Archive Boards > 888poker.com
Exchange Rates
AMRN:
one rate on the way in, and a different rate on the way out..... that"s just fee-charging by hidden means.
I know that iPoker sets a rate for the day - and it applies in both directions. Far more transparent and honest imo.
AJDUK:
If you ask 888 to change the SETTLE denomination from £££ to USD they will do it (many won"t). This takes the control of the exchange rate out of the hands of 888 and places it back into the hands of your bank, who will mostly have a narrower spread than 7%. You can then deposit & withdraw using whichever of your banks rips you off the least charges the narrowest spread on currency conversions. I also use a $$$ Neteller a/c to move money around sites, so this process works for me.
Many sites don"t set a different rate for deposits and withdrawals on the same day (shame on 888). But those that do should be avoided unless you can stop them from setting their own rip off spread.
Hammerite:
Ok Andy thanks for your advice will defo look into the various options that you have highlighted, and I would advise any other members who might like to save themselves a few quid each time they make a withdrawal to do likewise. 8)
RicayBoy:
--- Quote from: Hammerite on May 03, 2011, 13:04:13 PM ---
Whilst I appreciate the commitment of our new sponsors 888 to the Apat cause, I do feel that their exchange rate policy is unfair to say the least.
I recently deposited $500 at an exchange rate of .6204 this cost me £310.20. Later the same day I withdrew $518.98 and I have now received an e-mail stating that I will receive £300.50 as the exchange rate is .5790 so in a nut shell it has cost me £9.70 + $18.98 so roughly £21 in total to deposit and withdraw the same money on the same day or to put it another way 7% of my deposit.
I have queried this with 888 but was informed that the exchange rate varies on a daily basis, so the e-mail notification that I received today with a rate of .5790 is todays rate. I accept this but just out of interest I have just tried to make a hypothetical deposit for $518.00 (the same day as I have received my e-mail) and it says it will cost me £321.05 at a rate of .6198
This just seems to me like a lot of extra hidden rake which I am finding difficult to justify, does anyone else feel that the differential of 7% is excessive or is it just me. I am by no means tight fisted, I just feel like I am being ripped off and would appreciate any feed back from other members.
--- End quote ---
That is absolutely scandalous especially for a site that has a lot of UK customers. Perhaps someone who is clever can post this on the 888 part of the forum and I"m sure they"ll explain that it"s all just a terrible mistake....
Zozzy:
--- Quote from: AJDUK on May 03, 2011, 15:50:17 PM ---
If you ask 888 to change the SETTLE denomination from £££ to USD they will do it (many won"t). This takes the control of the exchange rate out of the hands of 888 and places it back into the hands of your bank, who will mostly have a narrower spread than 7%. You can then deposit & withdraw using whichever of your banks rips you off the least charges the narrowest spread on currency conversions. I also use a $$$ Neteller a/c to move money around sites, so this process works for me.
Many sites don"t set a different rate for deposits and withdrawals on the same day (shame on 888). But those that do should be avoided unless you can stop them from setting their own rip off spread.
--- End quote ---
I agree with this.
I also have a neteller acct in $dollars for the simple reason of exchange rate. I also have a mastercard in $dollars even though I have never been to USA in my life :) (if and when I ever get to Vegas it will come in very handy).
I deposited at Ladbrokes Poker a few months ago and stated $dollars as my currency(they offer a choice that you tick off) but they set my account in £pounds and charged me exchange rate. When I queried it they said because my address is in UK it is set at default £pounds.
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