Neteller + UK = BAD

[iloveyoooo]

Deposited $500 for the bonus, they took $515 .

Cashed out $600, they gave me $585 .

How do people not living in the US deal with this? They basically took $30 out of my $100 profit Should I get a US Dollar account? If so, how bad are the fees when cashing out to my bank?

Not exactly sure what forum to post this in so defaulted with beginners.

Thanks for any advice

[biondino]

I have a dollar account, but I haven't cashed out yet. I think whatever their cashout fees, not being stung for exchange rate fees every time you use it is vital.

[Dislexsik]

Change your account into US dollars...right now!

[Pelion]

I have a dollar account too. I havnt tried cashing out to my bank yet but its gotta be better than paying everytime you deposit.

[Seasider]

I have a US$ Neteller account and a UK bank account. You link the Neteller account to the bank account by going through a pretty simple process then you can zip $$ straight from Neteller to your UK account.

Each time you do this Neteller charge you a small fee (only a few $$ I think) and your bank in the UK exchange the $$ to ££ at the going exchange rate and also charge their standard fee for doing this (I imagine it varies from bank to bank).

Thats all from memory as I try to not withdraw much! But basically you are better to withdraw one big lump than three small ones and whilst annoying the fees arn't extortionate and can be won back in one nice pot

[SinkRox]

Im in the UK and went for the USD option, dunno why, luckily it seems to of been the best choice? Im not going to cashout anythign till I hit 10k anyways.. so no worries for the (long) time being

I heard you cannot change base currency, so if you do want to change youll have to start up a new neteller account.

[Jimmy Mac]

yeah, mine's in USD too. I only lose money when I cash out my US Dollars into my UK account. I don't lose anything when i move my cash from site to site.

[pokerfanatic]

Umm we don't get charged in the US? Unless of course you use the Instant Cash option...

I just EFT from my bank account to neteller and neteller to bank free of charge...

[arkana]

Thank you for your email. Please be advised that anytime there is a currency change to or from your NETELLER account, there is a currency exchange fee associated with the transfer of 1.9%. This fees including in our exchange rates to compensate for the fluctuation of the market prices. Below is our current exchange rate from £GPB to $USD and vise versa:

£1.00 British Pounds X 1.7040 = $1.70 United States Dollars On Apr 3, 2006 8:02 AM.

$1.00 United States Dollars X 0.5644 = £0.56 British Pounds On Apr 3, 2006 8:02 AM.

*NOTE: These exchange rates are only approximate and fluctuate constantly.

To change the base currency that your NETELLER account is held in, you will need to register for a new account. When you are registering for the new account, you will need to register with a different email address than you used initially. This can be changed later if you need it to be.

When you are entering your Passport or Identification number again in your New account simply add the currency code for the currency you wish to use to the end so we can differentiate the two accounts for you. For example if your passport number is 1234567 you need to register it as 1234567USD indicating the currency that you wish to use.

Once you have registered the new account we will close out your old account. In order to have all of your information moved to the NEW NETELLER account, we will require a telephone contact.

If you have any further questions, please contact our Customer Service Department at +800-7767-6343 and we will be more than happy to assist you. Please choose option #0 then select option #1 from the phone menu to be connected directly to an agent.

[iloveyoooo]

Wow, thanks for all the help, especially for that email response. I talked to online support and they said the same about switching to USD. Party will hate me for switching neteller accounts again

(I just received an email from their support telling me their rates were slightly higher than my local bank.)

[SinkRox]

So being a UK resident with a USD neteller account isnt so good? We'll get stung with a 1.9% exchange rate fee on all cashouts to our banks. I guess this isn't too bad.

Surely it would be best to have a UK GBP £ neteller account though, to miss the cashout exchange rate fee?

Q: With a UK Neteller account can you deposit and cashout to poker sites without being charged any fee's?

[Anosmic]

So being a UK resident with a USD neteller account isnt so good? We'll get stung with a 1.9% exchange rate fee on all cashouts to our banks. I guess this isn't too bad.

Surely it would be best to have a UK GBP £ neteller account though, to miss the cashout exchange rate fee?

Q: With a UK Neteller account can you deposit and cashout to poker sites without being charged any fee's?

Yes. Depositing and cashing out is fine. Except you get stung on the exchange rate.
If you play one site and take out money for yourself now and again then having an account in £ is probably best. But if you ever take money out of a site and deposit into another then a $ account seems the way to go. I'm converting now as even when I deposited in Euros I seem to get a rough deal :S

[iloveyoooo]

So being a UK resident with a USD neteller account isnt so good? We'll get stung with a 1.9% exchange rate fee on all cashouts to our banks. I guess this isn't too bad.

Surely it would be best to have a UK GBP £ neteller account though, to miss the cashout exchange rate fee?

Q: With a UK Neteller account can you deposit and cashout to poker sites without being charged any fee's?

What Anosmic said

Because every time you deposit from neteller to a poker site or cashout from poker to neteller, you get hit with horrible! exchange rates. As opposed to just the one when you cashout your overflow :P

Although I'd never noticed how huge a cut they were taking, you'd think that my estimated BR would be a lot less because of it, but I double checked my statements and my BR hadn't changed. Maybe neteller have only just started being sly.

Anyway, USD account from now on as long as the $ doesn't become worthless

[Jimmy Mac]

Yeah... if you want to bonus whore lots of sites, you need the Neteller account in USD, otherwise you get clobbered evertime you move from site to site.