Why would anyone use the Neteller Debit Card

[AcmeSalesRep]

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But I'm sure the IRS can look into your neteller.

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BUZZZ!! Wrong answer. Think it through and I'm sure you'll figure out the advantage to a NT debitcard.

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Neteller has stated in the past that they will not forward information to the IRS automatically, but they will comply with US banking laws and will forward any information the IRS requests through formal channels...including deposits, withdrawals, and transfers to their debit card.

There is no tax-evasion advantage to the Neteller debit card. Those who believe they are hiding something are deluding themselves.

Acme

[BigBaitsim (milo)]

Because they are foolishly trying to avoid paying their taxes, or so impatient they cannot wait a couple days to get their money.

I have one of these but I've havent yet used it. The only reason I would use it is if I decided to take a long B&M playing sojourn. If you need to have access to working capital ie br of more than $5K-$10K and you dont want to endanger yourself if you are travelling from room to room or state to state I could see it being useful..but I dont really understand the limits of the card yet..

I assume you can make larger ATM cashouts than a typical bank ATM card? is this right

Also if you want to put money back on the card and say you are playing fairly high and dont want to lug around $10K-$20K can you if you choose redeposit funds via an atm machine without excessive fees-this would be very sweet.

[SuitedSixes]

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Why would anyone use this card when it costs money to use it?

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1) The fee is less than the rake I pay to earn said money.
2) Speed.
3) Withdrawal limit of $1000.

[jcx]

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But I'm sure the IRS can look into your neteller.

[/ QUOTE ]

BUZZZ!! Wrong answer. Think it through and I'm sure you'll figure out the advantage to a NT debitcard.

[/ QUOTE ]

Neteller has stated in the past that they will not forward information to the IRS automatically, but they will comply with US banking laws and will forward any information the IRS requests through formal channels...including deposits, withdrawals, and transfers to their debit card.

There is no tax-evasion advantage to the Neteller debit card. Those who believe they are hiding something are deluding themselves.

Acme

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But the IRS first has to realize the Neteller account exists. No year end reporting to the IRS via Form 1099, no paper trail. If you are smart about it (don't fund Neteller through easily traceable means, like from your bank account) it is realtively easy to keep the money that flows to and from Neteller to the poker sites to you off the books. The IRS can't audit what doesn't exist.

I don't want to hijack the thread but I had a question regarding fees. I looked on the neteller website but couldn't find an answer? Are there any fees for transfering money from a poker website to neteller or for transferring money from neteller to your bank using EFT?

[jman220]

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I don't want to hijack the thread but I had a question regarding fees. I looked on the neteller website but couldn't find an answer? Are there any fees for transfering money from a poker website to neteller or for transferring money from neteller to your bank using EFT?

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No and No. Just dont' use instacash, and all EFT's are free for you.

[theben]

instacash= rip = evil

as said above, only eft

[AcmeSalesRep]

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But the IRS first has to realize the Neteller account exists. No year end reporting to the IRS via Form 1099, no paper trail. If you are smart about it (don't fund Neteller through easily traceable means, like from your bank account) it is realtively easy to keep the money that flows to and from Neteller to the poker sites to you off the books. The IRS can't audit what doesn't exist.

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IMO, you give the IRS far too little credit.

Acme
(Has experience with the comparitive amateurs of the US Attorneys Asset Forfeiture division.)

I made my first deposit on neteller using instacash. Does that mean I gotta withdraw using instacash too or I can just use EFT or a check? I mean kindda like how poker sites withdraw to your deposit method.