Neteller Advice Sought

GrandMaster

Dormant account
Joined
Jan 21, 2004
Location
UK
I found an example where I had a deposit and a withdrawal in euros on the same day. For the deposit, the exchange rate was 1 euro=US$1.2583, for the withdrawal, 1 euro=US$1.2244. There is a 2.7% difference.
 

bpb

Banned User - repeated violations of rule 1.14 (tr
PABnonaccred
PABnorogue
Joined
Jun 17, 2004
Location
Haverhill
Neteller charges 1.9% each way for currency exchanges. This fee is not well advertised.
 

mitch

Ueber Meister
Joined
Sep 30, 2004
Location
UK
Black21Jack said:
Do you mean that they charge you an extra fee for currency exchage on top of the rate paid? Or are you saying that they do not give a good rate on currency exchage? According to Neteller support they use the current market rate at the time of the transaction and they gave me the website where I can find the exact rates that they use www.x-rates.com The reason I am asking is because I recently just switched my Neteller to Canadain Dollar and have not yet done any foreign exchange with them. I plan to start playing in GBP for the reason that my winnings are more than double when changed over into Canadian. From what Neteller told me they just give the current market rates, but if they start tacking on fees then I will just have cheques sent from the casino directly.

Black21Jack

Neteller do not charge a fee for currency exchange as far as I know.

However, they definately seem to use different currency rates for withdrawals and deposits.

As an example just over a week ago I deposited 1000 into a casino using my Neteller dollar account. Neteller withdrew $1907 from my account, obviously used rate of 1.907 dollars to the pound. A day later I withdrew 1150 from the casino to my Neteller account. Neteller credited $2098 to my account a rate of 1.82 dollars to the pound!

$40-$50 gone in one transaction. :(

The only lesson to be learned buy shares in Neteller PLC!

Mitch
 

Black21Jack

Dormant account
Joined
Mar 1, 2004
Location
Toronto, Ontario, Canada
mitch said:
Black21Jack

Neteller do not charge a fee for currency exchange as far as I know.

However, they definately seem to use different currency rates for withdrawals and deposits.

As an example just over a week ago I deposited 1000 into a casino using my Neteller dollar account. Neteller withdrew $1907 from my account, obviously used rate of 1.907 dollars to the pound. A day later I withdrew 1150 from the casino to my Neteller account. Neteller credited $2098 to my account a rate of 1.82 dollars to the pound!

$40-$50 gone in one transaction. :(

The only lesson to be learned buy shares in Neteller PLC!

Mitch

I can understand this happening. The buy and sell rates of currency usually differ about 1% - 2% that is how the banks make most of their money. I thought that maybe they added on a currency exchage service fee along with the 1% - 2% point difference. I did not expect to get the sell rate when chaging it over. I think that the website they gave me has the buy and sell rates. I just found out that most casinos have a courier fee for cheques anyways so the convenience of Neteller makes the rate difference worth it for me.
 

Slotster!

I predict a riot.
Joined
Oct 17, 2004
Location
Location, Location!
Aww... It's happening again :(

I reluctantly gave Neteller another shot following the advice of a casino... and more declined transactions... The weird thing is, I had a reasonable sized one go through ok, then a smaller one from a different casino - then just a declined one in the middle from another casino yet again. All on the same day.

Interestingly, I decided to give Neteller a go with 32RED and, surprise surprise, it whizzed through with no issues whatsoever.. Straight into my account. This could just be coincidence of course, but it is weird how some casino's decline and other's don't.

Neteller does seem convenient and useful, but I've had a far from smooth early experience!... As it's not a worryingly large amount, I'm not going to hassle the casino on this one and just see what happens if I leave it.
 

Simmo!

Paleo Meister (means really, really old)
Joined
May 29, 2004
Location
England
Slotster! said:
Aww... It's happening again :(

I reluctantly gave Neteller another shot following the advice of a casino... and more declined transactions... The weird thing is, I had a reasonable sized one go through ok, then a smaller one from a different casino - then just a declined one in the middle from another casino yet again. All on the same day.

Interestingly, I decided to give Neteller a go with 32RED and, surprise surprise, it whizzed through with no issues whatsoever.. Straight into my account. This could just be coincidence of course, but it is weird how some casino's decline and other's don't.

Neteller does seem convenient and useful, but I've had a far from smooth early experience!... As it's not a worryingly large amount, I'm not going to hassle the casino on this one and just see what happens if I leave it.

Actually this hasn't happened to me yet this year. NETeller even improved after a "scheduled maintenance" the other day - that's a first ;) Login is so much better now it ain't Java which used to cripple one of my machines.

Slotster - i can tell you now, nothing will happen unless you chase that deposit. Irrespective of the casino. Guaranteed :)
 

Slotster!

I predict a riot.
Joined
Oct 17, 2004
Location
Location, Location!
Simmo! said:
Slotster - i can tell you now, nothing will happen unless you chase that deposit. Irrespective of the casino. Guaranteed :)

You're right!... Just had a quick chat with them, and it was showing as "finalised" their end. They've taken a look now and apologised, insisting it will be re-processed in the next few hours, so we'll wait and see!
 

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