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Friday, July 17, 2015

Neteller increasing Bitcoin deposit fee to be highest of any method

Neteller is an online bank basically, that provides digital/physical mastercards, and free user-to-user transfers. They accept Bitcoin deposits and other methods.

It looks like they received angry letter from Visa/MasterCard cartel "Why you offer free Bitcoin deposit? This disrupts our business!".


The crazy thing is that if you do end up depositing Bitcoin into your account you pretty much can't do anything with it! You can't do payments with your prepaid card, you can't withdraw to your bank account, you can't withdraw from an ATM. Pretty much the ONLY thing you can do is send the money to a neteller-accepting merchant.

And there is zero reason to do this (except for pressure from VISA & co.), because by the time you deposit those coins, they have been turned into dollars or euros by Bitpay. Crazy stupid.

You can circumvent their stupid rule like this:

1) load money to neteller with bitcoin

2) send money to a friend or gambling casino

3) get friend to send money back or withdraw from casino

4) load card

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3 comments :

  1. I used Neteller with Bitcoin once. I was going to deposit X bitcoins to Neteller and I had to first write how much I want to deposit in USD or any other fiat currency, you can't write how many bitcoins you want to deposit. So I wrote that I want to deposit X USD in bitcoins and they sent me to next page with QR code and bitcoin address which I can deposit to, this page didn't tell me how many bitcoiins I have to deposit so I calculated how many bitcoins equals X USD. Bitcoin is quite volatile and it is anyway hard to calculate the exact amount they equaled to that moment when I clicked next. So I sent little too much and Neteller didn't deposit bitcoins to my Neteller account. I had to contact them via email and they had to manually fix it next day.

    Neteller uses Bitpay and I don't understand how they could implement so stupid solution. Neteller probably have to use much time on this.

    ReplyDelete
  2. They probably got hacked and are trying to recoup some costs.

    ReplyDelete
  3. My guess is the 5% is probably because of increasing Bitcoin KYC costs.

    ReplyDelete

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