Neteller adds fees ugh

[Mikawl]

I knew it was just a matter of time but disappointing nevertheless...

[MarkA]

Here's the actual new fees:

New Fee Structure: Effective March 14th, 2001 the following fee structure will apply to NETeller deposits and transfers:

EFT Deposits: Free
EFT Withdrawals: Free
VISA/Mastercard deposits: Fees for VISA/MC deposits will DECREASE from 4% to 2.4% charged per deposit
VISA/Mastercard withdrawals: Free and available up to the amount originally deposited
PayPal Deposits: A fee of 2.4% will be charged by NETeller for all PayPal deposits. This is over and above any fees that PayPal may charge
PayPal Withdrawals: Free. Except for withdrawals made without any transfer to a NETeller merchant or member, which will be assessed a 1.5% charge
Direct Bank Deposits: Free
Person to Person transfers: Free to the sender, 1.95% fee charged to recipient (rounded to the nearest $1.00)
Person to Merchant transfers: Free.


Note: NETeller reserves the right to amend its schedule of fees at any time. All deposits/withdrawals and fees will be rounded to the nearest $1.00

Personally, I'm confused on what the deal is with the withdrawals via PayPal. Can anyone claify it for me?

[Cons]

It's good that you can now transfer funds between friends, but charging almost 2% for that is a bit harsh.

[sportshobby]

I'm not sure any of these fees represent an increase. The person-to-person transfers are brand new, so any option is better than none.

The real beauty of NETeller is the EFT option. I can now send funds to and from my bank checking account, without leaving my chair, in one day at no charge. I don't even have to drive to the bank, to the Western Union outlet, or to the FedEx drop box.

[AussieVamp2]

Hmm,so Neteller has now set up something similar to the Australian banks BPAY system?

How come US banks don't do that anyway?

[AussieVamp2]

and actually just got email from them

and they still haven't mailed anything about certification which they said they would on signup I think

said you have to send them passport and credit card info if a non-US citizen - US company? i.e. presumably because they can't sue you easily, or whatever, internationally, but would you trust them with this?

[The Guesser]

I'm a Bit Confused (What else is new?), and hope someone can clarify the following scenario. Say I use Neteller to "withdraw" $1000 from Paypal, where I have a zero balance. Paypal uses my previously registered Credit Card (so it's treated as a purchase) to then send that Money to Neteller. I then immediately send that $1000 to a Book through Neteller. Am I charged that 2.4%??

[Underdog7]

TheGuesser - Could you run that by me one more time (just kidding) I'm not so sure if I understood your question completely but I will try to answer that based from experienced.

The other day, I charged my card via Paypal and transferred the amount to Neteller. By doing so, I had to pay a fee of 2% (just by moving the funds from Paypal to Neteller. When I made a transfer from Neteller to sportsbook, it was FREE.

[sportshobby]

Guesser, I think the Paypal-to-NETeller transaction is charged a 2.4% fee, regardless of how you got the funds into Paypal.

Actually, Paypal is unnecessary now because of the new EFT and other options of NETeller.

[Mikawl]

The Guesser,

Yes, you will now be charged $24 if you want to move $1000 from Paypal to Neteller. It used to be FREE. Paypal charges a similar percentage to move money from Neteller to Paypal but there is a maximum $5 fee. If Neteller would place a cap on their fees it might not be so bad.

Sportshobby, I agree, the EFT system is the best way to go.

[Wim]

Royal Sports now accepts NetTeller, is also live on-line at www.BetRoyal.com , and now graciously embraces the 21st Century. Yet still provides old world personalized service fit for a King.

[bruce1972]

Be careful. When I withdrew from Paypal to send funds to Neteller the other day I received a message saying that the CC transaction might be treated as a cash advance as the funds were going to a known gambling place.(Neteller). If this is now the case and CC transactions are NOT treated as a purchase anymore when going to Neteller,
why would anyone go through Paypal anymore if using a CC? And with the added fees, you might as well just charge your CC through Neteller if you want to use them.

[riley]

Both are cash advances so fees for credit cards are 5.4%