PartyPoker screw you in currency exchanges and more...

luckylucky

For those that play on PartyPoker you can easily verify what I'm going to say here. When you are on the PartyPoker deposit screen. Click on the little Exchange rate Link. This is located beside 'Your account will be credited...'

As of now you would get $1.4218 for 1 euro. the actual rate according to xe.com is 1.46226. that's almost 3% they make on the deposit transaction alone .... but it gets even better

Now when you're in that exchange rate page, change the currency 'Convert From' to dollars and the 'Convert To' to Euros. As of now you get .6618 Euros for $1 dollar, you should be getting 0.68351. That's over 3%.

So all told between deposit and withdrawing Partypoker make 6% on your currency exchanges :eek:

Most other sites don't this by the way, they apply the same rate for depositing and withdrawing.

Partypoker also charge a fee for depositing via a debit card. I don't know of any other site that does this.

And I haven't even mentioned their rake. I wonder has that increased of late too. :rolleyes:.

What I did spot is that the sng fee for a $200 tournament has increased from $15 to $16 so makes me wonder what other things they are doing that I haven't actually spotted.

I used to be a regular on PartyPoker, not anymore because of this BS.

Partypoker - You can fool some of the people some of the time, but you can't fool all of the people all of the time! :mad:

shrapnel222

you save a lot of money, and there was a good thread on this on 2plus2 a while back, if you hold your money on party in euros

ianmc38

Hey Lucky, I noticed this about 6 months ago when i started playing on Party again. I lodged and withdrew a few k and lost my profits between deposit and withdrawal. Absolute daylight robbery going on.

luckylucky

ianmc38 wrote: »

Hey Lucky, I noticed this about 6 months ago when i started playing on Party again. I lodged and withdrew a few k and lost my profits between deposit and withdrawal. Absolute daylight robbery going on.

yeah I posted about this here several months ago here too but the thread just got bogged down by people who just for whatever reason didn't want to believe what I was saying. Nobody even was bothered to verify what I was saying then.

I threw my hands up to heaven at that point, back then though they weren't even taking anything like those sort of percentages, they've obviously seen what they can get away with and are pushing it even more. In a way can't blame them if people are fool enough.

Just after seeing how bad it has got now, I decided I had to post about this again, hopefully people will actually take notice this time :rolleyes:. hmm somehow I doubt it though

prendy

you save a lot of money, and there was a good thread on this on 2plus2 a while back, if you hold your money on party in euros

how do you keep it in euros?
I didnt realise this was happening so might play elsewhere.
thanks for the heads up!:mad:

Tribezz

thanks for this lucky, I did notice this aswell the only reason I have any cash in pp at all is to play a sat or 2 for the IPC.

I have had an a/c with GJP but have only really started to play there a bit in the past 3 months. I find it great to play on and any queries or questions I've had, Mike has been absolutely brilliant helping me.
Bankroll allowing I think I'll stick here for a while. With the odd sats and tourneys elsewhere.:D

No I don't have shares!!

RedJoker

I cash my money out to moneybookers and exchange there.

luckylucky

RedJoker wrote: »

I cash my money out to moneybookers and exchange there.

I've been using neteller the few times I've played on Party but they also charge yeah currency exchange fees, not as bad as Party mind. How much do Moneybookers charge?

Hawk Eye

shrapnel222 wrote: »

you save a lot of money, and there was a good thread on this on 2plus2 a while back, if you hold your money on party in euros

Yeah if anyone wants to withdraw from party via a bank transfer you should convert your party account to €'s first. That way you will get close to the .6835 rate that luckylucky alluded to.

Bit of a disgrace that there still getting away with this but I don't see them changing it any time soon.

RedJoker

luckylucky wrote: »

I've been using neteller the few times I've played on Party but they also charge yeah currency exchange fees, not as bad as Party mind. How much do Moneybookers charge?

1.75% and a flat fee of $2.70 for bank transfer.

sickpuppy

Alot of jibber jabber been talked in this thread.
WTF are profits and withdrawls?

luckylucky

Hawk Eye wrote: »

Yeah if anyone wants to withdraw from party via a bank transfer you should convert your party account to €'s first. That way you will get close to the .6835 rate that luckylucky alluded to.

Bit of a disgrace that there still getting away with this but I don't see them changing it any time soon.

If you have your account in euros, what happens when you play on the tables on party!? Since you play in dollars, your euros i presume are coverted to dollars each time you play, I don't know what happens then, but I'd hazard a guess Party nobble yeah vis-vis exchange rate there?. Or does it work different than that?

shrapnel222

luckylucky wrote: »

If you have your account in euros, what happens when you play on the tables on party!? Since you play in dollars, your euros i presume are coverted to dollars each time you play, I don't know what happens then, but I'd hazard a guess Party nobble yeah vis-vis exchange rate there?. Or does it work different than that?

not entirely sure, but at a guess they keep the same rate for buying in and out. you only change when you cash in or out.

found the thread i was looking for

http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=11219397&page=0&fpart=1&vc=1

luckylucky

shrapnel222 wrote: »

not entirely sure, but at a guess they keep the same rate for buying in and out. you only change when you cash in or out.

found the thread i was looking for

http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=11219397&page=0&fpart=1&vc=1

cheers Shrapnel, that looks useful.

Primewise

i cant believe this. what a scam.

PP has been my main site since I began playing on the internet and I always thought that exchanges were done at the standard rate for the day.

I was thinking of changing site due to the rake and the weakening dollar. This is just another reason to do ditch party poker. grrrr.

The only reason I've stuck with until now is I like the software and bonuses they do every now and then

RasTa

No wonder they still operate in dollars. Even the canucks are getting robbed since their $ is worth more then the US.

noaces

Partys response to my complaint about exchange rates:

Dear ----,

Thank you for contacting us. We understand your concern regarding the exchange rate. However, we convert the funds based on the exchange rate provided by our bank. As the buying and selling rates are not same, you find a difference in the converted amounts. The rate that is applied when you initiate a deposit/cashout is based onthe prevailing rate at the time of the transaction. If you feel that your bank would provide you with a better exchange rate, we suggest that you deposit and cashout by selecting the “transaction currency” as USD. You can also avoid being affected by exchange rate fluctuations by changing your PartyAccount currency to match the currency you regularly carry out transactions in. Your PartyAccount can be in euros, pounds sterling, or US dollars. To change your account currency, please log in to your PartyAccount and go to ‘My profile’ and follow the instructions. If you have any questions please contact us, we are available 24 hours aday, 7 days a week to assist you.
Sincerely,
KomalPayments Team,
Pay-Procashier@pay-pro.com00 800 0000 7789 (Toll-free from Europe ##)1 (866) 379-6163 (Toll-free from Canada)+350 41120 (International rates apply)

noaces

noaces wrote: »

Partys response to my complaint about exchange rates:

Dear ----,

Thank you for contacting us. We understand your concern regarding the exchange rate. However, we convert the funds based on the exchange rate provided by our bank. As the buying and selling rates are not same, you find a difference in the converted amounts. The rate that is applied when you initiate a deposit/cashout is based onthe prevailing rate at the time of the transaction. If you feel that your bank would provide you with a better exchange rate, we suggest that you deposit and cashout by selecting the “transaction currency” as USD. You can also avoid being affected by exchange rate fluctuations by changing your PartyAccount currency to match the currency you regularly carry out transactions in. Your PartyAccount can be in euros, pounds sterling, or US dollars. To change your account currency, please log in to your PartyAccount and go to ‘My profile’ and follow the instructions. If you have any questions please contact us, we are available 24 hours aday, 7 days a week to assist you.
Sincerely,
KomalPayments Team,
Pay-Procashier@pay-pro.com00 800 0000 7789 (Toll-free from Europe ##)1 (866) 379-6163 (Toll-free from Canada)+350 41120 (International rates apply)

So basically if I'm not happy with them I can go and get f**ked by neteller instead

luckylucky

Well I'm glad people believe me now, why wasn't I believed when I posted this 8 months ago . Perhaps I explained it better in this post or maybe it's just got more glaringly obvious now.

Heisenberg.

This post has been deleted.

Hitman Actual

noaces wrote: »

PartyPoker wrote:

You can also avoid being affected by exchange rate fluctuations by changing your PartyAccount currency to match the currency you regularly carry out transactions in. Your PartyAccount can be in euros, pounds sterling, or US dollars. To change your account currency, please log in to your PartyAccount and go to ‘My profile’ and follow the instructions.

If you follow this procedure, do they still do the exchange at their rate anyway? So you still lose?

Gholimoli

i dont think this is a scam,you get different FX rates in different banks as well.

im not saying they are not making a profite on this (they could or could not be) but it really depends on the rate they get from thier FX source.

luckylucky

Gholimoli wrote: »

i dont think this is a scam,you get different FX rates in different banks as well.

im not saying they are not making a profite on this (they could or could not be) but it really depends on the rate they get from thier FX source.

Possibly not a scam a such, if they have outsourced their currency exchange. I really doubt it though that Partypoker are not making money out of doing this one way or another.

Anyway the fact remains though you lose out on a lot of money between deposits and withdrawals on Partypoker (i.e. if you have your Partypoker account in dollars...I'm not sure what all the implications are of having it in euros yet) that you wouldn't do on most other Poker sites. most of the bigger sites the buy and sell rate of the dollar is the exact same.

Also to address your point about you would get different FX rates in banks. tbh I'm surprised you of all people coming out with that, it seems a ridiculous point imo... that's the business of banks. Party Poker are an online poker company. Online Poker companies make their money from rake and tournament fees. I can accept that, that is their business, their customers taking a 6% hit via currency exchanges is another matter entirely. I can get far better exchange deal from some Fx specialists ffs.

Anyway I'm sure there are plenty of people who don't give a toss about what Party are doing, for those that do, well I've outlined it bout as best as I could here. You pays your money, you make your choice