Neteller warning

ionapaul

Since so many of us use Neteller to faciliate bankroll transfers, etc, I thought some of you might be interested in the following warning:

When transferring money from your Neteller account to your (presumably Irish) bank account, the financial organisations facilitating the bank wire can levy charges independent of either bank - I transferred some cash earlier on this month, $500 (after Neteller got their $1), and only $469 arrived at Bank of Ireland. After some enquires with both sides, it seems the $31 has been held by Chase Manhatten and Barclays Bank as charges for those organisations' roles in the transaction, and neither Neteller nor Bank of Ireland can retrieve any of this amount (or so they claim). All other bank wires from my Neteller account were unaffected, no idea why this one was charged - the Bank of Ireland Global Markets employee I spoke to guessed that it was down to clerical error on the part of Neteller, but Neteller flatly rejected this.

The possibility of this re-occuring, coupled with the excessive charges levied by my Irish bank in accepting the bank wire, will put a complete halt to my use of this type of transaction - it makes better financial sense (as far as I can see it) to use Neteller as a central repository of bankroll, but to transfer funds in PokerStars for withdrawal by cheque if needed - nothing is withheld by PokerStars, the cheque arrives in 3 days from their account in Shannon, and the BoI charges are reduced.

Just thought some might be interested - keep an eye on how much arrives at your bank in the future!

Lafortezza

You Neteller is in $$? You're sure it isn't some funky currency exchange rate shenanigans going on?

ionapaul

No definitely sure - the $31 in extra charges is even listed on my BoI bank wire statement. The 1st Neteller flunky I spoke to tried to explain to me that if my Irish bank account is in €, that I would see a different figure than that transferred from my Neteller account...gee, thanks, never thought of that! The BoI Global Markets person explicitly stated that Chase Manhatten and Barclays were the two organisations that withheld some of the bank wire and the 2nd Neteller bank wire specialist told me that Neteller didn't control what happened to the money once it left my account and so couldn't find out what happened...I probably should email Chase Manhatten and Barclays but don't think I'll have much luck tracking down that missing $31.

If someone can tell me that 'cashing out' via PokerStars rather than Neteller is prohibitively expensive, I'll just have to find another way, but for the moment, gonna stick with that idea.

RoundTower

International bank wires usually cost about this much, don't expect to get it back.

luckylucky

ionapaul wrote:

No definitely sure - the $31 in extra charges is even listed on my BoI bank wire statement. The 1st Neteller flunky I spoke to tried to explain to me that if my Irish bank account is in €, that I would see a different figure than that transferred from my Neteller account...gee, thanks, never thought of that! The BoI Global Markets person explicitly stated that Chase Manhatten and Barclays were the two organisations that withheld some of the bank wire and the 2nd Neteller bank wire specialist told me that Neteller didn't control what happened to the money once it left my account and so couldn't find out what happened...I probably should email Chase Manhatten and Barclays but don't think I'll have much luck tracking down that missing $31.

If someone can tell me that 'cashing out' via PokerStars rather than Neteller is prohibitively expensive, I'll just have to find another way, but for the moment, gonna stick with that idea.

Neteller will screw u over big time on any exchange rate - it's why I had to change from a sterling to a dollar neteller account a long time ago as soon as I saw what they were up to. i recently had a big sum of sterling deposited and i got rightly screwed from them.

What I do on party poker - i sometimes receive some money in my neteller account - i deposit it in party - but any withdrawal i make is back to my uk debit card - - i presume u can do same with stars. - I know i dont get charged anything when i do it this way and presume it's the same for cashing out to ur laser card back home.

ChipLdr

luckylucky wrote:

Neteller will screw u over big time on any exchange rate - it's why I had to change from a sterling to a dollar neteller account a long time ago as soon as I saw what they were up to. i recently had a big sum of sterling deposited and i got rightly screwed from them.

What I do on party poker - i sometimes receive some money in my neteller account - i deposit it in party - but any withdrawal i make is back to my uk debit card - - i presume u can do same with stars. - I know i dont get charged anything when i do it this way and presume it's the same for cashing out to ur laser card back home.

You can deposit alright with a Laser card to Party but they wont let you withdraw to it so simply use the bank wire option. I use my NT account soley as a repository due to their ridiculous fees

NickyOD

My Neteller is in dollars and my account is with AIB (supposedly the worst for bank charges). I've never had this problem. Neteller charge me $1 for the wire transfer and the amount that goes into my account is always roughly within the normal range of the exchange rate. However if I cash out say $2000 (hasn't happened in a ****ing while) I might not notice $31 like I would with a smaller withdrawal.

Lafortezza

Same as with Nicky, I just get stung on the exchange $ -> euro.
A couple of withdrawal in the last 2 months anyway, with a $ Neteller account and a BOI bank account.