UK - Requesting Banking/Depositing Advice

[Cassidy]

Hi all,

I live and work in England (UK) and was wondering what would be the best method for funding my online Poker activities.

I expect to be cashing out once a month and really don't want to get clobbered by exchange rates, hidden fees, etc if at all possible.

Regards,

Cassidy

[Cernunnos]

Hi
I live in essex, cash out once a month, I use a neteller account, I have mine in US dollars for ease of transfer between sites, and linked to UK bank account for cashing out, seems to be the easiest way I have found.

[MadMat]

I do the same, US$ Neteller account, linked to my bank account.

Cashing out to the bank is the only time you pay any neteller fees.

Mat

P.S. whereabouts in Essex Cernunnos? I'm in Southend!

Agreed - Neteller (in $) funded from current account. A lot of UK savings accounts won't let you transfer to neteller because the transfer does not actually go to an account in your name (e.g. ING Direct).

You will get a 1.9% charge applied to the exchange rate in both directions, but they use the interbank rate which works out better than most credit cards.

When you set up neteller, do a dummy transfer. You will get a dropdown box which lists the supported accounts

Can you explain what you mean by 1.9% charge applied to the ex rate in BOTH directions?

This is the same method I used for my withdrawls, but always feel it's a bit random as to what exchange rate (or other fees) are applied. First off, I don't really know what days rate to use, but even then comparing the actual amount exchanged with rates on sites such as ft.com or exchangerate.com it doesn't always seem obvious exactly how much 'commission' was added to the ex rate.

Is this really the best way there is for us UK players to make withdrawls... better than say making less frequent, but larger, withdrawls in the form of a USD check thro the post and then paying this into a bank account over the counter?

[Ro-me-ro]

[ QUOTE ]
Is this really the best way there is for us UK players to make withdrawls... better than say making less frequent, but larger, withdrawls in the form of a USD check ...

[/ QUOTE ]

Your bank will charge you a fee for cashing the cheque, and a bigger exchange rate defecit than 1.9%... trust me [img]/images/graemlins/smile.gif[/img]

Ellis

[tigerite]

I cashed back direct to my VISA debit card, but it was probably a bit more than 1.9%, I know Cahoot for instance charge 2.25%. However I may well do it in future via Moneybookers, if I can ever get them to validate my bank account, as they don't charge at all for conversions, only a "spread" of 0.8% to guard themselves against the fluctuating markets, or something like that. It's also free to withdraw to your bank, and only 2 Euros if you want to via debit card, or whatever (and that would be from £ to £ so no end costs).

[Cernunnos]

Hi Mat
I run a pub (tenancy) in Dovercourt, in the process of leaving it, will play full time then. I guess running a pub it shouldn't be much of a suprise that I'm Irish.

[MadMat]

[ QUOTE ]

Is this really the best way there is for us UK players to make withdrawls... better than say making less frequent, but larger, withdrawls in the form of a USD check thro the post and then paying this into a bank account over the counter?

[/ QUOTE ]

I withdrew using a USD cheque once, from party when I was first startig at and unaware of neteller never again!

Took over a month to get the money and was charged £7.50 to cash a $65 cheque by my bank (Woolwich)

Mat

[quoteI withdrew using a USD cheque once, from party when I was first startig at and unaware of neteller never again!

Took over a month to get the money and was charged £7.50 to cash a $65 cheque by my bank (Woolwich)

Mat

[/ QUOTE ]

It all goes to the shareholder's Christmas party. I withdrew $900 twice last month from Party to my Visa debit card which at the time was about £508 and the first amount I got was £490 and the 2nd was £494. I think the bank took about 3% from it.

Would using Neteller be cheaper?