Saturday, June 17, 2006

Neteller Card and REAL CASH

I received my Neteller card three days ago.

And with it, I can finally complete one of my goals of from playing poker freerolls to cashing out winnings into REAL CASH, without ever putting a dollar into the game.

If anyone was wondering why the neteller fees were denominated in CAD, like I was, it's because the neteller card for international customers is based in Canada. So on top of the $2 withdrawal fee, neteller charges 1.9% on top of the USD/CAD interbank exchange rate.

(Note: for the latest interbank rates, use www.onanda.com, and in graphic form use www.dailyfx.com)

And yes, my analytical self went and worked it all out to check that the 1.9% was all that neteller charges.

I'm outside Canada so at the ATM, I get charged another currency conversion rate, which I'm happy to report to be less than 3%.

So in total, I'm getting a transaction fee cost of less than 5% for every withdrawal which was a pleasant surprise. I'd thought it would be more.

If you are a forex trader, you can even time it to catch the right swings and save the $2 withdrawal fee!

I've made two(!) test withdrawals so far on different days of $150 and $200 USD and like magic I have REAL CASH in my hands. I still can't get over that I have spending money from a hobby of playing a game online and chasing casino bonuses.

Finally I can start a 'Retained Earnings' column in my bankroll summary.
Active Bankroll : $1593.25
Retained Earnings: $350

Lifetime Earnings: $1943.25
Now back to building my 'active' bankroll.

My personal Neteller referrer link: http://x1.neteller.com/referrals/signup?388E6070406225938

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