Professional gamblers/poker players and UK financial services

[RickBFA]

I would be grateful if those of you that only gamble/play poker for a living would give me a bit of feedback about your treatment by the banks and financial institutions.

I work in financial services and someone I know very well in the industry is doing some research.

In the last couple of years have the banks been shutting your current accounts or making life more difficult? Asking a lot more questions about your source of income/deposits?

Are you with an institution that have known your circumstances and been helpful?

Have you faced difficult questions about Money Laundering issues when making either bank transfers or cash transactions either to or from your account?

Thanks in advance for any replies.

[arbboy]

Premium Bank account with Nationwide and have done all my life.  Never had any issues regarding income (vast majority of transfers of any size have been online so audit trail to online firms).  Less cash transactions than most i would imagine. Tend to pay most day to day stuff in cash i win so there isn't much going out of my bank account bills wise apart from obvious direct debits.   Have had a few decent four figure cash deposits over the years.  Tend to get the 'you just sold your car?' at the desk in the bank in polite discussion with the assistant.  Never been asked anything more serious tbh although have very little contact with the bank week to week.

Every time i have a new card their fraud protection blocks any gambling transactions automatically of a certain size.  No issue once they send you a text to ok it and you never have the issue again with the same site.

All in all pretty good compared to the other horror stories i have heard.  Would definitely recommend them.  Refer a friend available if anyone is interested and we both get £100 if you want to open an account.  Cambridge alex did it with me and it was effortless.

Enquired about a mortgage years ago with 60% cash deposit and the manager in branch just laughed at me.  He said we wouldn't give you a mortgage with 90% deposit with your chosen career.  I replied 'that's probably why the banks went skint not wanting to lend to someone with 90% deposit'

[POWWWWWWWW]

I've been with Natwest for 20 years and never had a problem. Had large deposits and withdrawals both online transactions and cash and not even been asked any questions barring the odd nosey cashier asking about what Dusk Till Dawn means on the money bags. Thought it might have changed a couple of years ago when they brought in the licensing thing for UK sites but they don't seem to mind money coming in and out of Curacao accounts.  

[PokerBroker]

I have heard 2nd hand that Bank or Ireland, HSBC can be pretty difficult to deal with.  

[DMorgan]

Pretty much identical to arb, never had any problems with Nationwide

HSBC are particularly bad for closing accounts

[bergeroo]

Citibank closed my account down and refused me as a customer because of gambling transactions. Because they are an American company and they don't deal with gambling. It wasn't even just online gambling, I realised a few times after trying to use my card in a casino and it being refused. I never even used my card in America or had any dealings with the USA.  Pretty odd but there you go.

[SuuPRlim]

When I started in poker it was fine, money in and out from poker sites, skrill, neteller etc never caused too many problems in modest amounts.

When things started to get a bit bigger, and was transfers from other people, cash deposits, it all started to get a bit iffy. Once I got involved betting sports and started doing international transfers the doors got slammed shut pretty hard and quickly.

I do understand the banks position though, they could make some efforts, put some restrictions and get evidence to prove it's not money laundering...or they could just close the accounts...the upside is pretty minimal and the downside of accidently facilitating money laundering or proceeds of crime are drastic. Spend 20 minutes shutting the account and have the staff do something else, can;t say I'd do much different tbh.

You learn as the years roll on what the banks will and will not tolerate and try your best to keep things in good order, avoid anything they will obviously hate and maintain a legit paper trail at every point, you should be fine.