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langaan
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04-09-2008, 12:30 AM
Post subject: currency conversion
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#1 (permalink)
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Straight
Join Date: Jan 2008
Posts: 240
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well i just learned the painful lesson of currency conversion...
made 2 withdrawlas and 2 deposits back and forth between party and moneybookers...
but currency was being converted from USD to CAD and back...
so over the 2 transactions I lost $60 USD
anyways, cpl questions..
#1 where did the $60 go exactly.. who gains from this?
#2 my party account is in usd, and mbookers is default CAD, so if i am cashing out in USD from party to MB, will i still lose when i put back into party?
(assuming i withdraw and dposit the same amount right after another..)
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pgil
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Full House
Join Date: Jun 2005
Posts: 1,103
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you lose to fees and slightly different conversion rates. always have both your ewallet and your online accounts in the same currency, otherwise every single transaction will face fees. I went through this when I first started with neteller, and learned my lesson quickly.
If you are in canada, you can withdraw straight from party to your bank account. as far as I know, no conversion fees there.
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"If you can't say f*ck, you can't say f*ck the government" - Lenny Bruce
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langaan
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Straight
Join Date: Jan 2008
Posts: 240
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Quote:
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Originally Posted by pgil
you lose to fees and slightly different conversion rates. always have both your ewallet and your online accounts in the same currency, otherwise every single transaction will face fees. I went through this when I first started with neteller, and learned my lesson quickly.
If you are in canada, you can withdraw straight from party to your bank account. as far as I know, no conversion fees there.
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so if my moneybookers is in CAD, i cant avoid this?
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pgil
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Full House
Join Date: Jun 2005
Posts: 1,103
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can you not open a moneybookers account in US, or get it changed to US? That is what I did with my old neteller account. don't have moneybookers, so I don't know.
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"If you can't say f*ck, you can't say f*ck the government" - Lenny Bruce
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TLR
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Moderator
Join Date: Aug 2004
Posts: 5,007
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Work with the same currency in the poker rooms and your money account, otherwise you will pay fees.
If you work with US online account you will only suffer from exchange rate when you withdraw to your real bank (unless you have a US dollar account there too)
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AHiltz
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4-of-a-Kind
Join Date: Mar 2005
Location: Coldbrook, NS
Posts: 1,589
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I have a US moneybookers acct and am in Canada. It's in US $ for this very reason.
Whenever you convert money there is something like a 3% fee that is charged by the people converting the money. The company that's handling the conversion (Moneybookers in this case) basically passes that fee onto you.
When I sold a Wii on eBay I lost $35 on the sale when I forgot that my PayPal was in Cdn funds and the sale was in US funds.
If your MB and your poker room are in the same funds, there are no conversion fees. The only conversion fee you will see is when you either get a cheque or withdraw to your bank account from either MB or the poker room.
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langaan
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Straight
Join Date: Jan 2008
Posts: 240
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Quote:
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Originally Posted by AHiltz
I have a US moneybookers acct and am in Canada. It's in US $ for this very reason.
Whenever you convert money there is something like a 3% fee that is charged by the people converting the money. The company that's handling the conversion (Moneybookers in this case) basically passes that fee onto you.
When I sold a Wii on eBay I lost $35 on the sale when I forgot that my PayPal was in Cdn funds and the sale was in US funds.
If your MB and your poker room are in the same funds, there are no conversion fees. The only conversion fee you will see is when you either get a cheque or withdraw to your bank account from either MB or the poker room.
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gah, well i was on the phone with party support for 1/2 an hour trying to find out where my $$$ went, and they kept telling me that there are 2 different exhange rates when converting from US - > CAD and from CAD -> USD.
i kept asking, "so if theres 2 different rates, and ive lost $60 in the exhanges, who has my $60?"
they kept answering over and over... "you didnt actually lose any money sir"
and omfg
i say "i had $1043, withdrew to MB (CAD) and deposited the same money back into Party (USD) and now have $1003, so obviously i am down $40 right?"
they say "yes sir, it is because of the 2 different exchange rates"
so omfg i say " ok then, we agree that I lost $40 dollars then?"
them - "no sir, it is the exchange rate, you didnt lose any money"
O _ M _ F _ G
so i say as politely as possible "neverfrigginmind, goodbye"
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d0zer
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Moderator
Join Date: Jul 2007
Posts: 2,518
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Gah, anyone know if it's possible to modify a moneybookers account from CAD to USD? I'm also getting raped with conversion.
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Warpe
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Moderator
Join Date: Sep 2005
Location: Canuckistan
Posts: 3,905
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In the Neteller days I originally opened my account in CDN$ then had to close it and open a new account in US$. You should be able to do the same.
These days I just deposit direct from my bank account anyway, and will probably open one in US$ to avoid the problem completely.
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Warpe
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04-10-2008, 05:39 PM
Post subject: Re: currency conversion
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#10 (permalink)
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Moderator
Join Date: Sep 2005
Location: Canuckistan
Posts: 3,905
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Quote:
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Originally Posted by langaan
where did the $60 go exactly.. who gains from this?
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Companies like the one I work for. You pay juice on the conversion from one currency to another, and we make our money on the difference between what we pay for the money and what we sell it to you for. In the corporate world, the difference is tens of basis points, but the average consumer pays hundreds of basis points. Also, you made two transactions, and the exchange rate between currencies would likely have changed one way or another between transactions. US/CAD has been volatile lately, as has US/EUR.
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daven
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Straight Flush
Join Date: Aug 2007
Location: soaking up ethanol, moving on up
Posts: 5,805
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early on, US-Kiwi currency conversion to from my credit card cost me a bit. I set up a US$ neteller account (my poker 'trading account') and now I only ever get hit when taking money offline.
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