Why would anyone use the Neteller Debit Card - Page 3

#21 09-10-2005, 06:43 PM

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3) Withdrawal limit of $1000

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is this right a measly $1,000 I thought it was much more than that like at least $3,000. With these ATM limits cant see how it's usefull then.

BigF · #22 09-10-2005, 07:28 PM

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But I'm sure the IRS can look into your neteller.

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BUZZZ!! Wrong answer. Think it through and I'm sure you'll figure out the advantage to a NT debitcard.

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Neteller has stated in the past that they will not forward information to the IRS automatically, but they will comply with US banking laws and will forward any information the IRS requests through formal channels...including deposits, withdrawals, and transfers to their debit card.

There is no tax-evasion advantage to the Neteller debit card. Those who believe they are hiding something are deluding themselves.

Acme

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But the IRS first has to realize the Neteller account exists. No year end reporting to the IRS via Form 1099, no paper trail. If you are smart about it (don't fund Neteller through easily traceable means, like from your bank account) it is realtively easy to keep the money that flows to and from Neteller to the poker sites to you off the books. The IRS can't audit what doesn't exist.

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Very true, but the problem is your Neteller account does exist. I know you think you are a smart ass but really you are slowly fvcking yourself in the ass.

Alobar · #23 09-10-2005, 07:35 PM

I Think its stupid as well.

Now, if they came out with a neteller debit card that you could use like a checking account debit card (i.e. what PAYpal has set up), that would seriously kick ass. Especially if it was interest bearing like PAYpal is.

#24 09-10-2005, 07:35 PM

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But the IRS first has to realize the Neteller account exists. No year end reporting to the IRS via Form 1099, no paper trail. If you are smart about it (don't fund Neteller through easily traceable means, like from your bank account) it is realtively easy to keep the money that flows to and from Neteller to the poker sites to you off the books. The IRS can't audit what doesn't exist.

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IMO, you give the IRS far too little credit.

Acme

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And as some one who has had extensive dealings with the IRS over the last 20 years you give them far too much. Of course this is exactly the fear they want to foster.

#25 09-10-2005, 07:55 PM

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Especially if it was interest bearing like PAYpal is

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what interest rate at PayPal? I just signed up to HSBC for a 3.75% rate much better than I currently get at INGDirect which is only 3.30%. What would be great would be if ING Direct or HSBC had a card which allowed large debits and redeposits--obviously this is costly for these instituions..but I would pay a reasonable fee for these type of services..

Michael C. · #26 09-10-2005, 08:37 PM

I can tell you one group of people who like the Neteller ATM card: those of us who live abroad. It's a heck of a lot easier for me to take out money in my local currency than to have to deal with getting checks and having to figure out how to cash them.

Michael C. · #27 09-10-2005, 08:43 PM

Never mind. Just noticed the 2.9% fee for taking money from your Neteller account to the ATM card. The other fees I can deal with, but that's just ridiculous.

Voltron87 · #28 09-10-2005, 08:56 PM

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Never mind. Just noticed the 2.9% fee for taking money from your Neteller account to the ATM card. The other fees I can deal with, but that's just ridiculous.

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read it again.

Mr_J · #29 09-10-2005, 08:56 PM

Because until they set up wire transfers, I can only withdraw with a cheque.

Now if I request a large cheque, worth $1.5k US or more that isn't in $AU, the banks here throw it in a 45 day term deposit.

If I request a cheque worth less than $1.5kUS, it still costs me $40 in fees (fed-ex + currency conversion) and I still have to wait around 5 days.

Michael C. · #30 09-10-2005, 09:07 PM

Voltron- On one page, on the main site, it says $2 fee. On another page, on the member site under "terms and conditions" it says 2.9%. I just called them and I believe the $2 ammount is correct, but I'm confused about the conflicting information on their site. Do you or anyone else know about this? Thanks.