Neteller ATM Withdrawal Fees Changed

[Mozaik]

Just cashed out 750 euros from an ATM machine via my Neteller card.

I was expecting a fixed fee of 4 euros like they had for many years in Europe.

But to my surprise I was charged 13.13 euros.

Not sure when they implemented this change, but apparently they now have a 1.75% cash withdrawal fee.

This basically means it becomes cheaper than it was to withdraw anything below 220 euros I believe, and more expensive to withdraw through ATM for amounts above.

 

[Mouche12]

Yes, there has been a thread on this change of fees (as of 1 May), and don't forget the very disadvantagous currency exchange rates they apply. Withdrawing smaller amounts upto EUR 200 is an option, but it's not if you intend to withdraw the whole amount anyway spread over a few days.

A very greedy bunch

 

[Tirilej]

The only times I need cash is when....I really needed to think now. When do I need cash?

When Neteller is down and I can't use my card in the store. That's when I need cash!
Otherwise I use the card in every shop or if I order a trip online or paying a bill or... So what do you need cash for?

 

[Mozaik]

Yes, there has been a thread on this change of fees (as of 1 May), and don't forget the very disadvantagous currency exchange rates they apply. Withdrawing smaller amounts upto EUR 200 is an option, but it's not if you intend to withdraw the whole amount anyway spread over a few days.

A very greedy bunch

I must have missed it. Haven't followed the online gambling scene or played for about a half year but things seem to change very quickly. Exactly, if you withdraw the same amount of a period of a few days it's still much more to pay in fees.

I guess the change got implemented after they merged with Skrill or something. They now also let you fund your Neteller account with Skrill and vice versa, albeit with a 1.99% fee of course. And yes, the currency rates aren't exactly nice either to convert dollars to euros with 3.39% fee. Vips can profit from a lower rate though.

 

[Mozaik]

The only times I need cash is when....I really needed to think now. When do I need cash?

When Neteller is down and I can't use my card in the store. That's when I need cash!
Otherwise I use the card in every shop or if I order a trip online or paying a bill or... So what do you need cash for?

Well, I like having cash after winning at an online casino. I guess the chance is smaller I lose a big chunk of it back if I have it in my hands.

It's just too easy and convenient to keep depositing with Neteller. But the fees now are just a bit too much, they should have a cap at least.

 

[catapultaudio]

I got £20 out with my card the other day expecting to pay the usual €1.80 fee which generally calculates to about £1.40, and was surprised to find it was only a few pence, so it does work both ways .... wow at £$€13+++ though just to get your own cash out, is it not cheaper to move it to the bank in that situation? That is generally very quick during the week for me these days, as little as an hour or two sometimes.

 

[dave1888]

on the plus side though this is actually less for smaller withdrawals instead of 3quid every time it's 1.75% meaning 100 out is now 101.75 instead of 103. Brutal if taking out loads though....max for me is 300£ I think. being a bronze vip only.

 

[philderby]

What amazes me about neteller is they charge all these high fees but when ive had to contact customer service the last two times I had a rough ride to put it mildly, they dont seem to care about there customers.

For the fees they charge your winnings should be hand delivered within the hour in a sparkly envelope

last 18 months I just withdraw to debit card. its convenient for me and there are no fees

 

[Harry_BKK]

Neteller is by far the worst when it comes to fees, much worse than Ecopayz. But then they know that mostly gamblers are using their services and that we accept just about anything to have our punt/spin

My Neteller account is in EUR as i registered some 15 years ago while still living in Europe. Nowadays, my casino accounts are in AUD, hence, they hit me multiple times with their fees:

- Upload to Neteller from my bank account:

- bank account is in THB
- currency conversion fee charged plus a much lower exchange rate
- on top upload fee of 1.95%
- result: 100AUD upload --> actual cost: 112AUD
- Ecopayz --> 106AUD​

- Deposit to casino

- currency exchange fee charged again and lower exchange rate applied as it converts now from EUR to AUD
- result: total cost to deposit 100AUD --> 118AUD
- Ecopayz --> 106AUD​

- Magically i make it to a withdrawal and the charges start again:

- currency conversion fee + lower exchange rate applied
- result: withdrawal 100AUD --> amount credited to my Neteller account: 94AUD
- Ecopayz: no cost, as EP account is in AUD​

- Happy that i won something i go to the ATM to withdraw the dosh:

- currency exchange fee and lower exchange rate applied yet again
- ATM withdrawal fee - 1.75%
- Thai bank charge: 200THB = 8AUD
- result: from the 100AUD winnings withdrawn from the casino i can withdraw only --> 80AUD
- Ecopayz: 89AUD​

TOTAL RESULT:
- for turning around 100AUD from upload to NT, deposit to casino to withdrawal at the ATM, Neteller makes appr. 30AUD
- Ecopayz: 17AUD

Comprende?! Money printing machine for the Neteller owners.

And to be honest, i laugh every time when i read a casino rep stating they absorb the deposit and/or withdrawal fees. I am sure that is not 17 or 30AUD on 100!

 

[CasinoTwitcher]

My Neteller account is in EUR as i registered some 15 years ago while still living in Europe. Nowadays, my casino accounts are in AUD, hence, they hit me multiple times with their fees:

You can create a second account in AUD and call Neteller, then they will transfer your funds and status from your EUR account to your AUD account, that should save you a bit at least

 

[Harry_BKK]

You can create a second account in AUD and call Neteller, then they will transfer your funds and status from your EUR account to your AUD account, that should save you a bit at least

Thx, i know because i have been Silver with them for a long time but Neteller is requesting a different email address, different bank cards for the upload and a different bank account for the second account with them. I would not be able to use the same for both, my EUR and my AUD account.

Decided that i will not go through the hassle of accumulating more bank accounts and cards just to please Neteller.

That led me to using Ecopayz for appr. 90% of my casino deposits and withdrawals as they allow me to register multiple accounts in different currencies all under one user name. Hence, i have USD, EUR and AUD with them, allowing me to load the appropriate account without any additional currency charges. Further, their fees are way lower than Neteller's.

This in itself reduced the number of regular casinos to just 5 as they all accept Ecopayz. All those accepting only Neteller are seeing just 1-2 deposits/month because of the high Neteller costs to deposit and withdraw.

 

[MightyDuck]

It seems like Neteller deems non VIP players as not profitable enough if these frequently withdraw their money on the ATM. Think about it that all players till silver with a annual transaction volume of below $100 000 will need to pay 1.75% every time and Gold+ player will not get the fee back on request.
So literally the low-roller subsidises the high-roller.

 

[nikantw]

......is it not cheaper to move it to the bank in that situation? That is generally very quick during the week for me these days, as little as an hour or two sometimes.

In this crazy banking world, no “money in the bank” is safe. You can wake up one day with your bank closed and your money gone, or with capital controls. Bank refusing money transfer is not uncommon either.

 

[spintee]

I pointed this out the other day, It used to be a fixed fee, I think around 1.75 euro, about £1.30, When I see like a £4 charge I was thinking whats the score here, Abit heavy if you asked me and to top it of when reviving cash in a different currency they make there own exchange rate up,