RED FLAG help help please

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
This is exactly what I've been thinking about for a long time. To bypass all the stress and worry, I figured why not just open a frickin' foreign bank account (preferably non-interest bearing), use it for depositing to and from online casinos and wiring to my US bank account? Your US bank breathes easier that the wire is from a bank rather than some place that uses cryptic descriptions. If the US bank inquires about it, it is easier to explain: "I have an offshore bank account for investment possibilities; for diversification purposes; for foreign travel overseas..." It would be hard for them to disprove any of these explanations which they likely just needed one anyway to cover their own ass to meet bank regulations. The inconvenient thing is most, if not all, banks outside US would require a visit in person to open an account but I'm not an expert on this. I just don't know of a foreign bank that will let you just open an account online (and do it from the US.):cool:

Banks with online account servicing do not require a personal visit. They will verify ID electronically, and may use similar measures to those used by online casinos. There are places that specifically serve the market for offshore banking. There are banks in Jersey, Guernsey, Luxembourg, even Switzerland. Governments worry about the TAX collection from these accounts, rather than what they are used for (provided this is legal under INTERNATIONAL law). Recently, there have been moves to get better cooperation from these countries for the purposes of cracking down on tax evasion.
They MAY ask for a personal visit, or justification, from a US citizen wanting to open an account. These offshore banks cater for the weathier people, so they will want to "smell the money" before deciding whether you can have an account. They are unlikely to be interested in someone putting in $100 for "investment and travel", but might bite if $50,000 was offered for purposes such as investment and travel.

Another reason to have a foreign bank account is to buy property in that country, in many cases, this is a REQUIREMENT. If you have the money, and are "looking to buy a property", you should find it easier to open an account.

UK citizens often buy property in Spain & France. This involves opening a "local" bank account, as well as keeping the main UK bank account. The local account is used for payments and receipts in the country where the property is to be bought. They may still require a visit in person though.
 

GrandMaster

Dormant account
Joined
Jan 21, 2004
Location
UK
This is exactly what I've been thinking about for a long time. To bypass all the stress and worry, I figured why not just open a frickin' foreign bank account (preferably non-interest bearing), use it for depositing to and from online casinos and wiring to my US bank account? Your US bank breathes easier that the wire is from a bank rather than some place that uses cryptic descriptions. If the US bank inquires about it, it is easier to explain: "I have an offshore bank account for investment possibilities; for diversification purposes; for foreign travel overseas..." It would be hard for them to disprove any of these explanations which they likely just needed one anyway to cover their own ass to meet bank regulations. The inconvenient thing is most, if not all, banks outside US would require a visit in person to open an account but I'm not an expert on this. I just don't know of a foreign bank that will let you just open an account online (and do it from the US.):cool:
You also have to declare in the US if you have more than $10000 in foreign bank and investment accounts.
 

NASHVEGAS

Banned User - flamming, disrespecting admin,
Joined
Dec 10, 2006
Location
MERS
Banks with online account servicing do not require a personal visit. They will verify ID electronically, and may use similar measures to those used by online casinos. There are places that specifically serve the market for offshore banking. There are banks in Jersey, Guernsey, Luxembourg, even Switzerland. Governments worry about the TAX collection from these accounts, rather than what they are used for (provided this is legal under INTERNATIONAL law). Recently, there have been moves to get better cooperation from these countries for the purposes of cracking down on tax evasion.
They MAY ask for a personal visit, or justification, from a US citizen wanting to open an account. These offshore banks cater for the weathier people, so they will want to "smell the money" before deciding whether you can have an account. They are unlikely to be interested in someone putting in $100 for "investment and travel", but might bite if $50,000 was offered for purposes such as investment and travel.

Another reason to have a foreign bank account is to buy property in that country, in many cases, this is a REQUIREMENT. If you have the money, and are "looking to buy a property", you should find it easier to open an account.

UK citizens often buy property in Spain & France. This involves opening a "local" bank account, as well as keeping the main UK bank account. The local account is used for payments and receipts in the country where the property is to be bought. They may still require a visit in person though.
These types of repetitive threads never cease to amaze me (not directed at you VWM). So much inaccurate and/or lack of information but suit yourselves!!

BTW, lol , since the thread mentions "red flags", the IRS's latest faux pas (Crackdown on Overseas Accounts and Reporting Requirements).!!:eek2:

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NASHVEGAS

Banned User - flamming, disrespecting admin,
Joined
Dec 10, 2006
Location
MERS
You also have to declare in the US if you have more than $10000 in foreign bank and investment accounts.
Did not know you were posting so sorry for part of my redundacy in my post above although my post above via the link supplied goes into some of the details and specifics of your post. (i.e. if the cumalative total of one's foreign accounts exceeds $10,000.00, one is required to report all to the IRS).:thumbsup:
 

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
Did not know you were posting so sorry for part of my redundacy in my post above although my post above via the link supplied goes into some of the details and specifics of your post. (i.e. if the cumalative total of one's foreign accounts exceeds $10,000.00, one is required to report all to the IRS).:thumbsup:

Looking at that article makes clear that it is TAX DODGING that the IRS, and our own Revenue & Customs, are worried about.

To comply, either have less than $10,000 offshore (for "investment" in RTG, Rival, etc), or declare that you have over $10,000, and ensure the correct taxes on any "income" generated abroad are paid. Since "hundeds of thousands" of US citizens are affected by this, it shows that having an offshore account IS something readily available to US citizens, provided they obey the relevant laws, and make the relevant declarations.
 

felicie

Dormant account
Joined
Jan 21, 2009
Location
somewhere else
Thats what it's always about with the US govt. and after reading the poster's original post again, he/she should just follow what qt suggested and see where it goes from there. When my bank called me in to discuss a couple of international transactions, I informed them I have a new website and would possibly be making many international transactions in the future and would I have to come in every time? The bank girl didn't answer me then and hasn't bothered me since so maybe that would end the b.s. It worked for me. so far.
 

footdr

Banned User: PITA violations of the Forum Rules
Joined
Jan 13, 2006
Location
cyberspace
Not answering unwarranted questions from your bank....

Just because you have no legal obligation to tell your bank why you received a wiretransfer from X is not an indication of illingal actions.

Your bank is only obligated by law to report suspicious transactions, mainly from countries or persons/businesses currently on the DOJ's or U.S. Treasury list.

You are responsible for reporting income and paying tax on it based on the type of iincome, oridinary, capital gains, etc.

There is no fraud as long as your report your income and pay the appropriate amount of tax due. Whether the income is legal or illegally gained.
 

just play

closed account
Joined
Jan 27, 2006
Location
USA
I'm wondering why the OP never came back to this thread?

Maybe he's from the USA government trying to find out information. :p

Or

Maybe he is a spy from that bank and wants to see what gamblers say. ;)

Or

Maybe I'm the tooth fairy. :D
 

footdr

Banned User: PITA violations of the Forum Rules
Joined
Jan 13, 2006
Location
cyberspace
Regarding OP.....

he/she has been in touch with me pm. I am waiting to hear from the them again.

There are certain ways to deal with banks. Since I have been in business for over 30 years I know what works and what doesnt.
The bank support persons that contact you really only want to know if you made the charge, period.

Transactions from the u.s. are processed from all over the world as it is often cheaper to have an account out of the U.S. So, just because the transaction is processed by a processor outside of the u.s. doesn't mean the company you purchase from is located outside the u.s. P.m. me if you don't understand the process.
 

mmljr

Newbie member
Joined
Jul 26, 2010
Location
USA
thank you

First I would like to thank everyone for his or her comments and suggestions. No I am not a spy, just an USA citizen who enjoys a good hand of poker and a great slot win. I have been online for over 10 years enjoying it for most of those, but now that I finally have a nice win, the freaking gov’t is spoiling it, just like they did with the whole economy. They have to stick their noses into everything. I’m sure the bank doesn’t care as the money came and has been spent already, but they (bank) have some regulations they have to abide by so the burden is pushed down onto he citizen again….. Well enough of my ranting.

i will keep everyone updated, hopefully i'm thinking the worst and that never happens
 

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