Canadian Neteller accounts - Page 5

fyodor · #41 04-05-2005, 10:49 AM

First if anyone is wondering why I thought my bank didn't open till 11:00 instead of 10:00 (and I am sure _everyone_ was wondering that) it's because I looked at the only clock in my life that hasn't been pushed ahead 1 hour. [img]/images/graemlins/frown.gif[/img]

Anyhow the results are in and they are surprising.

The bid and ask right now is 1.2203 / 07
Neteller is paying 1.1984
TD brick and mortar is paying 1.194

So Neteller beats the brick and mortar!!! but both suck compared to the correct exchange.

I will continue to transfer direct from Neteller to my TD account and accept their exchange.

fyodor · #42 04-05-2005, 10:59 AM

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Yes, you can open a USD account at just about any Canadian bank. When you make a withdrawal they will give you Ben Franklins.

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Thankfully Canada isn't Mexico. Back in the early 1980's US and Canadian citizens were depositing US dollars in Mexican banks to take advantage of the double digit interest rates they were paying. Then one day the Mexican banks/gov't declared that all funds in US dollar accounts could only be withdrawn in pesos. Unfortunately the peso was falling faster than Sky King helicopters at the time and everyone got screwed.

accord1999 · #43 04-05-2005, 05:45 PM

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I will continue to transfer direct from Neteller to my TD account and accept their exchange.

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Why not use Party's EFT service for Canadian bank accounts. Their current exchange rate is 1.2123 with no fees.

DaveKForty7 · #44 04-05-2005, 06:01 PM

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Thanks for the info. You too sumdumguy.

But neither of you actually answered my question. I'll get more specific. If I was exchanging U$1000 at my local TD branch and doing an eft from U$ Neteller account to my Can. TD account at the exact same time, how much would Neteller be ripping me off in comparison to the TD over the counter transaction (if at all)?

i.e. if I don't have the funds available to build up a U$ account to $10 or $20k before exchanging, and instead always have to exchange only $1 or $2k at a time, is it worth it to do it another way besides the direct Neteller to TD transfer that I have been using whereby my exchange rate is whatever Neteller is paying that day?

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I've looked at this too and it's less than .1%

sdw · #45 04-05-2005, 08:12 PM

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I will continue to transfer direct from Neteller to my TD account and accept their exchange.

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Why not use Party's EFT service for Canadian bank accounts. Their current exchange rate is 1.2123 with no fees.

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That is a great exchange rate compared to NETeller and TD. If you were exchanging $10k using this instead of NETeller you would end up with an additional $139. (1.2123-1.1984=0.0139 * $10000)

I also took a look at the www.xe.com/fx site - it appears that you can do an EFT from a USD account to a CAN account. Using the demo account (which they state may not have the current rates) the current rate is 1.21437126. Does anyone have any experience using this service? This only results in an additional $20 on a $10k transfer and may not be worth the hassle compared to the Party Canadian EFT.

fyodor · #46 04-06-2005, 07:29 AM

Thanks for the info. Never crossed my mind that Party would be so good. I'm going to try that out.

fyodor · #47 04-08-2005, 10:52 AM

Holy Mother of God!!!!! Tried $100 with this just to see how it would go. On a day Neteller and the TD bank were both paying less than 1.19, Party paid OVER 1.22!!! And it took less than 48 hours to hit my account.

I will now be making an additional $20+ per $1000.

If you are in the Toronto area accord I owe you at least a beer. pm me

Thanks again.

gamblor333 · #48 04-12-2005, 09:28 AM

That is interesting about Party. Ill have to look into that also. Do you think Party will object to me generally keeping a $0 balance there but depositing $1000 a month to transfer out? [img]/images/graemlins/grin.gif[/img]

Frequitude · #49 04-12-2005, 10:01 AM

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Holy Mother of God!!!!!
...

If you are in the Toronto area accord I owe you at least a beer. pm me.

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Ditto for being in Vienna, or Calgary after Christmas!!! Since I'm in Austria, Neteller won't let me hook up to my BMO account. I've been trying to figure out a way to pay off my initial credit card deposit to Neteller from when I started online in January.

So I can go Neteller->Party->BMO->Credit Card!!! Fuk'in eh.