Skrill and e-wallets - what are the benefits?

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pyrrhus80
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Joined: Tue May 30, 2017 2:22 pm

I have a Skrill account from back when I was experimenting with arbing. It seemed like a good idea when I was frequently using multiple bookmakers.

Nowadays, I don't bother with arbing and all my activity comes from Betfair and Betdaq - and I'm wondering if there are any real benefits to using Skrill (or any other e-wallet.)

I like the idea of keeping all my trading money separate from my regular bank balance, but aside from that I can't see any benefits to Skrill. If I opened a separate bank account, wouldn't I get the same benefits without the additional fees that e-wallets charge (eg. ATM withdrawals)?

I'm just interested to hear what other people's opinions are... particularly people who are regularly profiting and withdraw more than they deposit.
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Derek27
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When I have a successful arb, I can transfer the money from bookie to PayPal and the following day transfer it back to Betfair, or immediately transfer funds to my bank account. I believe transfering money from Betfair/bookie to your bank account takes a bit longer.

One disadvantage with Skrill and Neteller is that many bookies refuse to offer free bets and other promotions when you make your initial deposit with one of these cards because it makes their promotions vunerable to multiple account abuse.
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megarain
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I use Skrill a fair amount :

Rather than trf from betfair/betdaq/Matchbook to bank, and then on to another bookie/exchange, I much prefer to trf to skrill, and by-pass the bank altogether.

Maybe once in a while, throw the bank a transaction, but, limiting trfs, must help longevity of your bank account.

I also use Skill a lot, as a pre-paid credit card - which allows me to visit an overseas ATM, and take out cash, at pretty decent rates/hide, to the bank, where u are.
pyrrhus80
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Joined: Tue May 30, 2017 2:22 pm

But there are many much better options when it comes to pre-paid cards to use overseas, so I don't see that as a benefit at all.

Transfers may be quicker, but that's not really an issue for me because anything I withdraw is a final profit and not something I plan to re-deposit into another bookie/exchange.

I want to find a reason to like Skrill, but at the moment I'm unable to see how any positives couldn't be achieved with fewer fees by opening a separate bank account.

Why would limiting transfers help longevity of your bank account? Are transfers frowned upon in the banking world?
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megarain
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Yes, if your statement is showing Debits/credits from well-known bookies, u are pretty likely to get a call, asking to close it.

They dont encourage pro gamblers - so, keeping under the radar, with a regular income, from a dummy job, and paying odds and ends with a debit card, is good disguise.

It may be, we dont all need a traditional bank account - but, its probably safer to have one, and respect having it.
pyrrhus80
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Joined: Tue May 30, 2017 2:22 pm

That's interesting. In which country do you believe that banks behave in this way?

Do you know of any actual cases where a bank has asked a gambler to close an account... or is it just hearsay/speculation?

What you say may well be true, but I don't see how it is any of the bank's business what you do with your money providing you're not going overdrawn. I'd have thought it would be classed as discrimination if they asked you to close your account based on their objection to something that is perfectly legal.
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Dallas
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pyrrhus80 wrote:
Fri Sep 15, 2017 7:12 pm
That's interesting. In which country do you believe that banks behave in this way?

Do you know of any actual cases where a bank has asked a gambler to close an account... or is it just hearsay/speculation?
Peter had is Lloyds account closed just because the word 'Bet' was in the name and they associated it with gambling
https://www.youtube.com/watch?v=yDNYuusuEdA
pyrrhus80
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Thanks for the link. That's quite shocking.

However, I think the issue there was that he had a business account with a name containing the word 'bet', and Lloyds didn't want to hold accounts for gambling businesses.

It's not the same as a personal account accepting relatively small deposits from (and occasionally transferring funds to) gambling businesses.
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Dallas
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If their prepared to close an account just because the word 'Bet' is in its name and they associate it with gambling its unlikely they will want accounts in the name of 'Joe Bloggs' with consistent credits from Betfair, Bet365, Ladbrokes etc.

Its not something they will openly state in their T&C's but is something they can and do look at on a adhoc basis but if they notice it they may just refuse your business from then on so its just worth bearing in mind that its far safer in the long term to withdraw to the likes of Skrill, Paypal etc than directly into your bank as that masks the true source.
convoysur-2
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Joined: Thu Jan 12, 2012 10:00 am

Wendy : Hello welcome to Betfair you are chatting with Wendy. How can I help?
Marc Brennan: hi,i see now that i can deposit into betfair account in paddy power shop.what do i need to bring with me ? user name ? a card from paddy power,??and also can i withdraw from betfair at paddy power store ?thanks]
Wendy: You can deposit from paddy power to betfiar, but I'm afraid you won't be able to withdraw.
Marc Brennan: are you there woman ??
Wendy: I will be needing a proof of address (a utility bill or bank statement that shows your address and the company's logo) in a non-editable format to verify your account completely.
Marc Brennan: to deposit or withdraw ?
Wendy: To be able to withdraw
Marc Brennan: so i can withdraw cash from betfair in a paddy power shop ? really great.whats the withdraw limit ?
Wendy: You will be able to withdraw from betfair to your bank but not paddy power.
Marc Brennan: jesus wonam ,whats the right answer,you just said to withdraw i need proof of adress..i can withdraw or not ?
Wendy: max withdrawal is 999.999.00
Marc Brennan: i give up.
Wendy: Yes you can with draw from Betfair to your bank account, but you can't withdraw from Betfair to Paddy Powre
Wendy: *power
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steven1976
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Joined: Tue Jan 19, 2010 6:28 am

Dallas wrote:
Fri Sep 15, 2017 7:33 pm
pyrrhus80 wrote:
Fri Sep 15, 2017 7:12 pm
That's interesting. In which country do you believe that banks behave in this way?

Do you know of any actual cases where a bank has asked a gambler to close an account... or is it just hearsay/speculation?
Peter had is Lloyds account closed just because the word 'Bet' was in the name and they associated it with gambling
https://www.youtube.com/watch?v=yDNYuusuEdA
I think Peter said he was trying to open a NEW account with the word "bet" in the video rather than had exisiting accounts closed?
buyshirts
Posts: 407
Joined: Sat Apr 18, 2009 12:37 pm

I have only used 1 card on Betfair and some time ago it went to a Net depsoits to Net withdrawals. The question i have is if i deposit via Skrill i will obviously had to take that amount out 1st but once both my debit card and my Skrill account are not are net deposits will i be able to just withdraw all my winning to my skrill account instead of my bank?
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megarain
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Thats what I expect.

So, yes.
buyshirts
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Cheers Hope your trip is proving profitable!
Trader Pat
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Joined: Tue Oct 25, 2016 12:50 pm

megarain wrote:
Fri Sep 15, 2017 6:20 pm
Yes, if your statement is showing Debits/credits from well-known bookies, u are pretty likely to get a call, asking to close it.

They dont encourage pro gamblers - so, keeping under the radar, with a regular income, from a dummy job, and paying odds and ends with a debit card, is good disguise.

It may be, we dont all need a traditional bank account - but, its probably safer to have one, and respect having it.
I've just seen this thread now. I had a situation several years ago when I first joined Betfair and was purely a gambler.

I was going to Florida for 2 weeks and I withdrew a substantial amount from my account to my credit card which cleared the balance on my card and left me with a surplus of about 4k. About a week later when I tried to use the card in a pub it was refused. When I rang the bank they told me I'd have to contact my local branch which I did and they made an appointment for me to see the bank manager. Upon seeing the bank manager he told me that the bank took a dim view of gambling (a bank taking the moral highground made me laugh at the time) and that any further activity of this kind could see my card being cancelled. I told him I didnt appreciate been lectured and being made to feel like I'd done something illegal so if he wanted to cancel the card to go ahead and do it. The card was never cancelled and I continued to make withdrawals onto the card for another few years.

At the time I assumed they were annoyed because they wouldnt make any interest when I withdrew 'my own money' or used the card but after seeing this thread I'm starting to think maybe they do have issues with any transactions related to gambling. These days I just withdraw any funds to paypal.
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