Changing currency with NETeller to avoid USD fluctuations

[real843]

Has anyone thought about changing the currency in their NETeller account to Euro in order to avoid the downswing in the usd?

I'm thinking of doing this and then cashing out a large portion of my BR. Would this be a good idea?

I would appreciate any thoughts around this.

[Sheriff Fatman]

You only get hit with any exchange rate costs when you actually make a transaction so the answer very much depends on how regularly you cash out, how long you can leave the funds untouched if necessary, etc.

Personally (I'm in the UK) I've never bothered switching to Sterling as I make far more transactions into and out of sites from Neteller than I do cashing out from there. Therefore I only take an exchange hit on the infrequent cashout transactions rather than the very regular deposits and withdrawals of US$ into and out of sites.

Also, Neteller's exchange rates are terrible so, if possible, look for an alternative way to cash out (Party's Switch option is best for me, although it probably doesn't apply in mainland Europe).

Sheriff

[KaBoom]

I changed my base currency to EUR about a half a year ago. Dumbest thing I've ever done. Now I changed it back to USD. If most transactions are made in USD to and from pokersites then it is better to have same base currency to avoid currency transaction costs.

I think the best thing to do might be to look for a pokersite that is played in Euros. Then it is better to once again have Neteller currency in EUR.

You're right about the downswing of the USD and this is forecasted to continue still maybe even 20%.

[chezlaw]

I don't worry about currency fluctuations, in the long run I'm going to lose sometimes and gain sometimes and if I knew when I would be a very rich man.

If you are sure that the $ is about to lose a lot of value then forget poker and bet on that.

chez

[real843]

"If you are sure that the $ is about to lose a lot of value then forget poker and bet on that."

I am no currency expert but keeping a large BR at the site I'm playing at doesn't feel good when the dollar is dropping this much. During the last year the value of my BR has dropped by 30%, that's a whole lot of money...

I am trying to find some sort of solution to this in order to avoid losing to much money and just came up with this idea which might not be the best but without thinking and discussing around it there isn't going to be solved.

[daveymck]

Unfortunatley you are going to take a hit at some point, whether neteller charges the $ going down while in your bankroll etc.

Only real way round it is play on the crypto sites on the euro/gbp tables and have your acocunt there in Euro or £'s but it aint much of a workaround.

That or buy lots of stuff on US sites again not much of a workaround.

Just have to ride the storm and hope that the $ starts to recover, is good for us if we plan to goto the states or buty stuff there but not good for our exporters or tourism industry.

[HesseJam]

Just today I changed from € to US$. When I signed up I thought about which currency I should take. I am funding Neteller with € and I withdraw in €. However, my bonus whoring is in US$. They charge you about 2% conversion fees for each $ transaction if you make with an € account. I have a bankroll of about 800$ So, my monthly turnover due to bonus whoring is something like 4 times of my bankroll (2-3 deposits to poker sites, 2-3 cash out into NT). Thus the commission is about 8% per month for me. That outweighs the currency risk for me, especially since most of the time my money is in some $ poker sites anyway.

[IlliniRyRy]

Come on man, a big movement in the eur/usd is in pennies, unless you have 6 figures in your neteller account, this just seems unreasonable to me when you take in account the transaction costs and the fact that you have to deal with another currency, just too much hassle IMO

[chezlaw]

[ QUOTE ]
"If you are sure that the $ is about to lose a lot of value then forget poker and bet on that."

I am no currency expert but keeping a large BR at the site I'm playing at doesn't feel good when the dollar is dropping this much. During the last year the value of my BR has dropped by 30%, that's a whole lot of money...

I am trying to find some sort of solution to this in order to avoid losing to much money and just came up with this idea which might not be the best but without thinking and discussing around it there isn't going to be solved.

[/ QUOTE ]

I'm sharing your pain and it's not just the bankroll - the games we play in aren't earning us as much as they used to. But the past is gone, and we would feel a bit silly if we moved out of $s and then they go back up.

If our business is in a foreign currency then we either live with the fluctuations or, if your bankroll is large, you could find a financial instrument to hedge against the risk. Its probably quite easy these days with one of the spread bet firms. Maybe someone else could provide precise advice on this.

chez

[real843]

Thanks for your input guys. I guess there is no easy way of securing your money...

Let's hope that the dollar rises through the roof soon [img]/images/graemlins/grin.gif[/img]