Hi, need to know which of these 3 is the best and most honest. The international betting site will only allow these 3 options for direct bank transfer Neteller/ Skrill/ Poli, I did internet research on all 3, and for all of them there seem to be quite nasty experiences, therefore I need your helpful suggestions. Some have gone so far as to suggest their deposits disappeared.
Which of this is the best for international money transfer for betting?
momov3 on 02/04/2015 - 11:59
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I would not recommend Netteller.
I used them to transfer money to Betfair and then to transfer the money from Betfair back to my bank account.
Transferring money to Betfair was OK and didn't incur any charges, but when I used Netteller to transfer the money from Betfair to my bank account, I got charged a whopping $30 fee on a transfer of $100.
A 30% charge on money transfer is just theft, in my opinion.
Thank you for that tip. In fact, Neteller was suggested as being the best. So it's good to hear opinions. I believe that wire transfer also costs $25 each time regardless of amount transferred.
Neteller and Skrill are separate accounts that you need to setup in your name. You deposit money into these accounts (via a range of methods) and then when you want to move the money from these into your betting account you do it through the bookmaker website and it transfers across. The accounts earn no interest nor any monthly fees. There are no fees to deposit into Neteller/Skrill BUT there are big fees on withdrawal (if withdrawing to your bookmaker account then the bookie pays the Skrill/Neteller fees; if you withdraw to your own bank account then you pay the fees).
Both services are huge organisations and while they are normally linked to the 'dodgy' gambling industry they are safe with your money. Not as safe as a CBA savings account, but trustworthy enough. Your biggest concern over honesty should be with the offshore bookmaker - there are hundreds of unscrupulous ones that don't pay out. Read up on SBR.com and make sure you are safe there.
In terms of which service is better, Skrill wins hands down. Primarily fees are lower, but also their customer service is lightyears ahead of Neteller. Skrill's VIP account is easy to obtain and provides greater benefits (one of which is lower fees) and they transfer money to the bookmakers much faster than Neteller (like Skrill = instantaneous; Neteller = 15-120mins depending on the bookmaker). Depending on your strategy, minutes can make a difference.
Now onto POLi. POLi is not an account that you need to setup, it is merely a funds transfer link between your regular bank (CBA/ANZ/NAB/Westpac etc) directly to the bookmaker. I believe it was originally setup by an Australian and has now gone to more countries. To use it you login to your bookmaker account, select 'make deposit via POLi service', then the bookmaker website will guide you through the next steps including choosing your banking provider, then an internet banking window (from your banking provider) will pop-up and you login like normal internet banking and make the transfer. The only difference to a normal internet banking transfer is that POLi automatically puts in the bookmaker's bank account details and they are greyed out so you can't change them, then after you press 'submit payment' the POLi service notifies the bookmaker that a confirmed deposit is on it's way and the bookmaker then credits your betting account immediately for this amount. There are no fees for using POLi but it does mean that when you want to withdraw (winnings hopefully!) from your bookmaker's betting account that you will need to use the 'withdraw direct to my bank account' option for withdrawals and 1) they may or may not charge a fee for this; and 2) you may have to wait up to a week for their next payment run.
While it sounds like POLi might be the better option if you are happy to wait a while for the withdrawal, bear in mind the biggest cost you are likely to face is FX movements and FX conversion fees. Lots of offshore bookmakers won't allow a betting account to be in AUD so if you are transferring via POLi from AUD CBA account into your GBP Pinnacle account then you will wear big fees on both legs. This is where having a Skrill account setup in GBP is more efficient because you only wear FX fees on the initial and final withdrawals and not on moving money around. Plus if you apply for a Skrill VIP account then you can have multiple currencies under the same account and transfer any currency.
Sorry for the long-winded response. Hope this helps.
Thanks so much for your invaluable input, without which I was all confused between the 3. If my foreign broker allows AUD, I guess POLI would be the right choice. Hope this is correct. FX fees wouldn't be an issue here. What is your opinion about World PayBank Tranfer - agency seems to suggest it as a direct money transfer method. Any thoughts would be appreciated.
If my foreign broker allows AUD, I guess POLI would be the right choice
Yes, unless you are moving money around between bookmakers a lot (for example if you were sports arbing). POLi is a slower method of withdrawing funds back to your bank account because it relies on bank transfers (note transfers to a bookmaker are instantaneous, but withdrawals are not). Having a Skrill account will allow instantaneous transfers both into and out of a bookmaker.
I've heard of WorldPay Bank but not in relation to bookmakers, more from a business perspective (I thought they were VISA merchants???). But I've never used them so cannot comment on them.
I've used POLi 50+ times to deposit into bookmakers without a single problem so in my experience I would happily recommend POLi.
Out of interest, what's your angle? Why offshore bookies?
Should have mentioned - it's an international broker needed for forex and options trading. I see they offer Poli but have to be registered with Skrill account first.
Ah right. I saw you mention "betting" a few times and just assumed sports betting. If they need you to register with a skrill account first then you must need to fund Skrill with POLi and then transfer from Skrill to broker. I guess the broker doesn't have direct POLi receiving setup.
So yeah, sounds like Skrill is better than Neteller for you. Before you register for Skrill you should look into applying for a VIP Skrill account. There will be a requirement to transfer X amount of dollars in X months and then they make you a VIP and your transfer/withdrawal fees are lower. You can go direct or if you register through an affiliate link (like the banners on sportsarbitrageaustralia.com.au) then you can get VIP status sooner. You can also have multiple currencies in the one VIP account.
Best of luck with the trading!
Is there a difference between the money disappearing before it gets to an international betting site or after ?