Bank account…
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Guys just a quick question. Would you rather open a “matched betting only” bank account in your own bank or rather go somewhere else???
I have been using PayPal so far and I am happy to use it still it just annoyes me when Betfair charges me with 2% fee every time I pay the money in with PayPal. Also some bookies simply doesn’t accept as a form of payment.
Any advice would be appreciated:)Rob
+0February 8, 2016 at 8:08 pm
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A dedicated bank account, with a bank that is not part of the same group as the bank you have your “normal” account with (mortgage, etc…)
Also makes it easier to avoid dipping into your MB funds for every day expenses.
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Thanks Tony.
That is what I have been thinking. It would be probably easier to have it all in the same place but as you said there is a certain danger of taking money out for daily expenses. Also my bank would look at me as at some guy with a gambling problem me thinks.
I think I will have a little browse through the online bank account offers and see what I can find.Thanks again.
Rob
+0I’ve just started using skrill for the exact same reason. I keep a small float in my skrill account. If any accounts get a bit top heavy then i move money into skrill and then from their to betfair/smarket.
I’m hoping this way i wont even need to use my bank account again.
Betfair don’t charge for skrill deposits and transactions tend to only take a day!+0
be sure to read the T+Cs when you deposit, a lot of bookies don’t allow skrill (or paypal or neteller) for bonuses.
As for banks, I opened a nationwide basic account online (flex account I think) and use that just for betting with no problems.
+0I think the restrictions for skrill/neteller was mainly for the signup offers, i’m done with them. I’ll soon discover if there are any problems!!!
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I know that skrill/neteller may be an issue sometimes but paypal is 100% safe with all offers where bookies accept it as a payment method.
I will rather stick to a dedicated bank account but not with Nationwide as this is where my mortgage is. I think Ill go for TSB as it looks nice and easy:)+0
I probably need to do this…as well I don’t have to worry about it for now (can’t see myself getting a mortgage for 3years) but looking at my online banking is literally well yano…i’m sure all you guys is the same!!
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Skrill mate. As long as you are done with the signup offers Skrill is great. Very fast.
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I use Ffrees
+0I personally don’t like Skrill as they charge you to withdraw money back into your bank account. Just use paypal, it is simple enough.
+0On most betting sites including betfair, you can’t just deposit with one account and withdraw to another. Money laundering would be too easy otherwise…
+0If I’d been more aware of the potential profits at the beginning I probably would have but I expect it’s too much faff to change things now.
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Good advice. Cheers
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Any bank account will do the job here. I don’t think there’s an issue with opening a new account with your existing bank unless you plan to apply for a mortgage with them.
I’ve actually written an article about this that you might find useful…
https://matchedbettingblog.com/article/best-bank-account-for-matched-betting/
It explains why it’s best to set up a separate account and takes you through the best banking options for matched betting.
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