Withdrawing Canadian Funds from Neteller (conversion rates?)

Wyers · #1 11-30-2005, 02:01 PM

If possible use Party Poker's EFT for CDN accounts. They will deposit your cash directly into your CDN bank account with NO service charge.
In addition, they usually offer an exchange rate that is slightly better than the posted rate.

#2 11-30-2005, 03:36 PM

Really? Neteller told me they would charge 1.9% in fees to go from USD to CAD, though with a reasonable spot rate. Perhaps we're talking about different transfers. I opened a USD account with my Canadian bank. Neteller goes to that, and then that goes to my chequing. Best way I could find.

Wyers · #3 11-30-2005, 05:51 PM

[ QUOTE ]
Really? Neteller told me they would charge 1.9% in fees to go from USD to CAD, though with a reasonable spot rate. Perhaps we're talking about different transfers. I opened a USD account with my Canadian bank. Neteller goes to that, and then that goes to my chequing. Best way I could find.

[/ QUOTE ]

Yep. Really. Party (and Empire) will do the transfer and will not ding you with the 1.9% fee. I withdraw US funds from my Party account and they deposit this money directly into my CDN bank account without any service charge.

There is no need to transfer Neteller ==> US money account ==> CDN account.

You can simply go from Party ==> CDN account.

#4 11-30-2005, 06:05 PM

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You can simply go from Ultimate Bet ==> CDN account.

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#5 11-30-2005, 06:33 PM

Good call; I totally misread your post, but you're right, going through a poker site could be much better than going right from Neteller to the bank. I guess I'll have to compare spot rates since I already have this USD account.

#6 11-30-2005, 06:34 PM

Wyvers I think its your bank though that will actually do the conversion when party EFTs money to you. I know my bank gives sucky exchange rates compared to others and thats what im looking to avoid.

Wyers · #7 12-01-2005, 12:22 AM

No, Party does the conversion. Go to the withdrawal page in your Party account and enter any imaginary figure as a withdrawal amount. After you do this look down the page next to the EFT withdrawal option. It will do the conversion for you and tell you exactly how much they will deposit into your account in CDN funds.

Take this amount and 1) compare it to what Neteller would offer for the same withdrawal; 2) call your bank and ask what they would give you on the exchange. You will find that you will get the best rate from the Party EFT.