New money processor to start in March

Dark Horse · 01-31-07, 01:45 AM

Good news. One door closes, another opens.

Seattle Slew · 01-31-07, 01:48 AM

Interesting that they are linking themselves to the WTO's fight against the U.S.

707782 · 01-31-07, 02:05 AM

Great news. Hopefully, they would live up to the hype, and provide something that Neteller provide before, it would even be better if they could provide a better service.

jjgold · 01-31-07, 06:59 AM

This could work

marc · 01-31-07, 07:49 AM

as long as you don't withdraw fnds from youteller it's great. FOr those of us just looking for aplce to park funds offshore, it could be an ideal solutuion

VegasDave · 01-31-07, 08:04 AM

Hope this works out, though I'm skeptical.

It feels funny rooting against the USA, but they are dead wrong on this issue

rara51 · 01-31-07, 08:16 AM

Originally posted by jjgold

This could work

jj are you sure they even will accept US clients? wont they have the same issues that neteller is having with efts/ US BANKING? they also charge 1.00% FOR ALL DEPOSITS AND WITHDRAWLS!

GPC · 01-31-07, 08:45 AM

I believe this company is classified as a "Small E-Money Issuer".

This means each customer can hold a maximum of 150 Euro (approx US$ 195) in their E-money account.

chano · 01-31-07, 08:54 AM

Will the US gov tell the banks not to accept transfers to this e-wallet?

bigboydan · 01-31-07, 09:29 AM

Originally posted by chano

Will the US gov tell the banks not to accept transfers to this e-wallet?

My guess would be in due time they will, but who really knows what to think anymore about this stuff anymore.

Seattle Slew · 01-31-07, 11:31 AM

That's a key stipulation. Where did you read that?

Originally posted by GPC

I believe this company is classified as a "Small E-Money Issuer".

This means each customer can hold a maximum of 150 Euro (approx US$ 195) in their E-money account.

magpie · 01-31-07, 11:36 AM

Originally posted by Seattle Slew

That's a key stipulation. Where did you read that?

PDF here: http://www.fsa.gov.uk/pubs/other/elm_8_annex1g.pdf

"I'm not gonna tell her! Youteller!"

Sam Odom · 01-31-07, 11:41 AM

Proceed with caution

Tchocky · 01-31-07, 12:01 PM

You Teller won't do any of us any good unless all the major offshore books utilize them. Any news on any offshore books planning to use them?

Seattle Slew · 01-31-07, 12:07 PM

Story just broke last night, so who knows where this is headed. I often go to Google News and type in "neteller" and you'll get the latest news on that case and anything else breaking, because Neteller is mentioned in every story and comes up with the search.

Bill Dozer · 01-31-07, 12:31 PM

Most of these places don't control their own future. It all depends on which banks they are using and what their policy is. As soon as any of these start-ups do some volume they can be scutinized and dismantled by their bank. That's why books are having a hard time paying players now. They can't send a years worth of volume through Money Gram in three months and expect it to be available in a year.

tblues2005 · 01-31-07, 02:35 PM

Bill,

Does that depend on what country the bank is out of, I would say if it was a bank in one of the countries where they can't arrest a person and send them back to the United States, like Argentina, Brazil, or Cuba.. etc. Those countries could use the business and tax revenue from an operation like this and I think that is where this might be leaning towards in the future. I think it will take some time and some money to be invested into this before it will work. I think the books will eventually find a way to make it work, even if they have to deal with countries like this.

jjgold · 01-31-07, 03:17 PM

Looks like this place is a waste after doing more research, Banks will block it.

ourbet · 01-31-07, 10:34 PM

Originally posted by Sam Odom

Proceed with caution

FWIW, Youteller just looks a little too rinky-tinky for me and whilst I know one should 'never judge a book by its cover', I think this is indeed salient advice from Sam.

Checkerboard · 02-01-07, 01:52 AM

Anglo-American finance relationship got off on the wrong foot at the tea party.

Bill Dozer · 02-01-07, 11:52 AM

Originally posted by tblues2005

Bill,

Does that depend on what country the bank is out of, I would say if it was a bank in one of the countries where they can't arrest a person and send them back to the United States, like Argentina, Brazil, or Cuba.. etc. Those countries could use the business and tax revenue from an operation like this and I think that is where this might be leaning towards in the future. I think it will take some time and some money to be invested into this before it will work. I think the books will eventually find a way to make it work, even if they have to deal with countries like this.

I’m no expert on banking but speaking from my observations I would say yes. I don’t think a processor using a Canadian bank had a chance. I thought Lloyds in the UK with more liberal policies than Barclays might not cave but no UK bank wants to risk their current business or investor interest. The challenge is to find a bank that doesn't mind being out of line with US law. Once a bank is servicing an e-wallet that is big enough to be on the radar it will be viewed as facilitating gambling transactions.

A lot of people didn’t realize how major banks like Natwest tie together with US banks. If a small bank starts servicing a Neteller, most of its volume would be the result of gaming and it would probably get shut off the same way Neteller did. Neteller was supposedly licensed as a UK bank by itself. I don’t think we will see another Neteller type outfit until a major bank commits to servicing it. From this point on, when we see a new processor brand, we should ask one question...Whos your bank?

Right now the books can use all the processing options that aren’t exclusively used for gaming like Egold, Money Gram and **, Int. Money Orders and Checks. These are efficient methods but they limit the books to how much they can push through them. They don't want to get pulled like the ** office in Nicaragua. ** is not going to watch that kinda money go through third world countries without looking into it. So, the books have a bottleneck to deal with because of all the Neteller and EFT stuff so once things calm down it should get easier to get your money. The industry will have to get creative on deposits with things like NUcharge and keep switching it up. Smaller players used to withdrawing their money on Tuesday morning and putting it back on Friday need to plan on settling monthly.

new2betting · 02-01-07, 07:44 PM

Based on the YouTeller fees, how can they make money?

It is not clear whether they take non-UK clients.

How do non-UK based clients withdraw money? It just states UK bank account.

And they are on youtube too

new2betting · 03-01-07, 10:14 PM

Any news on this?

ferndog · 03-02-07, 12:44 AM

I heard somewhere that the guys opening this up worked with neteller before.

Seattle Slew · 03-02-07, 01:48 AM

Wouldn't touch them for anything. Lots of conflicting information posted.

pags11 · 03-02-07, 04:52 AM

hopefully, it'll be as good as neteller was...

VanWilson · 03-02-07, 09:31 AM

"We have no overseas branch in a NAFTA-country like Neteller or Citadel, so we are not affected by US legislation," underlined Schweitzer. YouTeller is part of an international lobbying task force that works on the issue 'worldwide online payments' with the World Trade Organisation (WTO) and the European Union.

So how can they take money out of a U.S. bank account? Only a U.S. company can process an eft. No credit cards, no electronic checks, so I guess funding will be interesting.

JoshW · 03-02-07, 10:47 AM

Good writeups Bill. Have to agree.

I keep thinking someone could setup offshore and only take deposits and withdrawals from books, but still act like a middle man like Neteller. But in reality, even if something like that could be setup, it would likely only be servicing they kind of clients books don't even want like scalpers, whores, and diehards.

So I guess we are stuck with checks and person to person for now, and I wouldn't be surprised to see ** and Moneygram eventually become very difficult to use options that might even eliminate them as an option.

increasedodds · 03-02-07, 11:56 AM

It would seem the next company to do this should bank out of the Bank of Antigua... They are a great bank and why not hide behind the WTO. It would be very difficult for the US to arrest someone working in Antigua.

Another option would be a company that buys and sells (Trades gold)... Rather than moving cash, move gold to and from books or other merchants. This puts one more line between US banks and the books. How can the US gov tell banks that they can not send funds to buy or receive funds for selling gold.... Books could then keep balances in gold - easily converted to any currency. And worse case scenario the processor could just fedex out gold..

Sean

jjgold · 03-02-07, 12:27 PM

I would never use any new funding methods, all scams

Seattle Slew · 03-02-07, 02:21 PM

Here's the problem. They say that, then in another statement say their lawyers are analyzing the US legislation.

From another recent story:

Schweitzer confirmed that his company intends to enter the US gambling transaction market, but added that he had not yet revealed the detailed plan to the FSA. “We have the ability to do that, but we have to wait until we receive the advice of our legal advisors,” he said.

They sound real sure of themselves?

[QUOTE=VanWilson;230129]"We have no overseas branch in a NAFTA-country like Neteller or Citadel, so we are not affected by US legislation," underlined Schweitzer.

moonbeam · 03-02-07, 03:11 PM

why don´t you use moneybookers?

dialilas · 03-02-07, 07:46 PM

moneybrookers is good also