Dollar cashier accounts

ocallagh

If your cashier account is in Euro and you play in dollar games you are ok.

If your cashier account is in dollars you could lose a lot over the next few weeks/months. My account on Prima is all dollars.. and I have lost a lot recently due to exchange rates changing. Does anyone have any advice? I was thinking of keeping everything in my Neteller account (which is Euro) and just transferring when I want to play.. but Neteller give awful exchange rates. Anyone have any ideas?

Lafortezza

Doesn't Neteller give better exchange rates than most poker sites?
I've been boned on exchange rates the last few times I've moved money from Neteller ($) to the B2B network (euro).

ocallagh

I was thinking of offsetting any losses by gambling on exchange rates on some sort of spread betting site. If the dollar weakens I'll lose money on my poker account, but I'll win money on my spread bet.. and vice versa. So I just need to figure out some maths to make sure I can balance the two.. Anyone see any pitfalls doing this?

tribulus

yeah i play on boyle and got them to change my sports account to euros. Give them a ring and they usually fix everything, though you might need to change your username(not your screenname) slightly.

I don't know if this helps but they said that they had to contact prima to sort it so hopefully you can do the same

ollyk1

ocallagh wrote:

If your cashier account is in Euro and you play in dollar games you are ok.

If your cashier account is in dollars you could lose a lot over the next few weeks/months. My account on Prima is all dollars.. and I have lost a lot recently due to exchange rates changing. Does anyone have any advice? I was thinking of keeping everything in my Neteller account (which is Euro) and just transferring when I want to play.. but Neteller give awful exchange rates. Anyone have any ideas?

Open a spreadbet account and hedge the risk.

Say you have a $10k BR that you want to preserve in euro terms. Sell the dollar at €1 per point movement in the dollar price. (i.e. 1/100 of a cent fall in the dollar exchange rate versus the euro and you gain a euro and vice versa).

So if the value of your BR drops by ($10k* initial euro exchange rate) * 9999/10000 = $9,999 * initial euro exchange rate but you gain a euro on your hedging bet and apart from transaction costs (expressed as the spread) you have maintained the euro value of your BR.

Alternatively the dollar rises and your BR value in euro terms increases but you lose an equivalent amount on your spread bet contract.

If I had a $10k BR I would do this. If I had $5k or less BR online I don't know if I'd bother as you are probably better off with some neteller type solution.

Edit: I see you've already come to this solution yourself Niall. I can't see any issue tbh. You are a euro investor with an unintentional dollar exposure, hedging the risk cost effectively makes a lot of sense to me.

MadsL

My word...BRs that require hedging strategies....

You've come a long way Baby!

ocallagh

ollyk1 wrote:

Open a spreadbet account and hedge the risk.

Say you have a $10k BR that you want to preserve in euro terms. Sell the dollar at €1 per point movement in the dollar price. (i.e. 1/100 of a cent fall in the dollar exchange rate versus the euro and you gain a euro and vice versa).

So if the value of your BR drops by ($10k* initial euro exchange rate) * 9999/10000 = $9,999 * initial euro exchange rate but you gain a euro on your hedging bet and apart from transaction costs (expressed as the spread) you have maintained the euro value of your BR.

Alternatively the dollar rises and your BR value in euro terms increases but you lose an equivalent amount on your spread bet contract.

If I had a $10k BR I would do this. If I had $5k or less BR online I don't know if I'd bother as you are probably better off with some neteller type solution.

Edit: I see you've already come to this solution yourself Niall. I can't see any issue tbh. You are a euro investor with an unintentional dollar exposure, hedging the risk cost effectively makes a lot of sense to me.

great minds Ollyk1!

I have an account with http://www.sharespread.com/ so i think i'll do this. The few points they gain as part of their comission might actually be worse than using the neteller approach. i'll do the maths and see which one works out best. The only problem with this solution is it ties up your cash.. which is probably a good thing!!

tribulus wrote:

yeah i play on boyle and got them to change my sports account to euros. Give them a ring and they usually fix everything, though you might need to change your username(not your screenname) slightly.

I don't know if this helps but they said that they had to contact prima to sort it so hopefully you can do the same

I am with All-In and they dont have a sports book although they said they'll echange dollars at a preferencial rate and transfer Euro into my bank account, but they cant convert to euro

willis

so my ppp account is in euro. Will this EURO amount change if the US dollar weakens? At the moment the rate is 1.26, so say the rate goes up to 1.32...I lose out yeah?

My doyles a/c is all in dollars as is Party and so is my neteller a/c so what the heck shuould i do? I havent got a clue on this topic tbh

Imposter

I've pretty much everything in dollars at the moment (except VC) and there's no way i'm changing it as I reckon the exchange rates will be less over the long term compared to the costs of moving money. I do a lot of deposits for bonuses and I reckon staying in dollars makes sense.

Annoyingly i'll need to set up a new VC account if I want one in $! Seems like it should be an easy thing to change but no!

Shortstack

I just cashed out the same amount in dollars from Party as I did last month and I got more Euro's this month

Glowingmind

willis wrote:

so my ppp account is in euro. Will this EURO amount change if the US dollar weakens? At the moment the rate is 1.26, so say the rate goes up to 1.32...I lose out yeah?

If your PPP account has 100 euro in it today, it will have 100 euro in it tomorrow, no matter what happens to thedollar (unless you lose the 100 playing poker )

The dollar amouont will change though