly, offshore banks require their customers to keep certain minimum balance on their offshore account. Usually something like 5000 euros or $10,000. Quite painful, isn't it?

                  3. Offshore bank accounts tend to have high fees.

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