Delayed payment/exchange rate.

zman

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Apr 10, 2005
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Hey all.

I have won a substantial amount from a casino.

Now i am withdrawing via wire from USD to AUD.

When i withdrew aud/usd was 0.85, currently its close to 0.90. That basically means I have lost $3000-$4000 because of them delaying the payment.

Now should i be compensated for this due to their delay?
 

lojo

Banned User - repetitive violations of <a href="ht
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Really? :)

Had the currency gone the other way would you have minded them 'discounting'? :rolleyes:
 

chuchu59

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I dont think you have a claim for the fluctuations in the worth of currencies. What if aud to the usd is nw 0.80. Can the casino now give you less and claim that you are compensated by the rise in curreny? As long as they have paid you the correct amount in USD, I think that should be okay. How they are going to account for the delay in payment is an entirely different issue and can not be tied to currencies which can vary by the minute.
 

zman

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thats what i thought i would see in the replys :D

Just annoyed at the exchange rate and the delay :(
 

gerilege

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In case of such significant amount you might want to avoid the risk of currency rate changes in the future. I mean you open a secondary bank account in the corresponding currency (USD in this case), and make the casino wire the funds to your USD account. Later when you find the exchange rate appropriate you transfer the funds to your primary AUD account.

A good strategy for huge amounts to follow overall is to make wire transfers between accounts in identical currencies, and do the conversion locally later on. You will pay less fees for the local transfer than receiving the funds to your AUD account directly, plust the freedom of choosing when to convert the currencies.
 

zman

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In case of such significant amount you might want to avoid the risk of currency rate changes in the future. I mean you open a secondary bank account in the corresponding currency (USD in this case), and make the casino wire the funds to your USD account. Later when you find the exchange rate appropriate you transfer the funds to your primary AUD account.

A good strategy for huge amounts to follow overall is to make wire transfers between accounts in identical currencies, and do the conversion locally later on. You will pay less fees for the local transfer than receiving the funds to your AUD account directly, plust the freedom of choosing when to convert the currencies.

Great tip will deff use it next time :)
 

loganberry

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No more Heroes
Originally posted by zman...
Now should i be compensated for this due to their delay?

Originally posted by chuchu59...
I dont think you have a claim for the fluctuations in the worth of currencies

Does this not depend on how long the timeframe is between deposit and return? Over the course of a few days, it is unlikely that a currency will have a hugh variation in the exchange rate. But what if the casino itself delays its processing for a month or two?

I am currently in that situation - I made a UK deposit (converted into $US by the casino) from my bank account over 2 months ago, and to date the casino still has not claimed its money. As a result, the amount I now owe them is almost 100 more than the original deposit amount due to exchange rate fluctuations.

Being cynical, I see this as an exploitation of the exchange rate mechanism, and really do not feel it fair that, due to their actions, I am going to lose out quite heavily here. :mad: I really do feel this is an unjust, sharp practice on their part.

Zman, can you tell us how long the timeframe has been in your case?
 

zman

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Im not sure, but i think its been 2 weeks and they expect to process it within 3-4 weeks.
 

LOOKAWAY

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Hi I thought that they paid out on the exchange rate upon purchase does make more sense that way because if the exchange rate is higher on cashout no casino would give you extra so i think this stinks just my opinion i know im not helping but you got it anyway.

Hi also does anyone think the u.s $ is worth a little more this week as i have purchased at a micro the other night and a rival today o and 3dice and it was.

And gues what had a stinker on supersuits and pulled it all back and profit on happy valley not goin to call it crappy valley ever again yeehaaa. 7 retriggers on 15x3 wasn't betting to much because my bank roll is stinking to at the moment was well happy tho nice pullback after the new slots at inetbet wiped me clean.

Had a crappy morning at this is vegas to my bank roll was empty but $70 took on a bonus and within the hour made all my losses back + a bit but now have wagering to do.

Also check my suspicous after free spins screen shot in lucky winners im gonna post in a bit something dont add up let alone the shite payback cashed four comps as a last resort and got the free spins then a nouther few deposits and youll find with the bonus as things are now ok. Love to see your comments or suggestions why it is like that.
 
Last edited:

AussieDave

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Australia
I mean you open a secondary bank account in the corresponding currency (USD in this case), and make the casino wire the funds to your USD account.

Great idea in theory :thumbsup:

Though in real life terms practicality it's probably impossible.

I'm also in Australia & I looked into opening an off shore account & could only do so with my company credentials, even then banks required a min $50K up front, not to mention the initial account set-up fees.

My suggestion is if your playing at Microgaming is to get yourself a payspark account.

Money gets transferred to that and you can withdrawal up to $3K US a day from any ATM here in OZ. Amounts over $500 ion the account accumulate interest. Least you have control over the exchange rate.


Cheers

Trezz
 

Chipeez

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Utrecht
Perhaps you could do something like this with e-wallets. Make neteller of moneybookers a dollar account.. This is IMHO the best way to have us dollars stored for a while..
 

gerilege

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Great idea in theory :thumbsup:

Though in real life terms practicality it's probably impossible.

I'm also in Australia & I looked into opening an off shore account & could only do so with my company credentials, even then banks required a min $50K up front, not to mention the initial account set-up fees.

But why would you open an offshore account? I'm not familiar with the Australian banking conditions, but I meant a normal bank account held in an Australian bank, which is accounted in USD, not in AUD? Is it possible over there? Or is it forbidden for some reason?

The good thing in this forum is that you get to know people from different countries, with different background. In Hungary you can have an account in the major currencies (EUR, GBP, USD) for free - in case you also have a normal bank account there in HUF (=Hungarian Forint) - or for 1-2EUR/month, and without any deposit (in case your primary HUF account is funded of course, if you walk into a bank only to open a USD account, they might require a deposit).

Each account has its own IBAN number, and can be used for transfers, you can apply for a debit card registered to any of the accounts, and if you use your card that belongs to your USD account, the charges will be converted to and booked in USD if needed, and if you use another card which is assigned to a HUF account, then it will be converted to HUF. Similarly with wire transfers, as I described in my post.
 

lojo

Banned User - repetitive violations of <a href="ht
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The USD gained strength??????????


THE WORLD IS COMING TO AN END!!

Just sell $20billion in weapons to an Arab country the same day you sell $30 billion to Israel, have one good day in the stock market, and quietly ask opec to increase oil supplies. Easy, anyone can manipulate the USD (for one day):eek2:
 

Nifty29

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:eek: :eek: :eek: :eek:

You won about $70k ??

Wowsers. How did you manage that one?

I use Neteller. There is a $1k a day limit at ATM's but you can actually get a Mastercard Debit Card so you can use it for purchases etc anywhere you like. All transactions are free except for ATM cash which is $4 per withdrawal regardless of the amount.
 

zman

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Apr 10, 2005
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Great idea in theory :thumbsup:

Though in real life terms practicality it's probably impossible.

I'm also in Australia & I looked into opening an off shore account & could only do so with my company credentials, even then banks required a min $50K up front, not to mention the initial account set-up fees.

My suggestion is if your playing at Microgaming is to get yourself a payspark account.

Money gets transferred to that and you can withdrawal up to $3K US a day from any ATM here in OZ. Amounts over $500 ion the account accumulate interest. Least you have control over the exchange rate.


Cheers

Trezz

Mate you can get a multi currency account from HSBC.
 

zman

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Joined
Apr 10, 2005
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Home
:eek: :eek: :eek: :eek:

You won about $70k ??

Wowsers. How did you manage that one?

I use Neteller. There is a $1k a day limit at ATM's but you can actually get a Mastercard Debit Card so you can use it for purchases etc anywhere you like. All transactions are free except for ATM cash which is $4 per withdrawal regardless of the amount.

A little under that but yeah i wouldnt want to get slugged with crappy exchange via card provider.

I think im just going to open a multi currency HSBC account and wire the money there.

Aussie lost value against US over night +1.5k lol :D
 

AudiManinBoro

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Jun 19, 2006
Location
UK
Of course you COULD have kept the funds in your casino account until such time the currency xchange rate was more in your favour, however ive found that most casinos give you the same xchange rate as when you made your initial deposit.
 

zman

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Apr 10, 2005
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Home
Of course you COULD have kept the funds in your casino account until such time the currency xchange rate was more in your favour, however ive found that most casinos give you the same xchange rate as when you made your initial deposit.

The problem in the first place is the delay........also no casino would do it at the same exchange as you deposited.
 

AudiManinBoro

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Jun 19, 2006
Location
UK
The problem in the first place is the delay........also no casino would do it at the same exchange as you deposited.

Ok i used the worng word most maybe not most but some lol William Hill does Zman, the xchange rate is always the same as what was used to deposit when i cash out :)
 
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