Euro vs dollar? Is this site cheating me?

[Colossos159]

Hi,
so as a European I play on alot of sites and alot of european sites use the $ currency for their games (the currency in europe is euro btw ). But when I withdraw my money to my bank account or moneybookers they ask me how much euro i want to withdraw. I've checked the currency exchange they use and it is WAY of (for the site i checked). Let me explain:
The real exchange now is : 1 euro = 1.29$
The exchange the site is using: 1 euro = 1.39$

Ok, you might say not alot of difference but:
I win a 100$ pot. I withdraw the 100$ which equals 77.5euro using the real exchange rate. With the exchange rate the site is using this changes to 73euro !!!! What the hell !! I think i know now why these european sites are using the $ instead of the euro for their games! Am I overlooking something? I dont even dare to ask what exchange rate Moneybookers is using!!

Pls someone explain because my mad emails are ready to be sent to the specific site.


ps: wtf! I was just reading about Moneybookers policy:
What exchange rates do you apply if I send money in another currency or to an account in another currency?
For transactions involving currency conversion Moneybookers adds 1.75% to our wholesale exchange rates for foreign currency. This charge serves as a protection against the volatility and risk associated with FX markets. The Moneybookers exchange rates are updated on a regular basis throughout the day.

So this means because my Moneybookers account is in euro and I deposit x amount of $ to fe Full Tilt , they charge me !!!! OMG

[Padawan]

move to america

[TheDeKay]

Well, most sites do it and if you go to your bank, you won't get the actual exchange rate.
The best thing you can do is to withdraw by banktransfer (I don't know 4 sure, but PokerStars or FT SHOULD have a good exchange rate, since they can afford it.... but not sure with it) and use a moneybookers account /w $ to ship your money to other sites.

[jeanpaulvalley]

Originally Posted by Colossos159

Hi,
so as a European I play on alot of sites and alot of european sites use the $ currency for their games (the currency in europe is euro btw ). But when I withdraw my money to my bank account or moneybookers they ask me how much euro i want to withdraw. I've checked the currency exchange they use and it is WAY of (for the site i checked). Let me explain:
The real exchange now is : 1 euro = 1.29$
The exchange the site is using: 1 euro = 1.39$

Ok, you might say not alot of difference but:
I win a 100$ pot. I withdraw the 100$ which equals 77.5euro using the real exchange rate. With the exchange rate the site is using this changes to 73euro !!!! What the hell !! I think i know now why these european sites are using the $ instead of the euro for their games! Am I overlooking something? I dont even dare to ask what exchange rate Moneybookers is using!!

Pls someone explain because my mad emails are ready to be sent to the specific site.


ps: wtf! I was just reading about Moneybookers policy:
What exchange rates do you apply if I send money in another currency or to an account in another currency?
For transactions involving currency conversion Moneybookers adds 1.75% to our wholesale exchange rates for foreign currency. This charge serves as a protection against the volatility and risk associated with FX markets. The Moneybookers exchange rates are updated on a regular basis throughout the day.

So this means because my Moneybookers account is in euro and I deposit x amount of $ to fe Full Tilt , they charge me !!!! OMG

Shop around for the best deal. As you live in Europe, you should be able to use a CFT-capable VISA card. I'm in the UK, and have a VISA card that gives me free withdrawals and deposits in US$ at wholesale exchange rates. Using a regular VISA debit card with CFT to withdraw from/deposit to your bank account would probably be cheaper than Moneybookers.

[jeanpaulvalley]

Originally Posted by TheDeKay

PokerStars or FT SHOULD have a good exchange rate, since they can afford it.... but not sure with it) and use a moneybookers account /w $ to ship your money to other sites.

I don't know about FT, but PokerStars offers exceedingly uncompetitive exchange rates.