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Non-Bonus Complaint Neteller - effective currency exchange rates are rogue

Discussion in 'Other Complaints' started by poser, Oct 29, 2008.

    Oct 29, 2008
  1. poser

    poser Experienced Member

    Occupation:
    Student
    Location:
    Hamburg
    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 ?
     
  2. Nov 3, 2008
  3. Deuce

    Deuce Dormant account

    Occupation:
    Marketing
    Location:
    UK
    re: currency exchange rates

    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.
     
  4. Nov 3, 2008
  5. winbig

    winbig Keep winning this amount. webby PABnononaccred

    Occupation:
    Bum
    Location:
    Pennsylvania
    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...
     
  6. Nov 3, 2008
  7. poser

    poser Experienced Member

    Occupation:
    Student
    Location:
    Hamburg
    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
     
  8. Feb 3, 2009
  9. susanjbo

    susanjbo Moderated User

    Occupation:
    wife
    Location:
    australia
    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
     
  10. Feb 3, 2009
  11. maxd

    maxd Complaints (PAB) Manager Staff Member

    Occupation:
    The PAB Guy
    Location:
    Saltirelandia
    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. :D
     
  12. Feb 3, 2009
  13. GrandMaster

    GrandMaster Ueber Meister CAG

    Occupation:
    Mathematician by day, online gambler by night.
    Location:
    UK
    I still don't know why Neteller won't let people have one account in each currency.
     
  14. Feb 6, 2009
  15. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom

    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.
     
  16. Feb 9, 2009
  17. poser

    poser Experienced Member

    Occupation:
    Student
    Location:
    Hamburg
    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.
     
  18. Feb 9, 2009
  19. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    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:eek:

    7) Goodbye Click2Pay:p


    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.
     
  20. Jun 26, 2016
  21. asadzareef89

    asadzareef89 Meister Member MM

    Occupation:
    Admin Asst
    Location:
    United Kingdom
    i have been noticing this for some time now but neteller is eating a lot of money in exchange rates, as u know some of the casinos still dont use pounds e.g casumo

    So i made a deposit of 24 euros which charged me 21.41 pounds but if u withdraw 24 pounds u only get around 18-19 pounds

    i made a withdrawal of 90.15 euros and received 63.44 pounds

    Now this all happened within 30 mins on sunday night so pound has declined and rate is exactly same

    so going by their rate which they charge me when i deposit i should get 64.23 pounds for 72 euros but i get less than that for 90 euros

    now im no maths genius but that's more than 23% which is extortionate

    below is the difference in effective fx rate, this just pi*ses me off against big brands like casumo, redbet etc for not using pounds as we are literally losing hundreds for no good reason

    I looked into whether pound dipped in this dramatic hour by 0.19 euros to a pound but it didnt so shame to neteller for robbing us in broad daylight
     

    Attached Files:

    1 person likes this.
  22. Jun 27, 2016
  23. aceking123

    aceking123 Ueber Meister CAG PABnononaccred MM

    Occupation:
    chippy
    Location:
    uk
    yep its poor , i spoke with a vip rep & they informed me to open another account in Euros as its cheaper ???
     
  24. Jun 27, 2016
  25. b3b44

    b3b44 Senior Member

    Occupation:
    own business
    Location:
    netherlands
    if im correct ...when you are silver vip at neteller you can open one extra currency account ,when gold vip you can open 2 more currency accounts which will save you some monies when transferring in different currencies..transfer fees will only hit you when withdrawing to your bank account ..and not transfers to merchants.
    I think you need to transfer somewhere near €50k to become silver? 100k for gold a year?
     
  26. Jun 27, 2016
  27. aceking123

    aceking123 Ueber Meister CAG PABnononaccred MM

    Occupation:
    chippy
    Location:
    uk
    not sure hence to why i don't use them to often any longer went from gold to bronze overnight , i do top up the account every so often but the charges are getting worst.
     
  28. Jun 27, 2016
  29. b3b44

    b3b44 Senior Member

    Occupation:
    own business
    Location:
    netherlands
    i still use them as i play euro's and withdraw to my bank which is also in euro's i hardly pay transfer fees ,i am gold and made gold for this year .
    I get upto 10 free deposit & withdraw (atm)fees returned so i keep using Neteller .
    Which is pretty decent.So to the person in this matter i strongly advise if you are silver vip at neteller open a Euro account at neteller...use them at casino's where you play euro at so you pay no transfer fees cuz Neteller hits you twice on the way in and on the way out .this way you only pay once when transferring to your pounds account.
     
    1 person likes this.
  30. Nov 6, 2016
  31. gimmi85

    gimmi85 Non-Gambler

    Occupation:
    gambler
    Location:
    sweden
    the same with skrill, i cashed out 5000eu feom intercasino and when i cashed out from skrill to my bankacount i lost 330€.it is really sik and a robbery
     
  32. Nov 13, 2016
  33. spintee

    spintee Meister Member webby mm2

    Occupation:
    gambler :)
    Location:
    Northants
    There a rip off, The other week I was helping a fellow friend out in the U.S, We was doing different amounts of payment (paypal) to test a a program, I will keep it to a simple amount and will show you what 1£ - $ was

    I sent $1 costing me 83p, Now when he returned that I received 78p now thats 5p they made on that £1, and thats just from my side, This was all done whiten minutes so nothing changed on the exchange rate side, They add a huge amount of inflation when receiving money, When it goes out you do get around the exchange rate, But the receiver will be charged that extra fee,

    They must make a fortune by doing this, Same goes for skrill and nettler, Like when JonM won that 1k odd he was charged a £70 odd above the rates, I know they have to make money but thats taking the piss, Wouldnt be so bad if you get a decent service out of it, But if things go wrong than your talking to a brick wall
     
  34. Nov 13, 2016
  35. refre

    refre Senior lurker PABnonaccred PABnoaccred

    Occupation:
    Professional slot player
    Location:
    .
    Your best bet is to stick to casinos offering your home/Skrill/Neteller currency.

    I don't care whatever bonus/rewards/VIP program you're getting.
    If you need to exchange currency every time you play it will cost you a fortune in the long run.

    It has not always been this way, though.
    In the not so distant past Skrill, or Moneybookers rather, would offer close to true interbank rates.
    After the Paysafe group monopoly it seems they increase fees every month.

    I'm still waiting for Casumo to offer more currencies :)


    Freddy
     
  36. Nov 13, 2016
  37. spintee

    spintee Meister Member webby mm2

    Occupation:
    gambler :)
    Location:
    Northants
    You maybe in luck, Casumo have now different currency, They have U.K for sure but do not know about others, You will lose the status and restart fresh but that may be better as I get fuk all now at level 118 or so,
     
  38. Nov 13, 2016
  39. Harry_BKK

    Harry_BKK Senior Member CAG mm1

    Occupation:
    job is OK
    Location:
    Balcony
    Not 100% right.

    Neteller, Skrill and Ecopayz use the base currency of their company.

    E.g. When i load 100AUD to my Ecopayz AUD account it still converts the amount to GBP, effectively charging currency exchange fees although my account is in AUD. Then it goes to my Thai bank where EP again is charging some exchange fees.

    Neteller does the same IIRC, it always goes back to either EURO or GBP.

    My net calculation is:

    Neteller - to get 100AUD into my casino account is costing me in total 109AUD
    Ecopayz - to get 100AUD into my casino account is costing me in total 106.5AUD

    It is then even worse when you do the opposite way,

    Neteller - getting 100AUD from my casino account is effectively only 94AUD
    Ecopayz - getting 100AUD from my casino account is effectively only 100AUD (because the account is in AUD)

    If you then withdraw at the ATM or to your bank the charges become diabolical. If i want to effectively withdraw 1000AUD in THB at a Thai Bank i have to cashout from the casino:

    to Neteller: 1100AUD
    to Ecopayz: 1075AUD

    They know very well that we players do not have too many options and rely on them for our casino transactions. I wouldn't even mind to pay the charges if their customer service would be stellar, but it is one of the worst i have ever come across in my entire life at both, Neteller and Ecopayz.
     

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