Cashing Out As American On Non-US Sites While Abroad?

[rongeorge300]

I'm American that is outside the US. I have accounts on non US sites because I was verified with them a while back. Back then you needed to give them a non US utility bill which I had so I could play on these sites. I play on pokerstars Non US. I use neteller as an ewallet to move funds from sites.


Back then, I would cashout by doing swaps with people who I done trades with. So for example, if I had $1000 worth of pokerstars funds and someone has $1000 worth of zelle, I would trade with them. In the end, I want funds back to my US bank account. I know that there are Americans that travel outside the US to play on ggpoker and pokerstars and for them to do that, you have to get verified with a utility bill which many people do. The thing is to get funds on pokerstars, that person would have to do a trade with another user as you can't send funds to pokerstars from a US bank account. I believe with ggpoker, you can use cryptocurrency so that would mean someone could just deposit and withdraw using cryptocurrency.


The issue is I'm having a bit of trouble finding people that needs pokerstars funds and has zelle which is how I cashed out many times to my US bank account. I know that for US players who play in the US on say ACR or Bovada, they would use cryptocurrency so there is no issue with depositing and withdrawing. Since pokerstars does not offer cryptocurrency, what other ways can I cash out without having to trade with someone? The only other method I can think of is withdraw the funds to Neteller and then swap it for cryptocurrency like bitcoin or litecoin? Then send that to coinbase and then cashout to US bank account? The thing is I'm not sure if the spread that is used on Neteller is very high or not as I'm not that familar with cryptocurrency trading. I do know that with me being Gold level in Neteller, it seems I pay 1.4% in fees. I entered buy $1000 worth of bitcoin with Neteller and it showed the fee for selling $1000 worth of Neteller for Bitcoin would cost $14 so 1.4%. However, since there is a spread of I think 0.5%, it looks like I would pay around 2% to convert neteller to bitcoin? Then send the cryptocurrency to coinbase and you pay another fee there. So it will cost roughly 2.5% to 3% of the total amount? I'm curious if it makes sense to pick litecoin instead as the sending fees are less than bitcoin?

 

[rongeorge300]

I just noticed that if I click on the Withdraw to crypto wallet and click try it out, I get a message of


We need to collect some additional information to allow you to trade crypto in line with regulations.


It shows a drop-down menu for tax residence country and US is an option. So I just click that and then click submit? I know I leave the I also pay taxes in another country blank. The thing is once I do this, I can now convert Neteller into cryptocurrency? Or I need to send more information? My Neteller account has been verified a while back already. But will I need to send in more documents to trade crypto?

 

[rongeorge300]

From checking google, it would seem I wouldn't even be able to buy crypto with neteller funds because I'm a US resident? The thing is I spend most of the year outside the US but I'm a US resident though. My address on file with neteller is non-US as I been verified with neteller a while back.


Does this mean I can't use their cryptocurrency services because of this?

 

[rongeorge300]

Are there any Americans abroad or know of any Americans that are abroad who used this service and if it works?

 

[Tammy]

If you are living abroad and legally playing on PokerStars, you might consider contacting their Cashier or support and asking about this. Do you have a bank account in the country where you reside? What other withdrawal options do you have? I am only guessing here, but I'm not sure that they would even be legally allowed to send any funds to a US bank account. So best to clearly explain your situation, and ask them what your best options are.

Update us here, I would be curious to know this. Also, I'm going to move this to Deposits and Withdrawal Methods sub-forum.

 

[rongeorge300]

The thing is most Americans who are abroad rely on trading with other users when playing on Pokerstars. So it would be like trading pokerstars for zelle or some other form of payment similar to it. The thing is if one was to do a bank transfer to a bank account here abroad and then do another bank transfer to a US bank account, the fees would probably be around 10%. So a $1000 cashout would mean you get $900 back only to your US bank account. So a bigger $8,000 cashout would get you back $7,200 to your US bank account. Most people would not do this for this reason even if you can do that. Americans abroad mainly do trades with other users. Yes you cannot withdraw funds from pokerstars or neteller to your US bank account as that wouldn't be allowed.


So because of this, I'm curious if any American has used the Neteller service of converting Neteller funds to cryptocurrency. So if you can convert Neteller funds to cryptocurrency, well now you can send it to coinbase and cashout to your US bank account.