Party Poker EFT for Canadian Accounts.
 

I was reading some old posts concerning the withdrawing of money from Neteller and the minimization of transaction fees.

From my understanding there was very little difference in fees between having Neteller transfer the money directly into my CDN$ bank account, or requesting a check from Neteller and depositing in directly into the bank myself. Actually it seemed as though the Neteller fees (at that time) were slightly favourable to the bank fees.

Has anyone experimented with the Party Poker EFT for canadian accounts? It was touched on in a previous thread but there was little follow up. Seemed like the way to go - no transaction fees at all and they offered a favourable exchange rate.

Anyone had any problems moving money through Party Poker? I know Party has been a little sensitive lately and I don't want to put my money at risk. But man, if I could dodge those transaction fees... the fee to convert U$4000 to CDN$ is nearly $150.

If I made a US$4000 deposit to Party from my Neteller account, and then used Party's EFT to transfer that money to my CDN$ account, does anyone forsee any problems?

W.

Re: Party Poker EFT for Canadian Accounts.
 

I don't know anything about the neteller aspect of it, but I take all my withdrawals from Empire by EFT and I am very pleased with the results. I get a slightly better exchange rate than I do bringing cheques into the bank, and there's no 15-day hassle hold because playing poker isn't a real job. I recommend it.

Re: Party Poker EFT for Canadian Accounts.
 

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Has anyone experimented with the Party Poker EFT for canadian accounts? It was touched on in a previous thread but there was little follow up. Seemed like the way to go - no transaction fees at all and they offered a favourable exchange rate.


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This has been discussed here quite a few times. You get an approx. 2% better exchange rate if you cashout using Party EFT.

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Anyone had any problems moving money through Party Poker? I know Party has been a little sensitive lately and I don't want to put my money at risk. But man, if I could dodge those transaction fees... the fee to convert U$4000 to CDN$ is nearly $150.


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I havn't tried to buyin to Party without the intention of playing a little first. To buyin and cashout right away using a different cashout method COULD be a security issue and you may have some problems.


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If I made a US$4000 deposit to Party from my Neteller account, and then used Party's EFT to transfer that money to my CDN$ account, does anyone forsee any problems?


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Yes.


outs

Re: Party Poker EFT for Canadian Accounts.
 

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If I made a US$4000 deposit to Party from my Neteller account, and then used Party's EFT to transfer that money to my CDN$ account, does anyone forsee any problems?


Yes.

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So how have you managed you CDN funds? Are the transfer fees simply the nature of the beast or is there a better way to minimize these costs?

I certainly don't want to use the Party EFT if its going to put my money or my account at risk - I figured the transaction would likely be flagged as suspicious activity but I was curious about the experiences of others.

Re: Party Poker EFT for Canadian Accounts.
 

1. Open a USD account
2. Request a couriered check from Neteller
3. Deposit into USD account
4. Accumulate LOTS of USD
5. Convert to Canadian at volume (prefered) rate

Re: Party Poker EFT for Canadian Accounts.
 

I've used the Empire EFT and it's wonderful. They give you the *exact* exchange rate - no hidden fees (ala Neteller, Paypal).

It just takes a few days to hit the account.

Ryan

Re: Party Poker EFT for Canadian Accounts.
 

[ QUOTE ]
I've used the Empire EFT and it's wonderful
Ryan

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I'm sure the EFT's are wonderful, but have you tried to use them to move 4 or 5 thousand dollars in one shot?

I currently have $1000 in my Empire account. However I want to withdraw a total of $4000. My gut feeling is that if I move another $3000 from Neteller into my Empire account, and then request an EFT for $4000... well... I'll be setting off alarm bells somewhere.

I especially would not want to sabotage my Empire account as it is my "home" site due to rakeback.

At the same time, the thought af paying over a hundred dollars in transaction fees leaves me disatisfied as well...

ugh...

[img]/images/graemlins/tongue.gif[/img]

Re: Party Poker EFT for Canadian Accounts.
 

No,

I haven't yet used it for a large amount.

I fail to see why it would be a problem. Don't players regularly cash out amounts that large from these sites? I certainly plan to when my roll hits 20K so let me know if it *is* a problem.

Ryan

Re: Party Poker EFT for Canadian Accounts.
 

Heres a much simpler solution.

Change the currency of your Neteller account from Canadian funds to US funds.

Keep sufficient funds in place at neteller so you never have to deposit again.

Then withdrawl from neteller without the 2% charge

Re: Party Poker EFT for Canadian Accounts.
 

[ QUOTE ]
Heres a much simpler solution.

Change the currency of your Neteller account from Canadian funds to US funds.

Keep sufficient funds in place at neteller so you never have to deposit again.

Then withdrawl from neteller without the 2% charge

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My Neteller account IS in US funds. That has nothing to do with the problem I'm attempting to circumvent.

You are still paying service charges and are not even aware of it. Having you account in USD does not solve the entire problem.

Neteller (like all major banks) charges you a fee to convert your money from US to CDN. When you withdraw from your Neteller account (in US funds) to your Canadian bank account, Neteller charges you a fee to convert this US money back to Canadian.

If you request Neteller to send you a check in US funds, you can take it to your Canadian bank to deposit the check. However, when you make the deposit, your bank will also charge you a transaction fee to convert the funds to Canadian dollars. It is (almost) unavoidable.

On a $4000 exchange, the transaction fee is approx $130. There is very little difference in this fee between Neteller and all major Canadian banks. To whom you choose to pay this money to comes down to your preference.

Having your Neteller account in US funds saves you from having to pay this transaction fee when transfering your money from Neteller to a poker site that does business in $USD. However you will get pinched when taking the money out of Neteller and have them deposit it into your CDN bank account.

Party and Empire allow you to withdraw from their site directly to your CDN account via EFT - and the charge ZERO in transaction fees. However they may not appreciate me depositing large(ish) chunks of money from my Neteller account to their site only to immediately transfer the money out, taking advantage of their fee free EFT.

NOTE - watch the next time you deposit into a crypto site that only accepts deposits in GBP. You get nailed with transaction fees for the conversions from USD to GBP.

Re: Party Poker EFT for Canadian Accounts.
 

I've transferred 4000 from Party using IGM Pay into a US account. I'd deposited about 3000 of that the day before from Neteller and actually had about 500 transferred from an interaccount transfer. I played for an hour or so before I cashed out and didn't have any problems with it.

Re: Party Poker EFT for Canadian Accounts.
 

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I've transferred 4000 from Party using IGM Pay into a US account. I'd deposited about 3000 of that the day before from Neteller and actually had about 500 transferred from an interaccount transfer. I played for an hour or so before I cashed out and didn't have any problems with it.

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Cool. Very helpful info.

I had already decided I was going to give this method a shot tomorrow - deposit made earlier tonight. But its nice to hear that someone pulled it off with success.

Thanks

Re: Party Poker EFT for Canadian Accounts.
 

Is there a service charge that I am unaware of when I am taking money from my neteller account?

I withdrawl $3,000 US from neteller on the 1st and the 15th of each month.

I know their exchange rate is a bit lower than the banks, is this thier hidden fee you are talking about?

I have compared the exchange rate neteller gave me to the one my bank was offering on the same day on about 5 seperate occasions and, there was never more than a 1% difference.

I even went as far as opening up a US account and I was going to request checks sent to me instead of the eft transfers but by the time I added up the services charges, for the new account, the courier charge to have a cheque sent and the hassle of going to the bank, which I never do anymore as I do everything online now, the $60 bucks I would gain by getting the higher exchange rate was not worth all the headaches, not to mention the peace of my mind of not having to worry about missing checks in the mail.

Where to you figure there is a $140 fee on $4,000?

I always compare the rates neteller said I would recieve the day I withdrew to what I actually recieve and it is never off ny more than a $1 or $2.

Where do you get this hidden fee?

Update
 

Ok so you got me curious.

I just got off the phone with neteller. They said there are no fees hidden or otherwise when I am cashing out my US funds from neteller into a Canadian account.

I have also never seen any discrepancy from what neteller said I would be receiving as to what I am receiving other than a couple of bucks which is easily explained by the exchange rate constantly changing thru the day.

The only difference would be between the exchange rate they were offering me and the exchange rate the bank offered me If I requested a cheque.

At 9:02 am this morning netellers current exchange rate sits at 1.2321

After getting of the phone with my bank they were offering 1.2387

On a 4,000 withdrawl this equals a whopping $26.40
Where do you come up with this $130 figure?

Re: Update
 

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At 9:02 am this morning netellers current exchange rate sits at 1.2321

After getting of the phone with my bank they were offering 1.2387

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Bingo. The current exchange rate according to www.xe.com yesterday was 1.259, today it is 1.25767.

I got approximately 1.258 from Party Poker (yesterday).

This is more than a few bucks difference on a $3000 cashout.

Re: Update
 

At 9:02 am this morning netellers current exchange rate sits at 1.2321

After getting of the phone with my bank they were offering 1.2387


Hey Limit,

As I stated in my OP, there is very little difference between what Neteller offers and what the bank offers as an exchange rate(1.23x).

However, the ACTUAL/TRUE exchange rate is currently 1.25x. This difference between 1.23 and 1.25 is what the banks and/or Neteller take as their transaction fee (Neteller is 1.9%). The transaction fee amounts to approx. $130 on a $4000 exchange.

PartyPoker and Empire Poker offer an EFT to your Canadian account and charge ZERO in transaction fees. In other words, they offer you the full 1.25 on your exchange. At times their exchange rates have been (slightly) BETTER than the posted rate!!


Hopefully this makes sense. I'm at work now and kind of rushing through this response.

You are correct in the sense that the difference in the exchange rate between the bank and Neteller is minscule - but they are both charging you a fee to exchange your US money to Canadian currency.