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Joe Canada
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06-03-2004, 06:02 PM
Post subject: IGM-Pay
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#1 (permalink)
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Join Date: Jun 2004
Location: Ontario, Canada
Posts: 45
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Hello. I am new to this forum. I've been reading the threads in here religiously for about 3 weeks but this is my first post.
Anyways I would like as much info as I can get about IGM-Pay. I read someone saying its just like Paypal and I have a paypal account so I thought perfect. So I started to look for the IGM-Pay homepage and couldn't find it. It turns out they don't have one so I suppose it really isn't like paypal which has an online banking feel to it.
Anyways I read somewhere in another post that IGM-Pay is a Canadian company. With me being canadian and Party Poker being USD currency my concern is always the foreign exchange rate. To date I have added funds with my Visa (getting killed on the exchange rate) and have gotten cheques back by snail mail (getting killed on the exchange rate the other way too). Anyways I guess my questions are: Does IGM-Pay have any fees? If not how do they make their money? I'm assuming if I was adding money from a Canadian dollar account then I'd have to pay whatever their exchange rate is but what if I open a USD account at my bank? I'm wondering if I had a USD account at my Canadian bank if I could avoid service charges for deposits and withdrawals and most importantly avoid foreign exchange rates?
As much info as possible would be greatly appeciated!
Thanks
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fishstick
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06-03-2004, 06:38 PM
Post subject: Re: IGM-Pay
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#2 (permalink)
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Full House
Join Date: Mar 2004
Location: Carlsbad, CA
Posts: 1,405
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Quote:
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Originally Posted by Joe Canada
So I started to look for the IGM-Pay homepage and couldn't find it. It turns out they don't have one so I suppose it really isn't like paypal which has an online banking feel to it.
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i believe igm-pay is part of party poker, and not a stand-alone entity? anybody - am i wrong?
Quote:
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Originally Posted by Joe Canada
Anyways I read somewhere in another post that IGM-Pay is a Canadian company.
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neteller is canadian.
Quote:
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Originally Posted by Joe Canada
Does IGM-Pay have any fees? If not how do they make their money? I'm assuming if I was adding money from a Canadian dollar account then I'd have to pay whatever their exchange rate is but what if I open a USD account at my bank? I'm wondering if I had a USD account at my Canadian bank if I could avoid service charges for deposits and withdrawals and most importantly avoid foreign exchange rates?
As much info as possible would be greatly appeciated!
Thanks
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i think because igm-pay is part of party poker, they don't need to make any money. with me in the US (that's south canada to you  ), there are no charges either depositing or withdrawing. deposits are instant, to withdraw takes about 4-5 business days. the one caveat (at least according to what my credit union told me): igm-pay CANNOT pull money for a PP deposit from any account other than checking. however, you can withdraw your money from PP (using igm-pay) into any type of bank account.
i'm sorry, but i have no experience with exchange rates.
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ttanaka
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Administrator
Administrator
Join Date: Dec 2003
Posts: 1,184
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Yes, IGM-Pay is free, I use my ATM card to deposit via the Visa/Mastercard method, and then I use IGM-Pay to withdraw directly into my checking account (direct deposit via routing number and account number).
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Toasty
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4-of-a-Kind
Join Date: Apr 2004
Location: England UK
Posts: 1,522
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IGM pay is for US citezens only right ?
I've been using Neteller but will have to recieve cashouts via check  until i register my bank details.
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Poker is all about the long long long long long long long term . . .
Barney's back . . . back again . . .
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FyrFytr998
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Full House
Join Date: Jun 2004
Location: Milford,Ct.
Posts: 1,412
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Yeah. So far Party Poker is the only place I've seen using IGM-Pay. To tell you the truth it is a hell of alot faster than Neteller. Since it's connected directly to your bank account. I wish Other sites would adopt this payment/deposit option.
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Xianti
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Administrator
Administrator
Join Date: Dec 2003
Location: facebook.com/xianti
Posts: 5,289
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Quote:
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Originally Posted by FyrFytr998
Yeah. So far Party Poker is the only place I've seen using IGM-Pay. To tell you the truth it is a hell of alot faster than Neteller. Since it's connected directly to your bank account. I wish Other sites would adopt this payment/deposit option. |
Yep. IGM-Pay at PartyPoker is by far the best. No fees for any transaction.
At other sites, I used to use Neteller until I discovered that FirePay has a much lower fee for instant cash deposits from your bank account. Neteller charges 8.9%. FirePay charges a flat $2.99.
None of these services charge for withdrawals.
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fishstick
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Full House
Join Date: Mar 2004
Location: Carlsbad, CA
Posts: 1,405
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[quote="Xianti"]
Quote:
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Originally Posted by FyrFytr998
At other sites, I used to use Neteller until I discovered that FirePay has a much lower fee for instant cash deposits from your bank account. Neteller charges 8.9%. FirePay charges a flat $2.99.
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i thought neteller deposits were free after you verified your bank account??
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Xianti
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Administrator
Administrator
Join Date: Dec 2003
Location: facebook.com/xianti
Posts: 5,289
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Quote:
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Originally Posted by fishstick
i thought neteller deposits were free after you verified your bank account??
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For Insta-Cash, they charge 8.9%. I think there may be a no-fee option, but it's not instant.
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FyrFytr998
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Full House
Join Date: Jun 2004
Location: Milford,Ct.
Posts: 1,412
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You are correct. Regular EFT's are free, but take 4-5 days to clear (Which is forever if you ask me.)
But if you are a good player :P You won't need to make too many deposits from your bank account to Neteller. You'll be doing the opposite!! Which feels much better. 
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johnnyawe
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Full House
Join Date: Apr 2004
Location: San Francisco
Posts: 1,064
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I also use IGM-Pay with Party Poker, and FirePay for everything else. This seems to be the most convienant and cost-effective combination. If you have a credit card or check card that works for deposits, thats even better.
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