USD/EUR rates

    • sismis
      sismis
      Bronze
      Joined: 27.10.2006 Posts: 352
      Ok, im not sure if i got this correct, so plz infrom me about my potentialy wrong thinking.

      Since USD is getting very weak lately and i wanted to cashout for future reload bonuses i checked how things are standing with conversion between USD and EUR (my moneybookers account is in EUR).

      Few points for party poker:
      - ignore curreny converter in cashier page it uses false rate (i mean wtf?). rate used there is 1.3453 when exchanging rate right now is around 1.39
      - today party buys USD at rate 1.35
      - today party sells USD at rate 1.43
      - when reloading and cashing out 500USD (lets presume on same day for same middle rate) difference means 20.7 EUR or 28.8 USD (very bad for 15% reload bonus)

      But its not so bad as you might think. If you choose to cashout in USD instead of EUR then Moneybookers will make exchange. Moneybookers claims to use ECB exchange range with addition of 0,95%. At rate 1.39 that means 1.3768/1.4032 which means 6.8 EUR or 9.5 USD.

      So if my thinking is correct then i just wanted to point out that do not choose EUR as currency when cashing out from or depositing on party poker but use USD instead.
  • 7 replies
    • ciRith
      ciRith
      Bronze
      Joined: 25.03.2005 Posts: 18,556
      That is correct! Partypoer always used a bad exchange rate. So better let other accouunts change the money. (Moneybookers, neteller, bank account etc.)
    • undercover82
      undercover82
      Bronze
      Joined: 09.12.2006 Posts: 813
      Right now , if i try to cashout 1000$ to bank account in euros , i will receive 692.41 euros. (Since theres the 10$ transfer fee which they give me back though anyway). Pretty much a rip-off.
      Are you saying that if i select "USD" on the bank account currency i am saving myself a lot of money? Do you know if in general a bank automatically converts the $ into euros , or if i have to ask for it manually?
    • ciRith
      ciRith
      Bronze
      Joined: 25.03.2005 Posts: 18,556
      Here in germany they do it automatically as far as I know if you don't have a special $ account.

      But yes cashing out in USD (and passing the bad exchange rate at PP) is the best possibility.

      Even better is a PP account in €.
    • sismis
      sismis
      Bronze
      Joined: 27.10.2006 Posts: 352
      Hmm, i've seen that option but i thought its just for visual interface and that you still have USD behind it. And how does that look? for example 0.3435/0.6870 No limit? :D
    • Ohmu
      Ohmu
      Bronze
      Joined: 28.01.2007 Posts: 231
      Close, but not like that...
      All the prices remain as USD, but when you hover your mouse over them, there is a popup that converts them to the apropriate € amounts.
    • Korn
      Korn
      Bronze
      Joined: 14.01.2005 Posts: 12,511
      Originally posted by sismis

      - today party buys USD at rate 1.35
      - today party sells USD at rate 1.43
      Isn't that the wrong way around?

      The EUR/USD rate is at about 1.39. Thus if I want to buy USD, I have to sell 1 Euro to get 1.39 USD.

      If Party would buy USD at the rate of 1.35, they would sell you 1 Euro and would only get 1.35 USD.

      Please correct me if I'm wrong as these thngs do my head in ;)
    • sismis
      sismis
      Bronze
      Joined: 27.10.2006 Posts: 352
      argh its complicated coz they dont buy/sell USD since USD is their base currency. they only buy/sell EUR so i think you are correct :P