money losses due to biased exchange rates

    • wowadvisor
      wowadvisor
      Bronze
      Joined: 02.01.2009 Posts: 741
      i was offered a bonus from party poker. if i transfer 1,000$ into my party account i can clear a 200$ bonus. when i checked their exchange rates against the market exchange rates i stand to lose 65$ as their exchage rates are heavily biased. therefore i only stand to gain 135$ and only really get 2/3 of the bonus offered.
      im wondering is this normal for poker sites? in my mind this is totally unacceptable.
      Is there any sites out there offering market exchange rates?
      what do people think of this?
  • 5 replies
    • STR82ACE
      STR82ACE
      Bronze
      Joined: 01.10.2008 Posts: 389
      Why not exchange it at your local bank and then transfer? Would save you some $$

      Still, if PP is trying to rip players off by jacking up the exchange rates, they will soon find out that not many will take advantage of it.

      Have you sent their Customer Service an email to question them about it?
    • wowadvisor
      wowadvisor
      Bronze
      Joined: 02.01.2009 Posts: 741
      yes i sent them an email. i lose on the 1000$ deposit when transferring euros and then again when i withdraw 1,200$ on the conversion back to euros. with this amount of money the small difference between party poker exchange rate and the market rate adds up to 65$ !!!
    • STR82ACE
      STR82ACE
      Bronze
      Joined: 01.10.2008 Posts: 389
      Then I would make the change at your banking facility. Just open a $$ account and use it. You pay less exchange and get the better deal on the bonus too. And when you cash out, it will be in $$ and you can decide to change it euros at your convenience.
    • wowadvisor
      wowadvisor
      Bronze
      Joined: 02.01.2009 Posts: 741
      nice reply from party poker and fair play, i just needed to change my account with them to euros and that will save me a lot...

      "This is with reference to the exchange rate offered on our cashier. FX currency market has different prices when you are buying and selling.All currencies have a market rate (mid-market rates), which are different from the buy and sell rates offered by banks. This applies to all real money foreign exchange transactions made at our cashier. You can avoid being affected by exchange rate fluctuations by changing your PartyAccount currency to match the currency you regularly carry outtransactions in. Your PartyAccount can be in euros, pounds sterling, or US dollars. To change your Account currency please login to your PartyAccount, go to *My Account Profile* and follow the instructions."
    • Passero
      Passero
      Bronze
      Joined: 28.03.2007 Posts: 34
      Why not just transfer from moneybookers? I have a moneybooker account witch is defined in euro. When i transfer to full tilt, i make a payment in $ and it uses the correct exchange rate.