Neteller is screwing the Debit Card exchange rates! MUST READ!

[MrFroggyX]

If you do not have the international debit card you have nothing to worry about. If you are in the US, the default currency will be USD when you transfer money from your account to your card.


So if you have an USA Debit card your currency is USD? That’s good for you! [img]/images/graemlins/smile.gif[/img]

But for the rest off the world we have to pay lots off money that we didn't have to before. And it sucks.

[MrFroggyX]

I recently got a neteller debit card and transferred $200 to the card. I was aware a $2 charge was involved however neteller converted my US dollars into Canadian dollars and my debit card balance is now only worth $190 as a result of this inexplicable currency exchange.


Yes. Before if you transferred $198 ($2 fee) you would get $198 on your card. Now you will get a 2-3% lower balance. Or $190.

I wonder if this is because they got a "publicly-traded company on the AIM London Stock Exchange" and the new stockholders are demanding neteller to increase their revenue.
I don't know. The only thing I know is that I'm losing money that I didn't before. And I also get upset because neteller don't say that they are taking out this fee. It is a hidden fee they have implemented. The only way for me to know the fee is to check the exchange rate when I make a transfer and then check the “true” rate and calculate my fee.

[MrFroggyX]

Netllers answer:

<font color="blue"> Hello **********,

In regards to your question concerning the exchange rates on your NETeller debit card.

In the past, withdrawals to the CCI NETeller debit card, were being performed by our card provider at market rate, plus a 3% premium was being added. This premium was being paid by NETeller on behalf of our customers.

We will no longer be paying our card provider the 3% premium on currency conversions. Now when the CCI cards are loaded, the NETeller rate is the market rate plus a 1.9% premium on the conversion.

I hope this answers your question. If you have any other concerns please contact us at debitcards@neteller.com

Kindest regards,
</font>


I like how they first had their exchange rates 3% higher than the market rate. And now they have them 1.9% lower than the market rate! I don't understand why they can't have the market rate. With no premium added or withdrawal.. But I guess it’s to complicated..!? lol

I mailed them back and asked them why they don't tell this on there website. And that I don't think its customers like hidden fees.

Anyway, It seems like we only can pay up and look happy. Nice going neteller! You will skyrocket on the stock market with those fees.