Pinnacle Bank Wire Safe?

JELLYBEAN · 07-12-09, 10:28 AM

None of these books wires come from "sportsbook" all are set up under shell companies.

StyleQ · 07-12-09, 12:09 PM

Masu, I've withdrawn extremely LARGE amounts of money using bankwire transfer, and I have never had any problems. (I Live in Toronto btw). As Canadians, we should limit withdrawals to under 10K per withdrawal.

Masu485 · 07-12-09, 11:15 PM

thanks a lot guys. that 'shell company' thing is interesting as well. makes sense.

thespeculator · 07-13-09, 08:28 AM

pinnacle says there money bookers limit is 60,000, are they just saying that on the website or is that limit to low

thespeculator · 07-13-09, 08:30 AM

Originally posted by StyleQ

Masu, I've withdrawn extremely LARGE amounts of money using bankwire transfer, and I have never had any problems. (I Live in Toronto btw). As Canadians, we should limit withdrawals to under 10K per withdrawal.

if you did 2,, 10,000 wires in a month, will it cause any problems, and just in case you were asked to explain, what would you say?

StyleQ · 07-13-09, 10:20 AM

Anything 10K and over is automatically reported to the government (which is preferrable to not have happen - but its not the end of the world). Your bank should not interfere with your business as it is a private matter so you can do as many $9500 wires you want in a month, just avoiding going over that 10K. Of Canada's 5 major banks, I've only ever heard problems with Scotia, and even those were few and far between. It is your personal business, and the withdrawal is received from a credible corporation, NOT a sportsbook.

Masu485 · 07-13-09, 10:27 PM

hmm, so let's say i'm with RBC. i'd be able to, (theoretically) withdraw $9500 thirty times per month, and nothing would get reported? but if i make let's say two $15 000 withdrawls it'd get reported?

also, worst case scenario (if it does get reported), would they then expect you to pay taxes on it? or interrogate you about where it came from?

lastly, to the person who said pinny's withdrawl to moneybookers is 60k, that would be amazing, but the problem is to withdraw from moneybookers to the bank account. my limit at MB is 10k every 3 months.

StyleQ · 07-14-09, 03:50 AM

Theoretically yes, nothing would be reported. It is certainly the safest way. Gambling winnings are non-taxable in Canada if it is done as a leisurely activity - however, if it is intended to be your livelihood, then it is considered taxable income. Each case is unique and I strongly advise getting into contact with a tax lawyer if this is your case so as to personally discuss your situation. CA's and CGA's can legally be binded to report any wrong-doing to the government, which you may or or may not have done already.

dealer wins · 07-14-09, 02:55 PM

Quick Q re bank wires.

I use this method to withdraw, and input my details each time I need to withdraw.

God forbid someone managed to get my login details, couldnt they just put their bank details in when requesting a withdrawal, and withdraw my entire balance to their bank account?

Thanks

dwaechte · 07-14-09, 03:01 PM

Originally posted by dealer wins

Quick Q re bank wires.

I use this method to withdraw, and input my details each time I need to withdraw.

God forbid someone managed to get my login details, couldnt they just put their bank details in when requesting a withdrawal, and withdraw my entire balance to their bank account?

Thanks

No, the name on the betting account and the bank account need to match. A lot of places also do certain checks to confirm it is indeed your bank account... someone switching the bank account info from a previous withdrawal would draw suspicion at most places and the betting site would normally take further steps to ensure the wire is being sent to the proper person. In short, thats not something you need to worry about at any reputable site.