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Invisibledurian_2008
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Registered: 04/02/08
Posts: 17,596
Loc: Raccoon City
Giftcard Flipping Question
    #27780908 - 05/16/22 10:39 PM (1 year, 10 months ago)

Why are people paying more for the card than is left in the balance?

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OfflinegeokillsA
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Registered: 05/08/01
Posts: 23,563
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Re: Giftcard Flipping Question [Re: durian_2008] * 1
    #27781313 - 05/17/22 08:35 AM (1 year, 10 months ago)

It is a method of low volume money laundering.  The extra premium paid for a cash loaded gift card is the laundering fee paid to the person who acquired/loaded the card, such that the new acquirer doesn't need to associate their identity to the purchase of the card.


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Invisibledurian_2008
Cornucopian Eating an Elephant
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Registered: 04/02/08
Posts: 17,596
Loc: Raccoon City
Re: Giftcard Flipping Question [Re: geokills]
    #27784126 - 05/19/22 10:52 AM (1 year, 10 months ago)

I read that some country's currency could fluctuate so widely, overnight, that it was safer to hold it in gift cards.

Quote:

Please note that to the extent that multiple gift cards can be sold to an individual in excess of $10,000, [ ] is subject to the currency reporting requirement found at 31 CFR 103.30 requiring the filing of Form 8300 with FinCEN.




Apparently, the boundary when they require a money transmission license.

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