- This topic is empty.
-
Posts
-
Guy, you should not open a USD account in a foreign country. It is useless, because any USD transaction has to be cleared in USA, even your USD account is in a foreign country. The right way is that you open a EUR / GBP / CAD / AUD account in any foreign country. When you receive funds in these currencies, you exchange them into USD then wire to USA. There is not a problem any more.
For example, my brother is in China. He opened a multi-currency bank account at Bank of China. Either Neteller or Moneybookers sent him a bank wire transfer via swift system, he could access to all amount without any deduction. Then he exchanged EUR/GBP/CAD/AUD into USD with a fee rate of 0.15% which might be ignored. And he sent USD to any USA bank account I owned through Bank of China New York Branch with a fee about USD6.50
If you are a US affiliate, there are many things you might do if you really want to make money in this industry. Just study what clever Chinese have done in non-gambling affiliates industry in which 98% of merchants do not pay commission to China. Ok? :drunk2: :rockband:
I agree with suntou – the interbank exchange rates are generally quite low and thus you should not lose much on a foreign exchange transaction. Plus, USD is extremely volatile at the moment, it has slipped to $2 = 1 Pound Sterling, which is something like 20% in the past three years… in Thailand it has slipped to around 35 Baht = 1 Dollar from 40 in just one year – despite all the turmoil in Thailand…
I would advise opening an account in a more stable currency such as GBP or EUR. If the dollar continues to slide you will make back the conversion fee very quickly.
Suntou, would you mind elaborating on exactly what the clever Chinese have done in non-gambling industries? I suspect few people here would know how this is done.
Spearmaster wrote:Suntou, would you mind elaborating on exactly what the clever Chinese have done in non-gambling industries? I suspect few people here would know how this is done.I imagine it involves a lot of fraud, which is why affiliate programs won’t pay out to China..
suntou wrote:If you are a US affiliate, there are many things you might do if you really want to make money in this industry. Just study what clever Chinese have done in non-gambling affiliates industry in which 98% of merchants do not pay commission to China. Ok? :drunk2: :rockband:Are you referring to fei ch’ien? Or hawalah?
casinobonusguy wrote:Also only canadian citizens can open a canadian bank account.What do expats do?
you need a canadian address or some form of VALID canadian ID to open a bank account.You cant just come here on vacation and open a bank account .Student ID cards are accepted so foreign students can get one , I was incorrect to generalise that you had to be citizen but residency is a requirement or being a student . Some banks even require a credit check just to open a bank account.
I realise that alot of you are trying to get around things by using friends or relatives outside USA.Just be smart with your arrangements and dont get your friends with good intentions in trouble.Banks in Canada track everything , I am speaking from experience LOL
howard, I doubt it’s fraud. If it were fraudulent the programs undoubtedly would have caught on a long time ago.
lagunacat, it could be fei ch’ien, but despite what you might have read about this informal remittance of money, it has been practiced for many centuries not just in China, but throughout Asia and Africa and the Middle East (using different names such as hawala, for example) and can probably be considered as the forerunner of what we know today as Western Union or MoneyGram.
Spearmaster wrote:howard, I doubt it’s fraud. If it were fraudulent the programs undoubtedly would have caught on a long time ago.Well, I think that’s the point? The post I quoted said “look at what clever chinese do, which is why 98% of programs don’t pay out ot chinese”
So I assumed he meant they were defrauding the programs hence why the programs ban Chinese affiliates.
I have no experience personally, just reading between the lines of what suntou meant.
howardmoon wrote:Well, I think that’s the point? The post I quoted said “look at what clever chinese do, which is why 98% of programs don’t pay out ot chinese”So I assumed he meant they were defrauding the programs hence why the programs ban Chinese affiliates.
I have no experience personally, just reading between the lines of what suntou meant.
What I think he’s saying is that programs don’t remit funds to China, as opposed to “98% of affiliates in China are frauds”.
Come to think of it, I see how you read it. Perhaps Suntou will come and clarify.
casinobonusguy wrote:you need a canadian address or some form of VALID canadian ID to open a bank account.You cant just come here on vacation and open a bank account .Student ID cards are accepted so foreign students can get one , I was incorrect to generalise that you had to be citizen but residency is a requirement or being a student . Some banks even require a credit check just to open a bank account.Please elaborate. Are you saying that if you do physically go to Canada and open up a bank account that it is essentially an American Bank account that is just located in Canada? … and would they track things closely enough, thus reporting it back to the US Govt?
Spearmaster wrote:What I think he’s saying is that programs don’t remit funds to China, as opposed to “98% of affiliates in China are frauds”.Come to think of it, I see how you read it. Perhaps Suntou will come and clarify.
Yeah could be. But China is known as a hotbed for fraud, along with Russia, Eastern Eruope, Nigeria, etc. That’s not to cast aspersions upon any legitimate affiliate from those areas, just a fact – their economic situation tends to encourage large scale fraud (like gangs hiring Chinese workers for $1/hour to send spam, or to play blackjack bonuses all day long, hence why China is banned from most casino bonuses)
casinobonusguy wrote:you need a canadian address or some form of VALID canadian ID to open a bank account.You cant just come here on vacation and open a bank account .Student ID cards are accepted so foreign students can get one , I was incorrect to generalise that you had to be citizen but residency is a requirement or being a student . Some banks even require a credit check just to open a bank account.Ok, that makes much more sense. It’s identical here in the UK – you need a couple of proof of address forms like a utility bill, so it’s practically impossible to open an account unless you’re living here for some time.
It can be a catch-22 for expats sometimes – you can’t rent an apartment without a bank account and you can’t open a bank account with proof of address forms.
But I’m sure there are enterprising ways to get around this (legally).
If I was a US affiliate earning a lot of money, and worried about bringing that into the US, I’d consider buying a small place in Canada and then renting it out. That’d give me the legitimate docs I need to open a foreign bank account, and if I chose wisely I might also make a profit on the property. (And if things got really bad and I wanted to emigrate, I’d already have a foreign base.)
you need a canadian address or some form of VALID canadian ID to open a bank account.
Getting a Canadian drivers license also lets you fish there for a helluva lot cheaper
