Neteller Question; need help

[griswold]

When funding an offshore account through Neteller, once the account has been established and I have funds in it, can I make a transaction to the sports book for more than the money in my Neteller account?

In other words, let's suppose I have $800 in my Neteller. I want to put $1500 in a book. Can the book simply use Neteller to pull the money out of my checking account or do I need to seed the extra money into Neteller?

The reason I ask is Neteller has big fees to seed your own account but when you transfer money out or make a purchase, the recipient is responsible for fees.

I hope this question wasn't too wordy and somebody can help me out. I asked Neteller and had no idea what they were explaining. I presume the person I spoke with was in India (as are all custoemr service representatives for all companies these days....).

[weazel079]

I don't think so. Neteller works like a checking account. If you have $800 dollars in your Neteller account that means you have $800 dollars to spend.

It can get expensive paying that 5% or 8.9% fee. You put in $1,000 and you lose $89

You would have to send extra money to neteller. They aren't authorized to pull money out of your bank account without or consent.

[Larry29]

I use Neteller all the time and never incur any fees. You can only transfer the amount you have in Neteller. Neteller has no fees to transfer money from your bank account to them and the merchants, at least Pinnacle, picks up all the fees to transfer money to them.

[griswold]

Larry,

Are you saying that if I add to my Neteller account I can assign the money to a merchant (like Pinnacle or another book) immediately to dodge these fees?

[Larry29]

I don't think you are doging any fees. Neteller uses your money until you transfer it some place else(Neteller or any book). Fees only are charged to merchants and they usually pay the fees. I've done it with 5 different books and never had fees.

[Larry29]

Have you had to pay Neteller for having money transfered in or out of your bank?

[griswold]

Larry,

How do you put the money into Neteller without paying the deposit fee?

[weazel079]

Larry,

How do you put the money into Neteller without paying the deposit fee?

You can't avoid that. I use firepay and they only charge 5.99 for deposits. I think the max you can make in one deposit is $400. They charge no transaction fee.

[bobj]

gris - you can deposit money into your sportsbook without going through neteller. here's what i know when using pinnacle:

Method 1: Deposit money in Pinnacle using Neteller instacash method from the pinnacle.com site. This charges only 5%.

Bank Account - $100.00
Neteller - $0.00
---Intitiate transfer---
Pinnacle - $95.00 (money appears within secs)

Method 2: Deposit money into Neteller using instacash. Not going through pinnacle. This charges 8.9%

Bank Account - $100.00
---Intitiate transfer---
Neteller - 91.10 (money appears within secs)
---Intitiate transfer---
Pinnacle - 91.10 (money appears within secs)

Method 3: Deposit money into Neteller using free method (Larry29). The downside of on this is that you'll have to wait 7-10 business days from my experience. But everything is free.

Bank Account - $100.00
---Intitiate transfer---
Neteller - 100.00(money transfer takes 7-10 BUSINESS days)
---Intitiate transfer---
Pinnacle - 100.00 (money appears within secs)

Hope this answers your question. Good luck on your pics today.

[drugstuntman]

See if your book will pay the InstaCash fees - most will. This way it will just pull directly from your bank account.

[bobj]

drugstuntman, mind listing some of the sportsbooks out there that pays the instacash fee?

[Larry29]

If you have a Neteller account and have your checking account certified with them ( I assumed you did), you can transfer money from your checking to them FREE. Once in Neteller (takes 4 days), you can transfer it to any mechant. MOST offshores will pick up all the fees for the transfer. One of my rules about money is I don't pay for credit cards or transfer fees. The added costs will eat up any profits you might make betting.

[griswold]

Thanks for all the help! I think my answer (which Neteller didn't explain well) is to seed the account with an exchange transfer (which takes a few days as larry said) and then put the money into the offshore.