Question Currency Conversion Help

[bjtaz44]

Hi, Just wondering if someone can answer this. Its about deposits and withdrawals using a foreign currency.
I don't really want to ask my Bank and usually play in Canadian $ but started at REDBET and they only have Euro.

Does anyone else use CIBC Visa Debit here? from Canada? anyway, my deposits are always converted at the current Exchange rate $1.46-$1.50 roughly but my
withdrawals are always way below the exchange rate like $ 1.39, is this normal? where is the extra money going?

I am in no way blaming REDBET I like playing there, just curious if it is CIBC taking more money as usual or is this just a set rate? with big withdrawals it adds up! they already over-charge me on accepting wire transfers by $ 15 from 32red so that can add up fast also!

I know there is web wallets etc and this method is my choice but getting tired of fees with no explanation.

 

[me_and_ed]

Yes, very common, don't forget the processors (CIBC in this instance) work both sides of the currency, they take their piece in and out, generally about .3c above or below spot, however seems gaming transactions get the full rip which seems to equate to about .6c plus the foreign exchange fee they charge.

 

[bjtaz44]

Ok, Thanks for your help.