Neteller charges 8.9% processing fee?!?

[sexdrugsmoney]

[ QUOTE ]
I've made over $200,000 worth of Neteller transfers, and paid a total of $0 in fees.

Either initiate an instacash transaction from the poker client (they then pay the fee ... doesn't work at party), or do an EFT through the Neteller website (takes 3-5 days).

[/ QUOTE ]

So if a player deposits via Credit Card to Party and withraws via Neteller, the player pays 8.9% to withraw to Neteller?

-SDM

[Ro-me-ro]

No the fee is for accessing deposited money (from your bank account) instantly.

Withdrawals from sites and EFT's are fee free.

Rom

[sexdrugsmoney]

Thanks.

[jurassicdig]

Heya, I guess this is a good place for a lurker to make his first post.

I need to emphasize that InstaCash involves only NETeller and the account holder. Account holders are basically paying 8.9% to receive an advance on their deposits.

Electronic Funds Transfer (EFT)
- transfer of funds from bank account to NETeller account takes a few days to process
- no fees
- transfer from NETeller to merchant is instant

InstaCash
- transfer of funds from bank account to NETeller account is instant
- 8.9% service fee (added to the amount transferred)
- transfer from NETeller to merchant is instant

For example, let's say you wanted to deposit $100 into your NETeller account.

EFT
- takes a few days to process
- $100 withdrawn from bank account
- $100 deposited to NETeller account

InstaCash
- instant processing
- $108.90 withdrawn from bank account
- $100 deposited to NETeller account

Merchants (ie. online poker rooms) can cover the service fees, but none of the poker sites are foolish enough to actually do this. That said, I am not nearly the most knowledgable on the current pool of merchants. Perhaps someone knows of a site that covers/reimburses InstaCash fees (doubtful IMHO).

As others have stated, the best approach is to stash part of you bankroll on NETeller and always use EFT's to move your money.

[Ro-me-ro]

Some sites do cover instacash fees (pokerroom?). I can only presume that they would have some sort of arrangement with NETeller over this though since thats a lot of juice to take considering that 8.9% doesn't even cover NETellers charge to the merchant for depositing funds......

Rom