Bank Withdrawals Suspended

News, chat and debate about the Betfair betting exchange.
Andrey Igorevich
Posts: 7
Joined: Tue Nov 14, 2017 11:53 pm

DavidSilva wrote:
Sat Jan 15, 2022 2:57 pm
Hello guys ! Update of my situation...
The manually transfer bounced back to my Betfair account again.
I have found that since January Wise debit card (Transferwise) no longer support accepting money from gambling sites. After getting in touch with the Betfair site support now the solution is to add another card and comply with the 'Closed Loop Policy' until i can withdrawal the money to the new card.
I guess Wise could have informed this about this new situation with an email or something like that.. :(
Wanted to open an account with Wise, but read it and was disappointed, no more withdrawal method
onelegup
Posts: 5
Joined: Fri Dec 21, 2018 8:41 am

Wise wont allow betfair withdrawals? really? this is terrible news ,can more people confirm this? is there a statement about this ?
FFS cant we gamble in peace?
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Euler
Posts: 24700
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

I funded an account from Revolut once and, of course, return the funds fairly quickly. At which point they froze my account and asked me to get in touch.

Each query and response via their 'live' chat took 24 hours, so it ended up taking about two weeks to get the account opened again. At which point I closed it.
HorseDark
Posts: 22
Joined: Sun May 06, 2018 2:45 pm
Location: UK

Euler wrote:
Sun Feb 20, 2022 1:30 pm
I funded an account from Revolut once and, of course, return the funds fairly quickly. At which point they froze my account and asked me to get in touch.

Each query and response via their 'live' chat took 24 hours, so it ended up taking about two weeks to get the account opened again. At which point I closed it.
I have used Revolut with no problems depositing/withdrawing. Betfair have since stopped accepting deposits from Revolut, but can still withdraw to the card I have registered.
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Crazyskier
Posts: 1157
Joined: Sat Feb 06, 2016 6:36 pm

HorseDark wrote:
Sun Feb 20, 2022 2:46 pm
Euler wrote:
Sun Feb 20, 2022 1:30 pm
I funded an account from Revolut once and, of course, return the funds fairly quickly. At which point they froze my account and asked me to get in touch.

Each query and response via their 'live' chat took 24 hours, so it ended up taking about two weeks to get the account opened again. At which point I closed it.
I have used Revolut with no problems depositing/withdrawing. Betfair have since stopped accepting deposits from Revolut, but can still withdraw to the card I have registered.
I've already mentioned several times the many benefits of using Paypal to both deposit and withdraw, simply moving cash for free to and from Paypal to and from one's bank account. Never had an issue.

CS
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ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

Crazyskier wrote:
Sun Feb 20, 2022 3:20 pm

I've already mentioned several times the many benefits of using Paypal to both deposit and withdraw, simply moving cash for free to and from Paypal to and from one's bank account. Never had an issue.

CS
I agree, BF->Paypal->Bank is flawless. Just make sure you're not running any other sidelines from the same paypal account. Getting pulled for an audit is fine if the paypal income is from betting which isn't taxable anyway but might not be if it includes other income that ought to be declared. (and yes they do check, I've had to provide paypal statements to the HMRC in the past). Having to go back 7 years isn't much fun even if you're clean.

Pre-paid cards are quite good too for spending your profits, they're not subject to the normal banking regs so shouldn't really even show up on your credit statement, which is where the hmrc look to see what accounts you've got.
Andrey Igorevich
Posts: 7
Joined: Tue Nov 14, 2017 11:53 pm

ShaunWhite wrote:
Sun Feb 20, 2022 5:58 pm
Crazyskier wrote:
Sun Feb 20, 2022 3:20 pm

I've already mentioned several times the many benefits of using Paypal to both deposit and withdraw, simply moving cash for free to and from Paypal to and from one's bank account. Never had an issue.

CS
I agree, BF->Paypal->Bank is flawless. Just make sure you're not running any other sidelines from the same paypal account. Getting pulled for an audit is fine if the paypal income is from betting which isn't taxable anyway but might not be if it includes other income that ought to be declared. (and yes they do check, I've had to provide paypal statements to the HMRC in the past). Having to go back 7 years isn't much fun even if you're clean.

Pre-paid cards are quite good too for spending your profits, they're not subject to the normal banking regs so shouldn't really even show up on your credit statement, which is where the hmrc look to see what accounts you've got.
You mean Betfair-->paypal (neteller, skrill)-->wise-->bank transfer (bank card)? And in reverse order?
How will paypal(neteller or skrill) treat it if you confirm account verification with wise?
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Andrey Igorevich wrote:
Tue Feb 22, 2022 7:18 am
ShaunWhite wrote:
Sun Feb 20, 2022 5:58 pm
Crazyskier wrote:
Sun Feb 20, 2022 3:20 pm

I've already mentioned several times the many benefits of using Paypal to both deposit and withdraw, simply moving cash for free to and from Paypal to and from one's bank account. Never had an issue.

CS
I agree, BF->Paypal->Bank is flawless. Just make sure you're not running any other sidelines from the same paypal account. Getting pulled for an audit is fine if the paypal income is from betting which isn't taxable anyway but might not be if it includes other income that ought to be declared. (and yes they do check, I've had to provide paypal statements to the HMRC in the past). Having to go back 7 years isn't much fun even if you're clean.

Pre-paid cards are quite good too for spending your profits, they're not subject to the normal banking regs so shouldn't really even show up on your credit statement, which is where the hmrc look to see what accounts you've got.
You mean Betfair-->paypal (neteller, skrill)-->wise-->bank transfer (bank card)? And in reverse order?
How will paypal(neteller or skrill) treat it if you confirm account verification with wise?
Neteller (and I believe Skrill is part of the same group) charge you for depositing and withdrawing to a bank account. I only use Neteller for purchases.
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Euler
Posts: 24700
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

I don't particularly trust e-wallets as I've had problems with them all. But maybe they are better now.

The big problem I have with a lot of these new companies is they have little or no customer service if things go wrong.
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Euler wrote:
Tue Feb 22, 2022 9:01 am
I don't particularly trust e-wallets as I've had problems with them all. But maybe they are better now.

The big problem I have with a lot of these new companies is they have little or no customer service if things go wrong.
I can only speak for Neteller. They're pretty good and I've even spoken to customer service over the phone once, that in itself is a very high standard of customer service these days.
DavidSilva
Posts: 7
Joined: Mon Jan 10, 2022 1:39 am
Location: London

onelegup wrote:
Sun Feb 20, 2022 12:42 pm
Wise wont allow betfair withdrawals? really? this is terrible news ,can more people confirm this? is there a statement about this ?
FFS cant we gamble in peace?
I had a huge problem trying to sort this out.. i only had associated one debit card only one way to withdraw and deposit and it was WISE debid card. The Betfair Support team was excellent and they fixed my problem removing this card and allowed me to add a new debit card. And in my situation YES, Wise no longer accepts receiving money from Betfair. Image
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