Once you have attained the status of a winning poker player and are reaping the rewards, it is time to take stock of the money you’ve earned. However, depositing your earnings to your account and accounting for it while paying your taxes is a very important step. We’ve already covered some information on filing taxes; this article today will focus on the different methods of depositing and withdrawal of the money in a safe manner.
Which Country Are You In?
There are plenty of restrictions on how you can deposit money in online poker rooms. And the country where you reside will determine which of those variations apply to you. In most countries in Europe including the UK, direct deposits can be made through a credit card. But for US residents, things can be pretty different and complicated. Ensure you understand the relevant laws and take the necessary legal steps.
Bank Drafts and Wires
Most financial institutions directly transfer money to online poker rooms via bank drafts and wire transfers. The value or worth of a bank draft in USA is the same as that of a cashier’s check – the financial institution will guarantee both the check and the bank draft; and online poker rooms favor such bank drafts/checks as they do not bounce.
Bank wires and bank drafts do not come free of cost, however. The fee is pretty low for a bank draft, but it could get tedious to mail the physical draft to the poker room’s office. This also means you won’t see your balance instantaneously.
Using a major, globally recognized credit card is the most common mode of payment at online poker rooms. You first have to download the poker room client. After a few minutes, it is ready for action.
However, in case your credit card is declined, do not be eager to conclude that you have crossed your credit limit. In many countries, including the USA, banks no longer allow their clients to purchase anything from online gambling/poker sites. Check if any such restrictions apply to your credit card.
Web Based Payment Processors
Web based payment processors serve as a type of broker or middle man between online poker rooms and a financial institution (your bank), and this includes eWallet services. Essentially, web based payment processors are extremely similar to PayPal, and they are believed to be highly secure and super fast modes of depositing money.
However, you also need to remember that numerous web based payment processors including Neteller were banned from the USA because of legal issues. Even if you are sure that your particular payment process is legitimate, ensure that you quickly withdraw any/all balance you receive in such an online account to avoid hassles should a scandal erupt with that provider later on.
Examples of Web Based Payment Processors
This online payment processor is pretty unique because you can’t use their service without an invite. So, in order to get that all important invite, you have to find out online poker rooms which are compatible with this service. Then you should sign up for a new account and wait for about two days for your invitation request to be processed. You will soon find an email in your inbox detailing the procedure for signing up for UseMyWallet. This service, if you can set it up properly, works very fast and is an ideal way of depositing money in your online poker account.
The size of the transaction amount doesn’t matter, but all cash outs are charged a flat fee of $30 and your bank will slap on you another fee of $15 if you opt for international wire transfer.
It takes only a few minutes to set up an account with eWallet Xpress and you can start using it right away. eWallet Xpress accounts are compatible with XpressFunds, money orders, eChecks and bank wires. The moment funding is available for your account, you will be allowed to access it 24×7 and your deposits will be instantaneous. These two aspects are its USP. The fee charged is also minimal.
Having said that, the presence of a $150 deposit limit when starting your account for the first time is a big turnoff. With time, however, you can validate your account and make it accept deposits up to almost $4500.
This is an eWallet and Players Investment Company rolled into one, which makes it unique and exempts it from legal hassles in USA. Diners Club, AMEX, MasterCard, and Visa are all accepted here. The only downside to PicClub.com is that PokerStars and Full Tilt – two of the biggest online poker rooms – don’t permit this service for some reason.
Another eWallet service that is easy to use, cheap, and similar to Neteller. It is, however, not allowed in the USA; it is extremely popular in Europe though. You can fund this online account after it is set up through any number of payment modes. All major online poker rooms are compatible with MoneyBookers, so the money is processed easily. Credit card transactions are charged at 1.9% while there is a bank fee of 1.80 Euros for withdrawing funds.
This is the new kid on the block and has become decidedly popular. This is basically a virtual check functioning in the very same way as a regular check. The amount of money you want to deposit in online poker rooms is requested from your bank if you choose to use an eCheck. The moment your bank clears the check, the requested sum of money is directly transferred to your online account.
Under normal circumstances, eChecks work pretty fast – except for rare occasions where there has been a delay of ten days. The method is extremely secure and is usually totally free of cost. Again, quite a few banks in the US block this payment method, so if you’re in the US, you might want to confirm it with your bank.