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How to extract cash from a credit card?

M

Madman

New member
Dec 11, 2018
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#1
Someone I know is writing a novel about a character who has 3 credit cards, with 20k limit each, and is planning on leaving the country, with no plans to return..

Supposing there are no plans on repaying the credit cards.. what is the most efficient way to turn the credit card limits to cash? I imagine one way is to buy used cars from dealers and then sell them.. is there a better way?
 
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#7
Its even easier then that, just make sure that the coutry where he is flying to has casino, you can cash out a credit/debit card in casino. They will just deduct the amount from your card and give you cash. Even more this will count as a purchse and will not trigger ATM cash withdrawal limit. This info is 100% as I am a bank employee who used to go to casino :D
 
#8
Hans Hoffmann said:
Its even easier then that, just make sure that the coutry where he is flying to has casino, you can cash out a credit/debit card in casino. They will just deduct the amount from your card and give you cash. Even more this will count as a purchse and will not trigger ATM cash withdrawal limit. This info is 100% as I am a bank employee who used to go to casino
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this theoretically works, however most of the casinos will charge you a hefty fee (about 5%) for buying chips using cards - they typically advice you to go back and get cash from ATM in the lobby
 
#11
void said:
lucky you
mind you share the name of this heaven ;-)?
are gambling winnings totally tax free in your country?
will the casino cashier also send you the money for returned chips to your bank account for free?
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Its Latvia, they arent tax free according to laws, but generally casino wont bother you with filling any papers unless you ask for it or you win something more then 20k Eur. If you win 5k you just cash out and go home
 
#12
interesting - so you're basically saying that you can walk in, buy chips for 5k using your card with no fee, watch the gamblers for an hour and then go to cashier and get 5k in cash for free or let them send it to your bank account - and nobody cares...?
 
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#13
void said:
interesting - so you're basically saying that you can walk in, buy chips for 5k using your card with no fee, watch the gamblers for an hour and then go to cashier and get 5k in cash for free or let them send it to your bank account - and nobody cares...?
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Well if you ask to send money to bank account they will make you fill in bank info and thats it, they will give you a receipt and your good to go. Its just that nobody uses that option(atleast loacals) since if it gets into bank account youll need to pay taxes. If you do that with cash you can do the thing which you described in your message
 
#15
UScorp said:
Yes you can avoid VAT if you purchase using a company with a valid VAT number. Airport is working as well e.g. Wempe at Frankfurt Airport
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How would that work.

Say my company is dealing with Google search optimizing. It is registered for VAT! Now I buy a Rolex in the Wempe shop give them my VAT number and they don't charge the VAT. Wouldn't my local tax office ask me how this Rolex can be excempted from VAT when it is something I have bought private?

I don't believe this is a valid answer!
 
#16
I think it was 20%, but really if you need to "turn in" 5k Eur you just do it in cash, they will give you the receipt as if you won that money if you ask for it and then you can put it into your bank account with receipt to confirm it. If you dont ask for receipt they will do it without it and wont bother you with any questions :D Its just funny how I just realized that this is so "business oriented approach" while describing this scheme to you

void said:
25% tax on winnings? I'm I right?
thanks for sharing btw
Click to expand...
check my previuos message
 
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#17
blizz said:
How would that work.

Say my company is dealing with Google search optimizing. It is registered for VAT! Now I buy a Rolex in the Wempe shop give them my VAT number and they don't charge the VAT. Wouldn't my local tax office ask me how this Rolex can be excempted from VAT when it is something I have bought private?

I don't believe this is a valid answer!
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Your local tax office will not see the transaction as you pay in cash (not VAT involved) and never show the invoice your accountant
 
#18
UScorp said:
Your local tax office will not see the transaction as you pay in cash (not VAT involved) and never show the invoice your accountant
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not that easy. If you buy a Rolex say it costs 15000 euro (just a light edition) and the VAT rate may be 20% locally, so you safe EUR 3000 - Wempe will have to write down the VAT number in their books, so the German VAT office could do a cross check and will send a request to your VAT office which then will figure out what happen?!! This need to be rethinked.
 
#19
it is easy .. did it several times the last 5 years with irish,uk, dutch and german Ltd's . you do not get the full VAT amount , example Austria VAT rate 20%- you get 16.66% rebatte / but i agree cross checks might happen but risk is very low
 
#20
UScorp said:
it is easy .
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If something is easy you need to be cautious. This sounds too easy for me it may work with one watch but if you buy several watches say in the amount of 100k euro the tax hammer and prison will hit you.
 
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