Different deposit/withdrawal conversion rates

    • slippyjim
      slippyjim
      Silver
      Joined: 07.10.2011 Posts: 1,070
      This may be common knowledge, but thought I would mention it anyway

      I went to make a withdrawal last night and noticed that the exchange rate they used was significantly in their favour so today I tried a little test
      I went to withdraw $50 and that gave me 31.32GBP
      So then I went to make a deposit of 31.32GBP and my account would only be credited with $47.54

      So that is an extra $2.46 they took from me, it is 5% they are taking from every player on every currency conversion!!!

      Also on the deposit & withdrawal pages of the pokerstars client I didnt see any mention of this 5%, the only thing I found is in some T&C's - "PokerStars uses the prevailing mid-market rate provided by XE (plus a small fee if applicable) to convert your deposits to your PokerStars account currency. "

      I don't really think 5% is a "small fee if applicable"

      Surely they should be applying the same currency conversion rate whether it is a deposit or withdrawal???
  • 10 replies
    • GoOnCal1
      GoOnCal1
      Bronze
      Joined: 22.01.2015 Posts: 581
      If you don't have any padding in your exchange rates, you become an unwitting exploited gambler in currency markets
    • slippyjim
      slippyjim
      Silver
      Joined: 07.10.2011 Posts: 1,070
      Maybe so, but
      1. Surely that effect is minimal to a company as large as Pokerstars who exchanges, probably similar amounts of, money both ways every single day
      2. The percentage - 5% is a lot, debit and credit card companies *only* charge 2.5%
      3. This is probably the worst, they don't even mention this charge!!!!!
    • GoOnCal1
      GoOnCal1
      Bronze
      Joined: 22.01.2015 Posts: 581
      1. Money goes "both ways" lol lol lol.
      2. yeah sucks
      3. " "
    • slippyjim
      slippyjim
      Silver
      Joined: 07.10.2011 Posts: 1,070
      yeah fair point on number 1 hahaha
    • Post removed

    • Post removed

    • rompas
      rompas
      Moderator
      Moderator
      Joined: 12.02.2014 Posts: 2,395
      Hi ,

      Best way to avoid this kind of exchanges rates is to have a pokerstars account in same currency as the account you withdrawl to and deposit from, at stars its possible have accounts in USD, EURO, CAD, GBP if you want,, to add a currency to your account go to cashier and click the + button over the account balance,, just remember to deposit and withdrawl to/from your GBP account everytime and you will save some money.

      Regards/Rompas
    • slippyjim
      slippyjim
      Silver
      Joined: 07.10.2011 Posts: 1,070
      Originally posted by rompas
      Best way to avoid this kind of exchanges rates is to have a pokerstars account in same currency as the account you withdrawl to and deposit from
      Good point, something the pokerstars customer service have not mentioned to me once.

      I set GBP to be my preferred currency and then all deposits and withdrawals are in GBP now, awesome!!! Rompas 1 - 0 Pokerstars customer support

      I'll still have to convert it to play in USD but should save the conversion fee, thanks
    • slippyjim
      slippyjim
      Silver
      Joined: 07.10.2011 Posts: 1,070
      On the third email from pokerstars support I finally got the amount they charge - 2.5% per transaction and even then they say "where and only when deemed necessary on a variety of currencies added to the mid-market exchange rate provided by XE" so looks like some currency conversions have charges and some don't, or they just say that and then charge all conversions......

      Up to that point they said "we have monitored foreign exchange closely and applied a small margin where and only when deemed necessary on a variety of currencies"
      and "PokerStars will add a special margin to the mid-market exchange rate provided by XE (Source XE"
    • rompas
      rompas
      Moderator
      Moderator
      Joined: 12.02.2014 Posts: 2,395
      Originally posted by slippyjim
      Originally posted by rompas
      Best way to avoid this kind of exchanges rates is to have a pokerstars account in same currency as the account you withdrawl to and deposit from
      Good point, something the pokerstars customer service have not mentioned to me once.

      I set GBP to be my preferred currency and then all deposits and withdrawals are in GBP now, awesome!!! Rompas 1 - 0 Pokerstars customer support

      I'll still have to convert it to play in USD but should save the conversion fee, thanks
      Happy to help you, :f_thumbsup: