Bank transfer from a USD Neteller account to GBP bank account - Internet Poker

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Bank transfer from a USD Neteller account to GBP bank account

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06-17-2008 , 08:18 AM

Yeti

Abominable

Join Date: Jun 2004 Posts: 23,208

Anyone done this, and if so, what kind of rate did you get? Would I just be better off getting a $ cheque and cashing it at my bank?

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06-17-2008 , 08:36 AM

BullDyke

journeyman

Join Date: Apr 2008 Posts: 276

Just check the website if I remember correctly they charge about 2% but you might get hosed on the exchange rate. Also many banks will hose you on that one aswell.

For significant amounts check out internet stock brokers, some offer currency accounts and you get real market rates when you sell currency, in that case you would transfer money from pokerrooms though. Because Neteller does not allow bank transfers in any other currency than the one in your country.

Good luck

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06-17-2008 , 08:43 AM

Yeti

Abominable

Join Date: Jun 2004 Posts: 23,208

i haven't used neteller in a while, my friend was telling me about the 2.9% thing or whatever it was but there was no signs of it on the site. it just said $10 fee for cheque and $10 fee for bank transfer. dunnooooo!

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06-17-2008 , 10:53 AM

obvv

banned

Join Date: Oct 2006 Posts: 414

neteller absolutely violate you with this.. they scalp the rate enormously. Do not do it. A cheque is okay, cant you put it onto stars and give a little action then get a cheque in GBP? When I asked my bank about cashing a cheque in USD, they said it would take up to 3 weeks to clear. Admittedly this was a few years ago so I presume they have streamlined it since then, but you still might want to check that.

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06-17-2008 , 11:01 AM

DoGGz

Carpal \'Tunnel

Join Date: Oct 2005 Posts: 17,315

Well, if you wire USD to your bank they will do their own conversions. If you have a good bank you shouldn't be hit too badly, they'll take from 1-3% normally. This is going to be way better then if you have Neteller convert it to a different currency.

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06-17-2008 , 11:42 AM

Yeti

Abominable

Join Date: Jun 2004 Posts: 23,208

doggz - heh i dunno i guess i'm just confused because my friend said something about neteller now charging a 2% fee or whatever to send you (GBP?) cheques and i can't see any mention of it.

obvv - i can't put it on stars because you are then required to withdraw back to neteller whatever you deposited. yeah USD cheques take a lot time to cash. i had a big wsop cheque once and it took something like 2-3 months heh

i might wire a smallish amount to my bank and see what happens anyway. thx guys

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06-17-2008 , 12:57 PM

Necromancer

grinder

Join Date: Aug 2005 Posts: 415

I am currently investigating the option of opening a US$ bank account here in the uk

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06-17-2008 , 01:17 PM

xxSTWxx

centurion

Join Date: Mar 2006 Posts: 147

If you're a neteller VIP you don't get screwed as bad - they refund the $10 charge and refund some of the currency conversion vig as well.

But if you're not a VIP its pretty expensive.

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06-17-2008 , 04:25 PM

luke4130

grinder

Join Date: Jan 2006 Posts: 632

You get screwed on the exchange rate.

Getting a UK US$ bank account, wiring the money to that and then use xe.com or similar [or the banks if the rates are reasonable] to convert into GBP is probably your best option. HSBC has a UK based [not offshore] USD account.

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06-17-2008 , 04:56 PM

#10

Yeti

Abominable

Join Date: Jun 2004 Posts: 23,208

i hadn't gone far enough into the withdrawal menu. i now see they will send you a GBP cheque and charge you 2.5% for the privilege.

they say they are not allowed to send you USD cheques to a UK mailing address. luke you are saying they WILL wire you $ to a UK $ account though, with no fee? i'm with HSBC so this could be worth looking into.

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06-17-2008 , 05:06 PM

#11

londomollari

grinder

Join Date: Dec 2005 Posts: 491

You get charged 2.5% on BACs transfers, which is reduced too 1.75% (cashback at the end of the month) if you're a VIP.

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06-17-2008 , 05:14 PM

#12

londomollari

grinder

Join Date: Dec 2005 Posts: 491

Looks like they give you a 'fair' exchange rate before they take the vig off. It will tell you how much money you'll receive and the exchange rate applied before you finally confirm the withdrawal. I just got quoted.

Exchange Rate Applied: 0.49830000*
* This display is limited to 9 digits

The exchange rate NETELLER applies is an average daily inter-bank market rate published by a third party foreign currency data provider plus 2.5%. NETELLER retains the 2.5% amount as a foreign exchange processing fee.

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06-17-2008 , 05:20 PM

#13

Yeti

Abominable

Join Date: Jun 2004 Posts: 23,208

thanks for the info man.

couldn't check that myself as i haven't regged my bank account with my account. that's the exact same rate & process as the cheques. not sure if the rebate exists on cheques though.

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06-17-2008 , 09:28 PM

#14

mjm

adept

Join Date: May 2005 Posts: 790

I had a similar issue, I put money on Stars via neteller, then when I wanted to withdraw I spoke to support and they allowed me to delete my neteller account from my deposit/withdraw options (has to be permanent) and then I could withdraw in GBP direct to my bank.

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06-17-2008 , 10:31 PM

#15

kimchi

old hand

Join Date: May 2006 Posts: 1,630

Quote:

I am currently investigating the option of opening a US$ bank account here in the uk

This is easy to do, but you often need to maintain $10k+ balance with a crappy interest rate. I'm going to open one when I return to grad school.

I hated Neteller's fx fees. I looked into cashing a $ cheque into my UK bank (HSBC) and it looked like it would cost ~$60 and take weekd/sometimes months. For shuffling a few hundred/k around for bonus whoring, $60 is too much juice.

You should have Neteller for GBP sites and open a citidel or other e-wallet account in $US for other poker sites.

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06-18-2008 , 04:19 AM

#16

luke4130

grinder

Join Date: Jan 2006 Posts: 632

If you still get vigged when withdrawing from a USD neteller a/c to a USD bank a/c, a decent option might be to do the withdrawal through a poker site. Party can do wire transfers to USD UK bank accounts.

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06-18-2008 , 06:17 AM

#17

martin81

centurion

Join Date: Jan 2007 Posts: 106

Just get a Neteller mastercard. No fees when used for shopping. And only 4 USD fee for withdrawing in ATM up 1K$ I think.

Their exchange rates are reasonable when used in non USD transactions around +1,5% on centralbank rate.

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06-18-2008 , 07:59 AM

#18

BullDyke

journeyman

Join Date: Apr 2008 Posts: 276

Quote:

Originally Posted by Yeti

When I asked about a year ago Neteller will only let you withdraw money in the currency of the country you live in. What you wnat to do is withdraawing directly from cardrooms this works fine from party and noiq (ipoker) and nothing needs to go back to Neteller, however you need to play a bit. I use both euro and usd currency accounts and I always bypass Neteller.

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06-18-2008 , 09:21 AM

#19

sixfour

should be called sevenfour

Join Date: Dec 2005 Posts: 74,754

Quote:

Originally Posted by mjm

this would work, except you've got to play with the money before they let you do this. they didn't tell me this when i first asked them to cancel my neteller, so i had them reverse the cancellation and just ate the $10 neteller fees rather than paying stars what worked out to be about $200 in rake

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06-18-2008 , 11:10 AM

#20

TheMagnet

old hand

Join Date: Aug 2004 Posts: 1,932

Not sure if this will work but I'm planning on exchanging the money I have in Neteller (USD) with someone on FT for stars money, then because I haven't deposited on stars with neteller I should be able to withdraw to my UK bank acc. I have done this but only with $50 to try it out.

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06-23-2008 , 05:46 PM

#21

spliff

grinder

Join Date: May 2005 Posts: 502

I can't find anything on checks at Neteller either.

Can anyone confirm that you can get a check in $ for 10$, and then let your UK or Danish bank handle the check ??

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