UKBetting GBP to USD conversion problem

[peregrine]

Deposited 300 GBP in UKBetting. 4 days later withdraw 321 GBP. I was charged $555.45 for deposit and paid 570.89 on withdrawal for a net of about $15 even though I won 21 GBP (which are worth about 1.8 dollars). Deposit and withdrawals were with Neteller. Both UKB and Neteller claim they charge no conversion fees. Both blame the other. UKB can't quote me the conversion rate as they say their bank handles that. Conversion never matches when I check banks on-line. Anyone else have this problem or any idea what's going on. Not much money involved, but I'd like to think I'd get a fair deal. Thanks.

[riverhunter]

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Deposited 300 GBP in UKBetting. 4 days later withdraw 321 GBP. I was charged $555.45 for deposit and paid 570.89 on withdrawal for a net of about $15 even though I won 21 GBP (which are worth about 1.8 dollars). Deposit and withdrawals were with Neteller. Both UKB and Neteller claim they charge no conversion fees. Both blame the other. UKB can't quote me the conversion rate as they say their bank handles that. Conversion never matches when I check banks on-line. Anyone else have this problem or any idea what's going on. Not much money involved, but I'd like to think I'd get a fair deal. Thanks.

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It's neteller who charges processing fee(1.9% per transcation)

[Kevin K.]

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Deposited 300 GBP in UKBetting. 4 days later withdraw 321 GBP. I was charged $555.45 for deposit and paid 570.89 on withdrawal for a net of about $15 even though I won 21 GBP (which are worth about 1.8 dollars). Deposit and withdrawals were with Neteller. Both UKB and Neteller claim they charge no conversion fees. Both blame the other. UKB can't quote me the conversion rate as they say their bank handles that. Conversion never matches when I check banks on-line. Anyone else have this problem or any idea what's going on. Not much money involved, but I'd like to think I'd get a fair deal. Thanks.

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It's neteller who charges processing fee(1.9% per transcation)

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It's not a processing fee problem.

[Thythe]

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Deposited 300 GBP in UKBetting. 4 days later withdraw 321 GBP. I was charged $555.45 for deposit and paid 570.89 on withdrawal for a net of about $15 even though I won 21 GBP (which are worth about 1.8 dollars). Deposit and withdrawals were with Neteller. Both UKB and Neteller claim they charge no conversion fees. Both blame the other. UKB can't quote me the conversion rate as they say their bank handles that. Conversion never matches when I check banks on-line. Anyone else have this problem or any idea what's going on. Not much money involved, but I'd like to think I'd get a fair deal. Thanks.

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It's neteller who charges processing fee(1.9% per transcation)

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It's not a processing fee problem.

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Sure it is. They charge a currency exchange fee (which falls under the umbrella of processing) for both deposits and withdrawals.

[peregrine]

Neteller (twice) told me they don't charge. How do you know it is them? Also, I assume they charge both ways? Thanks.

[ipp147]

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Both UKB and Neteller claim they charge no conversion fees. Both blame the other. UKB can't quote me the conversion rate as they say their bank handles that.

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Hey peregrine,

I am in UK but have never played at UKbetting. But I think the quote above is key.

Their bank is probably charging when it is doing the conversions for UKB. It does this by having a spread on the rates between when you buy and sell so it has no currency risk.

[ctj]

If the exchange rate when you cashed out was different than when you bought (i.e, if the Pound went down in the interim), then that could explain the difference, even if there are no 'fees' involved. Essentially, you are taking the exchange rate risk.

-- C.T. Jackson

[peregrine]

I realize there is exchange rate risk. However, at the time of each exchange, I checked the rate on-line at three sites, including XE.com Universal Currency Converter. The 3 sites were consistent and different from the conversion rate I got (to my disadvantage). Anyone else having this happen?

[Aetherish]

Neteller charges a 1.9% currency conversion fee. If you are not short on bankroll, I suggest you leave a base stake on the site. Withdraw your monthly winnings (bonus) at will, leaving your base stake for next month.

You avoid paying the currency conversion charge for your base stake (twice) every month. You pay the currency conversion only on the winnings and your final withdrawl.

I've done this sucessfully on UKBetting, TotalBet, and Littlewoods. Itis suprising how fast you win back your initial stake (with help from the bonuses).

[Kevin K.]

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Deposited 300 GBP in UKBetting. 4 days later withdraw 321 GBP. I was charged $555.45 for deposit and paid 570.89 on withdrawal for a net of about $15 even though I won 21 GBP (which are worth about 1.8 dollars). Deposit and withdrawals were with Neteller. Both UKB and Neteller claim they charge no conversion fees. Both blame the other. UKB can't quote me the conversion rate as they say their bank handles that. Conversion never matches when I check banks on-line. Anyone else have this problem or any idea what's going on. Not much money involved, but I'd like to think I'd get a fair deal. Thanks.

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It's neteller who charges processing fee(1.9% per transcation)

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It's not a processing fee problem.

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Sure it is. They charge a currency exchange fee (which falls under the umbrella of processing) for both deposits and withdrawals.

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Yes, but he's talking about the 1.9% processing fee. This particular problem is larger than 1.9% and so I'm assuming that something else is to blame.