latest on Neteller EFT's

[punchmaster]

Here was a response to me and I have two concerns highlighted.


Thank you for your email. We have taken a look at your account in regards to the situation.

Unfortunately, this is due to circumstances beyond our control. We are unable to speed the process up, as it is done by a GOVERNMENT REGULATED third-party processor. At this time we are anticipating a delay of approximately 14 business days OR MORE.

[louis]

WIthdrawing by check

Why can't they send us a check, like all the sportsbooks seem able to do.

They don't realize that all this bad publicity is going to kill the remaining business they have from non US customers.

I don't know why in the world a Canadian would want to deal with this outfit right now.

There is no excuse for this crap.

[Pedro]

I don't know why in the world a Canadian would want to deal with this outfit right now.

Because Canadian EFTs take 2 days.

This is seems completely unfair yet it makes sense to maintain proper customer service for future clients, yet sacrifice CS for people on their way out.

I feel bad for you guys...

Pedro

[louis]

Canadians should not do business with this outfit

Pedro, it may take 2 days now to do an EFT to a Canadian bank, but guess how long it is going to take if they decide to withdraw from Canada?

Nobody can predict with certainty how the elections and politicians in Canada are going to turn out over the coming years.

Any business that only cares about future customers, and doesn't treat past customers well is raising up a pretty big red flag.

[Pedro]

Nobody can predict with certainty how the elections and politicians in Canada are going to turn out over the coming years.

Well, that won't happen for a while at least not for a couple of years.

Also, I like to believe that Canadians don't really share the same sentiment as our friends to the South. We don't have such powerful ULTRA right-wing elements in politics, yet.

Also, it looks like that chances are that in 2008 (hopefully), the Democrats will take back the white house therefore there will be less pressure on Canada to confirm to these silly right-wing idealogies.

Well, that's what it looks like from up here...

Pedro

[David]

Do you guys in Canada have your neteller accounts in USD or CAD?

[Pedro]

Do you guys in Canada have your neteller accounts in USD or CAD?

I have USD in Neteller which is converted and transferred to a Canadian bank account.

I don't know about other Canadian users, though.

Pedro

[marc]

There is no reason why Neteller can't send out checks. They just don't want to hire the staff to proccess the checks. There is also no reason why Neteller can't temporarily waive the fees on the ATM cards, but being that this is their last chance to make money off of us why should they.

I can tell you that the clerks don't know anything. I asked the clerk if they could send a bankwire she said no. I asked her about the staus of the eft's, she said "according to the information I have, they are bing processed but there is a delay." Meanwhile no one has gotten an eft.

If the feds after get the guys currently running Netelelr, they will be hard pressed to get any character references.

[David]

I have USD in Neteller which is converted and transferred to a Canadian bank account.

I don't know about other Canadian users, though.

Pedro

So you have to pay a 1.9% fee each way?

[Mudcat]

So you have to pay a 1.9% fee each way?

Not exactly. EFT transfers have no fees. But you get whacked on the crappy exchange rate.

How about that. I just initiated an imaginary withdrawal to see what the conversion discrepancy works out to and it was almost exactly 1.9%. I guess you knew what you were talking about.

I can't remember the last time I sent money from my bank to Neteller but every month when I pull in funds to pay the bills, I get my pocket slightly picked.

We just have to accept it as a business expense, eh.

I don't know why in the world a Canadian would want to deal with this outfit right now.

I think you're getting carried away with your passion and wishing Neteller would be punished, rather than thinking clearly. I have sympathy for American gamblers but I'm sure not going to stop using Neteller over it. Neteller makes my life a lot easier.

If there is something else I can do to support your cause - perhaps you have a particular politician on whose head you would like me to take a dump - I might consider that.

But I would only be punishing myself to stop using Neteller. If there are problems years down the road as you anticipate, then I'll deal with them years down the road.

[JoshW]

If government regulation is an issue, I wouldn't be surprised if they can't ever use this means of withdrawal. If money is in the wrong place to pay, I understand that. But if gov going after their processors, then that could mean they can never pay out that way.

[David]

Not exactly. EFT transfers have no fees. But you get whacked on the crappy exchange rate.

How about that. I just initiated an imaginary withdrawal to see what the conversion discrepancy works out to and it was almost exactly 1.9%. I guess you knew what you were talking about.

I can't remember the last time I sent money from my bank to Neteller but every month when I pull in funds to pay the bills, I get my pocket slightly picked.

We just have to accept it as a business expense, eh.

Why do you have your neteller account denominated in USD instead of CAD? Wouldn't this protect you from getting hit by the bad exchange rate? Is it because most books will only let you open a USD denominated account?

[Mudcat]

I honestly don't remember. It was years back I made that decision. I'm sure there was a good reason. Does Neteller even offer Canadian dollar accounts?

I suppose they do.

It was probably because of sportsbooks that only offered USD accounts and I found I was paying more in currency conversion on transfers to/from those accounts than I would be doing what I do now.

Like if I pull 4K a month from Neteller to my bank account, that's only a currency conversion charge of ~$76/month. But if I was moving around tens of thousands of dollars back and forth between a Cdn. Neteller account and USD-only sportsbooks every month, I'd be losing out big-time.

That's my guess. I know there was a good reason. I'll probably wake up in the middle of the night and remember the story.

[cobra_king]

My Neteller account is in canadian funds, so you do get whacked when you deposit into an account that only accepts american funds. However after that initial deposit, if you are only withdrawing from that sportsbook, than everytime you withdraw, you get the added bonus of the exchange rate going into your neteller account and eventually bank account, even if they do take an additional % of the top. Saying that however, i do wish my neteller account was originally set up in USD, as you can therefore keep all your accounts in one currency! But most of the books i play at accept canadian currency so overall it hasn't been that big of a deal yet!

[pags11]

neteller is now telling people 3-4 week delays on EFTs requested from their neteller account into their bank accounts...

[operaman]

neteller charges 1.9%+( The worst current exchange rate. )
for conversion. I thinks it is pretty lame for them to get to choose the exchange rate on top of the 1.9 fee. Average for me has been very low 2%s.

[Ortho]

Why do you have your neteller account denominated in USD instead of CAD? Wouldn't this protect you from getting hit by the bad exchange rate? Is it because most books will only let you open a USD denominated account?

Because almost all of the sites I use have accounts in USD. If my account were in GBP instead, I would pay every time I deposited or withdrew from every book, which is substantially more money movement and therefore more cost. By only paying when I withdraw from neteller (and it gets converted from USD to GBP), and by being very careful about pulling money out of the system, I save substantially on charges.

[justbet]

i dont understand why people are being charged around $8 for withdrawls to the neteller card. on the neteller site it says it is only a $2 fee. i havent gotten my card yet, but i want to know what to expect by way of fees. why are they so much higher than neteller claims?

[TLD]

i dont understand why people are being charged around $8 for withdrawls to the neteller card. on the neteller site it says it is only a $2 fee. i havent gotten my card yet, but i want to know what to expect by way of fees. why are they so much higher than neteller claims?

There's a fee to do the internal transfer from your general Neteller account to specifically your Neteller ATM card account. There's a fee you pay to Neteller to withdraw that money from your Neteller ATM card account at an ATM machine. There's a fee you pay to the bank or whoever owns the ATM machine when you make that ATM withdrawal.

So three total fees of about $5.50 each time you get money.

[darkghost]

So has anyone gotten funds back to their bank accounts using neteller's EFTs (after 1/16)?

The reason I ask is according to CS at neteller, EFTs are being processed but the delays are due only to the sheer volume of requests. BTW, he said the time frame on when you can expect to be paid is dependent on where you're standing in line.

[pags11]

darkghost,

was told the same thing today when I called...