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Currency confusion

    • Tim64
      Joined: 02.11.2008 Posts: 8,028

      So, I opened a Party Poker Account when I first started playing. It asked me, did I want a £ GBP account or a $ USD account? Naturally, being a limey, I opted for £ GBP.

      Now I want to t/fer part of my BR to another site, e.g. Full Tilt. I understand the best way to manage my BR between poker rooms is to have a moneybookers or similar account. I've been told to make sure that the m/bookers account is in the same currency as the poker site. So, for the new poker site, I was planning to do both in $ USD cos it seems like dollars is more widely used on Poker sites. Then I got to thinking if that was right after all, and now I'm totally confused.

      In a nutshell, I want to be able to t/fer funds between poker sites and my uk bank incurring the minimum of unecessary fees. So, I need you wise folks to help me...


      1. Can I open a Full Tilt account in £ GBP or only US$?

      2. If so, is there any advantage to my opening it in US$?

      3. If I did open a FTP account in $ US, but had a moneybookers account in £ GBP, I believe I would have have to pay exchange rate commission every time I transferred between the two - is that correct?

      4. If I have a moneybookers account in USD$ (regardless of the poker site currency), I'd have to pay exchange rate comission every time I withdrew funds to my UK bank - is that correct?

      5. If I decided to go with USD $ across the board, could I change my original Party Poker account from UK£ to USD$?

      6. Any general recommendations? Do most poker sites allow you to have a GBP£ account?

      A thousand thanks to the kind person who puts an end to my confusion :rolleyes:
  • 1 reply
    • SoyCD
      Joined: 20.02.2008 Posts: 6,356
      Hello Tim64,

      I have a similar situation with my Euro and Dollar accounts - although I unfortunately made a Euro Moneybookers account.

      So I will try to answer your questions 1 by 1 ;)

      1) I think Full Tilt only allows $ accounts
      2) The advantage of $ accounts is that they are the ones most common for Poker rooms (therefore they are the ones connected with easiest transfers)
      3) Yes. They, like any type of banking institution make a decent amount of their income with exchange rates
      4) I would say yes. Although its not really "commission" per se. You will be trading at the buying/selling rates given by e.g. Moneybookers. If this is close to the regular rate its not really that much of a problem - since you will have to always deal with this kind of stuff when exchanging currencies. The real losses occur when you e.g. trade GBP Pokersite -> $ MoneyBookers -> GBP Pokersite since you will be faced with different buying/selling rates leaving you with less at the end.
      5) Not sure if Party changes the currency- you'd have to ask them if it is possible (usually its not).
      6) I would go for all $ online. That way you only face exchange rates when cashing out - and you will always face those anyway. Moneybookers doesn't offer 'Bad' exchange rates -> its just the difference between buying/selling rates that get to you.

      Best regards