Offshore bank account...

[CWilly]

Apologies if this in the the wrong forum...but I couldnt find a better place for the post.

As I live in the UK and play online in dollars, it would be highly beneficial to me to set up an offshore account in USD to negate the exchange fee's that I have to pay at the moment. I am also planning a trip to vegas in the summer and the number of times that money would have to be exchanged between getting it from my neteller account, taking the cash to vegas and then back again would be ridiculous.

However, when browsing the application form of the US dollar offshore account that my current UK bank provides (Lloyds TSB) it is mentioned that official confirmation of yearly income is needed. I cant think of any way that this could be acquired.

So my question...has anybody set up an offshore account? And if so, how did they get around the whole income confirmation thing?

Cheers,

CWilly

[ohnonotthat]

Do you have a Neteller ATM card ?

If not, get one.

If yes, I think Neteller will allow your balance to exist in almost any currency you wish - thus allowing you to make withdrawals in USD though probably only when you are in the U.S. unless there are ATMs in the U.K. that dispense dollars.

I have no idea what is meant by confirmation of yearly income (who wants confirmation - Lloyds, the Yank bank, both ?)and am therefor unable to understand why this info would be something you couldn't gain access to.

- I assume you meant YOU could not acquire this info.

If you can clarify this I'll see what I can do to help.

*

Best wishes,

- Chris

[CWilly]

I should have stated in the initial post that i'm a student and therefore, poker winnings is my only income. Lloyds need one of the following documents:

* Recent six months consecutive active bank statements - original or certified copies
* Latest three months formal payslips - original or certified copies
* An original letter addressed to Lloyds TSB from your employer on formal company headed paper confirming your earnings.

My cash has been floating around in cyberspace so the bank statements is out of the question and obviously the other 2 arent viable as a poker player.

A neteller ATM card could be an option, although i'm not sure how much i trust it(reliabilty rather than security).I would also idealy like an interest earning dedicated poker bank account that i could seperate from my other money.

[Ryan11]

the Neteller ATM converts it to your countries currency. Atleast that's how it works for me in Canada. I have a USD Neteller Acct but when i put money on the ATM card it converts it to CAD on their site. I've talked with them and they said there is no way around it.

[Hosayif]

I dont know where i heard this, but i heard that they dont tax gambling winnings in the UK.

Your correct,there is no tax payable on any gambling winnings for UK citizens.

[AaronBrown]

In this circumstance, I don't recommend trying to get an offshore account. The problem is that the income verification regulations are designed to stop money laundering. While your income comes from poker winnings rather than drug trafficking, extortion or supplying explosives to terrorists; from the government's point of view, any undocumentable income is suspect. My guess is any documentation you supply will look suspicious, and will get you investigated. Although the investigation will not turn up anything illegal, the penalties for the bank (and for government employees as well) for being wrong are so large, that you'll probably be turned down anyway.

The offshore banking havens were designed for people like you (only richer ones). The idea is you just set up the account and don't tell the UK regulators. That's usually illegal, or at least dubious, but some people don't care. The idea of an offshore account through a UK-regulated institution seems contradictory.

Since you have an account now (London) and aren't looking to open an offshore account for illegal purposes, why don't you sit down with an officer of the bank and explain what you want to do?

If I'm understanding correctly, you want the funds (USD) available when you're in the US. You'd like access to them without paying exchange fees. If the London bank values your account I'd think they'd be interested in helping you. Maybe there's a way around the income verification. They very well may have a working relationship with one of the offshore banks.

Of course it may be totally different today, but the exchange fees banks used to charge were strictly for handling. They weren't a source of profit. They offered the service because their customers needed it. If that's still true, that should work in your favour.