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

poser

Experienced Member
Joined
Aug 16, 2007
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 ?
 

Deuce

Dormant account
Joined
Oct 31, 2008
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.
 

winbig

Keep winning this amount.
Joined
Mar 10, 2005
Location
Pennsylvania
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

Experienced Member
Joined
Aug 16, 2007
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
 

susanjbo

Banned User
Joined
Sep 17, 2007
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
 

maxd

Complaints (PAB) Manager
Staff member
Joined
Jan 20, 2004
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
 

GrandMaster

Dormant account
Joined
Jan 21, 2004
Location
UK
I still don't know why Neteller won't let people have one account in each currency.
 

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
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

Experienced Member
Joined
Aug 16, 2007
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.
 

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
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: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.
 

asadzareef89

Meister Member
MM
Joined
Feb 13, 2013
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
 

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aceking123

Paleo Meister (means really, really old)
Joined
Mar 4, 2008
Location
uk
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

yep its poor , i spoke with a vip rep & they informed me to open another account in Euros as its cheaper ???
 

b3b44

Experienced Member
Joined
Aug 8, 2011
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?
 

aceking123

Paleo Meister (means really, really old)
Joined
Mar 4, 2008
Location
uk
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?

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.
 

b3b44

Experienced Member
Joined
Aug 8, 2011
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.
 

gimmi85

Non-Gambler
Joined
Jun 10, 2016
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
 

spintee

Ueber Meister
webby
mm2
Joined
Mar 21, 2012
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
 

refre

Senior lurker
PABnonaccred
PABnoaccred
Joined
Jun 13, 2003
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
 

spintee

Ueber Meister
webby
mm2
Joined
Mar 21, 2012
Location
Northants
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

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,
 

Harry_BKK

Dormant account
Joined
Dec 18, 2014
Location
Balcony
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

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.
 

Harry_BKK

Dormant account
Joined
Dec 18, 2014
Location
Balcony
yep its poor , i spoke with a vip rep & they informed me to open another account in Euros as its cheaper ???

You need to stay Silver VIP minimum for that and:

- different email address
- different bank cards for the upload
- different bank account for your transfers from Neteller.

You can't use any details from your original account for the second one. A complete hassle. :eek: :rolleyes:
 

refre

Senior lurker
PABnonaccred
PABnoaccred
Joined
Jun 13, 2003
Location
.
Thanks!

This is why I quit Ecocard a long time ago.

Luckily Skrill don't do this and as long as I stick to casinos offering play in my currency I can get winnings paid to my bank account without any currency exchange. I realize they may not do this for all currencies. Also keep in mind that I don't deposit using credit or debit cards.


Freddy

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.
 

beispiel

Newbie member
Joined
Feb 10, 2017
Location
Belarus
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.
 
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