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Originally Posted by Vesuvio
But there is a "pound edge" if you're claiming a bonus, isn't there? It's a very strange approach to dealing with it and it's going to trap some people who weren't thinking of maximising their advantage, but in some ways it's preferable to banning the use of pounds completely for non-UK players.
What I would say is that if they're going to take 5% off it should only be after a bonus has been claimed, as otherwise there's absolutely no justification.
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There is an edge in the value of the currency - but there is not necessarily any additional edge from playing (ie. you can't bet 75 pence units at blackjack, only 1 pound units).
If they can justify the reason for taking of 5% (currency exchange) then they really ought to apply this across the board. If they cannot justify this then there is no reason that anyone should be charged 5% no matter what currency they play in.
From experience, I have determined that the average currency exchange will cost you between 1-1.5% in value. This is before any fees deducted on either side for providing the service. So while I still think 5% deductions suck, I can see why they do it and don't think that this is unreasonable, provided it is clearly stated and applied in a fair manner.
Just for the record, Neteller's conversion charges are quite high - especially when you move money to your debit card. I easily lose 5% from the time someone sends me money to the time I have the cash in my hot little hands. I have complained about this before but it doesn't appear that there is much they can do about it.