The two biggest online banks are:
Skrill and Neteller are great online banks. Both accounts are free. I can highly recommend you to sign up at Skrill and Neteller. Both accounts have the option of a free credit card and come in multiple currencies.
I highly suggest you become a VIP at Skrill as quickly as possible. The easiest way is to talk to the great team that is present at all EPT’s and IPT’s. Customer support is superb as soon as you are a VIP. Additionally you can get a second account with a different currency.
Neteller also has a nice VIP. My VIP manager Silvi calls me up about 3 times a year to see how I am doing and making sure I am enjoying Neteller. I like this personal contact.
Online banks and poker rooms
Both online banks allow you to transfer money in between their e-wallet and any poker room for free. I try to make use of that by keeping a low balance on poker sites. I try to keep about 3 days worth of buy ins on every site and the rest spread on Skrill and Neteller. The bigggest reason for doing this is that deposits on poker sites are always instant. Withdraws aren’t. Say you have a lot on one site and you want to move that money, it usually takes several hours up to several days depending on the site you play on.
Poker rooms – Deposit and withdraw limits
The original deposit and withdraw limits are very small, to prevent people from moving around their money. Send your poker site an email asking for higher deposit and withdraw limits. You should almost always get a raise – provided you actually need higher limits.
Online banks and cash outs
I highly suggest you DONT cash out over any online bank. They charge you a fee that is in the neighborhood of at least 1-2%. If you cash out over a poker room it is free.
Some sites have started with a new rule: You have to withdraw any money first to the orginial source before you can withdraw it where you want. This means, assume you won 10k, but you deposited 2k in total from Skrill. You can withdraw 8k to your bank account, but you have to withdraw 2k to Skrill.
How to get money offline
Let me share with you my method:
The second I win something, I first move all the required money back to the original source (mostly Skrill and Neteller). Whatever is left, I cash all of that out to my bank account. Once I have cashed out to my bank I deposit again using an online bank.
Online banks and getting money off
The easiest way to use money from an online bank without paying fees, is to buy things directly with those balances. You can buy flights and book hotels with that money, whenever you buy something online check out to see if Skrill or Neteller is an option.
Skrill secret tip
Skrill offers the option to buy into some live tournaments like EPT’s. This is a great way to surpass any charges and get money offline.