Conversion Fees

[zman]

Hi guys i been playing at 32red pretty much exclusivly, but have a problem here.

Please have a look below.

100 pound deposit
$184.84

1000 pound cashout
$1,778.46

Why is there close to 60 USD difference in the conversion fees? Is this 32red or Neteller? I have lost close to 200 usd worth of bs conversion and will stand to lose another 100-150 when i get another cashout.

[Gluten]

It is neteller, those greedy ***** I suggest you get another webwallet for other currencies than $ - like moneybookers. Or have 32red close your account and reopen a new one in $ currency. Neteller really has some nasty fees.

[zman]

1848 - 1778 = $70
70/1778 = 3.9%

They are charging me 3.9% then the conversion fee....

[Dirk Diggler]

That's right I'm afraid - and unfortunately Click2Pay are at pretty much the same rate.

Moneybookers are great and very fair with their rates - it's just a shame more casinos don't use them (I don't think 32red does).

Surely Neteller must make enough off of us all without charging rip off rates like that. I was actually on the verge of closing my account with them a while back when they tried to force me into taking their exchange rate when I wanted to make a withdrawal from my account in the $USD it is in.

It was going to cost me several hundred £ on the exchange rate they charge and I ended up having to threaten reporting them to the FSA before they backed down.

[Simmo!]

Yup its NETeller alright.

I have a 32Red $ account and a NETeller £ account. If you do regular cashouts and like me you are "Club Rouge", have a chat with 32R. When i do a decent cashout, they very kindly sometimes convert it for me before paying so i dont get the NETeller charges

I don't take the piss on small cashouts but when its a decent wedge...

Cheers

Simmo!

[zman]

Yeah am trying to get them to do that tonight, hopefully they can do it.

[jetset]

QUOTE: I ended up having to threaten reporting them to the FSA before they backed down.UNQUOTE

That's a useful thought, DD and operating from the Isle of Man that takes financial professionalism seriously, one that Neteller should carefully consider.

[Vesuvio]

It's usually much cheaper to use cards for large deposits if your Neteller account's in a different currency e.g. UK players depositing at PartyPoker with a debit card get their deposits & withdrawals converted at the current bank rate - otherwise the Neteller "rake" eats half of the bonus for most of their offers! I sometimes wonder if Neteller wouldn't make the same profit from a much smaller fee as they'd find far more money moving through their hands.

[sirius]

I'm confused here. I thought Neteller only charged 1.9% for foreign currency. It would compound to about 3.9% difference both ways but that is not high. Most Credits cards charge more than this (a 2.75% rate would compound to nearly 6%) although some don't charge anything.

2% is also about the same charge banks use for depositing a foreign cheque. These charges are not something they really highlight but you can work it out from the rates they use.

[zman]

I wasnt making a deposit, i was getting a cashout.

And it was 3.93% to be exact....., changed my 32red to usd and 32red took me for $40 off exchange rates also sad...