Commision on cashing out at party?

    • flopraiser
      flopraiser
      Bronze
      Joined: 30.01.2009 Posts: 202
      I have an account on party, credited the account for the first time yesterday in order to remove a portion of my bankroll as I need to do this apparently before I can withdraw any of the money I have made from the poker strategy bonus.

      I'm english so a cash out to my paypal account needs to be in GBP or EUR according to my options on the cashout page, this led me to look at the exchange rates and I discovered this:

      If I withdraw $25 I recieve £15.60

      If I deposit £15.60 I recieve $23.77

      Therefore a difference of $1.23 in partys favour

      (1.23/25) x 100 = 4.92% commision

      This seems very unfair in my opinion as they have had hold of my money all this time making interest on it. I have asked the support for more information on this and asked whether it is possible to cashout to paypal in dollars, therefore not getting penalised.

      Anybody any thoughts on this as i'm not entirely sure party support is going to be very helpful with this issue.
  • 11 replies
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      Well I'm not happy to hear that. I have my bankroll at partypoker and I'm thinking about depositing 100$ (don't know how much that is in € atm) to receive the 100% bonus. So that I can withdraw after releasing the bonus and move the bankroll to another site.

      And you're right - and it's actually sad - that the support there is absurdely unhelpful. I think they receive the client's e-mail and through some of it's contents keywords they'll respond with a preformatted e-mail that doesn't answer what you asked.

      Have you tried to know if other methods of deposit/withdrawl have any extra charges? And btw what about withdrawing everything do you know if it's possible? And probably since I'm using € I'll probably face the same situation, right?

      It would be very helpful to have someone who already deposited and withdrawn other currency other than dollars what was his experience.

      Thanks
    • flopraiser
      flopraiser
      Bronze
      Joined: 30.01.2009 Posts: 202
      Its the exchange rate for cashing in/out with any means, looks like its approx 2.5% charge to change your currency to dollars then the same to change it back again.

      I know paypal accept US dollars into your account, need to find out if you can credit accounts from paypal with US dollars. If this is the case there wouldn't be a need to lose the equivilent of 5% of your bank roll any time you want to swap funds between platforms, unless the poker room decides its against there policy which is highly likely imo.

      Will email paypal tomorrow to see what options I would have available and post any reply I get back here.
    • FaTDoGBG
      FaTDoGBG
      Bronze
      Joined: 09.03.2009 Posts: 139
      about the support, well if you ask them with more details what u want to do they will help you, if you ask them where are my f*cking money, of course they will not answer you cuz they don't read minds ;)

      why don't you try moneybookers for example, party poker do not have fees for deposits and cash outs with moneybookers and you get your money for 6 hours. it is much easier first to check the options then to deposit and the ask yourself "why are my money less"

      if your currency of pay pal is eur and you deposit to pp.com in usd party poker exchanges the funds according to the rates. They don't take anything ;) if you deposit eur to eur you will get the same amount that you have deposited, however the games are in usd so when you to to a table the money will again go through the exchange rate ;)
    • TheBu11d0g
      TheBu11d0g
      Bronze
      Joined: 25.07.2008 Posts: 2,019
      Hey flopraiser,

      You can now open an moneybookers account via pokerstrategy if you don't already have one.

      MoneyBookers link

      Kind Regards,
      -Steve
    • flopraiser
      flopraiser
      Bronze
      Joined: 30.01.2009 Posts: 202
      Originally posted by TheBu11d0g
      Hey flopraiser,

      You can now open an moneybookers account via pokerstrategy if you don't already have one.

      MoneyBookers link

      Kind Regards,
      -Steve
      The issue is not with paypal its with party not letting me draw money out in dollars at the moment.

      I'm looking to move sites, probably to full tilt for the rake back. If I withdraw to GBP and then deposit my money into full tilt in dollars it costs me approx 5% of my bankroll.

      Moving $900 which in turn would only be $845 approx by the time I get it to full tilt.
    • akrammon
      akrammon
      Bronze
      Joined: 17.05.2009 Posts: 3,142
      It surely is unfair, very unfair... But you can get past them by a) using Moneybookers b) opening a dollar account at your bank, and transferring money to that account and then to your euro/gbp one. That way the bank will take its share (which is supposed to be less than 2.5%), so I'd go with Moneybookers. Shame on party all the same.
    • Reanimater
      Reanimater
      Bronze
      Joined: 12.11.2008 Posts: 148
      there are different exchange rates for buying and selling different currencies. it's the same deal with your bank and any other financial institutions.

      big companies like party LOSE money from exchange rates. they change all the time.


      i am god damn fed up with uneducated Englishmen. first, educate yourself, only after that you can blame anybody.

      nobody is responsible for the currency fluctuations.
    • Anssi
      Anssi
      Black
      Joined: 03.07.2008 Posts: 2,173
      Some companies try to make profit through exchange rates, some don't. For example in Pokerstars you can exchange money with better rate than what banks offer as long as you use that money to play. There is also no withdrawal fees.
    • WildBeans
      WildBeans
      Bronze
      Joined: 23.09.2008 Posts: 586
      Originally posted by Reanimater
      there are different exchange rates for buying and selling different currencies. it's the same deal with your bank and any other financial institutions.

      this
    • eddiie
      eddiie
      Bronze
      Joined: 23.12.2006 Posts: 52
      set GBP as your main currency in party account..thats all
    • LukeyLove
      LukeyLove
      Bronze
      Joined: 26.06.2009 Posts: 9
      I believe you still get hit with exchange rate if your account is in GDP as you get it when you signup for USD tourneys and then cash out from tourneys - thats what I had on Titans anyway using a GDP account. Since then i've stuck with dollar accounts!