Neteller - effective currency exchange rates are rogue

[poser]

Hi,

today, I wanted to use my Neteller account. I havn't used it since some time.

As my Neteller account is in US$ (for Poker), but my bank account is in EUR, I was presented with the actual curr. exchange rate for today.

I was absolutely shocked, as I saw it was 1,202. (this is without any add. fees for giropay or so!!)

Todays exchange rate is about 1,273.

This is soooo far more than the 2,5 % they claim to only take as curr ex. fee !!

-> It is 6%.

So, what happens here ?

I seems, that Neteller uses 2 diff. rates. One for EUR->US$, and one for
US$->EUR, and adds the 2,5 % ON TOP !!!

That adds up to 12% loss for both direction !! This is rogue.

I made the test with Moneybookers today. They claim to have 1,75%. But there, I get a rate of 1,252.

And at C2P, I get 1,271 today.

So, what is Neteller doing here ?

[Deuce]

Typically, credit card companies charge even higher rates, so 2,5% is
not that bad. You're best option is to call up Neteller and change your
US account to Euros and play in Euros.

[winbig]

Typically, credit card companies charge even higher rates, so 2,5% is
not that bad. You're best option is to call up Neteller and change your
US account to Euros and play in Euros.

99% of all poker rooms only allow you to play in $...

and when all is said and done, it's 6% each way, not 2.5...

[poser]

Yes, if it would be 2,5 % in either direction...

But as I said, it is 6 (!) % in either direction.

This is just bad behavior. They betray their own customers

[susanjbo]

Paypal use similar unfair systems. many years ago when we used to buy traverlers cheques you would shop around for the best deal and exchange rate. But when your dealing with online companys such as above you are governed by their rules and exchange rates, which is obvious they dont pass on the best rates.

500 euro gave me $1018 aussie dollars using most online exchange sites, but when i used paypal 500 euro gave me $996 aussie bucks.

If your netteller has the fuction try this little test.

Transfer $1 into euro in your account then change it back to $$$, i bet u dont end up with $1, with paypal it was 86 cents

[maxd]

You'll never get a 0% exchange rate, though 14% is a bit steep.

I recently changed a good bundle of Euros to UKP and the exchange rates I saw varied from around 12 or 14% down to 3%. As you can imagine the 3% caught my attention.

[GrandMaster]

I still don't know why Neteller won't let people have one account in each currency.

[vinylweatherman]

I still don't know why Neteller won't let people have one account in each currency.

Should be obvious - they would lose their nice little earner.

If we could have accounts in each currency we use, we would only have to exchange when we needed funds in one currency, and has surplus in another. At present, they make a cut, and a hefty one, on each transaction, and each way.
Think of Neteller like this. You go abroad, but are not allowed to buy euros for the whole trip, but must make a currency transaction each time you buy something. You pay in UK Pounds, and the shop converts. If you are repaid, such as with a hire car deposit, you get hit again by being forced to have the refund paid as UK Pounds, even though it would have been better to have been allowed to keep the refund as Euros, say, to pay your hotel bill.

If Neteller allowed a Euro account, then you would "buy" gambling money in the same way you bulk buy your holiday money for the whole trip in advance. Only when you decided to withdraw some of the Euro gambling money would you pay an exchange commission, similar to when you sell surplus holiday money when you return home.

Currently, the only way around this is to have accounts with different ewallets, such as Pounds with Neteller, Euros with Moneybookers, and US Dollars with Click2Pay - however, to transfer funds between each you would have to withdraw from one and deposit at another, which may incurr fees on top of exchange rate commission.

[poser]

But you know that C2P isn't charging ANY fees?

My account is in Euro, and I even made money, just by getting such a real good exchange rate and no add. fee.

They really take the same curr. ex. rate for both directions.

[vinylweatherman]

But you know that C2P isn't charging ANY fees?

My account is in Euro, and I even made money, just by getting such a real good exchange rate and no add. fee.

They really take the same curr. ex. rate for both directions.

Yes, but a couple of years ago they royally screwed me over.

1) My Click2Pay account is in UK Pounds.

2) My attached credit card was in UK Pounds

3) My casino account was in UK Pounds

4) I deposited at said casino.

5) Click2Pay converted to DOLLARS, debited my card in DOLLARS, so I was down over £50 in a small number of transactions.

6) I complained, and their CEO said they had done nothing wrong

7) Goodbye Click2Pay


PS - I got a refund because the CEO blamed my card company for the fees, so I said I would take it up with them - called his bluff - as he knew full well what might happen if I took his claim as gospel truth. Got my charges refunded.

I now do not trust Click2Pay any more than a rebranded Virtual casino. At least with Neteller, they only do NECESSARY currency conversions.