Is Neteller screwing their European customers?

[Jonathan]

Hi,

I recently took my first withdrawl from a European cash machine using a Neteller debit card and was shocked at the effective rate. First, you must "load" your debit card from your Neteller account. There is a $2 US fee for this. But the debit card is loaded in Canadian dollars so you pay for the exchange from US to Canadian dollars when the debit card is loaded. Then when you withdraw from a European cash machine you pay for the exchange from Canadian dollars to euros.

In my first experience, the "effective" US$/euro rate that I paid (including all fees) was 1.37, on a day when the bulk rate quoted on FOREX was 1.31. So the effective markup for the end-to-end transaction was 0.06. When I use my (US) Citibank bank card to withdraw euros from a cash machine the markup is 1.5% over the bulk rate, or in this instance a 0.02 markup.

The bottom line is that Neteller is charging their clients THREE TIMES as much as standard banking practice! I was shocked!

Does anyone else find this as unconscienable as I do?

PokerStars now offers the option of check withdrawls in euros, and the exchange rate they use is excellent. But in correspondence with them, they told me that the majority of their european clients use Neteller rather than request checks. I wonder why?

I'd like some advice please from others in europe on how best to get cash from PokerStars.

Thanks,
Jonathan

[act]

YES!

I was absolutely shocked when i saw the costs. There is no way i am ever using Neteller to withdraw money again.

On top of the fees Neteller charge you also have to pay to the bank that owns the machine you withdraw from. The total costs of one withdrawal of 500 Euro kan easely be 50 Euro. Absolutely insane.

I might add, that it dosen't help to withdraw the money on a bankcheck. The same crazy rate is used.

Never use Neteller to withdraw, only to transfer money between sites!

[parappa]

There are always threads about other ways to get the money out, but I havent found a better way than getting a check, so any help you have would be appreciated /images/graemlins/smile.gif

[Koller]

We are pleased to announce that you can now withdraw funds from your NETELLER account via Bank Wire.

The processing fee of requesting a Bank Wire is 7 GBP, $12.75 USD, $17.00 CAD, or $10.50 EUROS.

(For Security reasons please do not email your Bank account numbers.)

Requesting Your Bank Wire

1. You must send an email to MemberWire@NETELLER.com specifying:

• First and Last Name

• Your Telephone Number and area code (this number must correspond with the phone number listed on your NETeller Account {Please include Country Code}

• Bank Name, Address of Bank {Including Bank postal code}

• Requested amount of Bank Wire.

2. Once we receive your email, one of our NETELLER Bank Wire Agents will give you a call between 10:00 AM - 6:00 AM Eastern Standard Time (Monday to Friday) or 12:00 Noon – 8:00 PM Eastern Standard Time (Saturday and Sunday) to gather the required Bank Wire Information.

If there is a convenient time to call, please indicate the time (and your time zone) in the email.

Please have this information at hand for when our agent contacts you. If you do not have this info please contact your bank.

• Bank Account Number

• SWIFT Code (Society for Worldwide Interbank Financial Telecommunications). Please contact your bank for this code

(For Security reasons please do not email your Bank account numbers.)

Important: If the telephone number you provide does not match the telephone number registered to your NETELLER account, please log into your NETELLER account and change your phone number on the My Info page.

Thank you for using NETELLER.

Best regards,

NETELLER Customer Service

[Skjonne]

[ QUOTE ]
The bottom line is that Neteller is charging their clients THREE TIMES as much as standard banking practice! I was shocked!

[/ QUOTE ]

Yes it's very expensive but for what it's worth, I believe that the mark-up on the exchange from CAD to EUR isn't going into Netellers pockets but is charged by the bank which ATM you're using.

[daveymck]

I deposit form neteller to Party and cash out form there via debit card.

The neteller card seems a rip off to me anyway with the charges, but if stars offer the cheque option into euros that is probably a decent way to go for those without maestro/switch debit cards, I am still unsure if visa debit cards work on party.

[Duckstabber]

Multipoker offer free wire transfers to most European countries.

Anyway, the reason why so many people use Neteller debit card must be that the IRS can't track you this way...

[MadMat]

the way I've been doing it is to run a Neteller account in US$, so I can move money about from site to site with no fees or exchange rate losses, and then requesting a cheque from Neteller in GBP when I withdraw, the fee for this is £1 ($2), and the exchange rate seemed pretty fair compared to what the main UK banks were offering on the same day.

Mat

[Jonathan]

Koller,

The 10.50 euro fee is reasonable, but what about their conversion rate from US$ to euros? Have you tried it?

Suerte,
Jonathan

[Koller]

[ QUOTE ]
what about their conversion rate from US$ to euros?

[/ QUOTE ]

It was 1.33 when FOREX was 1.30.

[Siingo]

Thanks! I shall try this!

I use the neteller card now and the fees suck! But checks is not great either in sweden. My own bank (nordea) did not even want to tuch them since it was a foreign check.. If he should cash it in then he said that it would cost around $120. I later found one bank which did it for "only" $30....

This bankwire sounds good for me since it is cheaper and faster =)

Have fun!

[MrBig30]

I also live in Sweden and have the same experience using Neteller debit card (5-6% fee). I sometimes use bank wire direct from Party Poker, cost is 35 us$ and the conversion rate seems very fair - so if you withdraw 1000us$+ this is a better option. Problem is, Party Poker is not a european site and as such there is no guarantee its tax free. Any comments from other swedes/europeans - is there a better/safer way to get the cash?? Anyone tried the Neteller bank wire, are they stealing cash with horrible exchange rates like with the debit card?

[MrBig30]

Multipoker, free wire transfers, sounds very good. Maybe I should sign up there (with rakeback /images/graemlins/grin.gif) and have easier withdrawals. Same players as PP I guess. Anyone know if you get a decent exchange rate with the "free" wire transfer from Multi Poker? Also, MP is a european site, no? And as such tax free winnings?

[Gazza]

I got a neteller card but I am probably not going to use it much, if at all. Changing US dollars into Canadian dollars when we load the card is outrageous behaviour.

[MrBig30]

Outrageous yes. I wrote an angry mail to them when I discovered what they did and got no answer. However at least neteller is great for moving money between sites without cost. As long as you have your account in dollars that is.

[mackthefork]

[ QUOTE ]
they told me that the majority of their european clients use Neteller rather than request checks. I wonder why?


[/ QUOTE ]

3 week wait for a cheque is ridiculous?

[mackthefork]

I'm paying about 3% on the inward and 3% on the outward from Stars by Visa, and having to wait around 10-15 days, for something that can be done in 2 minutes and that seems unreasonable to me.

I use my switch card on Party and the money is back in my bank account in 3 or 4 days, I pay little if anything in currency fees, I like Stars but all the extra charges I pay for using them make me want to avoid playing there altogether.

Regards Mack

[Siingo]

I got an answer when I wrot to them. They told me that it was another company that had the debitcard thing. I asked if I cold not have the money in US $. But since it was another company that had the debitcard could they not change it. I could understand why they do this if Sewden had Euro but we dont!!!!!

[Radio]

I got my neteller account in GBP and i just request a check and it gets sent to me in £ For a £2 fee. Whats wrong with this method?

[Gazza]

Neteller is great for moving money around, it's just they made a big thing of the ATM card and it was disappointing to see them so blatantly ripping us off

[MrBig30]

Nothing. But I recommend you check what happens when you transfer money between your GBP account and US$-pokersites. My guess is 2-3% disappears every time from the exchange fee.