Amateur Poker Association & Tour
Archive Boards => Archive => 888poker.com => Topic started by: Hammerite on May 03, 2011, 13:04:13 PM
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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.
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The buying and selling of currency always have differing rates,and I am no expert, but 7% seems a bit high.
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Go to my888.com and to forum and post your notification there Don may get better response direct from other members. Don"t deposit so much BTW ;)
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I have noticed this with 888 too . Bery poor rates basically they taking 5 % + rake on cash out.
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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.
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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.
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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)
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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.
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....
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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.
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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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)
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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.
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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.
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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.
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
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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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Very interested to hear 888"s official position on this...
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Same problem here took out $300 dollars was getting 176.81 for it went to bank they said i would get 187.56
nearly 11 pound difference spoke to 888 they said it was the different days and that if i got the money processed today
from them i would get 185.25.
I am now taking everything out in dollars seems the only way not to get ripped off,also lady i spoke to didnt seem to realise that there could be a 10 pound swing in one day the 176.81 was processed yesterday at 11.26 am
Not a happy bunny :( :(
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Very interested to hear 888"s official position on this...
bump :)
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Cashed out 350 dollars at 208 quid , checked at the exact same time how much it would charge to deposit 350 dollars. It asked for 223 quid. 888 is by far the worst site i have used for ripping off at exchange rate .
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I put in a withdrawal request for $1k three days ago, and so far have not had any confirmation - the cashout is still pending.... so £0!! I can no longer play with the $1000 (although I can still cancel the request), so I guess that"s just sat with 888 earning interest prior to me getting my hands on it again.
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Cashed out 350 dollars at 208 quid , checked at the exact same time how much it would charge to deposit 350 dollars. It asked for 223 quid. 888 is by far the worst site i have used for ripping off at exchange rate .
wow that"s 7% difference in the numbers. I don"t think even Travel Agents are that bad..
Bad News 888.. No wonder they want to keep accounts in $ when they can make money like that. Dont they make enough rake anyway without having to make so much on the exchange??
I think it would be good if someone from 888 came on to explain why there is such a big difference..
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I put in a withdrawal request for $1k three days ago, and so far have not had any confirmation - the cashout is still pending.... so £0!! I can no longer play with the $1000 (although I can still cancel the request), so I guess that"s just sat with 888 earning interest prior to me getting my hands on it again.
Brag
Beat
Variance
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Very interested to hear 888"s official position on this...
bump :)
pm"d anderson as well asking him to have a look. Contemplating moving funds onto 888 to play non APAT things, but really do need confirmation on this first. Thread has been live for quite some time with no reply now.
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Look into this, will update soon
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received my cashout - $1000 was transferred to me as £596. According to the published forex rates at the time that the cashout was paid, I would have received £619. So, 888 has made a profit of £23 on the transaction. Nice piece of business for them :(
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Howdy
Members can opt to cash out in his/her own BR currency and allow their own bank or other payment method to apply the rate instead of our banks daily calculations.
Instead of using 888Poker"s rates, members can use the bank"s or other system"s rates.
(http://img641.imageshack.us/img641/3374/cashout.jpg) (http://imageshack.us/photo/my-images/641/cashout.jpg/)
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Howdy
Members can opt to cash out in his/her own BR currency and allow their own bank or other payment method to apply the rate instead of our banks daily calculations.
Instead of using 888Poker"s rates, members can use the bank"s or other system"s rates.
(http://img641.imageshack.us/img641/3374/cashout.jpg) (http://imageshack.us/photo/my-images/641/cashout.jpg/)
I use the £ as my prefer cashout rate, and get absolutely shafted, 888 is by far the worst poker site for this i have ever encountered, And although rates change by the minute, to deposit and cashout on the same day, when the rate hasn"t changed more than 0.1% and have a 7% difference in the amound is absolutely ludicrous. was warming to the site but this is just another bitter pill to swallow, along with the piss poor software and endless mistakes, another 2 today where i"m SB 2 hands on the trot, and a second when a 1.4 BB stack shoves UTG, 2 players call, and when it gets to me in the BB i have no option to raise even though i havent acted yet. Really need to sort their act out and am actually suprised they have any customers whatsoever.
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I am surprised this topic has not been aired for some time I am currently challenging 888 as to why I have lost between 6 and 7% of all of my recent withdrawals. They say they carry out their business in USD and my GBP deposits have to be changed into USD then back again this is clearly rubbish the game currency of USD is clearly only a virtual currency and my deposits are not really converted into dollars. Other sites I use eg Paddy Power exchange backwards and forwards as many times as you like at the exact same rate. 888 use this scam to skim money over and above the rake its a complete rip off and has to be challenged.