Is neteller the way to go?

PokerCat69 · #1 03-20-2005, 09:45 PM

I have a Canadian account (maybe thats a mistake)
I deposited $100 US at a site and was billed $122CDN.
= 22% exchange.

At this site I made a $50 profit and cashed out $150US back to neteller. That converted to $176 CDN.
That is only 17% exchange.
I'm losing 5%.

I know using a CC to purchase and check to withdraw is a slower process but it would save money.

AncientPC · #2 03-20-2005, 10:51 PM

If you NETeller account is in CDN NETeller charges 1.9% each way as a conversion fee.

poker-penguin · #3 03-21-2005, 01:00 AM

Tell Neteller you need to coinvert the account to USD. They'll do it once I believe.

afk · #4 03-21-2005, 01:52 AM

Have your Neteller account in US dollars. But even then you lose on the conversion when you cashout out to your bank account.

ZimbuTheMonkey · #5 03-21-2005, 02:01 AM

Yes, I had the same problem. I just told Neteller to switch to account to USD. At least I can use it to store money between whoring sessions now.

AncientPC · #6 03-21-2005, 03:15 AM

If you have your NETeller in USD but are Canadian, can you bypass the 1.9% fee and have them send you a check? I imagine you could probably cash a USD check at a Canadian bank, but then again the bank might even charge a higher conversion fee.

Frequitude · #7 03-21-2005, 06:18 AM

1. It always costs more to buy a currency than you can sell it for. That spread is where "money-trading-people" make their money.

2. Change your Neteller to US dollars. That way you only get hurt when you withdraw to your bank account from Neteller, and not on all Neteller-poker site transactions.