dollars -->> pounds on neteller?

Reef · #1 03-09-2005, 02:34 PM

I have a balance of dollars in my neteller account. I'm wondering if there's anyway that I can get a balance of pounds in it as well. I want to do a casino bonus in pounds. I have never done this before.

Does this require a whole different neteller?

thanks

Shoe · #2 03-09-2005, 02:37 PM

I don't understand you question. If you want to transfer pounds to a casino, you can do that and neteller will convert your dollars to pounds at the time of the transaction (and they charge approximately a 2-3% fee).

toss · #3 03-09-2005, 02:42 PM

Uh-oh, didn't know about the 2-3% fee.

Adde · #4 03-09-2005, 02:45 PM

As Shoe tells it, just do the transfer and Neteller will automatically convert it, and same when cashing out from casino. You'll lose some conversion fees when depositing, and some when withdrawing, but since GBP is about 1.8x the USD, the 3% loss (1-(.98*.98)) is insignificant.

EDIT: 1.03 -> 3%.

Adde

Reef · #5 03-09-2005, 02:45 PM

[ QUOTE ]
I don't understand you question. If you want to transfer pounds to a casino, you can do that and neteller will convert your dollars to pounds at the time of the transaction (and they charge approximately a 2-3% fee).

[/ QUOTE ]

you answered my question: it converts it automatically. doh!

josie_wales · #6 03-09-2005, 03:48 PM

Dont know about the "insignificant" part.

I transferred about $1300 (~700GBP) and lost $70 in conversion fees.

Not a ton of money, but still...

jw

Adde · #7 03-09-2005, 04:33 PM

Dont know about the "insignificant" part. I transferred about $1300 (~700GBP) and lost $70 in conversion fees. Not a ton of money, but still...

You must have been unlucky with high GBP rate at deposit and low at withdrawal. If rates were constant, you would have lost some 3% x $1300 = $39. Anyway, point is that if you got a bonus of $100, and instead played in GBP, you would have gotten some $180 in bonus, $80 more, and in that context the $70 in conversion fees are insignificant.

You pay larger fees, but you get even larger a bonus. In USD you get $100 bonus and pay $0 in fees (+$100), in GBP you get $180 in bonus and pay $70 in fees (+$110).

Given the large deposit, I'd guess you got an even larger bonus? If it wasn't a bonus transaction at all, well, then it's a losing proposition, of course, but for bonus transactions the conversion fees are insignificant.

Adde

IggyWH · #8 03-09-2005, 06:20 PM

Yesterday, I deposited to a casino in GBP and 80GBP = $156.13 in my Neteller account. I was trying to figure out the % Neteller took for coversion but not knowing the actual current GBP to USD conversion rate, it was impossible for me. I ended up cashing out 222.50GBP from the casino and I wanted to know what that would be in USD once it hit my Neteller after conversion and fees.

I used the live help to ask them what the fee is and "Penny" told me "$0.586 = 0.51 GBP". I still have no damn clue what that means!

SamJack · #9 03-09-2005, 06:26 PM

[ QUOTE ]
Yesterday, I deposited to a casino in GBP and 80GBP = $156.13 in my Neteller account. I was trying to figure out the % Neteller took for coversion but not knowing the actual current GBP to USD conversion rate, it was impossible for me. I ended up cashing out 222.50GBP from the casino and I wanted to know what that would be in USD once it hit my Neteller after conversion and fees.

I used the live help to ask them what the fee is and "Penny" told me "$0.586 = 0.51 GBP". I still have no damn clue what that means!

[/ QUOTE ]

The difference in the conversion rate between transfer to and from Neteller is about 4%.

i.e. if you move 100 GBP from Neteller to Casino than move it back to neteller, you will have lost about 4 GBP.

SamJack

imported_azalin · #10 03-09-2005, 10:50 PM

You cannot change the currency your current Neteller account has. The ONLY way is to create a NEW account. I speak from experience..I've exchanged many emails with support and finally i managed to delete my account and create a brand new with the same personal details i had before.