Betfair transfers

[shy]

Just wondering how any of you are transferring money to and from Betfair as the banks seem to have decided to not let us deal with them??? How can they do this???

shy

[becareful]

Shy,

My initial deposit was via ANZ credit card and have recieved money back (to the value of the initial deposit) the same way. No problems with either transaction. Since then haven't needed to put any more money in :smile:

Don't know what bank you are using but I have had problems with Westpac depositing to offshore bookies but ANZ has been fine. Maybe you need to switch banks?

[shy]

becareful, it is ANZ I am using. I made original transfer to Betfair OK. Then decided to transfer money back (for my peace of mind) and now ANZ will no longer honour transactions to Betfair. I checked out the Betfair site and they now state that they cannot deposit back into non UK credit cards.

So now how?

Has there been any changes in legislation??

shy

[becareful]

Shy,

I was not aware of that! I made a withdrawal from my William Hill account last week and that was processed no problems so I am not sure what they mean by "industry wide" changes to withdrawal to credit card policies. Anyway it looks like you can still deposit from credit card to your Betfair account but all withdrawals must be now done by cheque or bank transfer. Given the high fee on bank transfers I think I will be opting for the cheque option - probably have to wait a week for it to arrive but at least there is no charge.

[shy]

becareful, ANZ will not allow you to make deposits to Betfair, apparently new policy that has only come in in the last couple of days :sad:

shy

[becareful]

Oh bugger! Not good news at all :sad:

I suspect that the policy will extend to all bookmakers accounts so that will make it harder to get money to and from all offshore accounts (not good for me since most of the good Tennis bookmakers are located in UK/Europe).

I might have to look at changing credit card accounts but with Westpac and ANZ blocking transactions or charging ridiculous fees then the others may follow soon. Anyone know if other banks are still allowing these transactions?

With Betfair all I can suggest is ringing their 1800 number and talking to their customer support staff - they may be looking at other options like BPay, etc, for deposits.

[Chrome Prince]

Given what is going on with credit cards.....

Why don't we start a petition and post it all on the Betfair members area!

If enough of us voice the problems with transferring and getting back money, they might just instigate BPAY, which allows us to transfer from any account.

We wouldn't have to wait for cheques either, they could BPAY funds straight to our savings accounts!

Just a suggestion.

[Mark]

...and don't try Citibank, because they don't work either. When I first tried to send money across, it wouldn't let me & stated contact your bank. When I rang the bank, I was told (use your best condescending voice here), "we don't allow our customers to transfer money to those sort of websites". When I asked her what kind of website she though it was, she ummed & arred and repeated the spiel.

[xanadu]

I'm sorry Mark, but the Govt has been indicating such legislative action every day for weeks-that there is no guarantee that your bets would be honoured and that your funds would be safe. It looks like they have taken draconian action to offset a perceived threat to the green monolith.
I wish you the best in this matter.

xanadu.

[Mr. Logic]

Xanadu, you appear to have misunderstood Mark. What Mark has written about has absolutely nothing to do with "bets not honoured" or with "funds not being safe" in betting exchanges. All bets in a betting exchange are made with money that is already there. Mark posted about banks apparently stopping people from using their credit cards to deposit money into a betting exchange.
This has nothing to do with "bets not honoured" or with "funds not being safe" in betting exchanges.

[xanadu]

Mr Logic,

Point taken,

However, each day the Govt advertises that winning wagers are not guaranteed when investing with such agencies. I think they are gearing up for a fairly heavy-handed assault on a perceived threat to their turnover so we will watch with interest what their next move is(whether that be legislative or whatever). If you or others are affected, I suggest you discuss this matter with your local member which is your democratic right.
Nice to discuss this with you.

Cheers.

[shy]

If transacting with Betfair is illegal, I understand and accept the bank's action. If not, how is it legal that a bank can tell me what I can and can't do with my money (especially when the account is in healthy credit!!)?? I don't understand. Interesting that the ANZ website actively encourages E-trading of shares.

shy

[Chrome Prince]

O.K. here is some interesting information....

The banks blocking said transactions apparently has nothing to do with the Govt. whatsoever!

It is entirely the bank's discretion.

There are two reasons that they block the cards.

1. Identity Fraud

2. Bad debts due to gambling.

Here is an example:

A friend of mine always paid his ANZ credit card on time and was never over his limit.
He did however, withdraw $1,000 at the local Casino.

Two months later, he was declined a limit increase because he had made a withdrawal at the casino and was considered a possible credit risk.

[shy]

Interesting Chrome Prince, it seems strange that they have never had a problem with transactions with Australian TAB accounts though.

Does anyone know if the banks have a problem with Two Flys or is it just offshore companies.

I believe that Betfair have offered a % to the Australian racing industry (as it should). Does anyone know if this has been accepted?

shy

[fair-bet]

Hello everyone. This is my first post and although my experience/opinion may be limited compared to other members on this forum , i feel compelled to write re this topic. Upon hearing this news i quickly checked my betfair account to see if my bank allowed me to deposit funds.
Fortunantly the national bank at the minute is still accepting transactions. Until when who knows??
Who is the government and or banks to tell me where and where i cant spend my money!
Not happy Jan.....

[Neil]

Unfortunately it's a sad reflection of the society we are in, where laws and rules are based on the lowest common denominator.

(And protection, of course, of vested interests and power groups.)

Governments and those in power decide THEY KNOW what is right for you.

In some ways the problems with depositing funds in eg. Betfair reminds me of prohibition back in the 1920s when the US government took the moral high point and tried to ban the consumption of alcohol.

Future generations look back in amazement at how they could have been so stupid.

Similarly future generations will laugh at the idiots who are now trying to restrict people's use of credit cards or free choice of odds when betting.

Since when is it a bank's business to take a moral high point about the use of credit cards? Do these same banks restrict credit cards for internet porn or anything else that they deem as socially undesirable? I suspect hypocrisy rules the day.

By the way, it is worth going to a search engine like google and keying in bank credit card ban internet gambling or similar terms. Makes interesting reading - especially when you see what they are trying to do in the US.

[zeditave]

Banks... charge us for the privilege of using them, yet impose draconian restrictions on what we can do with our money. Where do they get off???

[zeditave]

can always use bank transfers - if you're putting in a decent amount, then it will work out cheaper anyway.

[zeditave]

Shy,
What type of card was it? I know MasterCard are being bastards worldwide on the gambling issue.

[Rain Lover]

The following may something to do with the banks' attitude. It is not possible to enforce gambling debts in Australia via the legal system. In other words, if someone owes you a gambling debt, they can "stiff" you and there's no legal recourse. Which is why all the local gambling websites insist on you being in credit with them.

[zeditave]

Shouldn't be an issue with bookies in licensed jurisdictions then... it's just a copout by the banks.

Rumour I heard was it could be due to fraud on loyalty programmes - deposit money to the TAB from credit card, take it out in cash that day, pay it back onto card, nothing spent, but reward points clock up. I do know of people that have done this, it was a reason that the TAB (NSW) dropped their online deposit limit to $200 at one stage.

More constructive action from the bank would have been to stop paying reward benefits on gaming transactions.

Quoted from Neil,

"Unfortunately it's a sad reflection of the society we are in, where laws and rules are based on the lowest common denominator.

(And protection, of course, of vested interests and power groups.)

Governments and those in power decide THEY KNOW what is right for you."

******

The moderators on this website apply the above rules to postings made by forum members. It all depends if one agrees with the rule enforcer or adversely affected by their decisions, as to it's percieved right or wrong.

30 plus years ago mass demonstations often violent were common. Students, workers, even young liberals were in attendance. Today?

Thats why govt and big business get away with violating and removing your rights so easily. They know the vast majority (over 98%) will only winge, carry on watching TV or play computer games, and then complain about those "dirty dole bludgers and bleeding hearts" who are actually protesting.

To get action one has to get in their face. In person, on TV, on the phone, in the mail, on talkback radio, on newspaper letters page.

Practically all the rights, freedoms and priviliges you have were obtained by LOUD protest. By the way what rights etc. have govt granted without popular protest?

This posting of mine will most probably be removed like others by MR Q the forum censor so most forum members will not get to read it.

So if you are reading this, GET OFF YOUR BACKSIDE AND GET IN THE FACE OF YOUR BANK & MP.

Good punting,
Horse Cents