Withdrawals and currency conversion fees

[whodatrec]

Im allitle confused as i received my payment of 90 000 NOK today i only recived ruffly 89000. Thats about 1% fees.

But other times when i have cashed out i have gotten maybe lets say: 10000 i receive 9998,-. I understand the higher the amount the more the fees, but the % seams totally random. One time i cashed out 15000 and got 15032 so even sometimes you get more.

This is due to the currency if i understand it correctly? But i know my bank only charges me 25 NOK for a transaction like this, so it has to be the casinos bank thats taking the fees.

 

[refre]

If both are NOK banks there shouldn't be a fee.

On a Euro transaction into a NOK bank, the fee sounds reasonable.
Actually, a 1% currency exchange fee is not bad at all.

VISA takes about 2% and Neteller and Skrill both charge several percent, depending on VIP status.

If this is a withdrawal from a NOK denominated casino account, into a NOK bank account, I would expect the casino to cover all fees incl lossed due to currency exchange, if they decided to pay from a EUR bank account.

Freddy

 

[whodatrec]

Yes my currency was in NOK at the casino. I asked CS but they said its due to their third part, and they explained the different % with that they used several third parts to send out the money.

Actually it was 88942.11 NOK that was the actual transaction into my account, my bank then takes it fees after its recieved. On a 90000 withdrawal its not life or death but 1100 NOK is slightley over one normal deposit for me.

So i would be in the right asking the casino to cover the money that got lost? I won alot of money and its not that much compared to the amount i cashed out, but it is a relevant sum for me and it is the principle.

 

[Blathaon]

Im allitle confused as i received my payment of 90 000 NOK today i only recived ruffly 89000. Thats about 1% fees.

But other times when i have cashed out i have gotten maybe lets say: 10000 i receive 9998,-. I understand the higher the amount the more the fees, but the % seams totally random. One time i cashed out 15000 and got 15032 so even sometimes you get more.

This is due to the currency if i understand it correctly? But i know my bank only charges me 25 NOK for a transaction like this, so it has to be the casinos bank thats taking the fees.

I'd say it's improved then, your big win was at Betsson right?

When i had my biggest withdrawal ever from them back in October i withdrew 115000NOK but only received 111439NOK a loss of ~3,1% or 3561NOK.

I contacted them to get a clarification since both my bank account and casino account is in NOK. And the payments to my bank from them was sent in NOK, the response i got is that they charge no fees but that the money is converted to Euros and back to NOK again before it reaches my bank.

The solution for me have been to use Skrill. When you withdraw to skrill Betsson pays the full amount, and Skrill hold a Norwegian bank account with DNB so when you withdraw from skrill you get the money quickly and you get the full amount.

 

[refre]

Yes my currency was in NOK at the casino. I asked CS but they said its due to their third part, and they explained the different % with that they used several third parts to send out the money.

Actually it was 88942.11 NOK that was the actual transaction into my account, my bank then takes it fees after its recieved. On a 90000 withdrawal its not life or death but 1100 NOK is slightley over one normal deposit for me.

So i would be in the right asking the casino to cover the money that got lost? I won alot of money and its not that much compared to the amount i cashed out, but it is a relevant sum for me and it is the principle.

I think so, yes.

They can use any processor or third party they like.

But they are still responsible for any extra fees, incl unnecessary currency exchange.

I would ask for my money back.

What's the point of using your own currency if transactions are carried out in EUR?


Freddy

 

[whodatrec]

I'd say it's improved then, your big win was at Betsson right?

When i had my biggest withdrawal ever from them back in October i withdrew 115000NOK but only received 111439NOK a loss of ~3,1% or 3561NOK.

I contacted them to get a clarification since both my bank account and casino account is in NOK. And the payments to my bank from them was sent in NOK, the response i got is that they charge no fees but that the money is converted to Euros and back to NOK again before it reaches my bank.

The solution for me have been to use Skrill. When you withdraw to skrill Betsson pays the full amount, and Skrill hold a Norwegian bank account with DNB so when you withdraw from skrill you get the money quickly and you get the full amount.

WOW!! Seriously 3561? I would have asked for a refund. Didd they pay you the money back?

Yes it was at Betsson. So should i ask the rep? Or ask CS? Send them my bank statement?

But still i am very happy, fast withdrawal and i got to pay of a big chunk of debts made me feel very good

 

[Blathaon]

WOW!! Seriously 3561? I would have asked for a refund. Didd they pay you the money back?

Yes it was at Betsson. So should i ask the rep? Or ask CS? Send them my bank statement?

I never got anything back, i told them that i thought it was misleading to claim to charge no fees on withdrawals, They themselves charge no fees which is true but i don't really care who charges the fee I'm still out several thousand NOK.

The advice i got was to use an E-Wallet and there will be no exchange fees, so that's what i have done ever since.

I'm still a bit annoyed about the money, because they should inform people that even though their Betsson accounts are in NOK the money is for some reason converted to euros and then back to NOK before reaching the players bank account.

You could always try to contact the rep but i doubt you will get anything back.

 

[whodatrec]

Then it would be better if my account was in euros.. So basicly in NOK you get double fees... NOK-Euro-NOK. Instead of Euro-NOK

 

[Finn]

So i would be in the right asking the casino to cover the money that got lost? I won alot of money and its not that much compared to the amount i cashed out, but it is a relevant sum for me and it is the principle.

There are different extra costs associated with gambling depending on where you live, where you play and how you pay.

Is it lame that Swiss player, unlike EU player has to pay huge taxes on jackpot wins on Malta licensed casinos? Yes.

Should casino, and since a business always transfers extra expenses to customers, one way or another, EU based customers of that casino pay that Swiss player's tax bill to the government of Switzerland? No.

Same with other extra fees due to where you live and how you pay.

You need to figure out what the likely extra costs are beforehand. One Finnish player who didn't do that, and rather than playing Mega Moolah on one of the dozens of casinos licensed in Malta and Gibraltar, which are tax free for Finns and any other EU citizens because they are located within EU, chose to play in casino that was located outside of EU, so he ended up paying half of his Mega Moolah jackpot to the government.

 

[K2C]

So i would be in the right asking the casino to cover the money that got lost?

Most casinos state (or imply) in their T&C they are not responsible for those fees. Here is what Betsson says:

betsson.com/en/web/PopUpWindows/Terms.aspx

BETSSON offers a wide range of withdrawal methods. Withdrawals can incur charges depending on the method selected. Any winnings above the above-stated level can be withdrawn through the method chosen by you for deposit. For the current fees for withdrawals, see "My Account" and "Withdrawals" for the different methods. In addition, Your own bank may add a further handling charge. These charges may vary over time.

But you can always try and ask them. May be a friendly rep will give you a bonus as a compensation.

If this was a single big lucky win I would just let it go. For someone who is a high-roller, regularly moving 4-5 digit EUR figures in and out it is reasonable to explore it before playing, or even before finding a right casino. Talk to the casino, talk to your bank. Look at the e-wallet options as well. The currency conversion is one of the major sources of those fees; the ugly thing is, unlike other banking fees the currency conversion fee is always expressed as a percentage and is (almost?) never capped.

 

[whodatrec]

One other thing im NOT happy about is that i have a limit of 1000 NOK a month at betsson. And following my win i have been allowed to deposite 9610 NOK WTF???? Why do they let me deposit if my limit is 1000? So when i win its ok to lose some back??

Responsible gambling my ass.. Not playing there anymore. Have a pending bet on tomorrows match after that im closing my account there.

And ofcourse in all those deposites betting at 4-10 NOK a spin... All games stone cold.. As i said i expected this to happen

 

[K2C]

One other thing im NOT happy about is that i have a limit of 1000 NOK a month at betsson. And following my win i have been allowed to deposite 9610 NOK WTF???? Why do they let me deposit if my limit is 1000? So when i win its ok to lose some back??

Did you personally set this limit? Do you have a confirmation email? A screenshot? Chat script? Anything with the date preceding your deposit?

 

[whodatrec]

They told me on chat now that i was able to keep on depositing due to my big WD. Apparentley you can lose it all back. in this case i can lose 91000. 90000WD pluss my inital 1000 NOK limit. I wont be depositing again, but i asked if they could block further deposites until next month, but cs told me no, i could block my account if i wanted.....

 

[K2C]

You are talking about Betsson, right?

 

[Tirilej]

They told me on chat now that i was able to keep on depositing due to my big WD. Apparentley you can lose it all back. in this case i can lose 91000. 90000WD pluss my inital 1000 NOK limit. I wont be depositing again, but i asked if they could block further deposites until next month, but cs told me no, i could block my account if i wanted.....

Either you block it or you close it then. I don't like the sound of this really.
Have you set limits in all other places too, and this was the only one that let you deposit?

I hope you will hold on to that money you have left.

 

[whodatrec]

Ofcourse me depositing and playing was my own choise. But other sites such as Unibet honor the limits even after a WD. I cashed out 15000 from Unibet after a 1000 NOK deposit two weeks ago. This was my monthley limit and im not able to deposite again. Only at Betsson.

 

[K2C]

Ofcourse me depositing and playing was my own choise. But other sites such as Unibet honor the limits even after a WD. I cashed out 15000 from Unibet after a 1000 NOK deposit two weeks ago. This was my monthley limit and im not able to deposite again. Only at Betsson.

Once again, do you have any proof of (1) the deposit limit you have set (2) the actual deposit you have made which exceeded this limit?

 

[Tirilej]

Ofcourse me depositing and playing was my own choise. But other sites such as Unibet honor the limits even after a WD. I cashed out 15000 from Unibet after a 1000 NOK deposit two weeks ago. This was my monthley limit and im not able to deposite again. Only at Betsson.

They should of course not let you deposit if you have a limit set. No matter if you cash out a million. It shouldn't matter

 

[whodatrec]

Yes ofcourse.. CS even told me why i was allowed to deposit... It even states at the responsible gaming page, just noticed it now...


About setting a deposit limit
These limits are independent of the limits or minimums that accompany the various payment methods, as listed on the Deposit Page.
If, for example, you would like to set yourself a monthly limit of €100 you need to take into account you payment providers fee and add it to your desired limit amount.
Once you set your limit you will receive a confirmation e-mail.
Want to reduce or delete a limit?
You can change your limit at any time
You can raise or delete your limit at any time, but the limit will have a waiting period for 7 days. So if you, for example, set a limit to €100 per week and delete it on a Monday, it won't be deleted until the Monday the week after.
How does Budget Limiting work?
The budget limiting tool is calculated on the net amount in your account. For example, if you set a 500 Euro limit and withdraw 2500 Euro, then you will be able to deposit 3000 Euros in total.
This means that the deposit limit protects you from spending beyond you set limit exclusive of any winnings.
The limit automatically takes into account any withdrawals and winnings made during the specified time-period when you set your limit.
For example, if you select a €20 daily limit (24 hours), any winnings or withdrawals from the previous day (24 hours) will be added to the daily limit.

I had a limit then i removed it before winning, and after winning i set the limit again. Im sure Betsson can confirm this.

 

[Tirilej]

I can understand their reasons because if a player need to set a limit he doesn't trust himself enough to not deposit over that limit.
They probably think it's better if you give the money back where it came from.

I still don't think it's morally right to expand the limit.
Maybe you should close your account there for a few weeks at least?

 

[whodatrec]

That money is not the end of the world to me. But i think this is not responsible gambling at its finest. Other casinos i play at a limit is a limit no matter if you win or lose. They should change this. What if someone wins a million and goes bananas with the money after winning losing it all back even tough they set a limit. Is that ok?

Yes its the players fault for depositing. But its easy to get carried away after a big win. But now i feel feed up for a while. I had much more fun betting 100NOK on the match today.. Winnings where small but it was more fun than losing at slots.

 

[whodatrec]

I can understand their reasons because if a player need to set a limit he doesn't trust himself enough to not deposit over that limit.
They probably think it's better if you give the money back where it came from.

I still don't think it's morally right to expand the limit.
Maybe you should close your account there for a few weeks at least?

Yes i am going to do so. I just have a small bet going for tomorrows match. I wanted to if i win this bet, bet the winnings on the final match. But maybe better to just close now. Even tough im 100% certain i am not going to deposit anything more