Currency Conversion Fees

aka23

Dormant account
Joined
Jun 11, 2006
Location
Planet Earth
Neteller charges 1.9% for each currency conversion. For example, if you have a Neteller account in $ and deposit 100 GBP to a casino, you'll be charged the value of ~102 GBP. If you then withdraw the 100 GBP, you'll receive the value of ~98 GBP. This 3.8% loss is larger than the house edge in many casino games.

Wells Fargo (a US bank chain) charges even more... 3% per currency conversion.

What are some less expensive options?
 

KasinoKing

WebMeister & Slotaholic..
webmeister
PABnonaccred
CAG
MM
Joined
Aug 25, 2004
Location
Bexhill on sea, England
Dunno about less - but I know about MORE expensive... :eek:

One of my Credit Card companies charges a 3 'cash advance fee' for every casino deposit.
(Though to be fair, they refund this if I make a withdrawal).

One or two of my E-cash accounts are in $US but not via Neteller; when I withdraw by cheque the exchange rate they charge is criminal!
e.g. the current bank rate is $1.90/1 - but E-cash is around $2/1 :eek2:
 

Zoozie

Ueber Meister
PABnonaccred
CAG
Joined
Dec 1, 2005
Location
Denmark
I have my Neteller account in same currency that I use at almost all
casinos ($). So I only pay a fee when I request a withdrawal from Neteller. I only use £ in a very few casinos where I basically only have 32Red as active account now. If I only played at casinos with accounts in £ I would of course
have the neteller account currency in £, but since it is only for 32Red I have this problem, I can live with it. (And I could have choosen the 32Red account to be in $, but this would make the monthly bonus less juicy).

I do not know if Neteller allows multiple accounts so you can have one in both
$ and £ and that would solve the deposit/withdrawal fees from the casinos. Of course funding the other account would cost a fee unless you can build it almost from scratch by winning at the casino/poker sites.

Zoozie
 

Rusty

Banned User - repetitive flaming
Joined
Jul 23, 2006
Location
Manchester UK
A reputable casino may have an average payout of 97% or looked at another way a 3% charge for using its services.
For this 3% you get great entertainment and the chance to actualy win money!
Casinos, better value than Banks! (and a lot less evil imo)
:lolup:
 
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