Fees for peer-to-peer transfer

[newplayer]

How much is the fee if I (us resident) make a p2p transfer to someone residing in Germany? The neteller site says it is 1.9%. Does that include the currency exchange fee also? Or do I have to pay the 1.9% p2p transfer fee AND the currency exchange fee?

 

[xpanda]

Transfer fee AND exchange fee will be applied. That's only if the German's account is in Euros rather than USD, however.

 

[newplayer]

Thanks for replying xpanda. How much is the currency exchange fee, do you know?

 

[xpanda]

Went thru the motions of a fake EFT (didn't confirm at final stage) to show you what the exchange process looks like:

From:
NETELLER Account
To:
THE XXXXXXXXXX BANK - XXXXXX
Amount:
$100.00 USD
Amount To Bank Account:
$115.96 CAD

Exchange Rate Applied: 1.15960000*
* This display is limited to 9 digits

The exchange rate NETELLER applies is an average daily inter-bank market rate published by a third party foreign currency data provider plus 1.9%. NETELLER retains the 1.9% amount as a foreign exchange processing fee.

 

[xpanda]

Incidentally, I just checked with my bank, and the rate NETeller is offering is actually better (at least right this moment.) My bank is only offering 1.1525.

 

[newplayer]

Went thru the motions of a fake EFT (didn't confirm at final stage) to show you what the exchange process looks like:

From:
NETELLER Account
To:
THE XXXXXXXXXX BANK - XXXXXX
Amount:
$100.00 USD
Amount To Bank Account:
$115.96 CAD

Exchange Rate Applied: 1.15960000*
* This display is limited to 9 digits

The exchange rate NETELLER applies is an average daily inter-bank market rate published by a third party foreign currency data provider plus 1.9%. NETELLER retains the 1.9% amount as a foreign exchange processing fee.

Meaning I would lose 1.9% for p2p transfer fee AND 1.9% for foreign exchange processing fee? Also which email do I use to contact neteller if I want to cancel eft withdrawal?

 

[xpanda]

Yes, you'd be charged 1.9% twice.

From what I understand, people wanting to cancel EFTs must call Neteller directly. Their number is: 1.888.258.5859.

 

[TwoCard]

Email worked for me.
Took about six hours and received a reply from Neteller.

 

[JackStraw77]

If I sent money to Canadian Neteller user after fees and exchange rates are factored in how much would he end with for each $100 transferred. I need to know this to figure out how much I would receive. This would be after he had the money transferred into his checking account and he then converted back into US dollars and sent me a certified check.

 

[xpanda]

It depends on the exchange rate, Jack. In my test example above, $100 (after the 1.9% transfer fee) would net you $115.96 CAD. What price you will be charged to convert back from CAD to USD depends on the person's bank and rate offered at that moment.