UKBetting GBP to USD conversion problem

[Robert Ezzo]

[ QUOTE ]
The exchange fee isn't exactly hidden. Below is a quote from the Neteller site, taken from the small print on the "Transfer funds" page:

[/ QUOTE ]

Indeed, no argument from me, I found that page a long time ago. But since so many people consider it "hidden", I thought I would continue using that nomenclature.

[ QUOTE ]
My friend went through this problem a few months ago but never did figure it out and I have not made a withdrawal yet from these sites. I don't believe limiting your withdrawals will have any effect on the 1.9% processing fee,it will only help with the $1 withdrawal charge. Its a % fee so it will be the same whether you make 1 or 6 withdrawals.

[/ QUOTE ]

It works because you are not depositing/withdrawing your stake every month, which is where the fees add up fast. Given a 4-tabling $1/$2 bonus chaser, you would need (approximately) $200. If you take that on and off every month, you are paying an extra $8/month in exchange fees you don't need to, where you could just cash out profits instead. If you did that for a year and then cashed out your stake, you would have saved yourself $88 over the course of the year. It adds up. [img]/images/graemlins/smile.gif[/img]

[Dr_Freeze]

The matter is complicated (perhaps favorably) by the fact that sites like UKBetting, Totalbet, and Littlewoods use a different exchange rate altogether, and the one used by those sites is often better than the "official" going rate.

By way of example, I think my last transfer to Totalbet was for 250 pounds, and it only cost me about $3.00 (~1.5 GBP), because part of the money lost to the neteller fee was "regained" by the favorable exchange rate on Totalbet.

The exchange rate changes like daily though, so I can't say that this is generally the case.

By the way, someone asked about where/how to find the poker site's exchange rate. It's given on the "buy-in" page any time you sit at a GBP table.

-Freeze

[peregrine]

The 1.9% fee actually does account for the difference. Neteller finally acknowledged they do charge this. Thanks for all you help.

[naschburger2]

so if I have the pound sites send me a check I avoid the 1.9% fee from neteller is that correct? It should only cost me the $1 and since I have plenty in my neteller account that should work if I am correct. I lose the 1.9% coming in but avoid it going out.

[Robert Ezzo]

[ QUOTE ]
The matter is complicated (perhaps favorably) by the fact that sites like UKBetting, Totalbet, and Littlewoods use a different exchange rate altogether, and the one used by those sites is often better than the "official" going rate.

[/ QUOTE ]

Personally, the Neteller exchange rate is the only one that makes a big differnece to me. The favorable exchange rates on TotalBet/UKBetting/Littlewoods are nice if you are playing the dollar tables in terms of needing slightly less bankroll to play them, but ultimately since I'm still withdrawing through Neteller, the Neteller exchange rate is the one I care about.