Neteller: P2P transfer or wait?

[BigBiceps]

I did a check withdrawal by courier ($11).

I will let you guys know if/when(hopefully when) it comes.

[jrbick]

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I did a check withdrawal by courier ($11).

I will let you guys know if/when(hopefully when) it comes.

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I did the same last week after they declined my EFTs, so I guess I'll report back to w/e thread is going if anything comes of it.

[WiltOnTilt]

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[ QUOTE ]
I did a check withdrawal by courier ($11).

I will let you guys know if/when(hopefully when) it comes.

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I did the same last week after they declined my EFTs, so I guess I'll report back to w/e thread is going if anything comes of it.

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I tried pulling out 26k by check and 5k by eft... i've got neither and according to neteller support it'll be 6-8 weeks...

KoW

[Das Budrick]

Transfering Peer to peer is 95 cents on the dollar... seems fine if you need the money anytime soon. People like me have bills to pay. Also I remember seeing a post about how it could take up to Two years for EFT's to go through... not sure about that but it makes the P2P transfer idea seem more solid.

[mo42nyy]

as of when did they say 6 weeks for a check?

[jrbick]

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as of when did they say 6 weeks for a check?

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Since at least last week. 6-8 weeks. But, w/e they say don't expect it to be the case. Just don't expect. [img]/images/graemlins/smile.gif[/img]

[jlkrusty]

I did a P2P transfer. I did it not because I believe I wouldn't have eventually gotten my money (probably less than 1% chance of not getting it), but because of the huge delays in getting it. When Neteller starts saying it could take year(s), that's a problem.

Money has time value (due to interest you can earn on it). Thus, $1,000 today is worth more than it will be in three months.

[Yoshi63]

I P2P'ed with a friend, he didn't charge me anything so it was just a 1.9% loss for me. I intend to earn those $80 back on PokerStars before I cash out once and for all.

Keep in mind that having your money stuck for 3 months not only costs a percent or two in interest, but it will cause you some amount of stress. Now I no longer have to worry about the small chance of NETeller defaulting.

[N 82 50 24]

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I'd guess the chance of Neteller defaulting on some of these obligations is 15% or so. I'd also guess that, assuming they do pay out, the expected time to payout is 4 or 5 months, so you're losing 2%-ish in foregone interest. If you're using a reputable xferer, you probably run less than a 5% chance of losing your money, and you're paying 5% in commission/fees.

For these reasons, I chose P2P, though tweak my assumptions a little and you may come to a different conclusion.

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Not saying I agree with your numbers... but I agree.

I was able to P2P my money out without a fee above the 1.9% because I have some offshore friends on MSN (any 2+2ers looking to transfer, please don't PM me about them, they won't help you for free also -- you might as well use the big thread). I faced a sub .1% chance of not getting my money. I knew all of the people that I transferred with well and they're all very well-known in the poker world for dealing with very large sums.

Assuming that NETELLER would not be able to get my money to me in two months, I'll earn .5% (on 6% a year that I get at Vanguard). Therefore, NETELLER only needs to be 1.4% to go under for me to break even. If NETELLER ends up taking longer, that % threshold goes down. I don't see NETELLER getting this money to people quickly, although I certainly could be proven wrong. And despite my previous trust of NETELLER, I do think there is a *chance* they don't pay all of the money out. I think it's overwhelmingly likely that they will, but in my mind, there is small chance they don't. Who knows... I just didn't want the risk or worry.

[captain_swing]

It's 20-1. In a pot that size you have to call.