Outrageous Neteller Fee to Buy Bitcoin via Cubits

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December 3rd, 2016
Back Outrageous Neteller Fee to Buy Bitcoin via Cubits

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.

“Neteller shoots themselves in the foot by gouging us with their fees and Skrill isn’t much better”

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