1. Dismiss Notice
  2. By continuing to use the site, you agree to the use of cookies .This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy.Find out more.
    Dismiss Notice
  3. Follow Casinomeister on Twitter | YouTube | Casinomeister.us US Residents Click here! |  Svenska Svenska | 
Dismiss Notice
REGISTER NOW!! Why? Because you can't do diddly squat without having been registered!

At the moment you have limited access to view most discussions: you can't make contact with thousands of fellow players, affiliates, casino reps, and all sorts of other riff-raff.

Registration is fast, simple and absolutely free so please, join Casinomeister here!

Currency Conversion Fees

Discussion in 'Online Casinos' started by aka23, Aug 7, 2006.

    Aug 7, 2006
  1. aka23

    aka23 Dormant account

    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?
  2. Aug 8, 2006
  3. KasinoKing

    KasinoKing WebMeister & Slotaholic.. CAG MM PABnonaccred webmeister

    House-Husband and Casino Advisor
    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:
  4. Aug 8, 2006
  5. Zoozie

    Zoozie Ueber Meister CAG PABnonaccred

    Software Developer
    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.

  6. Aug 8, 2006
  7. Rusty

    Rusty Banned User - repetitive flaming

    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)

Share This Page