Fleeced by Neteller?

wayfarer

I made my first withdrawal through Neteller the other day. I put $800 onto the Debit card and withdrew E500 through an atm. Now I've only $122.52 left on the card, which means they charged $677.48 for E500. The exchange rate is somewhere around 1.28 so it seems to me that Neteller have charged $35-40 on the withdrawal!

Is this normal?!

Do the same charges apply if I withdraw by bank wire? I'm starting to think it would be best to take money out directly from the poker skin by cheque or something, and then just use Neteller for moving money around.


EDIT: Just got my 3rd star!

El Stuntman

wayfarer wrote:

I made my first withdrawal through Neteller the other day. I put $800 onto the Debit card and withdrew E500 through an atm. Now I've only $122.52 left on the card, which means they charged $677.48 for E500. The exchange rate is somewhere around 1.28 so it seems to me that Neteller have charged $35-40 on the withdrawal!

Is this normal?!

Do the same charges apply if I withdraw by bank wire? I'm starting to think it would be best to take money out directly from the poker skin by cheque or something, and then just use Neteller for moving money around.


EDIT: Just got my 3rd star!

it's about the same as a bank would charge for a FX transaction (the robbing b@stards) so yes, it sadly is normal

valor

Its the FX transaction costs I guess, everytime I cash out a few k they rob me its bent

Bp!

Last week, i transferred €300 onto my card, went to ATM to withdraw it and was told insufficient funds. I tried a few times more and nothing happened. I never had a problem before so got on to live chat, then emails to support who told me I had succesfully withdrawn the money...naturally i started to worry. They sent me on a statement of my card and it showed me "loading" my card with the €300 in the morning, lunch time withdrawn "Succesfull", then 15 seconds later it shows me tryin to withdraw the exact same amount "Insufficient funds", shows me tryin couple more times for lower amounts etc

I got on the phone about it straight away. Luckily the support were very good and this happens from time to time. I was told it should be no problem refunding all monies and fees etc but it is still unreal that that could even happen in 1st place. Somewhere along the lines the System in the States thought the ATM paid out my money and they are going to "trace" it to see where the problem lies. The guy on the phone i was talking to deals with this specific problem every day

Hope its a one off, still waiting on the refund but am satisfied i will get it hassle free.

FullOf..IT

I started off using the ATM card but changed to bank withdrawls. The charges are nuts for using the card wheres the bank transfer charges €1 a go for whatever the amount. Bank withdrawls take no more than 3 working days.

Linford

wayfarer wrote:

I made my first withdrawal through Neteller the other day. I put $800 onto the Debit card and withdrew E500 through an atm. Now I've only $122.52 left on the card, which means they charged $677.48 for E500. The exchange rate is somewhere around 1.28 so it seems to me that Neteller have charged $35-40 on the withdrawal!

Is this normal?!

Do the same charges apply if I withdraw by bank wire? I'm starting to think it would be best to take money out directly from the poker skin by cheque or something, and then just use Neteller for moving money around.


EDIT: Just got my 3rd star!

The "rate" at the moment has been hovering around the $1.28/$1.29 mark for a few days - this however is the mid point floating rate and the rates that netteller or a bank will give you will always be a couple of points worse and then there may be a charge on top of it also. You will also see that if you lodge money from a euro account that you will only be given a rate of about $1.25. If you withdraw money by cheque from the poker site you might be hit by your bank with charges for forex cheques drawn on a foreign bank account.

wayfarer

I was onto Neteller live chat there and found out why the charge was so ridiculously high.

Other than all the usual charges, they charge 1.9% on top of currency conversions but since the card is issued from Canada, you incur this charge twice! Once going from dollars to Canadian dollars and again from Canadian dollars to euro. :mad:

There are no currency conversion charges on bank wires which FullOf..IT said above so that definitely looks like the way to go.

eirebhoy

wayfarer wrote:

I was onto Neteller live chat there and found out why the charge was so ridiculously high.

Other than all the usual charges, they charge 1.9% on top of currency conversions but since the card is issued from Canada, you incur this charge twice! Once going from dollars to Canadian dollars and again from Canadian dollars to euro. :mad:

There are no currency conversion charges on bank wires which FullOf..IT said above so that definitely looks like the way to go.

So including the €2 you're being charged around 4% to withdraw using the neteller card? I think I'll be keeping my Neteller card for when I need money urgently so.

lazlo

it is bent, yes. The neteller atm card is a luxury and I only ever use it in emergencies. Otherwise I find the bank transfer function quite satifactory. If you use a site like full tilt you'll have the funds in your bacnk account within 48 hrs of withdrawal via neteller to your current a/c

FastMachine

Neteller is a joke, on top of all the stupid charges they also offer a really crap exchange rate. I lost a grand to them when getting my money out of Doyles Room and Bet On Sports a few months ago. I'd never use it again for any serious amount of money.

kickintheteeth

i know this isn't about neteller but similar problem.

Cashed out, wat i thought was €3100 from ultimate bet by cheque. On ultimate, the cash out page is in dollars, and cheque u receive is in euros. so i used xe.com to calculate the exchange rate. but when i got the cheques back(4 of them) it added up to €2960, €140 diference, seems a big difernece in the exchange rate!

SkinnyDoogan

I can't believe they are allowed to act like this,
I certainly won't be using their services.
Thanks for the heads up