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Discussion in 'Payment Processing Issues' started by petro, Apr 3, 2011.

    Apr 3, 2011
  1. petro

    petro Dormant account, per user request PABnoaccred2 PABaccred

    Occupation:
    N/A
    Location:
    Narnia
    *Specialist Advice Wanted*

    I am doing lots of research at the moment to try and cut down on my casino deposit costs.

    Usually I deposit with my Visa Credit Card when the casino accepts this form of payment and accepts my local currency; Australian Dollar (AUD.)

    The majority of online casinos don’t have AUD as an option.
    In this case I use Moneybookers who, at the moment charge me 1.99% of my total deposit because of currency conversion fees.
    This is the only fee I get for depositing and I would like to cut down on it.

    I have compared Moneybookers' & Neteller’s currency conversion fees and have found;

    Moneybookers: 1.99%
    VIP Moneybookers: 1.75%
    Moneybookers’ VIP requirement; Transfer €5,000 (or your currency equivalent) to Moneybookers merchants each month.

    Neteller: 2.5%
    VIP Neteller: 1.5%
    Neteller's VIP requirement; Transfer 3,000 USD (or your currency equivalent) to Neteller merchants each month.


    Moneybookers is better for low rollers but if you happen to deposit 3000 USD per month Neteller is better in regards to the currency conversion fee.

    My main question is;
    Anyone know anything or any way cheaper than Neteller?

    I have been considering some options like perhaps just doing an International Bank Transfer for deposits but I suspect my bank charges for this will be greater than 1.5%.

    I think Nifty & Colly might be able to give me some sound advice on this.
     
  2. Apr 3, 2011
  3. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    I was recently offered (as a Neteller VIP) the ability to open a second account in a different currency, which would allow me to play in US$ with only a single fee when moving money in and out of this account, rather than every time I transact. I didn't take this up at the time, since my main playing currency is the UK Pound, offered by almost all MGS casinos, and I have hardly played RTG recently.

    If you can become a Neteller VIP, this option may become available to you, and you could then have your main account in AUD, but another in a currency such as the US dollar, which EVERY casino seems to accept as an option. I don't expect this option is allowed for non-VIP customers, and you probably need to develop some history with Neteller, as well as make the criteria for VIP.

    Currency conversion fees can only really be avoided if you can match your deposit source and casino account currencies, and you need a deposit source that can accept withdrawals, else you simply move the problem, rather than eliminate it.

    The third option is Click2Pay, and it seems they work in dollars, but use any other currency, and you get hit by "double dipping", where they make unnecessary currency conversions to get extra fees, which I consider rogue practice.

    Another option is to have TWO eWallets, your Moneybookers in AUD, and Neteller in USD, and use the one appropriate for the currency you are playing in.
     
  4. Apr 3, 2011
  5. petro

    petro Dormant account, per user request PABnoaccred2 PABaccred

    Occupation:
    N/A
    Location:
    Narnia
    Thank VWM.

    I am having a look at Click2Pay now. I see they have nicely hidden their fees and charges. ;)
    I doubt they would beat Neteller's fee of 1.5% but it's worth a shot.
     
  6. Apr 3, 2011
  7. petro

    petro Dormant account, per user request PABnoaccred2 PABaccred

    Occupation:
    N/A
    Location:
    Narnia
    Most forums agree that Click2Pay does not charge for currency conversion.

    I have yet to confirm this with Click2Pay and there may also be hidden charges.

    If it is true; that they don't charge for currency conversion. This processor is the Mecca for all online casino deposits.
     
  8. Apr 3, 2011
  9. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    That's because their fees are sneaky & well hidden. You will soon find out when they charge you one.
     
  10. Apr 4, 2011
  11. colly

    colly Senior Member MM PABaccred

    Occupation:
    Finance (Corporate Tax)
    Location:
    sydney
    Hi Petro

    Have PMd you a response
     
  12. Apr 4, 2011
  13. cerdikola

    cerdikola Low Roller

    Occupation:
    ñ
    Location:
    Spain
    EcoCard is 1.5% for all kind of accounts.
     
    1 person likes this.
  14. Apr 5, 2011
  15. felicie

    felicie Ueber Meister PABnononaccred

    Occupation:
    self employed
    Location:
    somewhere else
    This is out of my jurisdiction lol but VWM's last sentence there seemed like a good and simple idea in case you missed it Petro. :)

    'Another option is to have TWO eWallets, your Moneybookers in AUD, and Neteller in USD, and use the one appropriate for the currency you are playing in.'

    :)
     

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