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Currency Conversion Fees

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

    Aug 7, 2006
  1. aka23

    aka23 Dormant account

    Occupation:
    Technical
    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?
     
  2. Aug 8, 2006
  3. KasinoKing

    KasinoKing WebMeister & Slotaholic.. CAG MM PABnonaccred webmeister

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

    Zoozie Ueber Meister CAG PABnonaccred

    Occupation:
    Software Developer
    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
     
  6. Aug 8, 2006
  7. Rusty

    Rusty Banned User - repetitive flaming

    Occupation:
    IT
    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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