Canadian Banks refusing gambling winnings

[Steviedoo]

RESULT: Bank Wire is cheaper as you only have one transaction but it can't beat the convenience of just going to any ATM and withdrawing the cash the minute the casino payout has hit your Ecopayz account. The fastest i had was the last bigger withdrawal from VS, they paid in 9 minutes, another 2 minutes later i had the cash in my hands.

Personally, i am not that much bothered if it is somewhat more expensive or not. If i spend 40-50K / year in casinos looking at a few bucks more or less for withdrawals does look rather silly. ... more important is that i don't wait days or weeks to have the dosh in my hands.

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So hang on minute....so videoslots transfers to your ecopayz account and then you transfer from ep account to your ep card?

Or you have videoslots withdraw to your ep master card?

And you can go withdraw money from your ep mastercard at an atm? This option would have double exchange rates cuz I would be withdrawing CDN funds from a USA account unless I can go to any USA atm bank and withdraw the US dollars.

 

[Harry_BKK]

So hang on minute....so videoslots transfers to your ecopayz account and then you transfer from ep account to your ep card?

Or you have videoslots withdraw to your ep master card?

And you can go withdraw money from your ep mastercard at an atm? This option would have double exchange rates cuz I would be withdrawing CDN funds from a USA account unless I can go to any USA atm bank and withdraw the US dollars.

No, the EP MasterCard is directly connected to the respective EP account, no need to transfer from account to card.

I have 3 cards, 1 for each EUR account. If i get a smaller withdrawal it all stays in one account and i can withdraw from there. In case i have a bigger one, i distribute the cash between the 3 accounts where i hold a card. Reason is that you can only withdraw 750EUR/day with each card. Hence, when i want to withdraw 2250EUR in one day I just put enough into each account.

Look at the screenshot below Stevie:

- VS pays to my AUD EP account ( my VS account is in AUD)
- i now transfer to any of the 3 EUR accounts so it is enough for the withdrawals i want to do
- go to the next ATM and get the cash
- the currency loss for the transfer between my AUD to an EUR account is minimal

I usually cash-in between 50-100AUD more from the casino than the intended amount to cover for the EP fees, certainly better use than giving it back to the slots

A further plus for the EP card is that, additionallly to the 750EUR withdrawable/day, you can also use the EP card for POS transactions as well. It's just like a debit card where you enter your PIN at the POS terminal.

 

[Harry_BKK]

One more piece of info why i am using primarily Ecopayz.

I can upload to my EP account directly from my bank account using my bank debit card, hence it is very convenient.

Never used a CC to deposit at a casino directly. For some reason i never fancied giving my CC number to a casino operator.

 

[lockinlove]

Maybe the less complicated option here is to stop gambling online. It's already hard enough to win.... Now you have to fight with your bank to receive your winnings? No thanks. Depressing.

I would probably do this if I was losing. Ive been on a 3 month upswing of over $10,000 profit. But getting my winnings does seem to be a problem.

I could easily go back to digimedia where they issue Canadian cheques that are easily cashable but the problem is, I dont want t be restricted to just MG casinos. I mean, all my wins have come from other providers from the most part. I gamble online to play the games I want too. Which is netent, yggdrasil etc. Three of my fav slots are Netent.

Im also very lucky on the casinos I play on now. I would be crazy to run off somewhere else!!

 

[Jasminebed]

Sorry, it's late, but if I want to withdraw cash on ecopayz, it's pretty hefty given the limits on the ATM, and that my card is in US dollars.

It actually works pretty favourably if I want to shop online in US dollars. Less than withdrawing on the bank machine to make purchases with the credit card here, but not fee free by any means.


Fee to transfer to your bank is not awful, not as low as Skrill was. But it is in CAD, but your bank hits you for a foreign wire fee.

But that's kind of assuming your bank will accept it.

I was a f*ing basket case awaiting my OLG win. Three months down the road I'd probably still be trying to sort the issue had my bank just refused a 100K transter.

Sounds like it's more down to bank policy than any actual laws.

No issues on my end from BMO. I know even a year ago, only some banks could you use for OLG. I can't tell which ones right now since I've spent my weekly limit and cannot open banking.

Glad to hear the casinos are working with you to see you get your wins.

 

[Steviedoo]

Sorry, it's late, but if I want to withdraw cash on ecopayz, it's pretty hefty given the limits on the ATM, and that my card is in US dollars.

It actually works pretty favourably if I want to shop online in US dollars. Less than withdrawing on the bank machine to make purchases with the credit card here, but not fee free by any means.


Fee to transfer to your bank is not awful, not as low as Skrill was. But it is in CAD, but your bank hits you for a foreign wire fee.

But that's kind of assuming your bank will accept it.

I was a f*ing basket case awaiting my OLG win. Three months down the road I'd probably still be trying to sort the issue had my bank just refused a 100K transter.

Sounds like it's more down to bank policy than any actual laws.

No issues on my end from BMO. I know even a year ago, only some banks could you use for OLG. I can't tell which ones right now since I've spent my weekly limit and cannot open banking.

Glad to hear the casinos are working with you to see you get your wins.

So there is a fee to withdraw money from atm machine besides the exchange rate?

 

[Harry_BKK]

Sorry, it's late, but if I want to withdraw cash on ecopayz, it's pretty hefty given the limits on the ATM, and that my card is in US dollars.

It actually works pretty favourably if I want to shop online in US dollars. Less than withdrawing on the bank machine to make purchases with the credit card here, but not fee free by any means.

So there is a fee to withdraw money from atm machine besides the exchange rate?

The bank whose ATM you are using for the withdrawal is charging a flat fee as it is not their bank/credit card.

Here in Thailand that has recently been raised from 120THB to 200THB, which is appr. 6USD or 8CAD. This can be different from country to country, depends what the respective bank is charging if the card is not from them.

The POS purchases are getting charged with a 1.25% fee. (last time i did that was some 15 months ago, so they might have changed it)

The fee for a bank transfer from Ecopayz to my Thai bank account is a flat 10 EUR and it takes max. 3 business days to arrive. My Thai bank is charging another 10-15EUR, depending on amount received.

Let's take an example:

1. Withdraw at an ATM in the US or Canada

- Your EP account is in CAD and your EP card associated to that account is in USD
- You have 400CAD in your account and want to withdraw 270USD in the US or 350AUD in Canada
- The bank whose ATM you are using will charge you a flat fee, 6USD or 8CAD (usually is displayed on the ATM screen what the charge will be)
- Ecopayz will charge you the currency conversion fee of 2.99% since the account is in CAD and the card is in USD - 270USD * 2.99% = 8USD or 350CAD x 2.99% = 10.50
- Ecopayz will charge you 2% ATM withdrawal fee (min. 1.50USD) - 270USD * 2% = 5.40USD or 350CAD * 2% = 7CAD

TOTAL CHARGES FOR A 270USD / 350CAD withdrawal: 6+8+5.40 = 19.40USD / 8+10.5+7 = 25.50CAD


2. Withdraw at an ATM in the US or Canada

- Your EP account is in USD and your EP card associated to that account is in USD
- You have 300USD in your account and want to withdraw 270USD in the US or 350AUD in Canada
- The bank whose ATM you are using will charge you their flat fee, 6USD / 8CAD
- Ecopayz will charge you the currency conversion fee of 2.99% only for the withdrawal in Canada 350CAD x 2.99% = 10.50
- Ecopayz will charge you 2% ATM withdrawal fee (min. 1.50USD) - 270USD * 2% = 5.40USD or 350CAD * 2% = 7CAD

TOTAL CHARGES FOR A 270USD withdrawal in the US: 6+5.40 = 11.40USD
TOTAL CHARGES FOR A 350USD withdrawal in Canada: 8+10.50+7 = 25.50CAD

All certainly not free, but much cheaper than using Neteller/Skrill debit cards. As i said i cash-in from the casino a surplus amount to cover for these fees the same like you would usually do when asking for a bank transfer. I just like the convenience to have access to my cash anywhere at any time.

That they charge us bluntly too much is clear to me, after all we are gamblers and everybody in the chain from uploading, depositing to withdrawing is taking us for a ride (speak: taking their piece of the cake) as they know we go through any hoops just to be able to have a punt.


Below a screenshot for the charges:

 

[Steviedoo]

The bank whose ATM you are using for the withdrawal is charging a flat fee as it is not their bank/credit card.

Here in Thailand that has recently been raised from 120THB to 200THB, which is appr. 6USD or 8CAD. This can be different from country to country, depends what the respective bank is charging if the card is not from them.

The POS purchases are getting charged with a 1.25% fee. (last time i did that was some 15 months ago, so they might have changed it)

The fee for a bank transfer from Ecopayz to my Thai bank account is a flat 10 EUR and it takes max. 3 business days to arrive. My Thai bank is charging another 10-15EUR, depending on amount received.

Let's take an example:

1. Withdraw at an ATM in the US or Canada

- Your EP account is in CAD and your EP card associated to that account is in USD
- You have 400CAD in your account and want to withdraw 270USD in the US or 350AUD in Canada
- The bank whose ATM you are using will charge you a flat fee, 6USD or 8CAD (usually is displayed on the ATM screen what the charge will be)
- Ecopayz will charge you the currency conversion fee of 2.99% since the account is in CAD and the card is in USD - 270USD * 2.99% = 8USD or 350CAD x 2.99% = 10.50
- Ecopayz will charge you 2% ATM withdrawal fee (min. 1.50USD) - 270USD * 2% = 5.40USD or 350CAD * 2% = 7CAD

TOTAL CHARGES FOR A 270USD / 350CAD withdrawal: 6+8+5.40 = 19.40USD / 8+10.5+7 = 25.50CAD


2. Withdraw at an ATM in the US or Canada

- Your EP account is in USD and your EP card associated to that account is in USD
- You have 300USD in your account and want to withdraw 270USD in the US or 350AUD in Canada
- The bank whose ATM you are using will charge you their flat fee, 6USD / 8CAD
- Ecopayz will charge you the currency conversion fee of 2.99% only for the withdrawal in Canada 350CAD x 2.99% = 10.50
- Ecopayz will charge you 2% ATM withdrawal fee (min. 1.50USD) - 270USD * 2% = 5.40USD or 350CAD * 2% = 7CAD

TOTAL CHARGES FOR A 270USD withdrawal in the US: 6+5.40 = 11.40USD
TOTAL CHARGES FOR A 350USD withdrawal in Canada: 8+10.50+7 = 25.50CAD

Since we are doing the math... And thank you Harry as Barbara said on another thread you are the best on here with your help.

I now have 1000$ CDN sitting in my ecopayz account. I think the best option for me is transfer it over to my ep card and to wait till I get to a USA atm to remove this money from my USA card? Would this be the less expensive option.

My question really is what is the least expensive option to get my money out when I go on my trip to the USA ....besides what jasmine suggested that I shop online in us money. And I suppose I can prepay hotels with this card in US dollars?

 

[mclee321]

I honestly feel for you guys, such endless hassle. I genuinely think I wouldn't bother, if I had this many hoops to jump through.

 

[Steviedoo]

I dont have that option on those sites. I do however have instant banking on sportsinteraction. It takes 24-48 hours after processed to arrive in my bank with zero complaints. I am also able to deposit with my scotia bank visa card with them but its a little different. You buy a voucher and its processed that way. Im going to assume its SIA casino smart way to get around things.

It looks like Scotia know about ewallets thought because they mentioned ecopayz to me today and a few others they wlll no longer be accepting. She also said CIBC will soon be following.

Just wondering if you got your money?

 

[Harry_BKK]

Since we are doing the math... And thank you Harry as Barbara said on another thread you are the best on here with your help.

I now have 1000$ CDN sitting in my ecopayz account. I think the best option for me is transfer it over to my ep card and to wait till I get to a USA atm to remove this money from my USA card? Would this be the less expensive option.

My question really is what is the least expensive option to get my money out when I go on my trip to the USA ....besides what jasmine suggested that I shop online in us money. And I suppose I can prepay hotels with this card in US dollars?

Need to understand first how your EP account is set-up:

- Do you have multiple accounts in CDN and USD?
- The 1000$ are sitting then in the CDN account?
- Your EP card is connected to the USD account?

If all answers are YES then i would transfer the desired amount to the USD account (to the account the EP card is connected to).

If you have just a CDN account and the EP card is connected to it (the card is in USD) then you don't have to transfer anything to the card as the available balance is what you will be able to spend with the card.



Since your ATM card is in USD it would be cheaper to wait until you are in the US and withdraw the money there.

You can also pay directly for your flights, hotel etc with the card which would take then the amount straight from the account.

Happy to help anytime Stevie, let me know if you have more questions

 

[sahil]

Just a heads up to all my Canadian friends, I was advised today from the head of the bank of nova scotia they will no longer accept gambling winnings. If a wire transfer arrives, they will refuse it. And if any ewallet is used, that too will be denied.

I just had 3 withdrawals denied and told find another way we no longer accept this in Canada.

Great

Have you tried Entropay?

 

[me_and_ed]

Going back to Echeck, quite a few casinos use this option for Canada, to my surprise I received overnight the first installment of a large w/d, the max if $9500 per day (probably a FINTRAC thing), its all been processed will be paid daily until done, first time ever I have received an overnight transfer and no bank fees, so I would say it works on the Interac platform somehow.

 

[lockinlove]

Have you tried Entropay?

No but I will attempt it with Trada when my withdraw returns to them. Scotia mentioned their name so Im weary of it so we will see.

 

[lockinlove]

Going back to Echeck, quite a few casinos use this option for Canada, to my surprise I received overnight the first installment of a large w/d, the max if $9500 per day (probably a FINTRAC thing), its all been processed will be paid daily until done, first time ever I have received an overnight transfer and no bank fees, so I would say it works on the Interac platform somehow.

I would love to see all casino have this option. Seems to work great. Ive used it with SportsInteraction and pokerstars. Never an issue.

 

[lockinlove]

REALLY strange. I just checked my bank account as I was waiting on a different payment from a Canadian site and saw that I was paid by slotsmillion. This is one of the ones she said she was declining.

But the Trada payment definitely has been sent back.

I can use this money since its in my account right? They cant go and take it back out?

wow my bank went into my account today and took the money back out and sent it back to slotsmillion

Also didnt refund the fee they charged me.

lol banks....weeeeeeeeeee

 

[baronrouge22]

wow my bank went into my account today and took the money back out and sent it back to slotsmillion

Also didnt refund the fee they charged me.

lol banks....weeeeeeeeeee

Never had any issues with presidents choice financial the only thing they charge 5 dollars for each deposit related to gambling

 

[lockinlove]

Never had any issues with presidents choice financial the only thing they charge 5 dollars for each deposit related to gambling

Thanks for this. I guess Im opening up a new account

 

[Adriana B]

Never had any issues with presidents choice financial the only thing they charge 5 dollars for each deposit related to gambling

I get charged $10 by PC but never had a problem.

That sucks Lockinlove. You will get it eventually but it is so stressful for you. I am wondering if you could open up an Ecopayz account as Slotsmillion does accept this. Never had a problem with Ecopayz and probably the easiest way for you to get your funds.

 

[Steviedoo]

OMG. Seriously they took the money out? I am flabbergasted. Why the hell would they do that. Was it over 10k? I think I would scream. How can they do that. It was in ur account?

 

[lockinlove]

OMG. Seriously they took the money out? I am flabbergasted. Why the hell would they do that. Was it over 10k? I think I would scream. How can they do that. It was in ur account?

I dunno. Pretty dirty thing to do. It was for $1000. They didnt even refund me the $15 fee either.

Yes it was in my account. I checked it today and saw I was missing $1000. Checked and see what they did.

 

[lockinlove]

I get charged $10 by PC but never had a problem.

That sucks Lockinlove. You will get it eventually but it is so stressful for you. I am wondering if you could open up an Ecopayz account as Slotsmillion does accept this. Never had a problem with Ecopayz and probably the easiest way for you to get your funds.

I cant use ecopayz. They told me if I use an ewallet it will be refused. And since wire transfers are flagged and need manual approvement it will most certainly be declined.

My only option is to open another bank account.

 

[lockinlove]

I made an appt with PC for tomorrow at 1 to open up a bank account. Put an end to this ridiculousness. And if I didnt have a bunch of products with scotia. Id shut that account right the hell down

 

[Steviedoo]

I dunno. Pretty dirty thing to do. It was for $1000. They didnt even refund me the $15 fee either.

Yes it was in my account. I checked it today and saw I was missing $1000. Checked and see what they did.

The banks are the biggest thieves on the planet with all their stupid fees. I would demand a refund. Honestly I am sitting here amazed at the audacity.

 

[lockinlove]

The banks are the biggest thieves on the planet with all their stupid fees. I would demand a refund. Honestly I am sitting here amazed at the audacity.

Yeah I will for sure. Trust me I couldnt believe they did that either. What if I used that money plus my other funds for a purchase? They are gonna put my account in the negative or screw me over? My god.