High conversion fees.

    • Jan217
      Jan217
      Bronze
      Joined: 02.01.2009 Posts: 626
      Looking through my bank statement I realised that when I deposited 500euros to pokerheaven I was paying a 15euro conversion fee by depositing with a card from a british bank account (in £).

      Id say this is really a bit extortionate, so I was wondering if anyone has any experience with other depositing options to euro sites will keep fees at a minimum? Moneybookers might be a cheaper option overall? So far Ive prefered to just use a card since withdrawing straight back to it is a great convenience, but I guess with fees like that I should look for other options.

      Cheers!

      Jan
  • 3 replies
    • EagleStar88
      EagleStar88
      Bronze
      Joined: 06.10.2008 Posts: 7,359
      Hi Jan,

      To be honest, it's probably along the lines of the fee that the poker room gets charged by the bank themselves and they're just passing it on.
      It is afterall in the poker rooms interest to make depositing money on their site as easy and cheap as possible.

      I'm not sure I've ever been charged for conversion using my standard bank card (mainly £ to $), but I'm aware that some do for so called cross-border transactions.
      The largest poker sites, eg. Stars, Full Tilt etc, probably soak up some of the charge themselves due to their size, whereas the smaller rooms would probably have to pass fees on.

      As you say, it's worth shopping around and consider possibly other banks as well as Moneybookers, Neteller etc. I don't personally have any experience with either of the latter, but I'm sure other members will pass on their thoughts for you.

      Good luck,


      Bart
    • THESHade
      THESHade
      Bronze
      Joined: 25.03.2010 Posts: 5,418
      Theres no way around this, I was doing a math like a year ago (so bare in mind that some stuff may have changed) and actually MB is the most expensive possibility if u have it in the different currency as the platform u are depositing into(2percent fee- prob. only when u withdraw though)

      So far I have all my currencies the same so I dont pay "almost any" fees
    • Jan217
      Jan217
      Bronze
      Joined: 02.01.2009 Posts: 626
      Ah ok, guess ill just have to bite the bullet then, good to know im not doing anything very wrong. ^^ Maybe ill contact my bank though and see if theres any accounts designed for frequent currency exchanges.