FTP pays neteller fee, how does this work?

[soko]

So when I instatransfer from my bank account it adds 8.9% processing fee to the transfer, so if I want to put $500 in FTP via Neteller, I need to ask neteller to transfer something like $460 from my bank account then it will add the $40 something processing fee so I will only have $460 in my neteller although my bank account will be charged $500, then I deposit $460 in to FTP from neteller and FTP will pay me the other $40 to cover the fee and I have $500 in FTP?

Is this correct?