Is Neteller screwing their European customers?

[Jonathan]

Hi,

I recently took my first withdrawl from a European cash machine using a Neteller debit card and was shocked at the effective rate. First, you must "load" your debit card from your Neteller account. There is a $2 US fee for this. But the debit card is loaded in Canadian dollars so you pay for the exchange from US to Canadian dollars when the debit card is loaded. Then when you withdraw from a European cash machine you pay for the exchange from Canadian dollars to euros.

In my first experience, the "effective" US$/euro rate that I paid (including all fees) was 1.37, on a day when the bulk rate quoted on FOREX was 1.31. So the effective markup for the end-to-end transaction was 0.06. When I use my (US) Citibank bank card to withdraw euros from a cash machine the markup is 1.5% over the bulk rate, or in this instance a 0.02 markup.

The bottom line is that Neteller is charging their clients THREE TIMES as much as standard banking practice! I was shocked!

Does anyone else find this as unconscienable as I do?

PokerStars now offers the option of check withdrawls in euros, and the exchange rate they use is excellent. But in correspondence with them, they told me that the majority of their european clients use Neteller rather than request checks. I wonder why?

I'd like some advice please from others in europe on how best to get cash from PokerStars.

Thanks,
Jonathan

[act]

YES!

I was absolutely shocked when i saw the costs. There is no way i am ever using Neteller to withdraw money again.

On top of the fees Neteller charge you also have to pay to the bank that owns the machine you withdraw from. The total costs of one withdrawal of 500 Euro kan easely be 50 Euro. Absolutely insane.

I might add, that it dosen't help to withdraw the money on a bankcheck. The same crazy rate is used.

Never use Neteller to withdraw, only to transfer money between sites!

[parappa]

There are always threads about other ways to get the money out, but I havent found a better way than getting a check, so any help you have would be appreciated [img]/images/graemlins/smile.gif[/img]

[Koller]

We are pleased to announce that you can now withdraw funds from your NETELLER account via Bank Wire.

The processing fee of requesting a Bank Wire is 7 GBP, $12.75 USD, $17.00 CAD, or $10.50 EUROS.

(For Security reasons please do not email your Bank account numbers.)

Requesting Your Bank Wire

1. You must send an email to MemberWire@NETELLER.com specifying:

• First and Last Name

• Your Telephone Number and area code (this number must correspond with the phone number listed on your NETeller Account {Please include Country Code}

• Bank Name, Address of Bank {Including Bank postal code}

• Requested amount of Bank Wire.

2. Once we receive your email, one of our NETELLER Bank Wire Agents will give you a call between 10:00 AM - 6:00 AM Eastern Standard Time (Monday to Friday) or 12:00 Noon – 8:00 PM Eastern Standard Time (Saturday and Sunday) to gather the required Bank Wire Information.

If there is a convenient time to call, please indicate the time (and your time zone) in the email.

Please have this information at hand for when our agent contacts you. If you do not have this info please contact your bank.

• Bank Account Number

• SWIFT Code (Society for Worldwide Interbank Financial Telecommunications). Please contact your bank for this code

(For Security reasons please do not email your Bank account numbers.)

Important: If the telephone number you provide does not match the telephone number registered to your NETELLER account, please log into your NETELLER account and change your phone number on the My Info page.

Thank you for using NETELLER.

Best regards,

NETELLER Customer Service

[Skjonne]

[ QUOTE ]
The bottom line is that Neteller is charging their clients THREE TIMES as much as standard banking practice! I was shocked!

[/ QUOTE ]

Yes it's very expensive but for what it's worth, I believe that the mark-up on the exchange from CAD to EUR isn't going into Netellers pockets but is charged by the bank which ATM you're using.

[daveymck]

I deposit form neteller to Party and cash out form there via debit card.

The neteller card seems a rip off to me anyway with the charges, but if stars offer the cheque option into euros that is probably a decent way to go for those without maestro/switch debit cards, I am still unsure if visa debit cards work on party.

[Duckstabber]

Multipoker offer free wire transfers to most European countries.

Anyway, the reason why so many people use Neteller debit card must be that the IRS can't track you this way...

[MadMat]

the way I've been doing it is to run a Neteller account in US$, so I can move money about from site to site with no fees or exchange rate losses, and then requesting a cheque from Neteller in GBP when I withdraw, the fee for this is £1 ($2), and the exchange rate seemed pretty fair compared to what the main UK banks were offering on the same day.

Mat

[Jonathan]

Koller,

The 10.50 euro fee is reasonable, but what about their conversion rate from US$ to euros? Have you tried it?

Suerte,
Jonathan

[Koller]

[ QUOTE ]
what about their conversion rate from US$ to euros?

[/ QUOTE ]

It was 1.33 when FOREX was 1.30.