exchange of money

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xajaker
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xajaker

exchange of money
« on: May 24, 2018, 12:52:05 AM »
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Guys can you advise please.

This issue has been bothering me for a while since i dont want to go to jail, dont think i will like it there.

I started arbing with this Albania local bookie, the odds are good but i have one issue of betting in the albania local currency Lek since it is better and gives more profit. The issues is getting the albania lek into finland since i live there. If i am to use banks, western union or anyhting, even neteller,  i will lose a good percentage.

so i decided to contact some albanians living in Finland, my deal with them is that they give me the money they actually want to send over to Albania and i in turn transfer the money i have in albania to their account in Albania. This way, we both win and save cost in transfer charges.

my issues is, am i laundering money, is this illegal.

Advise please
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Alfa1234
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Alfa1234

Re: exchange of money
« Reply #1 on: May 24, 2018, 08:33:01 AM »
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You are not money laundering. 

Money laundering means exchanging illegal money (from drugs or any other illegal activity) and somehow through a process making that money "legal".  If the money you are giving these people has not been made in an illegal way (arbing is not illegal), you are not money laundering.
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arbusers
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Re: exchange of money
« Reply #2 on: May 24, 2018, 08:44:38 AM »
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This is a Hawala system 100%.
Before going to discussion on what can be done and what can't be done, I m asking you why can't you use Neteller or any other mainstream way to get paid?
I understand that you will have to pay an exchange fee of...1.9-2.9 or 3.9%. Is that right?
With good money management and carefully selected transactions, you can keep the expenses lower than what figures show and also minimise the exchange risk.
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geetz
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geetz

Re: exchange of money
« Reply #3 on: May 24, 2018, 08:58:24 AM »
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you can use digital banks which offer very good rates for currency exchange like: revolut, paysera etc. find one which can offer you the best deal
then you can transfer converted euros to e-wallets: nt/skrill
this will save you a lot of money over longterm
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Alfa1234
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Alfa1234

Re: exchange of money
« Reply #4 on: May 24, 2018, 09:00:11 AM »
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This is a Hawala system 100%.

Yes, but that is not illegal in Finland (and I don't it's illegal anywhere in the EU).
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arbusers
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Re: exchange of money
« Reply #5 on: May 24, 2018, 09:04:35 AM »
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This is a Hawala system 100%.

Yes, but that is not illegal in Finland (and I don't it's illegal anywhere in the EU).

I didn't say it is illegal, but we need to check the Albanian side also about legality and not only the Finish.
I m trying to take as more info as I can from xajaker, so we might end up in a way where we will not have any questions about legality.
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xajaker
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xajaker

Re: exchange of money
« Reply #6 on: May 24, 2018, 09:05:21 AM »
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Thanks Guys, now i feel a little saver.

i could use skrill or neteller but this money management and accounting thing, are heavier than i thought and either way, i am going to still lose some percentage but with this method, i gain instead and i think it is easier for me. 

But i will surely consider all options also now.
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xajaker
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xajaker

Re: exchange of money
« Reply #7 on: May 24, 2018, 09:06:50 AM »
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This is a Hawala system 100%.

Yes, but that is not illegal in Finland (and I don't it's illegal anywhere in the EU).

I didn't say it is illegal, but we need to check the Albanian side also about legality and not only the Finish.
I m trying to take as more info as I can from xajaker, so we might end up in a way where we will not have any questions about legality.


any question, i am willing to answer, the Albanian side, i really dont think they mind and also i am not physically involved there and so i am not much afraid. My most worries is in the Finland side.
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arbusers
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Re: exchange of money
« Reply #8 on: May 24, 2018, 09:08:04 AM »
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you can use digital banks which offer very good rates for currency exchange like: revolut, paysera etc. find one which can offer you the best deal
then you can transfer converted euros to e-wallets: nt/skrill
this will save you a lot of money over longterm

1 question and a point here:
How many digital banks support Albanian Lek?
Also, I can clearly say that most if not all of them will reject gambling money. It is written in their T&Cs. I would avoid masquerading any transaction with them.
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Alfa1234
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Alfa1234

Re: exchange of money
« Reply #9 on: May 24, 2018, 09:20:10 AM »
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Transferwise has the Albanian LEK (try their borderless account) and is currently, as far as I have been able to dig up, not taking part in CRS.
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xajaker
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xajaker

Re: exchange of money
« Reply #10 on: May 24, 2018, 09:32:55 AM »
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you can use digital banks which offer very good rates for currency exchange like: revolut, paysera etc. find one which can offer you the best deal
then you can transfer converted euros to e-wallets: nt/skrill
this will save you a lot of money over longterm

1 question and a point here:
How many digital banks support Albanian Lek?
Also, I can clearly say that most if not all of them will reject gambling money. It is written in their T&Cs. I would avoid masquerading any transaction with them.


I didnt check up on the digital banks but i did on other transfer agents like Azimo, western union , money gram and the charges are deadly, also i am considering how far my money is available to me for use, with my method it is almost instant but i wonder if any method will beat it in speed.

Transferwise seemed the best option but i called them couple of time and they said they dont support Albania Lek. I WILL CALL AGAIN NW
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Alfa1234
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Alfa1234

Re: exchange of money
« Reply #11 on: May 24, 2018, 09:38:28 AM »
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you can use digital banks which offer very good rates for currency exchange like: revolut, paysera etc. find one which can offer you the best deal
then you can transfer converted euros to e-wallets: nt/skrill
this will save you a lot of money over longterm

1 question and a point here:
How many digital banks support Albanian Lek?
Also, I can clearly say that most if not all of them will reject gambling money. It is written in their T&Cs. I would avoid masquerading any transaction with them.


I didnt check up on the digital banks but i did on other transfer agents like Azimo, western union , money gram and the charges are deadly, also i am considering how far my money is available to me for use, with my method it is almost instant but i wonder if any method will beat it in speed.

Transferwise seemed the best option but i called them couple of time and they said they dont support Albania Lek. I WILL CALL AGAIN NW

They have all the rates etc up on their site but after checking it more thoroughly I think you can only send LEK to them (to get EUR) and not the other way around...sorry for not checking better before.
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xajaker
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xajaker

Re: exchange of money
« Reply #12 on: May 24, 2018, 10:10:00 AM »
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you can use digital banks which offer very good rates for currency exchange like: revolut, paysera etc. find one which can offer you the best deal
then you can transfer converted euros to e-wallets: nt/skrill
this will save you a lot of money over longterm

1 question and a point here:
How many digital banks support Albanian Lek?
Also, I can clearly say that most if not all of them will reject gambling money. It is written in their T&Cs. I would avoid masquerading any transaction with them.


I didnt check up on the digital banks but i did on other transfer agents like Azimo, western union , money gram and the charges are deadly, also i am considering how far my money is available to me for use, with my method it is almost instant but i wonder if any method will beat it in speed.

Transferwise seemed the best option but i called them couple of time and they said they dont support Albania Lek. I WILL CALL AGAIN NW

They have all the rates etc up on their site but after checking it more thoroughly I think you can only send LEK to them (to get EUR) and not the other way around...sorry for not checking better before.


Yes that is true but thanks a lot guys, since i am not breaking any laws, i think i continue with the HAWALA system.

Woo, thank goodness, not going to jail soon
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arbusers
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arbusers

Re: exchange of money
« Reply #13 on: May 24, 2018, 11:56:42 AM »
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You have a disadvantage here.
All Hawala systems require trust from all enabled members. The first Hawala systems were among members of a broaden family.
Do you have that trust?
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fnatic91
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fnatic91

Re: exchange of money
« Reply #14 on: May 24, 2018, 01:16:34 PM »
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A direct charter flight HEL-TIA just started to run , so you can fly to Albania to collect your LEK and meanwhile enjoy some beach days there  :) :P

P:S how did you sign up ? These bookies accept only locals , apart of Bastarena.
« Last Edit: May 24, 2018, 01:19:17 PM by fnatic91 » Logged
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