Suggested Solution for Neteller P2P Money Transfer Problems=PayPal.

[Wahoo73]

From reading the major threads here regarding non-US Neteller members facilitating withdrawals for US Neteller members, the major obstacle to these transactions now appears to be that the non-US members who have been transferring the money into the US members' poker accounts are having their own Neteller accounts suspended/closed because they are circumventing US law by depositing the money for US citizens on the poker sites. As has already been noted by others, alternatives include having the non-US person transfer the money back to the US person by check or money order. But as has also been noted, this process has costs associated with it and further delays concluding the transaction.

However, I have not seen anyone suggest using PayPal in this process. I suspect that a large percentage of both US and non-US members of Neteller also have PayPal accounts. If so, once the non-US Neteller facilitator has received the funds in his/her Neteller account, they could then transfer the money back to the US person via PayPal at no/lesser cost and less time than obtaining/sending a check or money order, and thus also avoid the problems with Neteller closing accounts for "laundering" money for US players at on-line poker sites.

[bmorgan3eleven]

This logic seems very sound.

Experts please advise!

[DuderinoAB]

I don't use PP much but don't they have transfer fees?

[1MoreFish4U]

This doesn't address all of your questions. I did a favour for a player that I have gotten to know at AP for no fee just so he could get $100 onto AP for small tourneys etc.

He transferred me $100 U.S. via paypal. I got $96.80 in my account. (I only gave him $96 at AP cuz I can't transfer cents so I guess I did technically charge him lol.)

Anyway, when I take that $96.80 out of paypal it gets conerted to Cdn $ - likely at about $1.14 - so I will end up with about $110.50 in my bank account. The current exchange rate at banks is approx $1.195 to buy U.S. or $1.155 to sell it.

Great deal using paypal, EH?

[busguy]

Can you transfer funds from Neteller to Paypal . . .

Because if not, you are still screwed. The only thing you can do with money transfered P2P to you is withdrawl it. Neteller is saying that you cannot transfer it to a merchant (presumably a gaming site) EVER. Even if you hold it for a week and send the other person a cheque, the amount that was transferred to you on neteller is forever "flagged" until you withdrawl it.

[Wahoo73]

They don't have transfer fees for doing EFTs. Therefore, if both parties have their PayPal accounts associated with their respective bank accounts, the transfers can be conducted at no cost and typically take 48-72 hours. If an ATM card is used to withdraw/deposit funds, it costs $1, but is instantaneous.

[Wahoo73]

[ QUOTE ]
Can you transfer funds from Neteller to Paypal . . .

[/ QUOTE ]

No, you cannot transfer money directly from Neteller to PayPal. This is the one "weak link" in my proposal. In order to use PayPal to transfer the money back to the US person, the non-US person has to have his/her PayPal account funded from either their bank account or ATM card to cover the transfer.

[mo42nyy]

paypal is a bunch of crooks
i would rather take my chances withy my money rotting in neteller for months on end than have it in paypal

[bmorgan3eleven]

what is the basis for your comment Mo42nyy?

[PennDisc]

I thought paypal would be a solution too but when I looked into their policies it doesn't look quite so hot. A personal account can only receive $500 per month. A premier or business account charges a percentage to send money even for EFT's.

I'm not sure why you guys think getting money from neteller to paypal is a problem though. Just accept the neteller transaction and withdraw to your bank. Pay the person through paypal, which gives you the option of using funds from your bank.. why would you need to transfer the money from neteller to paypal?