Neteller charges 8.9% processing fee?!?

[SofaCoach]

I just set up a Neteller account for ease of use at numerous poker sites, rakeback, etc. because it sounds like that is the method most commonly used. I had previously only played at Party and used IGMPay to deposit. So, I went to make my first deposit from my bank account and it said there is an 8.9% processing fee. That was $66 on my $750 deposit.

Are you guys paying this on every deposit? Do they charge it when you deposit from the poker sites? From rakeback affiliate? Do they charge it when you transfer money out to the poker sites? Or back to the bank?

I wouldn't mind paying a small charge for the service but 8.9% per transaction is outrageous.

[Freakin]

Do an EFT, not instacash. Most people here leave money in their neteller, instead of constantly transferring it.

Freakin

*EDIT: EFT's are FREE

[Thythe]

like Freakin said, keep the money in your neteller and do normal transfers. Don't use Instacash.

[bpb]

I've made over $200,000 worth of Neteller transfers, and paid a total of $0 in fees.

Either initiate an instacash transaction from the poker client (they then pay the fee ... doesn't work at party), or do an EFT through the Neteller website (takes 3-5 days).

[BradleyT]

[ QUOTE ]
I've made over $200,000 worth of Neteller transfers, and paid a total of $0 in fees.

[/ QUOTE ]

The sites you've transferred to and from have paid the fees for you.

That's the reason I bought neteller stock, I looked at my own transactions a few months back and I had $7,000 for the month just depositing/withdrawing for reloads. [censored] stock has dropped 40% since I bought it lol.

[ds914]

What they all said.

Basically, make a deposit at a site using Neteller (they pick up the fees), play some hands, and when you cash out, choose Neteller (they pick of the fees again) and you're good to go.

[gasoltub]

what's EFT?

[Uglyowl]

I doubt Neteller charges the pokerroom's 8.9%. If they do that is one hell of a business.

[SoCalRugger]

[ QUOTE ]
what's EFT?

[/ QUOTE ]
Electronic Funds Transfer. You transfer the money directly from your checking account.

[Recliner]

[ QUOTE ]
I doubt Neteller charges the pokerroom's 8.9%. If they do that is one hell of a business.

[/ QUOTE ]

The 8.9% should take into consideration the risk of someone not having sufficient funds in their account when the transfer actually goes through. I wouldn't be surprised if the only cash transactions between Neteller and established poker rooms occur at the end of the day where the net difference between withdrawals and deposits is reconciled.