UK - Requesting Banking/Depositing Advice

[Cassidy]

Hi all,

I live and work in England (UK) and was wondering what would be the best method for funding my online Poker activities.

I expect to be cashing out once a month and really don't want to get clobbered by exchange rates, hidden fees, etc if at all possible.

Regards,

Cassidy

[Cernunnos]

Hi
I live in essex, cash out once a month, I use a neteller account, I have mine in US dollars for ease of transfer between sites, and linked to UK bank account for cashing out, seems to be the easiest way I have found.

[MadMat]

I do the same, US$ Neteller account, linked to my bank account.

Cashing out to the bank is the only time you pay any neteller fees.

Mat

P.S. whereabouts in Essex Cernunnos? I'm in Southend!

[Cernunnos]

Hi Mat
I run a pub (tenancy) in Dovercourt, in the process of leaving it, will play full time then. I guess running a pub it shouldn't be much of a suprise that I'm Irish.

Agreed - Neteller (in $) funded from current account. A lot of UK savings accounts won't let you transfer to neteller because the transfer does not actually go to an account in your name (e.g. ING Direct).

You will get a 1.9% charge applied to the exchange rate in both directions, but they use the interbank rate which works out better than most credit cards.

When you set up neteller, do a dummy transfer. You will get a dropdown box which lists the supported accounts

Can you explain what you mean by 1.9% charge applied to the ex rate in BOTH directions?

This is the same method I used for my withdrawls, but always feel it's a bit random as to what exchange rate (or other fees) are applied. First off, I don't really know what days rate to use, but even then comparing the actual amount exchanged with rates on sites such as ft.com or exchangerate.com it doesn't always seem obvious exactly how much 'commission' was added to the ex rate.

Is this really the best way there is for us UK players to make withdrawls... better than say making less frequent, but larger, withdrawls in the form of a USD check thro the post and then paying this into a bank account over the counter?

[Ro-me-ro]

[ QUOTE ]
Is this really the best way there is for us UK players to make withdrawls... better than say making less frequent, but larger, withdrawls in the form of a USD check ...

[/ QUOTE ]

Your bank will charge you a fee for cashing the cheque, and a bigger exchange rate defecit than 1.9%... trust me [img]/images/graemlins/smile.gif[/img]

Ellis

[MadMat]

[ QUOTE ]

Is this really the best way there is for us UK players to make withdrawls... better than say making less frequent, but larger, withdrawls in the form of a USD check thro the post and then paying this into a bank account over the counter?

[/ QUOTE ]

I withdrew using a USD cheque once, from party when I was first startig at and unaware of neteller never again!

Took over a month to get the money and was charged £7.50 to cash a $65 cheque by my bank (Woolwich)

Mat

[quoteI withdrew using a USD cheque once, from party when I was first startig at and unaware of neteller never again!

Took over a month to get the money and was charged £7.50 to cash a $65 cheque by my bank (Woolwich)

Mat

[/ QUOTE ]

It all goes to the shareholder's Christmas party. I withdrew $900 twice last month from Party to my Visa debit card which at the time was about £508 and the first amount I got was £490 and the 2nd was £494. I think the bank took about 3% from it.

Would using Neteller be cheaper?

[Cassidy]

I spoke with a rep at Neteller.

With any question I asked she had to go talk to a "supervisor" so I am a little wary of her advice.

She confirmed that there is a 1.9% fee payable to Neteller on ANY transaction that requires a change of currency. My Neteller account is in GBP so any transfer to or from an online USD gaming site incurs this 1.9% fee. Transfers to and from my UK bank account incur no fee because there is no currency conversion.

She also confirmed that when moving money to or from my Neteller accoun to an online gaming site there is no way for me to know what exchange rate will be used for the currency conversion prior to the transfer taking place.

I could setup a new Neteller account in USD. I asked if I could convert my current Neteller account from GBP to USD. She said that this could not be done and that I would have to close my current Neteller account and open a new one in USD.

If I setup a new Neteller account in USD I would not incur any fees for transferring to or from online gaming sites.

However when I cashout from Neteller to my UK bank account or pay money into Neteller from my UK bank account I would incur this 1.9% fee for currency conversion PLUS I have no way of knowing prior to the actual transfer what exchange rate Neteller or my bank would be using to do the transfer.

At some point it appears you will get hit by Neteller fees.