Exchange Rates

[Hammerite]

Whilst I appreciate the commitment of our new sponsors 888 to the Apat cause, I do feel that their exchange rate policy is unfair to say the least.

I recently deposited $500 at an exchange rate of .6204 this cost me £310.20. Later the same day I withdrew $518.98 and I have now received an e-mail stating that I will receive £300.50 as the exchange rate is .5790 so in a nut shell it has cost me £9.70 + $18.98 so roughly £21 in total to deposit and withdraw the same money on the same day or to put it another way 7% of my deposit.

I have queried this with 888 but was informed that the exchange rate varies on a daily basis, so the e-mail notification that I received today with a rate of .5790 is todays rate. I accept this but just out of interest I have just tried to make a hypothetical deposit for $518.00 (the same day as I have received my e-mail) and it says it will cost me £321.05 at a rate of .6198

This just seems to me like a lot of extra hidden rake which I am finding difficult to justify, does anyone else feel that the differential of 7% is excessive or is it just me. I am by no means tight fisted, I just feel like I am being ripped off and would appreciate any feed back from other members.

[Mikeyboy9361]

The buying and selling of currency always have differing rates,and I am no expert, but 7% seems a bit high.

[pables]

Go to my888.com and to forum and post your notification there Don may get better response direct from other members. Don"t deposit so much BTW  

[MintTrav]

[scouse3465]

I have noticed this with 888 too . Bery poor rates basically they taking 5 % + rake on cash out.

[AMRN]

one rate on the way in, and a different rate on the way out.....  that"s just fee-charging by hidden means.

I know that iPoker sets a rate for the day - and it applies in both directions. Far more transparent and honest imo.

[AJDUK]

If you ask 888 to change the SETTLE denomination from £££ to USD they will do it (many won"t). This takes the control of the exchange rate out of the hands of 888 and places it back into the hands of your bank, who will mostly have a narrower spread than 7%. You can then deposit & withdraw using whichever of your banks rips you off the least charges the narrowest spread on currency conversions. I also use a $$$ Neteller a/c to move money around sites, so this process works for me.

Many sites don"t set a different rate for deposits and withdrawals on the same day (shame on 888). But those that do should be avoided unless you can stop them from setting their own rip off spread.

[Hammerite]

Ok Andy thanks for your advice will defo look into the various options that you have highlighted, and I would advise any other members who might like to save themselves a few quid each time they make a withdrawal to do likewise.

[RicayBoy]

Whilst I appreciate the commitment of our new sponsors 888 to the Apat cause, I do feel that their exchange rate policy is unfair to say the least.

I recently deposited $500 at an exchange rate of .6204 this cost me £310.20. Later the same day I withdrew $518.98 and I have now received an e-mail stating that I will receive £300.50 as the exchange rate is .5790 so in a nut shell it has cost me £9.70 + $18.98 so roughly £21 in total to deposit and withdraw the same money on the same day or to put it another way 7% of my deposit.

I have queried this with 888 but was informed that the exchange rate varies on a daily basis, so the e-mail notification that I received today with a rate of .5790 is todays rate. I accept this but just out of interest I have just tried to make a hypothetical deposit for $518.00 (the same day as I have received my e-mail) and it says it will cost me £321.05 at a rate of .6198

This just seems to me like a lot of extra hidden rake which I am finding difficult to justify, does anyone else feel that the differential of 7% is excessive or is it just me. I am by no means tight fisted, I just feel like I am being ripped off and would appreciate any feed back from other members.

That is absolutely scandalous especially for a site that has a lot of UK customers. Perhaps someone who is clever can post this on the 888 part of the forum and I"m sure they"ll explain that it"s all just a terrible mistake....

[Zozzy]

If you ask 888 to change the SETTLE denomination from £££ to USD they will do it (many won"t). This takes the control of the exchange rate out of the hands of 888 and places it back into the hands of your bank, who will mostly have a narrower spread than 7%. You can then deposit & withdraw using whichever of your banks rips you off the least charges the narrowest spread on currency conversions. I also use a $$$ Neteller a/c to move money around sites, so this process works for me.

Many sites don"t set a different rate for deposits and withdrawals on the same day (shame on 888). But those that do should be avoided unless you can stop them from setting their own rip off spread.

I agree with this.
I also have a neteller acct in $dollars for the simple reason of exchange rate. I also have a mastercard in $dollars even though I have never been to USA in my life   (if and when I ever get to Vegas it will come in very handy).

I deposited at Ladbrokes Poker a few months ago and stated $dollars as my currency(they offer a choice that you tick off) but they set my account in £pounds and charged me exchange rate. When I queried it they said because my address is in UK it is set at default £pounds.

[RicayBoy]

March 2011 = Amount deposited $1175 = £752.80
May 2011 = Amount withdrawn $1175 = £689.89

Actual currency movement in that time c 2.5 pc c £19

"Missing" amount £44 (c 6 %)

Sorry that"s just not good enough, considering the rake paid on top of that.

My business goes elsewhere (Except APAT of course)

[Swinebag]

This is an age old problem.

It is not the poker sites ripping you off, it is the banks.

A lot of sites let you deposit in £ and will then convert to $ for the duration that you are logged in. They will then convert back to £ at the same rate once you log out.

[RicayBoy]

Then surely it is the poker site that is ripping you off not the banks

888 proudly states that it is listed on the LSE so wtf can you not deposit in GBP to a GBP account within 888 with any currency transactions within the site carried out and returned to GBP at the end of the session at the same exchange rate. The answer is plainly that they are ripping the arse out of you. Ladbrokes (now) and Sky are both run in GBP and Virgin transfer your money at the same rate. I believe with Stars you can set your default currency to GBP so you avoid exchange costs.

I think I pay enough in rake without another stealth tax on top and it"s not exactly peanuts in percentage terms either. I"m quite upset actually (You may have noticed  ) but I promise this will be my last moan on the subject.

Perhaps some nice chap from 888 will come on and explain their exchange rate policy to me. It"s a shame because overall I really like the site and the MTTs they run.

[mal666]

This is an age old problem.

It is not the poker sites ripping you off, it is the banks.

A lot of sites let you deposit in £ and will then convert to $ for the duration that you are logged in. They will then convert back to £ at the same rate once you log out.

Stars seem to manage fine, £10 on xe.com = $16.347. A £10 deposit on Stars would buy you $16.34.
(Accurate at this moment obv) You only lose to the rounding btw, to get £10 out you would need to withdraw $16.35

[Zanshin]

I came across this stealth rake recently.....

I had just been felted for the 3rd time in a low stakes HU cash game leaving me with only $2 in my account so I refused to carry on playing the guy unless we played higher. He agreed so I quickly deposited $500

Less than one hour later I withdrew the $500 (keeping the few hundred profit   ).

Was surprised to find out later that the $500 deposit cost me £315.27 and the $500 withdrawal was only worth £295.55

Customer services tried to explain this by saying that the deposit was made on the 7th but the withdrawal, although less than one hour latter, was not processed till the 10th and the exchange rate had changed.

This is just a rip off... they're claiming the exchange rate changed by nearly 4 cents in this time when, no matter what source I check, the rate had never changed by even one cent.

They even had the cheek to claim that it usually works to the player's advantage and offered me a deposit bonus.. which I promptly declined..