UK - Requesting Banking/Depositing Advice

[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.