Neteller and Canadians

4thstreetpete · #1 10-10-2004, 07:09 PM

I was just wondering. Right now I have my neteller account set to use U.S. currency. So now when I get a depostit, it's in US funds. When I cash out does neteller charge me a certain percentage fee for the currency exchange? It doesn't state that anywhere but I do notice that it's always lower than the current exchange rate, which means they are taking a fee.

Would it be better for me to set my account to use canadian currency instead? or would it matter. TIA.

EliteNinja · #2 10-10-2004, 08:46 PM

Either way, they're going to charge you.
Mine's set on USD.
Don't worry about it.

PapaSan · #3 10-10-2004, 10:04 PM

I noticed the same thing when i lived in canada, the neteller rate was a a point or two off the bank exchange rate. You can avoid neteller fees by cashing out from the poker rooms directly to your bank account, some pay the wire costs for you others have a flat rate. If its a large sum get a check fedexed to you from neteller for 11$ youll still save money that way.

rusty JEDI · #4 10-10-2004, 11:33 PM

One more thing to add to papasan's post.

Most banks in Canada will not give you the going exchange rate for a US funds check. They will take an extra cut compared to if you were changing cash dollars. So it may not be as good as it seems.

rJ

4thstreetpete · #5 10-11-2004, 08:13 AM

[ QUOTE ]
I noticed the same thing when i lived in canada, the neteller rate was a a point or two off the bank exchange rate. You can avoid neteller fees by cashing out from the poker rooms directly to your bank account, some pay the wire costs for you others have a flat rate. If its a large sum get a check fedexed to you from neteller for 11$ youll still save money that way.

[/ QUOTE ]

don't think that would work, my bank still charges me a currency exchange rate which defeats the purpose.

EliteNinja · #6 10-12-2004, 04:32 AM

[ QUOTE ]
don't think that would work, my bank still charges me a currency exchange rate which defeats the purpose.

[/ QUOTE ]

The charge on Neteller seems to be smaller than the fee that I would pay at my bank. Though, my bank (RBC) charges draconian rates on EVERYTHING.

Who's the nice lady in your picture? She's quite attractive.

Lawrence Ng · #7 10-11-2004, 07:07 AM

Next time you go to the States, open a US bank account. It'll save you a lot of grief and money and if you deal with a lot of US goods/currencies like Paypal, Neteller.

Instinct · #8 10-12-2004, 08:21 AM

Is it easy to open an account in say Seattle, as a non resident?

pokerkai · #9 10-12-2004, 12:13 PM

You cant get around the service charge, believe me, ive tried.

Netteller requires all canadian residents to have their netteller accounts attached to canadian funds accounts. It doesnt matter if you create a US funds account (even if it is based in the states) to have it directly deposited. No matter what, you have to go through them to make the exchange.

TorontoCFE · #10 10-12-2004, 12:53 PM

The posted current exchange rate is for large dollar transactions, usually 100k or more. Dealing in big bucks is the only way to get the "real" rate - I know when I've been trading 100 or 150k, the rate gets much better.

Any intermediary is going to charge you something - the spread is how the make their money. So whether the bank or Neteller is doing the exchange, you will lose something.

I prefer to have Neteller transactions in USD and then deposit it into my USD account at a Canadian bank. I then use the USD in the States or convert them at a casino - they tend to give a slightly better rate (taking a 2% spread rather then the bank's 3%). But note that anything over a few K will require ID (at Casino Niagara, it took 15mins to convert 5k back to CDN last time).

It may require shopping around and not even using the same method all the time. You can't reall eliminate the spread but you can reduce it.