Neteller accounts

Does anyone else feel sketched-out when using Neteller? I opened an account recently, and it feels sketchy to me when I go to register my bank account with them. Still haven't done it yet.
I hear Neteller is great and trusted and reputable, yet it still seems sketchy. Maybe its the overseas thing that bothers me...?
Thoughts, comments and experiences are welcome.

[MyTurn2Raise]

works fine...just don't keep your whole roll over there

Having used Paypal for non poker things the last few years, I have to say that I've had a much better experience with Neteller. That a google search *doesn't* yield netellersucks.com and netellerwarning.com is probably a good sign.

I hooked Neteller up to my checking account since I don't maintain a large balance on it. If you really want to be safe, open a new bank account just for poker / Neteller.

[baumer]

I've found Neteller to be pretty good.

I'd bet 85% of people on this forum use it.

Taking that into account, the number of anti-neteller threads I've seen is very low (zero, although I didn't search)

Neteller's stock has risen substantially since it opened.

I think it is a safe, and FREE place to transfer money to and from.

One thing, if your native bank account is in a currency other than USD, make sure you have your Neteller account in USD and not your native currency.

I started out with a Canadian neteller account and quickly realized I was getting thrifted on all the exchanges to and from Neteller.

If you already have a Neteller account and wish to change the currency, it's a no go. You have to phone them and they will setup a new account with the new currency and it takes about a week or two before everything has been transferred.

hmmm....

I'm in the same situation, neteller in GBP and poker money in and out in USD. I spoke to a neteller rep on the phone and he told me that there was no comission for currency conversion between poker sites and neteller. He also said that i could take $50 from a site, via neteller, into another site without losing anything on the deal. This is assuming that the exchange rate didn't happen to change in the time it took to transfer.

Do you have any evidence / experience that this is wrong?

Thanks,

G.

[baumer]

hey grim,

When my Neteller account was in Canadian funds, and I was in the midst of a massive bonus whoring run, every cent counted.
As I recall, if I withdrew money from one poker site, and then tried to transfer the exact same amount (in USD) to another site, it would tell me I didn't have that amount in my Neteller.
This means the exchange rate for Neteller is not the same as for the poker site.
As far as I know they do not take commission but I believe their exchange rates aren't optimal, thus the difference in USD when converted to CAD and back to USD.

This was my experience anyway.

[Rotterdaum]

Neteller takes 1.8 or 1.9% for every currency conversion. I'd relaly like a way around it. My neteller account is in CAD, and to withdraw 1000 from a poker site costs me $20. It's not trivial, I don't like it.

Someone suggested to change neteller account to USD. WOuldn't I still have to perform the conversion when withdrawing to my bank account? I don't see getting around it, this is what really sucks about neteller!

[afk]

[ QUOTE ]
Neteller takes 1.8 or 1.9% for every currency conversion. I'd relaly like a way around it. My neteller account is in CAD, and to withdraw 1000 from a poker site costs me $20. It's not trivial, I don't like it.

Someone suggested to change neteller account to USD. WOuldn't I still have to perform the conversion when withdrawing to my bank account? I don't see getting around it, this is what really sucks about neteller!

[/ QUOTE ]

Keep your Neteller in USD. The trick is, when you want to withdraw, withdraw to your bank account from a party skin (party, empire etc...). There is an option to do this and they don't take the 1.9% that Neteller takes.

I'll be making a cashout at the end of the month and I usually just deposit the money into Party or Empire from Neteller and withdraw it to my bank account from there.


edit: Also for the OP, I've been using Neteller since Feb. 2004 and haven't had a problem yet.

[Maksymilian]

I 've been using neteller for over a year and they have been much better than paypal. Very fast and reliable transfers with no fees.

[ohnonotthat]

A $5 calculator is enough to verify their statement - which, btw, is true.

There is no fee per se; I'll go out on a limb and guess that they get the benefit of any "breakage" but c'mon - we are talking pennies here.