'Safest' way to withdraw from Neteller?

dogs24 · Mar 7, 2006

Just curious about the 'safest' way to withdraw a large amount...

Best to do a bank-to-bank EFT, a check by mail (does Neteller even do this?) or the debit card? I was thinking the debit card, but it's apparently issued by some obscure bank (OMNI Bank). If that's the case, what's the difference if the funds go through this OMNI bank or your own personal bank?

If you'd prefer to discuss by email, that's fine too. Any help is much obliged.

Fishhead · Mar 7, 2006

If you are in anyway attempting to HIDE your withdrawls, for whatever the reason, there is no way to do that with Neteller as far as I know.

If this is a tax issue, my suggestion is to belly up to Uncle Sam and pay your dues.

Dante · Mar 7, 2006

Fishhead said:
If you are in anyway attempting to HIDE your withdrawls, for whatever the reason, there is no way to do that with Neteller as far as I know.

If this is a tax issue, my suggestion is to belly up to Uncle Sam and pay your dues.

got to agree here..no way to hide it

best of luck

jwunderdog · Mar 7, 2006

Not true, if ou can get someone to cash the check from neteller that will not write down your SS#, there is no real way to track it.

Journeyman · Mar 7, 2006

Where there is a will, there is a....

vanzack · Mar 7, 2006

What is the "large amount"?

First off, neteller only allows 5k per eft.

Second, you can only move 1k to your debit card per day.

What are you trying to do? Are you trying to not alert the IRS? The IRS is not notified on anything you bring in from neteller. If the IRS wants, the can get at your bank records, your neteller debit card records, or basically anything else they want. But there is no automatic notification to the IRS, even if you brought in 10 5k efts in the same day.

That doesnt mean that they dont want their taxes. They still do. And you should pay them.

dogs24 · Mar 7, 2006

Has nothing to do with avoiding taxes. I am religious about paying taxes.

What it does have to do is avoiding unpleasant triggers from banks. It's the AUDIT that I'm trying to avoid. My understanding is that in this post-9/11 world, banks report large transactions to the authorities. I imagine transactions from overseas gambling operations would be a big fat red flag, wouldn't you?

Speaking of taxes and audits, here's another question: how many of you put 'gambler' as your profession on your return? I don't because it's not my full-time profession, but even if it were, I'd be hesitant to do so because I would think that would be another thing that would trigger an audit.

Along those lines, I've never tried to deduct gambling losses on my tax returns. My understanding is that you cannot deduct more than you've won. Since I've never been up in any given year, it's a moot point. But assuming I was, would I pay tax on the winnings, or be able to deduct previous years' losses? Anyone have any experience with any of this?

BAGIANT · Mar 7, 2006

Why is there no way t hide it? If you take it out via the debit card, there's really no record of the transaction other than at NETeller which isn't talking to Uncle Sam. I always use the debit card even if it cost more. You can get out $1000 at a time at B of A. Money is in your pocket in minutes. Doesn't get any better than that!

Seymour · Mar 7, 2006

Dogs, I have put checks for over a million in my account - no one has ever bothered me - now if you plan I depositing 250k in cash expect a problem - of course, I am not a drug dealer so I could care less if the bank asks me questions.

Seymour · Mar 7, 2006

What if you sold your house and had a check for 500k? Would you be scared to put it in the bank?

Salain · Mar 7, 2006

reminds me of the time we met a guy in a parking lot to got paid over 100K in cash stored in a shoebox(house payment).

Apparently the guy's father, who owned a wrecking yard, has passed. They found way more than that hidden in the attic, under floorboards, and in furniture.