Ipoker Ex Rate Conversion

ianmc38

Today I lodged money onto Ipoker. For €6,953.11 I received $10000.

However, when I bought €6,953.11 it was the equivalent of $10220.

Am I getting shafted?

RoundTower

name and shame the skin, it's not ipoker's fault.

luckylucky

ianmc38 wrote: »

Today I lodged money onto Ipoker. For €6,953.11 I received $10000.

However, when I bought €6,953.11 it was the equivalent of $10220.

Am I getting shafted?

Can you not check the rate on your skin before you deposit, on most of the iPoker skins I'm with you can do that. The rate they gave you was 1.4382 = 10000/6953.11. I mean some sites don't update their ex-rate regularly, but I think it must be months since the rate was that. Edit: just checked it was late October that the rate was that low. Looks like you might indeed be getting shafted :eek: Btw what deposit method are you using, I'm thinking this might have an impact also.

Idu

i dont really play online anymore so i cant remember the specifics of depositing but it could be that it works on the same principles that banks do ie if you change €10 to dollars and then instantly change it back to €'s you will probably get €9.50 back(rough example). and thats excluding charges

Banks have different exchange rates for the rates they buy and sell currency, its not a flat rate both ways. maybe these sites do the same.

just a guess

Mellor

janets_on_clubs wrote: »

i dont really play online anymore so i cant remember the specifics of depositing but it could be that it works on the same principles that banks do ie if you change €10 to dollars and then instantly change it back to €'s you will probably get €9.50 back(rough example). and thats excluding charges

Banks have different exchange rates for the rates they buy and sell currency, its not a flat rate both ways. maybe these sites do the same.

just a guess

Please do not guess. The op didn't buy and sell. He recieved a lower than expected exchange. Most poker sites with the exception of one that I know of buy and sell at the same rate.

Ian, my titan account is in euro. I think it is safer at the moment with the dollar so risky. Say you lodge €5k, it shows up as 5k. You exchange at the table. So max buy in for a 1/2 game is €138 or so (if i remeber right), when you exchange you leave at the same rate you bought in for. There are of course down side to this way also, such as BR is always changinf in terms of $, changes in rate result is uneven changes in BR even if winrate is the same.

Idu

i didnt say he bought or sold. i just speculated that maybe the poker site he was depositing on worked in the same manner as banks. it was just a theory in way of an explanation as to why he lost out on his exchanges. probably should just have said "you got shafted" or something constructive like that instead

luckylucky

Mellor wrote: »

Please do not guess. The op didn't buy and sell.

.

Understandable guess perhaps, but from the point of view of one who has posted a fair few posts to do with currencies and poker sites, tis a bit of an irritating one too tbh.

Sites typically do not have a different buy and sell rate, there are exceptions, and players should not give them their business imo.

Idu

apologies on that. i should have made it clearer that I really don't know anything about how poker sites work their exchange rate or if they have fixed rates etc etc

ianmc38

I deposited through Neteller...

Zab

Who made the currency exchange?

luckylucky

ianmc38 wrote: »

I deposited through Neteller...

If your neteller account is in euro and the online site account is in dollars then it was because of neteller, neteller charge a fair bit for currency exchange, been a fair few threads about this before. Kinda surprised that you weren't aware of this, are you new to Neteller Ian?

Mr. Flibble

Similar happened to me. Deposited and withdrew with neteller in the same day and made a big loss.

ianmc38

Lucky Ive used Neteller for ages but never really shifted too much money around using it.

luckylucky

ianmc38 wrote: »

Lucky Ive used Neteller for ages but never really shifted too much money around using it.

I have my neteller account in dollars it avoids all those charges, for a player like yourself it would cost you literally thousands a year if you used neteller regularly transferring between euros and dollars.

phantom_lord

Mellor wrote: »

Please do not guess. The op didn't buy and sell. He recieved a lower than expected exchange. Most poker sites with the exception of one that I know of buy and sell at the same rate.

Ian, my titan account is in euro. I think it is safer at the moment with the dollar so risky. Say you lodge €5k, it shows up as 5k. You exchange at the table. So max buy in for a 1/2 game is €138 or so (if i remeber right), when you exchange you leave at the same rate you bought in for. There are of course down side to this way also, such as BR is always changinf in terms of $, changes in rate result is uneven changes in BR even if winrate is the same.

is there rb on titan?

Macspower

it's a neteller thingey... I did something similar a while ago when i moved skin... I took x ammount from one site to neteller and instantly deposited the full ammount to another site and when it arrived ther it was x-80....

hotspur

phantom_lord wrote: »

is there rb on titan?

Yeah Titan's way of doing it is good.

*start/continue thread hijack*
But in answer to phantom_lord their loyalty system really sucks compared to many Ipoker sites. Also they are pr1cks about sending in identification and having to print out, sign, and scan forms etc to withdraw more than you deposited.

They messed me around when I played for the week Noiqpoker got kicked off the network. They obviously had me down as a bonus whore and annoyed the hell out out me when I was trying to withdraw such that I left, and still have a few €k sitting there that I have been too p1ssed off to jump through the hoops to withdraw.

Then this week they offer me a reload bonus, give me free entry to Irish open supersatellite, other free tourny entry etc to come back. Oh and their support doesn't even know the max deposit you can make as a new customer, and I actually had my credit card frozen over this stupidity on their part! Not to mention their waking me up on a Sunday morning with a phone call telling me they had bumped up my VIP level.

In short...f*ck Titan poker. I don't use the BBV thread you see

peeko

i lost 160AUS$ when withdrawing 1400US$ from my neteller account to my australian account

I went to the bank and asked if I could open a bank account in US$, they said I could, might be worth checking out in ireland lads, I'm sure you can do the same, that way you can control when you take it out (ie when exchange rate is good, or at least on par with XE.com)

Mellor

I think there is some but its not great afaik, I'm only here because of the bonus. I got a good sign up through bonus whores, then a reload from titan, so If I earn 1000 points, it counts towards both bonuses. Once clear i'll prob do another bonus somewhere else

ianmc38

So if im planning to stay with neteller i should change my account to euro? Im confused. Anyone have experience with other systems like moneybookers?

luckylucky

ianmc38 wrote: »

So if im planning to stay with neteller i should change my account to euro?

You should basically aim to transact all your neteller transactions in the one currency as much as possible whether that's in euros or dollars, otherwise they screw you . My neteller account is in dollars and I only deposit with it to sites where my account is in dollars so I avoid those charges.

RoundTower

ianmc38 wrote: »

So if im planning to stay with neteller i should change my account to euro? Im confused. Anyone have experience with other systems like moneybookers?

if you use only euro sites change it to euro (you can't actually change it, but close it and open a new one). If you use Stars/FT/wherever for more than a third of your play or so, keep it in dollars, keep all your other accs in dollars, and get hit only on NT->bank transfers.

peeko

has anyone tried opening a seperate bank account in US$?

cooker3

I have neteller set up for euros as my base currency.
I am thinking of using Moneybookers and set that up in dollars and then just change them around for whenever a site only uses american dollars. Covers both bases then

Mr. Flibble

peeko wrote: »

has anyone tried opening a seperate bank account in US$?

I looked into that about a year ago and it all looked very difficult - to do with an Irish bank at least. Large minimum amounts and charges.