Party Poker EFT for Canadian Accounts.

[randomstumbl]

I've transferred 4000 from Party using IGM Pay into a US account. I'd deposited about 3000 of that the day before from Neteller and actually had about 500 transferred from an interaccount transfer. I played for an hour or so before I cashed out and didn't have any problems with it.

[Wyers]

[ QUOTE ]
I've transferred 4000 from Party using IGM Pay into a US account. I'd deposited about 3000 of that the day before from Neteller and actually had about 500 transferred from an interaccount transfer. I played for an hour or so before I cashed out and didn't have any problems with it.

[/ QUOTE ]

Cool. Very helpful info.

I had already decided I was going to give this method a shot tomorrow - deposit made earlier tonight. But its nice to hear that someone pulled it off with success.

Thanks

[LImitPlayer]

Is there a service charge that I am unaware of when I am taking money from my neteller account?

I withdrawl $3,000 US from neteller on the 1st and the 15th of each month.

I know their exchange rate is a bit lower than the banks, is this thier hidden fee you are talking about?

I have compared the exchange rate neteller gave me to the one my bank was offering on the same day on about 5 seperate occasions and, there was never more than a 1% difference.

I even went as far as opening up a US account and I was going to request checks sent to me instead of the eft transfers but by the time I added up the services charges, for the new account, the courier charge to have a cheque sent and the hassle of going to the bank, which I never do anymore as I do everything online now, the $60 bucks I would gain by getting the higher exchange rate was not worth all the headaches, not to mention the peace of my mind of not having to worry about missing checks in the mail.

Where to you figure there is a $140 fee on $4,000?

I always compare the rates neteller said I would recieve the day I withdrew to what I actually recieve and it is never off ny more than a $1 or $2.

Where do you get this hidden fee?

[LImitPlayer]

Ok so you got me curious.

I just got off the phone with neteller. They said there are no fees hidden or otherwise when I am cashing out my US funds from neteller into a Canadian account.

I have also never seen any discrepancy from what neteller said I would be receiving as to what I am receiving other than a couple of bucks which is easily explained by the exchange rate constantly changing thru the day.

The only difference would be between the exchange rate they were offering me and the exchange rate the bank offered me If I requested a cheque.

At 9:02 am this morning netellers current exchange rate sits at 1.2321

After getting of the phone with my bank they were offering 1.2387

On a 4,000 withdrawl this equals a whopping $26.40
Where do you come up with this $130 figure?

[krimson]

[ QUOTE ]
At 9:02 am this morning netellers current exchange rate sits at 1.2321

After getting of the phone with my bank they were offering 1.2387

[/ QUOTE ]

Bingo. The current exchange rate according to www.xe.com yesterday was 1.259, today it is 1.25767.

I got approximately 1.258 from Party Poker (yesterday).

This is more than a few bucks difference on a $3000 cashout.

[Wyers]

At 9:02 am this morning netellers current exchange rate sits at 1.2321

After getting of the phone with my bank they were offering 1.2387


Hey Limit,

As I stated in my OP, there is very little difference between what Neteller offers and what the bank offers as an exchange rate(1.23x).

However, the ACTUAL/TRUE exchange rate is currently 1.25x. This difference between 1.23 and 1.25 is what the banks and/or Neteller take as their transaction fee (Neteller is 1.9%). The transaction fee amounts to approx. $130 on a $4000 exchange.

PartyPoker and Empire Poker offer an EFT to your Canadian account and charge ZERO in transaction fees. In other words, they offer you the full 1.25 on your exchange. At times their exchange rates have been (slightly) BETTER than the posted rate!!


Hopefully this makes sense. I'm at work now and kind of rushing through this response.

You are correct in the sense that the difference in the exchange rate between the bank and Neteller is minscule - but they are both charging you a fee to exchange your US money to Canadian currency.