TotalBet/UK Betting --> Conversion Fees --> Not worth Bonus

[josie_wales]

Hey all,

At UK Betting and TotalBet (Crypto Skins) they only work in pounds as most of you know.

So, when you withdrawl --> Neteller there is a fee that you get whacked with to convert back to USD.

After some recent investigation, using a 300GBP (=$584)deposit you receive $559 back into neteller were you to turn around and immediately withdrawl.

That is a net loss of $25.

The bonus is worth $46ish, so it essentially becomes a $21 bonus.

Two ways to diminish the loss would be to deposit nearer to the end of a month, and do the bonus at the end/beginning of a set of months and thus only pay the conversion fee once and essentially end up with $67 in bonus (or $34 a month)

Also, depositing less (say 200GBP) would help, but then that limits your ability to 4-table.

jw

[Radio]

MY neteller account is in £ so all four £25 sites are worth it to me /images/graemlins/cool.gif

[Broken Glass Can]

I never do a complete cash out, I only take off that amount that is in excess of what I need to play with the next month. Therefore, all money cashed out is my profit, part from play, part from bonus. During a bad month, the bonus helps offset the loss and no cash out is made. This minimizes the conversion rate penalty and can be done at whatever limit you play (the higher the limit, the more you carry over to the next month).

[Subby]

It really bothers me that Neteller doesn't even mention this in your account activity. Really the only problem I have with these guys.

My solution is just to leave money in the two sites and play, play, play. If I can limit my withdrawals to less than 4 per year I'll be okay.

[Fraubump]

If you played there over the last year and just left money in the account the whole time you did pretty well as the pound got much stronger vs. the dollar, but that's just dumb luck.

[BradleyT]

Deposit this month. Withdraw in January 2006.

[B00T]

[ QUOTE ]
I never do a complete cash out, I only take off that amount that is in excess of what I need to play with the next month. Therefore, all money cashed out is my profit, part from play, part from bonus. During a bad month, the bonus helps offset the loss and no cash out is made. This minimizes the conversion rate penalty and can be done at whatever limit you play (the higher the limit, the more you carry over to the next month).


[/ QUOTE ]

[Dr_Freeze]

Is this a Neteller fee or a TotalBet/UKBetting fee?

-Freeze

[moondogg]

[ QUOTE ]
Is this a Neteller fee or a TotalBet/UKBetting fee?

-Freeze

[/ QUOTE ]

Neteller. If you Neteller account is in USD, you get f'ed anytime you cashout from a GPB or euro based site (poker or casino) to Neteller. If Neteller has to convert the money, you have to pay them for the privilege.

[peregrine]

How is the conversion fee determined? Is it a percentage or a flat fee or combination of both? If it is a %, then it wouldn't matter how often you withdrew money.

[guppy]

If you win 1200 GBP over the year, it doesn't matter how often you withdraw if you withdraw the same total amount. So withdrawing 100 GBP/month is no better than withdrawing 1200 GBP at the end of the year, you still convert 1200 GBP (ignoring the Crypto cashout fees.)

But if the same player withdraws his entire balance each month, and then deposit 100 GBP to play with the next month, then over the course of a year he deposits 1200 GBP and withdraws a total of 2400 GBP (deposit + winnings), and loses 3 times as much cash to currency conversions.

[Thythe]

Yeah I deposit as low as possible to avoid this problem. I usually deposit just enough to sit at 3 tables with a half buy in at each. This amounts to about 75 GBP which is much less of a hit. If I bust I usually just deposit more.