Is Neteller ripping us off ?

I was looking at their debit card in detail and the fees are outrageous.

First from my neteller account, I have to withdraw to my neteller debit card. This is $2.00.

Then I have to pay $1.50 for each ATM withdrawal. If you want to look up your balance, it's $1.00.

The most ridiculous part is that they charge you $2 to take money out of your regular neteller account to your neteller debit card account. This is capped at $1000. So if you want to put $5000 into your neteller debit card account for future withdrawal, you have to pay $2 five times over.

We have gone over this monthly here. The debit card fees are the least of it. If you wanted to pay someone off from a bet you lost, an account to account transfer costs 1.9%, meaning a $1000 transfer would be $19, not the $3.50 it would cost you to take it out at an ATM. This is for Neteller to simply take money they already in theory have and make an accounting transaction to move it to another account. There is no clearing fee, no payments they have to make to someone else in there. It is pure profit for them.

I am just outraged at the $1000 cap on withdrawals to your "neteller" debit card.

For example, if you have $10,000 in your account, and you want to withdraw $8,000 of that by ATM, you will have to pay the withdrawal fee 8 times over for transfering money between neteller's own regular account and the debit card account. Totally ridiculous.

still alot cheeper than western union. I use the debit card and love the speed and convienence of it. It's worth $2.00 for $1000 (or 3.50 with the atm fee) for me to be able to get money within 15 minutes, descretely, and not having to wait in a western union line. Also, if needed, I can do a EFT for no charge.

Why is everyone so against doing ETF's into a bank account? It is free. Granted it takes 5 days. Am I missing something?


IS

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by InSpades:
Why is everyone so against doing ETF's into a bank account? It is free. Granted it takes 5 days. Am I missing something?<HR></BLOCKQUOTE>

If IRS decides to audit my tax return, what do you think they will think about $50,000 in EFT's that came into my bank?

Then don't use the card - it is not required to have a debit card from NETeller. The fees IMO are not outrageous because it is not mandatory for you to use it - as I recall, you may request a cashier's check for up to $100,000 and if sent by regular mail it is completely free.

In your example, to wd 8K (or close to it anyway) requires these fees:

NT transfer to debit card account: $16 for 8 xfrs
NT charge for cash withdrawal: $1.50
Bank ATM charge for cash withdrawal: usually $1.50
total withdrawals necessary for 8K at a ATM limit of $500 per day: 16 ... $3 total charge each transaction = $48

total charges: $16 + $48 = $64

You will have paid $64 in fees to withdraw $7,936 in cash, which is a charge of .8% of the balance. Outrageous? Compared to what other method that is so convenient that allows you to get cash? WU?? Want to make 16 trips to the WU office?

They exist to make a profit. Charging less than 1% to get cash (and remember $24 of the overall fees is charged by the bank you're using the ATM card at, so NT is charging you only .5%!) is actually one helluva deal considering the other options out there. I'd save my aggravation for books that enact policies like Bluegrass' below, rather than this ...

NETeller payouts are processed the same day. Blue Grass Sports covers the fees for NETeller Payouts once per calendar month up to the amount of $3000. Any amount above $3000 or any other payout requested additionally will have a processing fee 2% of the amount been sent.

[This message was edited by Jazz on March 15, 2004 at 10:28 AM.]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Is Neteller ripping us off ?<HR></BLOCKQUOTE>

only when u do transactions with them......in the ass no ky

Most of the fees associated with the Neteller debit card have nothing to do with Neteller, and are actually charged by the company that handles the card, FSV. They are pretty standard fees for those types of cards.


Phaedrus

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by InSpades:
Why is everyone so against doing ETF's into a bank account? It is free. Granted it takes 5 days. Am I missing something?


IS<HR></BLOCKQUOTE>

After your first one, it usually takes NO MORE than 48 hours actually.

This the absolute best way to go that I have found in 10 years of betting offshore.

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Tomorrow's Newspaper:
still alot cheeper than western union. I use the debit card and love the speed and convienence of it. It's worth $2.00 for $1000 (or 3.50 with the atm fee) for me to be able to get money within 15 minutes, descretely, and not having to wait in a western union line. Also, if needed, I can do a EFT for no charge.<HR></BLOCKQUOTE>

exactly

there are also free surcharge free atm's you can go the the FSVpayment site and type in your ZIP and it tells you all of them in your area