How Are People Getting Big Money Off Poker Accounts?

[deadmoney19 0]

If it is illegal for a US bank to accept a transaction from an overseas poker poker site, how are the big online names getting this money out of their accounts? Do they have bank accounts in the Caymans and then declare that account for taxes? or are they doing it some other way?Just curious if anyone knows

[no not baxter 0]

If it is illegal for a US bank to accept a transaction from an overseas poker poker site, how are the big online names getting this money out of their accounts? Do they have bank accounts in the Caymans and then declare that account for taxes? or are they doing it some other way?Just curious if anyone knows

looool cashing out

[BeaverStyle 1]

Pokerstars check cash-outs seem to work... hope to be making another withdrawl soon :-D

[HubDub04 0]

Bank wire, checks, the now defunct epassporte.I get a check from stars and/or FTP probably 1-2 times a month if i'm playing lots of cash games and my banks have no problem with them.I know plenty of guys who have wired amounts ranging from $10,000- $300,000 off of sites with no problems, just make sure you pay your taxes because when accounts get large sums of money, sometimes the banks fill out reports for the IRS to investigate and some can get audited.

[SilentButDeadly3 0]

I know plenty of guys who have wired amounts ranging from $10,000- $300,000 off of sites with no problems

WTF?!?! You know plenty of guys who take $300k off sites regularly?!?!?!

[deadmoney19 0]

Bank wire, checks, the now defunct epassporte.I get a check from stars and/or FTP probably 1-2 times a month if i'm playing lots of cash games and my banks have no problem with them.I know plenty of guys who have wired amounts ranging from $10,000- $300,000 off of sites with no problems, just make sure you pay your taxes because when accounts get large sums of money, sometimes the banks fill out reports for the IRS to investigate and some can get audited.

cool, i just didnt know how serious banks were taking this whole UIGEA thing

[BeaverStyle 1]

WTF?!?! You know plenty of guys who take $300k off sites regularly?!?!?!

Yeah, definitely not regularly, I don't think so..

[HubDub04 0]

I know one guy that I chat with on AIM who playes nosebleeds on FTP but i'm not at liberty to say who it is or what his screename is (for obv reasons) but last week he pulled $250k in profit off of FTP. It was his biggest one to date. He tells me that guys like Townsend, Durrr, Hastings, Patrik, Benyamine, etc all pull hundreds of thousands of dollars if not millions off weeks at a time if they are playing a lot.

[freak2304 0]

I'm guessing most of the name pros, especially the ones sponsored by the particular site, don't have to go through nearly as many bells and whistles as Joe Schmo does, as well. Obv.

[finztotheleft 0]

I'll take "problems I don't have" for $500, Alex

[Adam Junglen 0]

I've never had a problem with wiring out of PS. It takes 3 days or so, and the minimum withdrawal is 20k.Same with FTP, but if I want to withdrawal a smaller amount, the "Bank Transfer" works in 3k increments and ships to my bank acct in 10 days.

[Merby 3]

I'll take "problems I don't have wish I had" for $500, Alex

FYP

[HubDub04 0]

I've never had a problem with wiring out of PS. It takes 3 days or so, and the minimum withdrawal is 20k.Same with FTP, but if I want to withdrawal a smaller amount, the "Bank Transfer" works in 3k increments and ships to my bank acct in 10 days.

Really? I thought it was $10,000 min for wire transfers.I wired out $13,xxx last summer before the WSOP so I could have extra money for tourney buyins and i'm sure they said it was 10k min.Anyways yea, for large amounts on FTP/Stars its always smart and quick to just wire the money.