FYI: Withdrawal Neteller

DurakJung

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Dont know if there is another thread detailing a Neteller withdrawal process however it deserves a mention I think.

Basically I am looking at the least costliest way to withdraw funds from EU

Neteller looked so easy so I thought I would try them first. Hrmm :scratch2: appears to be one of the costlier options.

I will update this OP as details come forward

31st July 2011 withdrew 20220 from MA.
The 20220ped was the figure that came up to give me virtually a neat $2000 US
4th August 2011 email received from MA that withdrawal had been commited. Surprise! Surprise!
4th August Money in Neteller.
4th August withdrew from neteller. Still pending. I applied for a cheque and I think they said it could be from 6 to 8 weeks Or maybe it stated days as a clicked off that screen and it is not recoverable.

Now most of that was pretty good especially MA paying in 4-5 days.

Now the financials which are pretty sad.

20220 ____________ped withdrew from MA 31st July
$1855.74 _________accepted and received by Neteller 4th August(AUD)
$45.40- __________FX Fee (1 USD = 0.92740AUD) 4th August
$44.53- __________Fx Fee (1 AUD = 1.0679 USD) 4th August
$10.00- __________Withdrawal Fee 4th August
$1745.47 _________Actual Withdrawal in AUD pending(withdrawn)
So even considering the exchange $ rate USD to AUD this has been a costly exercise.
I daresay I should have gone into neteller a lot more.
$1800.00 AUD______Applied by email as below all details for a Bank Wire Withdrawal 09/08
$1800.00AUD________Witdrawal accepted 16/08/2011
$15.00AUD _________Fee 16/08/2011
Update 13th August 2011

From neteller

You have requested a cheque from your Neteller account and it has come to our attention that some financial institutions have strict policies in regards to international cheque processing. In some instances it may take up to 45 days to clear and additional fees are applied at the bank as this will be a USD cheque drawn from a U.K. bank. Once you review the following information please reply with your choice of withdrawal.
Checked with my bank and they said it could take longer even

So now I have requested a

Bank Wire Withdrawal Instructions:

Send a recent copy of your Bank statement to memberwire@neteller.com along with the following information:





  • <LI style="LAYOUT-GRID-MODE: char; mso-list: l0 level1 lfo2" class=MsoNormal>Your first and last name <LI style="LAYOUT-GRID-MODE: char; mso-list: l0 level1 lfo2" class=MsoNormal>Your telephone number and area code. If the telephone number you provide does not match the telephone number registered to your NETELLER account, please sign in to your NETELLER account and change your phone number on the ”Options” page <LI style="LAYOUT-GRID-MODE: char; mso-list: l0 level1 lfo2" class=MsoNormal>Your bank’s name and complete mailing address <LI style="LAYOUT-GRID-MODE: char; mso-list: l0 level1 lfo2" class=MsoNormal>Your withdrawal amount in AUD <LI style="LAYOUT-GRID-MODE: char; mso-list: l0 level1 lfo2" class=MsoNormal>Your bank account and BSB number
  • Your SWIFT (Society for Worldwide Interbank Financial Telecommunications) code
Your bank wire will be received within 3-5 business days. The fee for a bank wire will be $15.00 AUD.


 
Last edited:

millstreet2

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Dont know if there is another thread detailing a Neteller withdrawal process however it deserves a mention I think.

Basically I am looking at the least costliest way to withdraw funds from EU

Neteller looked so easy so I thought I would try them first. Hrmm :scratch2: appears to be one of the costlier options.

I will update this OP as details come forward

31st July 2011 withdrew 20220 from MA.
The 20220ped was the figure that came up to give me virtually a neat $2000 US
4th August 2011 email received from MA that withdrawal had been commited. Surprise! Surprise!
4th August Money in Neteller.
4th August withdrew from neteller. Still pending. I applied for a cheque and I think they said it could be from 6 to 8 weeks Or maybe it stated days as a clicked off that screen and it is not recoverable.

Now most of that was pretty good especially MA paying in 4-5 days.

Now the financials which are pretty sad.

20220 ____________ped withdrew from MA 31st July
$1855.74 _________accepted and received by Neteller 4th August(AUD)
$45.40- __________FX Fee (1 USD = 0.92740AUD) 4th August
$44.53- __________Fx Fee (1 AUD = 1.0679 USD) 4th August
$10.00- __________Withdrawal Fee 4th August
$1745.47 _________Actual Withdrawal in AUD pending

So even considering the exchange $ rate USD to AUD this has been a costly exercise.

I daresay I should have gone into neteller a lot more.
Getting your cash out in 4 days and through netteller was probably the fastest and most costliest option.

Sort of like using prioty mail. Its sure to get there faster. But at a greater cost. I have taken out nearly that amount to my US bank, waited the month or two, and my fees are closer to 2-3%, yours are about 12.5% pretty darn high! =/
 

dale011

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Well banks are now deciding to charge you to hold your money. Let the run away fees begin :yay:
 

DurakJung

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Hijacker27

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$45.40- __________FX Fee (1 USD = 0.92740AUD) 4th August
$44.53- __________Fx Fee (1 AUD = 1.0679 USD) 4th August

They charged you 90 dollars to swap from USD to AUD and back again..

How the fuck is that legal?
 

DurakJung

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$45.40- __________FX Fee (1 USD = 0.92740AUD) 4th August
$44.53- __________Fx Fee (1 AUD = 1.0679 USD) 4th August

They charged you 90 dollars to swap from USD to AUD and back again..

How the fuck is that legal?
I queried this last week still waiting a reply.

They are very slow at responding to emails
 

DurakJung

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Ahha movement in the camp:yay:

We have confirmed your information for your first NETELLER Member Wire. Due to new policy we no longer call any customers to confirm bank information.

We have processed your Member Wire request for AU$1,800.00. The funds should appear in your bank account in 1-10 business days.

Would you please do not resend your bank information.

As we have your banking details on file, all you must do for any future Member Wire requeststo the same bank account is email memberwire@neteller.com with the following information:

  1. <LI style="LAYOUT-GRID-MODE: char; mso-list: l0 level1 lfo1" class=MsoNormal>Your name as it appears in your NETELLER account <LI style="LAYOUT-GRID-MODE: char; mso-list: l0 level1 lfo1" class=MsoNormal>Your NETELLER account ID
  2. The amount of funds in AUD, which you wish wired
As the Member Wire withdrawal option is manual at this time, we cannot change any of your banking information after the original request. All Member Wires must use the bank information provided with the first wire request.

Should you have any questions, please email memberwire@neteller.com.

Thank you for choosing NETELLER.

Best regards,
 

Seregi

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Very interested to hear what is said regarding the USD -> AUD -> USD issue.

If this was just an error it actually seems like a fairly good withdrawal method (or at least a good experience for you) as far as time to withdraw is concerned.
 

DurakJung

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Final update on this neteller transaction.

20220 ____________ped withdrew from MA 31st July MA $20 USD withdrawal Charge
$1855.74 _________accepted and received by Neteller 4th August(AUD) (1 USD = 0.92704 AUD)
$46.40 AUD___________FX Fee (1 USD = 0.92704 AUD)
$1800.00 AUD______Applied by email as below all details for a Bank Wire Withdrawal 09/08
$1800.00AUD________Witdrawal accepted 16/08/2011
$15.00AUD _________Fee 16/08/2011
$1790 AUD_________Deposited into my account on the 19th of August (My Bank Charged $10 AUD trans Fee)

All other fees were cancelled.

Total costs using this method $ 89.94 AUD app 5% .

So all in all a quick transaction 19 days even with the holdups of initially trying to receive a cheque.

Conclusion

Neteller was very quick.

I guess when a withdrawal is commenced one should make sure MA have all the correct banking details to facilitate a quick response.

I will withdraw another 2000 usd direct through MA bank to my own and see how that is processed.
 

SODERD

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5% is alot of money... 90$ just to wire some money
 

DurakJung

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5% is alot of money... 90$ just to wire some money
It sure is :mad:

In this case

First of all you are charged by MA to withdraw your own money out. (Debateable I suppose once you deposit it is MA'S)
Second you are charged some ridiculous high fx fee.
Thirdly you are charged a fee by Neteller to withdraw.
Then your own bank charges you a fee to accept the money.
On top of this I lose by the exchange rate.

Must be a better way.:scratch2:
 
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