Many thanks for the tips on Natwest, I have been using Lloyds so far and had been looking for an alternative due to the fuss of having to transfer 1k every month.
I haven't used it for forex yet, but my smile account has had a couple of real benefits that may not be available everywhere:
- Fee-free Overdraft to £500. This means that I can transfer £500 back to my smile account and reuse it the same day. 95% of the time the withdrawal seems to hit on the same day as the deposit, and the account doesn't go overdrawn. Even if it does, then I only pay a days interest. even on about 16% this only costs about 22p per day on £500 overdrawn, and I'd expect to make more than that on an offer. Not as big an issue now I have a bigger float, but was very useful early on.
- Ability to open a second account. They just let me open a second account, which I use for my OH doing PF offers. Transfers between the 2 accounts are processed instantly.
I've never been charged a fee for anything, except where a bookie charges. And I earn a small amount of interest on unused float.
Problems with MB and Natwest
Not sure if there's a thread covering this already, couldn't find one but if there is just shout.
I've had a few problems with my Natwest account over the years, nothing too significant though. However i've been MBing almost 2 weeks now and Natwest have decided to block all use of my account due to "fraudulent activity".
The only explanation I have for this is that i've had money whizzing in and out of the account while i wait for my moneybookers account to get verified.
Anyway, I rang Natwest up, who took me through a 15 minute procedure of asking me questions of which I answered all of them correctly to tell me that they didn't have enough information and that I would have to come into a branch with photo id.
This is a big pain as i'm keen to keep the money moving while I start out to build up that float quickly.
Has anyone else had problems like this with Natwest?
Also does anyone recommend another bank that is suitable for MBing? (I'm using HSBC as my main account but other all other banks are available for use)
Thought you were getting an MB account? Why are you having to wait for an MB account?
Originally Posted by thebottleguy
Merged 2 posts above into this thread. Have a good look above, hopefully have some answers (little bit old but still fairly relevant).
I think he means 'matched betting' not Moneybookers (actually though I see your point, title is a bit confusing, does make it sound like it's a problem with Natwest and Moneybookers... not sure now heh). But it brings up a good point, it's probably more useful to have a Moneybookers account than a bank account when you're playing at online gaming sites (lots of reasons but mainly because it's much faster moving money around and pretty much all gaming sites accept Moneybookers).
Originally Posted by brownie1111
I would say ideally keep your float spread across maybe 1-2 books to start with, one main reference book or exchange like Betfair or Pinnacle if you understand dutching and then the rest of your float in Moneybookers (maybe keep some back in your bank as well though just in case you come across a book that insists on using card payments and generally just as a 'reserve' float). All of which depends on how much you intend to tie up of course.
Back to the point though, there are a lot of threads on banking, if you can use the tagging system to search it's a lot easier, here's the banking tagged threads:
The Gambling Times - Threads Tagged with banking
the 'Moving the money' thread might be useful perhaps.
Bunch of Moneybookers threads as well:
The Gambling Times - Threads Tagged with moneybookers
Thanks for that, those links look good i'll check them out. I'm fairly new here so i'm still trying to get up to speed with the forums and matched betting, i'm sure i'll catch up though.
Also sorry for the confusing title; the problem was with natwest and MB was referring to matched betting. I'll have to be more careful next time when talking about moneybookers.
I am intending on running everything out of Moneybookers and betfair, but as you say; moneybookers isn't accepted everywhere so i want to keep a different bank account open that is separate to my regular account.
Originally Posted by munk
Well... I hesitate to say it but I recommend Lloyds for their current account service. The fraud system is still there, but usually the way it works is if their system detects a fraudulent transaction might be going through, the payment will be blocked and they ring you up via an automated system to you confirm whether or not you made the payment (all automated unless there is a transaction you don't recognize in which case you have to talk to an operator obviously to sort it out). After that you can go ahead and re-issue the payment order and it should go through OK. Sounds like a lot more hassle with Natwest.
EDIT: actually just searched for Natwest on the forum and reading some of the posts in this very thread, seems like it's hit and miss, some find it ok, others not... so I don't know then! I suppose it's a case of finding a bank that you 'get on with' and don't incessantly block you.
I've just been into my local Natwest Branch to re-authorise my account. Word of advise: Natwest and Moneybookers do not get along.
Apparently it is against Natwest's general T&Cs to deposit money into moneybookers and they will block your internet banking every time you try.
I now have to reapply for internet banking which will take up to a week to validate and am stuck for a free way to deposit into moneybookers.
I'm going to open a new account at a different bank but until then, does anyone have any ideas how i can get money easily into moneybookers without the charge?
So you cannot deposit into your Moneybookers account by using your Natwest debit card which has nothing to do with internet banking?
I can deposit into moneybookers using any method from my Natwest account. However, if I pay by debit card, I receive a charge, and if i pay by online bank transfer, my account gets blocked and I have to go into the bank to unblock it.
Very annoying, I recommend using another bank other than Natwest if you want free instant transfers into Moneybookers.
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