Quick question re: neteller and currency conversion

SO here is my situation -

CDN$$$ bank account

Poker site in US$$$$

Neteller charges a 1.9% currency conversion fee.

My plan is to open a USD account with Neteller and pay the 1.9% juice on transfers to and from my bank account.

My rationale is that I intend to keep the bulk of my $$$ in my Neteller account and move money in and out of the poker site on a regular basis - but to only transfer back to my CDN$$ account infrequently - perhaps not at all, or not for a while - plus, hopefully I can make a connection with someone in the US who I can transfer funds to in exchange for cash.

Thoughts? Ideas?

I had a previous thread on this, but it got lost.

Need help please!!!!!

[krimson]

This is standard.

EFT your money through Party Poker to avoid the 1.9% exchange fee (assuming you play there).

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This is standard.

EFT your money through Party Poker to avoid the 1.9% exchange fee (assuming you play there).

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Nope - can't play Party Poker with my Mac.

Can you EFT directly to party poker from the bank account?

Yo no comprendo - please to esplain.

[stinkypete]

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Nope - can't play Party Poker with my Mac.

Can you EFT directly to party poker from the bank account?

Yo no comprendo - please to esplain.

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yes, you can eft directly to party as well. empire works too, and i assume any other party skins that use pay-pro for their transactions.

i don't play at party much, but i do when i need to cash out. (depositing from neteller and cashing out by eft immediately will get caught by their anti-money laundering filters or something)

[VJ_]

I am under impression that Neteller (and Citadel) will only allow Canadian residents to open CAD accounts, not USD accounts, - due to some banking regulations. I have a USD bank account (in a Canadian bank) and yet I can not use it to transfer money to neteller, so I switched to sending certified USD checks directly to poker sites I play on.

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I am under impression that Neteller (and Citadel) will only allow Canadian residents to open CAD accounts, not USD accounts, - due to some banking regulations. I have a USD bank account (in a Canadian bank) and yet I can not use it to transfer money to neteller, so I switched to sending certified USD checks directly to poker sites I play on.

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You can open a USD account with Neteller, but you can only use a bank account with CDN$$$.

I guess my followup question is whether people actually leave their bankroll on the sites where they play or whether they keep them in an account such as neteller.

I am somewhat wary of leaving $$$ on a site - such as pokerroom.com - because I do not feel that they are nearly as secure as a service like neteller.

At this point, it is a fairly small sum of money that I am dealing with - I appreciate the responses - hopefully, by the time I (optimistically) move up to a higher bankroll, I will have a better idea of the options available to me.

The main obstacle right now is that I am using a Mac - and only pokerroom and pacific are mac compatible. I know I can get Virtual PC, but that is not a valuable investment at this point.

[Eder]

I dont leave more than 1k (amount I'd be willing to write off) on any poker site....rest goes into Netteller and they ding me conversion rate...sucks

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I dont leave more than 1k (amount I'd be willing to write off) on any poker site....rest goes into Netteller and they ding me conversion rate...sucks

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That's about what I thought.

The way I see it, I am comfortable keeping money in neteller - and so I don't mind getting dinged for the 1.9% on my transfers to and from my bank account - figuring that any given $ will only be transfered once back and forth - but that between neteller and the poker site, it may be going back and forth on a regular basis.

[maxpower72]

No need to get dinged by neteller fees unless you need the money right away. Just ask for a check, $2.00 fee and it comes within five business days at the latest normally sooner. Then deposit the check (which is in U.S. funds) into you U.S. dollar account that you opened in your canadian bank. No you cannot hook up this new account to your neteller account.

[EdgePort]

This is definitely incorrect as I have a USD account at Neteller and a CDN bank account.

Personally I hold most of my money in Neteller and use it transfer back to my bank account. Taking the 1.9% hit. I may start using Party to Transfer money back to my account though EFT in the near future though.