Deposits/withdrawals for Canadians

TraderPoker

Hello,

How does everyone deposit and withdraw from their poker accounts to their bank accounts?
I have been having a great deal of difficulty finding a method that works for me.

My criteria is that the currency is not converted (USD-CAD).

Netteller – does not allow a USD currency account to be used with a Canadian bank account
Citidal - same

Now I know I could request checks but my bank (CIBC) doesn’t clear a foreign currency check for 20 TWENTY business days and charges a fee for withdrawal. And I am still left with a currency conversion when I want to put a deposit back into a site because I would still have to use a Credit card to do this.

What I want is a central site/entity from which I can make deposits and withdrawals to different poker sites with converting between CAD-USD.

Does anyone have any thoughts, solutions or suggestions?
Am I missing some method?

Thanks

jester777

I bank at TD Canada Trust. I always ask for a Bank Draft from poker sites, and when I take them to the bank they deposit them immediately without delay. I'm not sure if this is different from a 'foreign currency check' but I think it is.

TraderPoker

That would be a forgien check.....how long untill the check clears is the question and then the most important part....how do you get that USD money back into a poker account?

jester777

I used to play at River Belle (Prima Poker), which allows you to deposit directly from your Canadian Bank Account (using web banking), so I never really had to find a 'middle step' to transfer funds.

However, I have now started playing at Party Poker (as of last week), so it seems that I will have to find a good answer to this question as well.

I've always used my credit card to deposit at other sites, but it's a pain in the arse.

ScottyZ

Netteller – does not allow a USD currency account to be used with a Canadian bank account

I take it you mean:

Neteller – does not allow a USD currency account to be used with a USD denominated Canadian bank account

A Neteller USD account *can* be linked to a CDN$ denominated Canadian bank account.

Unfortunately, this probably doesn't help TraderPoker in particular, due to the non-conversion requirement.

ScottyZ

Unknown

Cash out to NetTeller, then request a cheque (UPS, I believe). The cheque will arrive at your door, in US currency, but from a Canadian bank out west somewhere that deals specifically with Canadian clients cashing out from NetTeller. You can deposit this cheque in US funds into your US bank account, or convert it to Canadian funds if you'd like to put it into your Canadian account.

Furthermore, since the cheque is from a Canadian bank, there is no 28 business-day hold on it.

Regards,
all_aces

TraderPoker

Thanks All Aces

Your suggestion will do.
I dont think I thought through my problem enough.
You could probbally close this tread

TraderPoker

all_aces wrote:

Cash out to NetTeller, then request a cheque (UPS, I believe). The cheque will arrive at your door, in US currency, but from a Canadian bank out west somewhere that deals specifically with Canadian clients cashing out from NetTeller. You can deposit this cheque in US funds into your US bank account, or convert it to Canadian funds if you'd like to put it into your Canadian account.

Furthermore, since the cheque is from a Canadian bank, there is no 28 business-day hold on it.

Regards,
all_aces

I am on the phone with Netteller and they are saying that you cannot request a cheque all transactions must be done online......is there a online option to request a cheque ?

arkose

i have never had a problem clearing cheques from UB and Party with Bank of Montreal...they show the money in my account instantly....the only downside is that they charge $5....also, receiving the cheques from the sites only takes a week

i am going to set-up a chequeing account and link it to a neteller account that i recently made....this seems to be the quickest and best way to deal with withdrawals....plus, having neteller makes it easy to move money around different sites, if need be

SocietyRed

I use neteller with my bank. I also have a neteller debit card so I want my money right away I can just put on hte card and use any bank machine do withdraw up to $2000 a day. I think the fee is like $3 to use the bank card. I find the neteller exchange rates to be as good as a bank.

Red

Iron

So if my Neteller account is in CAN$, am I losing out due to the exchange everytime I deposit to a poker site and then withdraw the money back into my NT account?

I just opened my NT and have only used it once, but I'm hoping to use it for bonus whoring so my intention is to move money to and from various site using my NT account, and then to deposit any profit to my bank account once a month or so. Would I be better off having my NT account in US$, since then I would only be converting the money when I withdraw from NT to my bank account? (assuming I don't have to deposit into my NT account again).

RAM_Eh

I have read this post and am still left with a few questions.

1- I have USD canadian bank account at TD. The question is why would it need to be converted at all if I am taking money from say Party Poker to the account. I called Neteller last night and asked if my account is in CAN or US funds and they said it was US.

2- What cost of fees should I expect to have on any transaction?

3- Do I need to connect my Neteller acount to a canadian one. Why can't I just leave it in neteller and use them as bank?

4 - If I use them as a bank, they should be able to send me my money any time I need in a check form......right?

Thanks,

Rob M.

Iron

I can answer 3 and 4 for you. You don't have to link your NT to your bank account, and you can have them pay you out by cheque then.

For fees, it's 8%+ for instacash (where you get the money instantly) and it's free for EFT (the 4-5 business days into your bank account option) assuming your bank doesn't charge you for that service.

I'm trying to figure out the exchange stuff myself.

BBC Z

1- I have USD canadian bank account at TD. The question is why would it need to be converted at all if I am taking money from say Party Poker to the account. I called Neteller last night and asked if my account is in CAN or US funds and they said it was US.

You can't linka USD canadian account to a USD neteller.

Soup66

I have my neteller sent for CDN funds and just transfer back and forth through my bank account and I've had no complaints so far, except sometimes it takes a few days to hit my bank balance

TiMSuM

Iron wrote:

So if my Neteller account is in CAN$, am I losing out due to the exchange everytime I deposit to a poker site and then withdraw the money back into my NT account?

I just opened my NT and have only used it once, but I'm hoping to use it for bonus whoring so my intention is to move money to and from various site using my NT account, and then to deposit any profit to my bank account once a month or so. Would I be better off having my NT account in US$, since then I would only be converting the money when I withdraw from NT to my bank account? (assuming I don't have to deposit into my NT account again).

Depending on what the exchange rate is and what the poker site uses you will either lose some or gain some. I use a Canadian bank account with Neteller in Canadian funds. There is a service charge for depositing money and one depending on your withdrawl method. If the exchange is low during a deposit to a poker site and you withdraw with the same exchange or greater you will not lose money or actually get more. If the the exchange rate is less than what it was when you deposited while withdrawing, that is when you'll lose money.

Anton81

Hmmm, thats strange.....I bank with TD as well and have it hooked up to my neteller too, I transfer money to and from my bank and neteller with no problems and the most its ever taken is 2 days. Im not sure why it would not work for you....as far as exchanging rates go, someone along the line is always going to get a peice of your money, its just the way it is, so far neteller doesnt seem to be bad at all as far as %'s are concerned..at least that I've noticed.