Neteller Currency Fees!

[ezinestein]

Hi,

I just read this in another post...

"According to Neteller support, Neteller charges 1.9% every time they change currencies. That includes depositing to a poker site, withdrawing money from a poker site, and changing the currency of your account."

My neteller account is in US dollars and I was thinking about doing the Monaco bonus in Pounds Sterling.

I just 'chatted' with neteller... and they told me that there were no fees when depositing or withdrawing from a casino in a different currency than your account's currency.

They said that the only fees would be the exchange rate on that day.

Can anyone confirm this 1.9% mentioned above by another two plus twoer?

Kindly,
ezinestein

[GoSox]

Yes, it's about 1.9% There is technically no "fee" ,the charge is applied because the exchange rates are different by 1.9%

If you convert 1 GBP you get 1.83984 USD if you convert it back the rate is 1.87833 so you'll get about 98 cents. I just happened to do one each way at different sites so those are the current rates.

[DeucesUp]

I can also confirm what GoSox said, here's the exact wording from Neteller CS as I asked the same question about a week ago.

[ QUOTE ]
NETeller does not charge any fees for transfers to or from a merchant. The currency rate that we use to convert your fund from one currency to another is 1.9% above market value, therefore it is slightly different from the rate found at a financial institution. The current rate to convert USD to GBP is 0.5299, thus 1 USD equals 0.53 GBP. The rate to convert GBP to USD is 1.8163, thus 1 GBP equals $1.82 USD. These rates fluctuate frequently and they are not posted on our website at this time however, if you contact our Customer Service department we will be more than happy to provide you with the current exchange rate.


[/ QUOTE ]

[stinkypete]

i'm pretty sure its 1.9% each way... so if you convert to another currency and back you lose about 3.8%.

[CaptainHook]

Does Neteller have any other fees on deposits or withdrawls? I don't want to make an account before knowing the policies, and I wasn't able to find it on the site.

[M.B.E.]

Here's a link offering real-time market rates for major currencies:

http://www.oanda.com/rtrates

[HesseJam]

This is correct: it is 1,9% for each conversion. This is why I changed the account denomination from € into US$ to avoid the bonus hopping tax of 3,8% .

I would like to have an € account and a $ account but Neteller does not allow it.

Keep in mind that you can switch your currency denomination only once.