Neteller Canadian Exchange

[rusty JEDI]

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Has anybody in canada tried getting a USD check mailed from Neteller, and if so, how did it work out?

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I used to have it done this way before i certified my account and there was a 30 business day wait.

Also there are several exchange rates

At the bank US cash for Canadian $$.....best, but still a fee, so if you just kept exchanging back and forth you would end up at $0
At the bank US check for Canadian $$....not as good
At neteller US account to Can. $$ account...even worse
A credit card currency exchange.............the worst

It was explained to me that neteller takes the current bank exchange rate and the credit card exchange rate and takes the midpoint for their exchange rate.

rJ

[meow_meow]

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Has anybody in canada tried getting a USD check mailed from Neteller, and if so, how did it work out?

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Yes, it works fine. Rather than getting screwed by the Neteller exchange rates you just get screwed by your bank [img]/images/graemlins/grin.gif[/img] The bank will probably put a 15 day hold on the funds while the check clears (at least the first couple of times). I deposited a check a week ago but don't expect any problems once the 15 days are up. If the check is for a significant amount just keep an eye on the exchange rates and cash it on a day where the exchange rate makes a favorable jump.

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Actually planning to put it in my USD checking accout, so would save double conversion for me.

[rusty JEDI]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]

Has anybody in canada tried getting a USD check mailed from Neteller, and if so, how did it work out?

[/ QUOTE ]

Yes, it works fine. Rather than getting screwed by the Neteller exchange rates you just get screwed by your bank [img]/images/graemlins/grin.gif[/img] The bank will probably put a 15 day hold on the funds while the check clears (at least the first couple of times). I deposited a check a week ago but don't expect any problems once the 15 days are up. If the check is for a significant amount just keep an eye on the exchange rates and cash it on a day where the exchange rate makes a favorable jump.

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Actually planning to put it in my USD checking accout, so would save double conversion for me.

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I would double check with neteller about doing this one.

I think that because you are in Canada they wont allow this, and if they do it will go something like this.

Neteller in US funds converted to Canadian funds (Neteller makes exchange profit). Now the bank takes the Canadian funds and puts them into US funds because that is what your account is in(bank makes money on the exchange).

I think you will end up getting charged on two exchanges.

rJ