Canadians setting up a Neteller account.

Hello everyone,

Hope this is an ok post for this forum, I'm relatively new here. I think that this is an important thing to get out for any Canadians or even just non-Americans opening a Neteller account. I'm not sure if this has been covered, I've never read a post on it before, though I really wish I had.

One thing that I've never noticed on Neteller until this evening is the fact that they add a 1.9% fee when converting funds. This means that when our base currency is set to CDN for example, a deposit to an American merchant will incur a fee of .019*depositamount. 1.9% may not sound like much, but if we're depositing $600 Canadian we're paying a fee or $11.40. This fee is then taken again when we withdraw.

I was completely unaware of this fee, until I looked more carefully at the debits and credits shown in my account. Depositing to Bet365, withdrawing a few days later, followed by a deposit and withdrawal from Paradise left me paying out over $40. Now, my math may be wrong here, but the fact stands that these fees are quite hefty. If anyone already has a Neteller account with foreign currency (non-American) the only way to solve the problem is to make a new account, which they will transfer all funds and information to.

I apologize if this topic has been covered, and I'm dumb for reposting it and such. Just trying to help fellow players out.

[ QUOTE ]
Hello everyone,

Hope this is an ok post for this forum, I'm relatively new here. I think that this is an important thing to get out for any Canadians or even just non-Americans opening a Neteller account. I'm not sure if this has been covered, I've never read a post on it before, though I really wish I had.

One thing that I've never noticed on Neteller until this evening is the fact that they add a 1.9% fee when converting funds. This means that when our base currency is set to CDN for example, a deposit to an American merchant will incur a fee of .019*depositamount. 1.9% may not sound like much, but if we're depositing $600 Canadian we're paying a fee or $11.40. This fee is then taken again when we withdraw.

I was completely unaware of this fee, until I looked more carefully at the debits and credits shown in my account. Depositing to Bet365, withdrawing a few days later, followed by a deposit and withdrawal from Paradise left me paying out over $40. Now, my math may be wrong here, but the fact stands that these fees are quite hefty. If anyone already has a Neteller account with foreign currency (non-American) the only way to solve the problem is to make a new account, which they will transfer all funds and information to.

I apologize if this topic has been covered, and I'm dumb for reposting it and such. Just trying to help fellow players out.

[/ QUOTE ]

I went through this as well and decided that it made sense ot open up a US$ account - you still get dinged for the fees, but if you keep your cash in your neteller account and don't transfer a lot in and out of your Canadian bank account, this will minimize the number of times you get dinged.

[Twitch1977]

I had the same problem, I simply created a new account with the base currency in US$ then called neteller and they moved all the banking information and remaining balance from my old CAN$ account to the new US$ one and closed the old account. And they did not charge me a currency conversion to do so.

Neteller's support gets two thumbs up from me.

T

I ended up creating a new, US currency based account last night. I was happy to see that they moved all my credit card, and bank account information to my new account as well as transfered all my funds. Once again they hit me with the exchange fee, which cost me about $20 or so. It seems like I've lost quite a bit due to these fees, I'm thinking over $100. Very glad to have a US account now, so I will no longer have to pay for every transfer I make.

Netellers support is very good, I agree. I just think that this conversion rate is quite high, and very costly to those who often transfer money around often. I think it is very detrimental for a bonus whore to have a non-American account, unless they are European and plan to play primarily on European sites. I see no way for a Candian player to make their full potential off bonuses using American sites, since there is such a lack of Canadian poker sites.

[lozen]

Yeah most Icebacks make that mistake. I was lucky set mind up to US $ right from the start. Open new account and close old one.

[Peter666]

The problem is you will get dinged by the banks for transferring Canadian money into your American account, only it is a hidden cost in their shitty exchange rate.

At least we don't pay taxes on our winnings. Don't tell the politicians!

[Felipe]

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