Archive Boards > 888poker.com
Exchange Rates
RicayBoy:
March 2011 = Amount deposited $1175 = £752.80
May 2011 = Amount withdrawn $1175 = £689.89
Actual currency movement in that time c 2.5 pc c £19
"Missing" amount £44 (c 6 %)
Sorry that"s just not good enough, considering the rake paid on top of that.
My business goes elsewhere (Except APAT of course)
Swinebag:
This is an age old problem.
It is not the poker sites ripping you off, it is the banks.
A lot of sites let you deposit in £ and will then convert to $ for the duration that you are logged in. They will then convert back to £ at the same rate once you log out.
RicayBoy:
Then surely it is the poker site that is ripping you off not the banks
888 proudly states that it is listed on the LSE so wtf can you not deposit in GBP to a GBP account within 888 with any currency transactions within the site carried out and returned to GBP at the end of the session at the same exchange rate. The answer is plainly that they are ripping the arse out of you. Ladbrokes (now) and Sky are both run in GBP and Virgin transfer your money at the same rate. I believe with Stars you can set your default currency to GBP so you avoid exchange costs.
I think I pay enough in rake without another stealth tax on top and it"s not exactly peanuts in percentage terms either. I"m quite upset actually (You may have noticed >:() but I promise this will be my last moan on the subject.
Perhaps some nice chap from 888 will come on and explain their exchange rate policy to me. It"s a shame because overall I really like the site and the MTTs they run.
mal666:
--- Quote from: Swinebag22 on May 10, 2011, 16:51:08 PM ---
This is an age old problem.
It is not the poker sites ripping you off, it is the banks.
A lot of sites let you deposit in £ and will then convert to $ for the duration that you are logged in. They will then convert back to £ at the same rate once you log out.
--- End quote ---
Stars seem to manage fine, £10 on xe.com = $16.347. A £10 deposit on Stars would buy you $16.34.
(Accurate at this moment obv) You only lose to the rounding btw, to get £10 out you would need to withdraw $16.35
Zanshin:
I came across this stealth rake recently.....
I had just been felted for the 3rd time in a low stakes HU cash game leaving me with only $2 in my account so I refused to carry on playing the guy unless we played higher. He agreed so I quickly deposited $500
Less than one hour later I withdrew the $500 (keeping the few hundred profit ;) ).
Was surprised to find out later that the $500 deposit cost me £315.27 and the $500 withdrawal was only worth £295.55
Customer services tried to explain this by saying that the deposit was made on the 7th but the withdrawal, although less than one hour latter, was not processed till the 10th and the exchange rate had changed.
This is just a rip off... they're claiming the exchange rate changed by nearly 4 cents in this time when, no matter what source I check, the rate had never changed by even one cent.
They even had the cheek to claim that it usually works to the player's advantage and offered me a deposit bonus.. which I promptly declined..
>:( >:(
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