Handling cash internationally as a poker player

[SusanSharandon]

I make a (miserable)living playing live poker. So far I've been spending the cash I win on accommodation, food and transport so I never really had to worry about carrying huge amounts of cash around and when I flew I always carried less than 10k. However as I gradually get better and move up in stakes, handling cash is becoming an issue, especially since I'm always traveling (US, EU, LATAM). I'd also like to start saving it with the purpose of investment, but the thought of showing up with a pile of cash to the bank might trigger some alarm bells(not to mention I'm a bitcoin lover so probably I'm already suspicious enough in the eyes of the banks).
The other grinders I know mostly use crypto, but I'm already exposed to it; plus it's not always easy to find someone to buy/sell it. My country of origin is in EU and does not tax gambling profits, but I really don't want them to start looking into my stuff (as they really seem to enjoy Kafka's The Trial).
If anybody can share any advice; say if they know other live grinders who found a clean way to deal with this, any advice is appreciated.
Also I'm lucky enough to have a US bank account. If I grind cash games in Vegas, any chance the my US bank will accept a cash deposit from a non resident? If so, what should I be mindful of (cash limit, IRS, home country reporting)? Should I ask the casinos for any papers to declare my winnings?
Any other country/bank that might be friendly with me and my source of income? Really any thoughts are appreciated.

 

[JohnnyDoe]

Respect!
There is nothing safer than crypto. if you really want to use the banking system, you should probably setup a front business, as the combination cash+gambling is not something banks are very happy with.

 

[JackAlabama]

Respect!
There is nothing safer than crypto. if you really want to use the banking system, you should probably setup a front business, as the combination cash+gambling is not something banks are very happy with.

Hehe yah. Cash, gambling and Bitcoin will earn the pole position in the compliance team..

 

[void]

Respect!
There is nothing safer than crypto. if you really want to use the banking system, you should probably setup a front business, as the combination cash+gambling is not something banks are very happy with.

speaking about sports betting (and considering the fact that poker is the same rank for banks and other authorities) there is basically no problem in most EU countries regarding banking... if you can prove it's a licensed casino/website and the funds are true winnings you should be fine

if you're playing live cash games and tournaments and handling physical cash then it gets a bit tricky... this is what crypto is good for

never underestimate the necessity of plausible and socially acceptable personal image - when you need it it's usually too late

 

[wellington]

I make a (miserable)living playing live poker. So far I've been spending the cash I win on accommodation, food and transport so I never really had to worry about carrying huge amounts of cash around and when I flew I always carried less than 10k. However as I gradually get better and move up in stakes, handling cash is becoming an issue, especially since I'm always traveling (US, EU, LATAM). I'd also like to start saving it with the purpose of investment, but the thought of showing up with a pile of cash to the bank might trigger some alarm bells(not to mention I'm a bitcoin lover so probably I'm already suspicious enough in the eyes of the banks).
The other grinders I know mostly use crypto, but I'm already exposed to it; plus it's not always easy to find someone to buy/sell it. My country of origin is in EU and does not tax gambling profits, but I really don't want them to start looking into my stuff (as they really seem to enjoy Kafka's The Trial).
If anybody can share any advice; say if they know other live grinders who found a clean way to deal with this, any advice is appreciated.
Also I'm lucky enough to have a US bank account. If I grind cash games in Vegas, any chance the my US bank will accept a cash deposit from a non resident? If so, what should I be mindful of (cash limit, IRS, home country reporting)? Should I ask the casinos for any papers to declare my winnings?
Any other country/bank that might be friendly with me and my source of income? Really any thoughts are appreciated.

If your home country has no tax requirements on gambling, then surely depositing in the US bank with all relevant paperwork/trails shouldn't be an issue, including CRS, as it's a tax free income for you.

Mind not sure if you will have to pay tax in the US, as it's not a hobby but a career by the sound of it.

Note also, spending it to get rid of it, might actually backfire, if you are violating laws, just look how those sorts of expenditures are portrayed in indictments.

If you do P2P transactions in the US, it's likely a unlicensed money transmitter, and you might get indicted by engaging with them under legit charges or secondary charges.

 

[fortunespeculator]

I make a (miserable)living playing live poker. So far I've been spending the cash I win on accommodation, food and transport so I never really had to worry about carrying huge amounts of cash around and when I flew I always carried less than 10k. However as I gradually get better and move up in stakes, handling cash is becoming an issue, especially since I'm always traveling (US, EU, LATAM). I'd also like to start saving it with the purpose of investment, but the thought of showing up with a pile of cash to the bank might trigger some alarm bells(not to mention I'm a bitcoin lover so probably I'm already suspicious enough in the eyes of the banks).
The other grinders I know mostly use crypto, but I'm already exposed to it; plus it's not always easy to find someone to buy/sell it. My country of origin is in EU and does not tax gambling profits, but I really don't want them to start looking into my stuff (as they really seem to enjoy Kafka's The Trial).
If anybody can share any advice; say if they know other live grinders who found a clean way to deal with this, any advice is appreciated.
Also I'm lucky enough to have a US bank account. If I grind cash games in Vegas, any chance the my US bank will accept a cash deposit from a non resident? If so, what should I be mindful of (cash limit, IRS, home country reporting)? Should I ask the casinos for any papers to declare my winnings?
Any other country/bank that might be friendly with me and my source of income? Really any thoughts are appreciated.

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