Not to beat a dead horse, but if you’ve been affected by any of Neteller’s changes in terms, chances are you’re still pretty ticked off. Not only have their fees skyrocketed but they cut off use of the Net+ Prepaid MasterCard for a lot of users. Lately, we’ve been talking about trading in your cash for Bitcoin with an exchange such as Cubits, which now accepts Neteller. Rather than trash your account with what was once one of the most preferred e-wallets, perhaps purchasing crypto-currency is an option. Before you start the excited hand rubbing like Mr. Miyagi about to heal Daniel-san in the locker room, we’ve done a little test of our own, and let me tell you, the fee sucks, but here’s how the transaction works.
Cubits Bitcoin/Neteller Purchase Process
Cubits allows users to buy Bitcoin from around the world except for the USA. With that said, customers are required to select Euro currency (minimum of €5) in order to initiate the sale since they cater to the Singe Euro Payments Area (SEPA). We threw down €100 to get 0.13383407 BTC and, as you’ll see, the fee of €6.15 cut into our budget. Buying Bitcoin involves exchanging one currency for another and therefore, a processing fee is charged. The fixed fee amount is 0.9% to buy or sell Bitcoin through Cubits. So, why did we get charged €6.15? Of course, each payment provider wants a piece of the pie so they establish their own fees. Neteller happens to slap customers with a 4.3% fee plus $1, which is second only to SWIFT transfers outside of the SEPA zone.
Users are presented with a price, as shown below, and once accepted, you are redirected to Neteller to log in.
Lastly, a receipt is sent from both payment processors.
Once again Neteller shoots themselves in the foot by gouging us with their fees and Skrill isn’t much better with a 4.2% plus €0.29 charge for buying Bitcoin via Cubits. When you look at OKPAY and Dotpay’s fees of 1.5% and 1.8% respectively, the difference is clear.
cheztwins
7 years ago
Hero Member
Neteller has always been crooks....since the days when USA was able to gamble at Microgaming Casinos and deposit and withdraw through Neteller. Nothing has changed with Neteller...
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coolsongss
7 years ago
Hero Member
I deposited in my Neteller account a few times with Bitcoins a few time. My Bitcoin deposit was worth only a few dozens of Euro, but, yeah, I felt that the fees were very high. The amount was quite lower that my rough calculations.
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Mojo Jojo
7 years ago
Super Hero
It is quite high fee and it is awefully ridiculous but would this prevent people from using it? I saw that Skrill charges 7% fee if you want to deposit using PaySafeCard...7%! horrible, just horrible!
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AjbPsur123
7 years ago
Jr. Member
for online usage, very high commissions for depositing, but not so to sell bitcoin.
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eberetta1
7 years ago
Hero Member
Trying my best to avoid bitcoin. Sounds like I have the right idea, because 5% to get in and 5% to get out is about the most I allow myself in processing fees for any of my investments. When I sell stock, I won't go in or out of a position for more than a 1% fee. So bitcoin would be about 8% more to turn around than most...
Trying my best to avoid bitcoin. Sounds like I have the right idea, because 5% to get in and 5% to get out is about the most I allow myself in processing fees for any of my investments. When I sell stock, I won't go in or out of a position for more than a 1% fee. So bitcoin would be about 8% more to turn around than most of my other investments. That's a lot of juice.
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lencl023
7 years ago
Newbie
I always do this with Neteller, and indeed a great service for cash ins. Did not have any problem and money will be available in 15 minutes, 30 min max. Just be careful on putting in the correct btc amount. I made a mistake and lacked .000012 and it took 3 business days before a refund was made.. not really a refund but...
I always do this with Neteller, and indeed a great service for cash ins. Did not have any problem and money will be available in 15 minutes, 30 min max. Just be careful on putting in the correct btc amount. I made a mistake and lacked .000012 and it took 3 business days before a refund was made.. not really a refund but the money in neteller will match the amount in bitcoin, waiting for 3bd was a burden because Im excited to play then that scenario happened.
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jade
7 years ago
Super Hero
This is one time that I have no problem being persona non grata!
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Feelin froggy
7 years ago
Superstar Member
MasterCard hasn't been removed from the SEPA zone as a whole. In this case, it was a processor decision. I've read some speculation that it has to do with the risk of handling illegal gambling related transactions. I still don't think PaySafe has publicly announced the reason for restricting the prepaid cards but there's...
MasterCard hasn't been removed from the SEPA zone as a whole. In this case, it was a processor decision. I've read some speculation that it has to do with the risk of handling illegal gambling related transactions. I still don't think PaySafe has publicly announced the reason for restricting the prepaid cards but there's a major driving force behind it, that's for sure.
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Mikey13
7 years ago
Casino Rep
It is more a Master card rather than Paysafe ..they are the ones who make such decisions
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2fast4u
7 years ago
Hero Member
some of the recent moves by Paysafe group really makes zero sense to me, as well to others so it seems. First they bumped up the fees , then pulled out the mastercard . Makes you really wonder who is advising their marketing team....
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nirvana
7 years ago
Super Hero
outrageous for sure. And definitely shooting themselves in the foot. talking about being shortsighted
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zuga
7 years ago
Admin
man thats some crazy fees. for a moment i thought Cubits could be a nice solution to move money after Netller/Skrill mastercard fiasco... but clearly i was hoping too much
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