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exchange of money

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xajaker
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exchange of money

Wed May 23, 2018 11:52 pm

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
Alfa1234
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Re: exchange of money

Thu May 24, 2018 7:33 am

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

Thu May 24, 2018 7:44 am

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.
geetz
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Re: exchange of money

Thu May 24, 2018 7:58 am

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
Alfa1234
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Re: exchange of money

Thu May 24, 2018 8:00 am

Arbusers wrote: 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

Thu May 24, 2018 8:04 am

Alfa1234 wrote:
Arbusers wrote: 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.
xajaker
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Re: exchange of money

Thu May 24, 2018 8:05 am

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.
xajaker
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Re: exchange of money

Thu May 24, 2018 8:06 am

Arbusers wrote:
Alfa1234 wrote:
Arbusers wrote: 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

Thu May 24, 2018 8:08 am

geetz wrote: 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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Re: exchange of money

Thu May 24, 2018 8:20 am

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.
xajaker
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Re: exchange of money

Thu May 24, 2018 8:32 am

Arbusers wrote:
geetz wrote: 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
Alfa1234
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Re: exchange of money

Thu May 24, 2018 8:38 am

xajaker wrote:
Arbusers wrote:
geetz wrote: 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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Re: exchange of money

Thu May 24, 2018 9:10 am

Alfa1234 wrote:
xajaker wrote:
Arbusers wrote: 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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Re: exchange of money

Thu May 24, 2018 10:56 am

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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Re: exchange of money

Thu May 24, 2018 12:16 pm

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 edited by fnatic91 on Thu May 24, 2018 12:19 pm, edited 1 time in total.

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