Has Anyone Tried Doing The 'Cheque to Self' Free Money Trick through an Online Betting Account?

damoo on 01/11/2016 - 01:51

So I just noticed I'm able to deposit money (via paypal) from my bankwest creditcard mastercard account into a sportsbet account and it seems to be classified by bankwest as a purchase.
Ie not a cash advance.
I can't say for certain yet, because I've only done the transfer today, and maybe bankwest will charge me a fee in a few days?
(i dunno how it works, I've never done a cash advance before)

All i know at this stage is the money has come off my credit card and into sportsbet without fees. (for now at least?!)

Given that you can take money from a sportsbet account without fees, I'm thinking:

what's stopping me taking up a credit card with say 15 months interest free on purchases… And then putting the full credit card limit into sportsbet, then taking it out and putting it into a savings acc for 15 months?

Anyone tried anything similar before?

Financial

Comments

  • Randxyz123 on 01/11/2016 - 05:15

    So I just noticed I'm able to deposit money (via paypal) from my bankwest creditcard mastercard account into a sportsbet account and it seems to be classified by bankwest as a purchase.

    What do you mean?… You've always been able to make purchases via paypal with your credit card…? Bankwest don't care if it's paypal or woolworths it's still a purchase…

  • t_c on 01/11/2016 - 07:42
    +4

    You need to turn the money over at least once before you can withdraw

    https://help.sportsbet.com.au/app/answers/detail/a_id/49/~/h…

    • chumlee on 01/11/2016 - 07:52

      I wonder if that is a legally enforceable term of the contract? probably there to stop sportsbet being used for money laundering purposes but if you can verify your source of funds then they should be good corporate citizens and let you close the account with a fee payable rather than making people gamble.

    • damoo on 01/11/2016 - 08:31

      TC is right, i tried withdrawing my little test amount without betting and it wouldn't let me.

      Back to the drawing board if all the online bookies are like sportsbet.

  • idjces on 01/11/2016 - 09:11
    +2

    From memory of my experience a few years ago, bankwest will be charging you the cash advance interest rate from the day of purchase. Gambling gets classified as a cash advance, not a purchase, even though the description might say sportsbet

    • ssx on 01/11/2016 - 11:08

      Gambling includes buying the lottery online and is treated as cash advance:

      For the purposes of this clause, all purchases for
      gaming or gambling transactions such as gambling chips
      purchases, and online gambling purchases will be treated
      as ‘cash advances’ and the Cash Advance Fee and Annual
      Cash Advance Percentage rate will apply to them.

      www.bankwest.com.au/library/pdf/PDS_20051111-093533.pdf

      • esosite on 01/11/2016 - 11:36
        +1

        Putting money into sports bet with ANZ black and it never came up as cash advance?

        Maybe specific T&C for bankwest? or if via PayPal they are unable to tell that its for gambling? Its a fair clause in my view but one that should probably be advertised by the betting sites

        • ssx on 01/11/2016 - 12:21
          +1

          I think if it's by paypal, then it won't come up as a gambling transaction, but rather a paypal one (don't quote me).

          When I asked bankwest about the gambling/cash advance thing, they said it is common across most credit cards.

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