neteller question

I have a question about how Neteller works, since I use IGM-Pay and was thinking opening a neteller account also. When are you charged a fee? I think you are charged moving money bank->Neteller?? Are you charged poker->Neteller, Neteller->poker, Neteller->bank?? How long do the transfers take??

I only play on Party & skins. Are there sites that don't accept IGM-Pay and you NEED a Neteller account? That's my guess and that's why I was thingking of opening an account.

Thanks for the help

I don't know anything about IGM pay but i know that if your neteller account is $ and your party/stars account is $ as well there is no fee transfering between them (the poker room pays the fee)

Unless you use that ridiculous neteller debit card, you will never be charged. Card room always pays the fee to deposit.

I'm a big neteller fan. I use to play at just one site, so it didn't matter. But now I play at 5-6 sites depending and try a new site out every couple weeks, etc. So, from a bankroll management standpoint it's great. I can rapidly move money around and I'm not plugging my CC number into sites I barely know. It's like my little mini-swiss-bank account.

The only fee I've ever paid is .74 for my initial $20 deposit, and I've moved thousands of dollars through there from site to site and to my bank account.

You only get fees on credit card deposits, but if you're a good player that should only be once, and it's under 1% I think.

I've moved around probably 10 grand in the past six months since starting online poker and payed only the initial credit card fee. Everything else is free.

Firepay is the devil then. 3.99 for a transfer

Originally Posted by teh

Firepay is the devil then. 3.99 for a transfer

If you are transferring $1000, that is not too bad, and everything else is free. If you deposit only once and only ever withdraw after that, Firepay is fine.

That being said, Neteller is preferred because of the wide acceptance and lower cost options. They do have plenty of pay-for options, but you can avoid them.

Eventually having both is an option; both are free. [paranoia] Additionally, banking and un-banking your poker money may eventually draw federal attention. Leaving it offshore with Neteller/Firepay makes it reasonably accessable, and only banking it when you are ready to report it. [/paranoia]

IGM pay is the best out there. They take the money out and put it in your poker account instantly and don't charge a cent.

Neteller isn't so nice. The only way to not pay a fee is if you use the EFT from your bank. It takes a few days though.

I didn't answer all your questions, though some other folks may have.

Originally Posted by poker2006

I think you are charged moving money bank->Neteller??

Yes, unless you are willing to wait for the EFT.

Originally Posted by poker2006

Neteller->poker?

No.

Originally Posted by poker2006

Neteller->bank??

No, unless you want Instant Cash, which has a fee and requires a SSN#, which makes you reportable to the USGovt.

Originally Posted by poker2006

How long do the transfers take??

Depends. Once your Neteller account is set up with the poker site, then it depend on the site the length of time to withdraw:
Party - hours
Stars - a day
Pacific -3.7 years
To deposit on the poker site, the site will usually let you start playing right away, but can take a week before they let you start withdrawing, because they are waiting for all the transactions to be verified and go through. I am currently experiencing a seven day (so far) wait for a Neteller w/d from a Party skin, because my very first deposit was seven days ago.

Originally Posted by poker2006

I only play on Party & skins. Are there sites that don't accept IGM-Pay and you NEED a Neteller account?

Yes, several. The 'front page' of FTR - http://www.flopturnriver.com/ - includes links to many poker room reviews, including funding options.

GL

in case you didn't know, IGM is the company that owns party poker. This is why they are so nice about deposits.

I just set up a neteller account, was going thru the InstaCash option to deposit $500. They wanted almost $50 to do it. I canceled the transaction.

I already have money at Party -- since I have $0 in my Neteller account, I assume I can just move money out of my PartyPoker account to Neteller and then to another site without a fee?

Originally Posted by Jay67s

Party -- since I have $0 in my Neteller account, I assume I can just move money out of my PartyPoker account to Neteller and then to another site without a fee?

That is correct.

Originally Posted by poker2006

How long do the transfers take??

Depends. Once your Neteller account is set up with the poker site, then it depend on the site the length of time to withdraw:

Stars - a day

My last few transactions (over the last two weeks) with PokerStars have been instant (less than 30 seconds). Very impressive.

I seldom have to deposit money into neteller. As long as you do it a few days in advance, you will never have to pay any type of fees for neteller. Once it is set up and verified, it's the easiest way to move money to whatever site. I have not seen a poker site that does accept neteller. They do get you on any of the instant deposit fees, but I usually know ahead of time if I will be making a deposit, and doing so avoids the instacheck fee.

Originally Posted by Jay67s

I just set up a neteller account, was going thru the InstaCash option to deposit $500. They wanted almost $50 to do it. I canceled the transaction.

Yeah, don't do the insta cash option. They charge about 9% for a 4 day loan. :-\

But when you do the "free" option, they just delay so they can keep your money for a few days. Holding on to everyones money for a few days gives them a large amount of money to work with.

Told neteller to take out money from my checking account on monday, Bank says the transaction was successfully completed on tuesday and here it is friday...still "pending" according to neteller.

Originally Posted by teh

Firepay is the devil then. 3.99 for a transfer

ya but its instant.

i just look it as an ATM fee as if i were withdrawing money from the ATM at the local casino