Bankwire to US

jackkkk2009 · 04-22-10, 02:33 AM

many us payers (including me) did BW transfer to banks in USA. no one has any problem yet.

username474 · 04-22-10, 08:19 AM

Worst case scenario the wire would just be returned to where it came from. You have nothing to worry about.

menang8 · 04-22-10, 08:45 AM

Don't worry!

excel · 04-22-10, 09:01 AM

First of all, you can deposit and withdraw ANY amount of money to and from your account(s) that you wish. NOTHING bad will happen and no guys in black suits and sunglasses will show up at your door to question you. Well, unless it's part of a criminal activity the authorities are investigating.

The bank reports all your interest earned to the IRS anyway...so they can figure out how much money you've had in your account that way, if they wish.

The law you are probably referring to is the "Bank Secrecy Act" of 1970, which is a law law intended to detect/report/deter criminal, money laundering and terrorist financing activities in the financial system. It enables law enforcement people to track the trail of large money transactions for criminal activities. There is no assumption of criminal activity on every transaction.

Indeed, the vast majority of transactions I would suspect to be of perfectly legitimate origins. Car sales, sales of property and houses, gift transactions, and so forth.

Banks are required to report transactions exceeding $10,000 by this law. And there is nothing wrong with this...unless the money came from some kind of illegal activity which might be eventually tracked by the police if they were to start investigating or something.

penguin · 04-22-10, 10:16 AM

I have had multiple bankwire transactions....very easy, quick, and no hassles. The way to go....

feldzpar · 04-22-10, 01:01 PM

Taxes will be paid. It will be over ten and that was my concern. TY for the responses I feel somewhat better about the whole thing now.

excel · 04-22-10, 02:33 PM

No problem congrats on the win, Good luck with everything. Good decision on paying the taxes, as long as uncle sam gets his share he really doesn't care.

Under the US Tax Code, all income for US citizens is taxable, whether earned in the US, overseas or on the Internet. Section 61(a) defines gross income as “all income from whatever source derived,” including gambling, unless otherwise provided. McClanahan v. United States, 292 F.2d 630, 631-632 (5th Cir. 1961).

BudMan'sTopPlays · 04-22-10, 07:54 PM

This brings up another question? Do any of you on the forum have any issues getting checks cashed that the sportsbooks send you??? I have a betonline.com account. I have not done the free payout via check yet. I will also give points for info on this. Thanks to all for your time in reading and posting this.

John Dough · 04-23-10, 07:19 AM

Originally posted by BudMan'sTopPlays

This brings up another question? Do any of you on the forum have any issues getting checks cashed that the sportsbooks send you??? I have a betonline.com account. I have not done the free payout via check yet. I will also give points for info on this. Thanks to all for your time in reading and posting this.

Been doing this for many years, taken plenty of checks from at least 2 dozen books over time... only had one problem ever and it was actually MY bank's fault. I don't use BetOnline, but in general, the checks will not be drawn on a 3rd world country, say "sportsbook" on them, or contain any other feature that would cause your bank to give them a second look. Think about how many transactions a bank processes in a day/week/year... in all likelihood, the teller is barely going to pay attention to the check.

Don't sweat it.

wrongturn · 04-23-10, 10:25 AM

I used to received sports book checks from Canada banks. Is it still so today?

John Dough · 04-23-10, 11:08 AM

Originally posted by wrongturn

I used to received sports book checks from Canada banks. Is it still so today?

It varies by book, as it always has. Also, note that some Canadian bank checks will say something like "payable through our NY branch", causing the check to clear just as quickly as a domestic check.

DukeJohn · 04-23-10, 05:38 PM

Originally posted by BudMan'sTopPlays

This brings up another question? Do any of you on the forum have any issues getting checks cashed that the sportsbooks send you??? I have a betonline.com account. I have not done the free payout via check yet. I will also give points for info on this. Thanks to all for your time in reading and posting this.

I cashed a few checks from Bet Online in July/August last year... Everything went fine and they were quick to pay, but it was kind of a pain. According to my notes, I could only withdrawal $2500 at a time and I could only have one check out at a time. It took just over a month to get the final 4th check from them. Their fee at the time was $50 per check, but they were running a special of $25 per check.

Anyway, that was my experience with them. Oh, and they had a USA agent so the funds were available quickly.

Best of Luck,