Accessing Neteller Funds In the UK

[mc1]

[ QUOTE ]
Can you not just withdraw neteller back to your debit card? U can deposit via debit card I thought you could withdraw via debit card? Also im the uk and got my neteller account in Sterling, I mainly whore the crypto sites, so am i getting fleaced on exstanged rates?

[/ QUOTE ]

Say you withdraw 600$ from one $ based crypto site into UKP neteller. and then deposit it in another $ based crypto site. You will probably only end up with 580$.

The 20$ has been lost due to selling 600$ at the sell price and then rebuying dollars with your approx £350 at the buy price.

From what I have witnessed netellers Buy and Sell prices arent much different to the highstreet.

Whereas if you Neteller account was in Dollars you would get the full $600 in the second crypto site and only run into exchange rates issues at withdrawal to bank account time.

[HesseJam]

Neteller applies 2% exchange rate fees either way.

If you use their card for medium sized transactions and add up all the fees (transfer fee to the card account, dormant account fees, exchange rate fees, ATM fees, etc.) I estimate the total fee for each transaction to be near to 10%.

[Radio]

Right so all i need to do if call them up and ask them to switch it to a USD account? Should i empty the account first?

[Radio]

So uk betting and total bet use a pound based ecash account and not a USD one like interpoker and poker plex?

[stigmata]

[ QUOTE ]
Can you not just withdraw neteller back to your debit card? U can deposit via debit card I thought you could withdraw via debit card? Also im the uk and got my neteller account in Sterling, I mainly whore the crypto sites, so am i getting fleaced on exstanged rates?

[/ QUOTE ]

I guess I could do that. However, never tried it - no point. Most of my poker money is in Poker accounts, and I just use neteller to move it about in USD. Then when I actually want to spend some of it , I cash it out into GBP from whatever Poker account has the most money at that time.

I would switch your neteller account to USD, just so you can move money about without worrying about exchange rates. Its only when you want to spend the money in GBP, that you need to worry about exchange rates. If you were a high stakes player, I figure it would even be profitable to wait until exchange rates were particularly favourable.

To change my neteller account to USD, I had to phone them up and create a new account. They then transferred the money across to the new account. They were polite & helpful and it was all very smooth. Which you should expect, the amount of money they are skimming.

[HesseJam]

[ QUOTE ]
Right so all i need to do if call them up and ask them to switch it to a USD account? Should i empty the account first?

[/ QUOTE ]

I asked over phone but they made me sending an e-mail. I sent the e-mail 2 days later and they switched the account within 2 hours.

They will convert your balance and , of course, apply the standard 2% fee. So it makes sense doing it when you have all (most of) your money in poker sites. One thing I regret not doing: Your account history will be lost forever. You will start fresh with the USD balance. So, documentation and control freaks like me might want to save a screen shot of their account history prior to the conversion.

[Sheriff Fatman]

[ QUOTE ]
The way I have all this set up is:

1) First Direct account for switch/maestro card. I can highly reccomend them as a bank. I have this as a "Poker account", entirely seperate from my real money. I use this for cashing out.

2) Neteller account in USD for moving money between poker sites, for bonus whoring.

[/ QUOTE ]

This looks scarily similar to my set-up. I've also got a Neteller Debit Card for immediate cash-outs if required but tend not to use it very often because of the poor exchange rates.

The Party switch cashout option is a real gem though. It gives the Sterling amount on screen prior to confirmation so you have complete transparency of the rate prior to committing.

Sheriff

[TylerD]

Does anyone knw if I got a Neteller Debit card, transferred some money across then withdrew the money in the US, as dollars would this cause any problems?

[Ro-me-ro]

Just to clarify, Lori is referring to a US dollar cheque here, but in this case they send you a cheque in sterling so there are no silly clearance periods or hidden charges.

One of my personal gripes with NETeller as both a customer, and someone that refers their services to other clients is that they are very poor at keeping thier rates and fees upto date. I only recently (2 months ago) found out that they can send bank transfers to UK banks at a charge of £7.... well of course that fee was out of date... it's actually £2 charge to have your funds sent by UK BACS transfer to your bank account. Just email Neteller and ask for some information about member wires and if the standard template still states £7 ask for clarification.

For the first wire they will call you to confirm your bank details for security reasons and it took about 5 days to hit my bank (still better than a cheque) since they call the banks and verify that the account info is correct by all accounts. The second one all I had to do is state that the same details are to be used and it was there in 3 days which is the standard for a BACS. Pretty good if I don't say so myself.

Any questions email neteller, or pop me a PM.

Rom

[Radio]

How many neteller accounts can you have, just the one? If not then you could have one in £ and one in $.