Best method to withdraw large amounts?

[TheFunkMonkey]

For anybody living in USA.....

For discussion purposes, assume you wanted to withdraw a large amount without raising any red flags...I dunno, $50,000...ha, I wish I had that problem!

Obviously, you're not gonna withdraw $50,000 at once.....

You could withdraw $500 here and $700 there...but that would be a hassle....

But what is the best way to withdraw $3-5k? Or is there simply no good way to withdraw that much money at one time?

 

[Fishhead]

1. Visit your sportsbook in person and collect.

2. Neteller electronic funds transfer to bank account in increments of less than $2500 per transaction and less than $10,000 per month.

 

[TheGeneral+]

Would a book write the check to another name other than the player if asked?

 

[Dante]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by STRUT888/FISHHEAD:
1. Visit your sportsbook in person and collect.

2. Neteller electronic funds transfer to bank account in increments of less than $2500 per transaction and less than $10,000 per month.<HR></BLOCKQUOTE>

good ideas strutt also I would ask for checks from the book and CASH them at your bank put the money in a tin can under your mattress until needed

 

[Chadster]

get on a plane and go to grand caymans and have a good time and while you are there open up an offshore bank account then send all the money. tell them you are opening the account up with a wire and make the sb money be the money to open it up with.

 

[Fishhead]

DANTE- ok

 

[jdjohn]

Dante, why only CASH the check? Why couldn't you just deposit it? I thought the banks only had to report cash deposits over $10k, but not other types of deposits.

 

[BillDozer]

I would try what the General mentioned and have checks go to different people. My dad has the same name as me so trying that is an option. Also If you get a check you can sign the back and have someone sign under it. You could also spread some out in book to book transfers. If yo did do neteller weekly you could send some to your bank while sending some to your neteller car and w/draw 400 daily. (the card does use a US bank)

Or if you won 50k on say a 50-1 future bet you could possibly report it in your taxes as a lottery winning from your sportsbook. The book isnt gonna disclose which which bet mafe your day. possibly?

 

[BillDozer]

not that I have ever won any money on the year before so i am just guessing

 

[Dante]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by jdjohn:
Dante, why only CASH the check? Why couldn't you just deposit it? I thought the banks only had to report cash deposits over $10k, but not other types of deposits.<HR></BLOCKQUOTE>

Jd im kidding...

 

[jdjohn]

Ahh, ohh, I get it...Dante...funnyman.

Out of curiousity, I went to NETeller and, regarding withdrawals, discovered the following:

"You must withdraw a minimum of $5 and a maximum of $5000 per withdrawal. You can make as many withdrawals as you wish."

So, it would seem you could withdraw (or transfer) as much as you like as long as it's in $5k increments.

 

[BillDozer]

bingo, send to other users

 

[Dante]

JD..its any amount INBETWEEN 5 and 5000 not those exact amounts

 

[jdjohn]

understood...I guess I should have said in amounts UP TO $5000

 

[TheGeneral+]

I think IF the IRS wants you then they will get you. When those clerks at the bank are hitting on the keyboard they are not ordering pizza.

 

[fathead]

Neteller has raised their withdrawal limit on CHECKS only to $100,000. Only one check per day.

 

[KeithRichard]

Only 100,000 per day huh? That could be a problem for me.