us dollar going to f##k

reilly110

whats the best way to cover yourself against this

i have all my poker account money in dollars
and my neteller account is in euros

what are the benefits of changing my neteller to dollars ?
what about getting a cheque from pokersite -would this cut down on charges


any help on this thanks im pretty clueless

phantom_lord

whatever you do don't take out your $$$ via neteller, you'll get raped on the charges, bank wire or cheque from stars is the way to go i'd imagine. dunno what the limits are tho.

also having your neteller account in $$$ is better so you can move your money around sites without paying fees.

LuckyLloyd

This post has been deleted.

El Stuntman

LuckyLloyd wrote: »

Don't have more money in an online account in dollars than is absolutely neccesary. Keep yourself rolled for the games you play obviously - but leave the rest stored in Euros somewhere.

or gold

(seriously)

Killme00

El Stuntman wrote: »

or gold

(seriously)

TOO LATE BY A FEW MONTHS ON THAT ONE

phantom_lord

surely gold has peaked?

Requiem4adream

How bout "win more" to compensate for the loss in exchange rate

phantom_lord

Requiem4adream wrote: »

How bout "move up levels" to compensate for the loss in exchange rate

fyp

LuckyLloyd

This post has been deleted.

Requiem4adream

phantom_lord wrote: »

fyp

lol. Marq II.

Killme00

phantom_lord wrote: »

surely gold has peaked?

It might get a little higher but not enough to compensate.

The US Govt are making the dollar fx rate problem worse by constantly trying to print their way out of trouble.

Ollieboy

There's very little you can do, you must remember that the entry fee is also cheaper for us against the old rate of currency. Some players transfer there money back to Netteller each day, so they keep there money in Euro's. This means if the $ goes down, there money is protected. I loss a fortune over the last 18 months, but I hate the idea of using netteller.

Stars I just take cheques from and lodged them into my bank account.

LuckyLloyd

This post has been deleted.

phantom_lord

Ollieboy wrote: »

There's very little you can do, you must remember that the entry fee is also cheaper for us against the old rate of currency. Some players transfer there money back to Netteller each day, so they keep there money in Euro's. This means if the $ goes down, there money is protected.

would they not lose a ton in ex fees doing that?

YULETIRED

phantom_lord wrote: »

surely gold has peaked?

He overpeaked if that's possible.

Killme00

Ollieboy wrote: »

There's very little you can do, you must remember that the entry fee is also cheaper for us against the old rate of currency. Some players transfer there money back to Netteller each day, so they keep there money in Euro's. This means if the $ goes down, there money is protected. I loss a fortune over the last 18 months, but I hate the idea of using netteller.

Stars I just take cheques from and lodged them into my bank account.

This is a huge leak. Its like being stuck up a creek with no paddle a hole in your boat.

Even with regular withdrawals via cheque you are losing money hand over fist in exchange rates.

Is there any viable alternative to Netteller? I use moneybookers but they have limits which would probably effect you.

reilly110

for lodging a dollar cheque in a bank what charges do you incure -is it a % or just a set charge


i have been withdrawing from full tilt through neteller then wiring to my bank account and neteller have been screwing me royally with exchange rates

so finally i have said enough is enough

if you have neteller account in dollars do they not screw you in exchange rates when you wire it to your bank acc instead of screwing you from full tilt to neteller then charging you $1 for the bank wire ?

Ollieboy

reilly110 wrote: »

for lodging a dollar cheque in a bank what charges do you incure -is it a % or just a set charge


i have been withdrawing from full tilt through neteller then wiring to my bank account and neteller have been screwing me royally with exchange rates

so finally i have said enough is enough

if you have neteller account in dollars do they not screw you in exchange rates when you wire it to your bank acc instead of screwing you from full tilt to neteller then charging you $1 for the bank wire ?

if the cheques is for a big amount, you can get a better rate, there's only the standard charge for lodging a cheque and its not that big, you lose money on the exchange rate, thats what hurts. Ex a cheque for $150k is usually only €100k, this hurts as 2 years ago it was even.

valor

Ya'll think dollar is gonna keep going down?

Ollieboy

Killme00 wrote: »

This is a huge leak. Its like being stuck up a creek with no paddle a hole in your boat.

Even with regular withdrawals via cheque you are losing money hand over fist in exchange rates.

Is there any viable alternative to Netteller? I use moneybookers but they have limits which would probably effect you.

yeh, about Dec 2006 I had nearly 70k online and I loss 20% value on this over 2 months, it happen so quick and I thought the rate would come back, so I didnt do anything, but it hurt big time.

I also try to keep my cash game bankroll totally online, but I've set those accounts up in Euros.

I now withdraw any decent score straight away and try not to keep large amounts online in my MTT accounts, so if I take a tourney down for $14k, I usually withdraw it straight away. So the most I've online now would be 5 - 10k at anyone time. The only exception is the cash game accounts, but I run so bad at cash games, this is usually small enough too.

I'm sure someone like Rob or Valor could give better advice on this, but from what I see the best way to do it, is to keep your account on euros on netteller and lodge withdraw from each site as you play on it, keeping currency movement down to a daily fluctations.

Ollieboy

phantom_lord wrote: »

would they not lose a ton in ex fees doing that?

not sure about this, but I imagine its small enough in comparsion to swings on currency's etc.

LuckyLloyd

This post has been deleted.

Ollieboy

LuckyLloyd wrote: »

Ollie, with the absolute greatest of respect to you - surely using neteller is a lesser evil than having your bankroll rapidly depreciate in value?

I agree Lloyd, but I built up a big online balance in a short period of time and I was looking after the office during the day sort of thing, I was just busy playing and not watching the rate, hindsight is a great thing. It was around the time Neteller start to freeze accounts and the share price drop and nobody knew where the best place was at the time, so I held off, but it cost me. I eventually withdrew the lot into euros and took the hit at the time.

LuckyLloyd

This post has been deleted.

Killme00

LuckyLloyd wrote: »

Expect €1 = $1.70ish by the end of 2008.

QFT

valor

What do you base that prediction on?

Idu

valor wrote: »

Ya'll think dollar is gonna keep going down?

Talk in the market today is that the FED will cut rates again by 50 basis points instead of the 25 priced into the market. More trouble for the dollar

Killme00

valor wrote: »

What do you base that prediction on?

As Janet has said the 50bp cut will only make things worse along with the fact that the US Govt keep printing more and more money to try and get out of this hole but they are just making it worse. Also i dont think the march fed rate cute of 50bps will be the last this year. I expect the feb to hit 2.25% or even 2% this year, maybe.

Also currently CAD is worth more than USD which i find funny (because i work for a major american company).

http://www.xe.com/

SuperHans

OK. This has been bugging me for a while.
What is the cheapest way to get your dollar money offline and into your hand in euros?
Let's say for simplicity that I have $1,000 in a neteller dollar denominated account.
Assume the current exchange rate is €0.5 for every $1. So I effectively have €500 in Neteller and I want to get as much of that into my hand as possible.

So, what I was thinking of doing, (as some of you may be already) was to, first of all, transfer this money to Stars. I incur no charge for this.

I play a little so Stars don't get suspicious, I break even, and now have $1,000 or €500 in my Stars account.
I then opt to withdraw via a cheque (no charge?).

Some time passes and I now have a cheque for $1,000 in my hand.
I want to lodge this to my Bank of Ireland account.
They charge me a fee for exchanging dollars for euros (I think that it's a very small fee. Does anyone know what it is?), but are effectively just changing my dollars to euros at the current exchange rate which let's assume is still €0.5 for every $1.

I now have €500 in my bank account (minus a small? fee for exchaging foreign currency).

Is it not that simple? Are there any better/cheaper ways of doing it?

Van Dice

valor wrote: »

Ya'll think dollar is gonna keep going down?

howdy pardner

Lao Lao

SuperHans wrote: »

OK. This has been bugging me for a while.
What is the cheapest way to get your dollar money offline and into your hand in euros?
Let's say for simplicity that I have $1,000 in a neteller dollar denominated account.
Assume the current exchange rate is €0.5 for every $1. So I effectively have €500 in Neteller and I want to get as much of that into my hand as possible.

So, what I was thinking of doing, (as some of you may be already) was to, first of all, transfer this money to Stars. I incur no charge for this.

I play a little so Stars don't get suspicious, I break even, and now have $1,000 or €500 in my Stars account.
I then opt to withdraw via a cheque (no charge?).

Some time passes and I now have a cheque for $1,000 in my hand.
I want to lodge this to my Bank of Ireland account.
They charge me a fee for exchanging dollars for euros (I think that it's a very small fee. Does anyone know what it is?), but are effectively just changing my dollars to euros at the current exchange rate which let's assume is still €0.5 for every $1.

I now have €500 in my bank account (minus a small? fee for exchaging foreign currency).

Is it not that simple? Are there any better/cheaper ways of doing it?

If you lodge foreign currency (cash) directly into your Bank of Ireland A/c,they don't charge you any commision. I assume that lodging a cheque is the same...

valor

I've lost so much money on the dollar slide alreayd that I havent cashed ou for ages because I'm waiting for the dollar to pick up...my entire BR is still in Dollar's apart from a small portion...I guess I'll be waiting a long time

DocO

Van Dice wrote: »

howdy pardner

FYP

DocO

surely if your risking such large amounts of money - it would pay to consult an economist - or someone who can give you a more definite answer. pay them their handsome fee - and act accordingly

Idu

an economist isnt going to tell you much more than what you can hear here for free. the dollar is going nowhere but down for the next year so you either have to bite the bullet and transfer your dollars now or try and ride out the storm

as someone else said before the best option is probably to leave your required bankroll online and then withdraw the rest now. at least then if you deposit back on to the site you'll be on the right side of the transaction

Requiem4adream

If the $ plummets to $1.70/€1 for example will there not be an opportunity to put shed loads of cash onto stars/poker site, let it sit there, play a little bit (try win!), then when/if it comes back to a reasonable level, even $1.50 you've made a few quid on it? Too simplistic? My brain is fried at the moment!

Requiem4adream

My other suggestion is move back home with your mammy, thereby saving a fortune on rent/mortgage repayments

spectre

Does anyone know if/how one can use financial spread betting to hedge against a depreciating bankroll? I think ollyk1 said something about this a while back

belgo27

Does ipoker stand to lose much if they switch over to euro? If dollar keeps depreciating, would it not be necessary to make the change

Idu

Requiem4adream wrote: »

If the $ plummets to $1.70/€1 for example will there not be an opportunity to put shed loads of cash onto stars/poker site, let it sit there, play a little bit (try win!), then when/if it comes back to a reasonable level, even $1.50 you've made a few quid on it? Too simplistic? My brain is fried at the moment!

the problem is picking the bottom though or even knowing when that might be

Ollieboy

Pokerstars exchange the money at the current fexco rate into $ for you, so you dont have to worry about bank charges here on currency changes etc.

The $ is **** for another year. I reckon 1.60 is the bottom, but nobody really knows. The main reason for this is the US economy, most major money reserves are now held in Euros, ie China and the middle East now price and sell the oil in Euros etc, so nobody as any confidence in the $.

I expect after the US elections, when Clinton got him things would turn around. US markets like the clintons and know what they'll get in the future etc. With Clinton nearly out and US will never elect a Black president, McCain will get in and thats the worse thing that could happen.

So, my advice, keep as little as possible in $ and try to get any European sites that you play change into base currency Euro. It will be cheaper for us to play online in dollars etc, but the winnings will be less, so the more profitable players will take a hit, but remember, the US player will continue to play at the same level.

This is only my 2 cent and not a economic report...lol

SuperHans

Requiem4adream wrote: »

If the $ plummets to $1.70/€1 for example will there not be an opportunity to put shed loads of cash onto stars/poker site, let it sit there, play a little bit (try win!), then when/if it comes back to a reasonable level, even $1.50 you've made a few quid on it? Too simplistic? My brain is fried at the moment!

Yes, you could do this and make a profit, but then you have switched from being a poker player to being a currency trader.

DocO wrote: »

surely if your risking such large amounts of money - it would pay to consult an economist - or someone who can give you a more definite answer. pay them their handsome fee - and act accordingly

Poker players are not or shouldn't be trying to make money from currency fluctuations unless they have the expertise to do so. A better option would be to hedge their dollar exposure, so that they can concentrate on winning at the tables witout having to worry about the market.

spectre wrote: »

Does anyone know if/how one can use financial spread betting to hedge against a depreciating bankroll? I think ollyk1 said something about this a while back

It's possible (I myself don't know how), but I can imagine it getting very expensive unless you are dealing with a massive bankroll. Even then, it would have to be actively hedged as your bankroll fluctuates with your wins/losses.
I think that the best option, which has been suggested before, is to keep a small portion of your roll online for playing, and the rest in a euro denominated interest bearing account. By doing this you are limiting the losses (and gains!) you can make due to currency fluctuations.
Of course if you play on a site whose wallet is in euros you're laughing.

Goodluck2me

Ollieboy wrote: »

The $ is **** for another year. I reckon 1.60 is the bottom, but nobody really knows. The main reason for this is the US economy, most major money reserves are now held in Euros, ie China and the middle East now price and sell the oil in Euros etc, so nobody as any confidence in the $.

Oil is still, and will continue for the foreeable future, to be priced in dollars. OPEC met on this in Dec and Jan and major players like Saudi Arabia were against it and it never went through. It was mostly an Iranian led initiative to cause unrest in America, or so the propaganda will have you believe.
The US needs $3bn a DAY to sustain their current growth. Due to a lack of savings and an mass exodus of commercial money i.e. imports, they have a current a/c deficit, so the capitol a/c investment is whats propping the economy up...for now. As there are so many immigrants in America who have naturally a penchant for products of their home country, tackling imports will always be an unhill struggle.
The reason the Arabs etc are dumping US capitol is for their obvious mutual interest in seeing the dollar and => Oil prices remain favourable for them. If the oil prices were pegged against the Euro in stead of the Dollar the arse would fall out of the US economy and of course the Dollar could plummet to new depths. That is the real worry, market sentiment expects that it will happen. It would be a HUGE move by OPEC if they did do this, but its such a struggle to repeg that it might create more woes than solutions for them, so hopefully its unlikely.

The other way to get around it is for the American people to save more money, i.e. keep it in the country thereby reducing the amount of dollars being sold, and to try to fuel the economy in an export-led growth, but this is often not a viable option as it carries with it certain stigmas of a lack of prosperity, and America is obviously a very proud economic nation.
It will be very interesting to see which way the economy falls in the US as the old agagé is still very real today "when America has a cold the rest of the worls sneezes", and whilst many optimistic economists think that there has been a decoupling, the sheer unpredictability of China et al being the leaders of a world economy should leave many experts shuddering a bit, and will hopefully be enough to spark some sort of rally...we will see I guess.

I`d expect a very harsh following 12 months or so with the $ plummetting to 1.70-€1, but it will rally in 2009 as America has always been versatile and robust, it recovered from Black Monday, Tech stock crash and 9/11 and no doubt it will recover after this too.

Goodluck2me

SuperHans wrote: »

Poker players are not or shouldn't be trying to make money from currency fluctuations unless they have the expertise to do so. A better option would be to hedge their dollar exposure, so that they can concentrate on winning at the tables witout having to worry about the market.

I meant to put in a conclusion but this would be it, you could hedge your exposure by investing in american enterprises and investment which are becoming increasingly cheap.
If you wanted absolute exposure then you could buy an Over the counter OTC forward contract to guarantee a set amount of $-€ rate in 3/6/9/12 months, although im not sure of fees etc and the vagrancies of the charges.

Macspower

just heard the dollar took an all time low today at 1.51... I've just checked on my i-poker roll and have about 7.5 k sitting there in USD but I can withdraw to neteller now at 1.48.... my neteller is in euro...

should I do it now before site updates rates?

Chucky the tree

why are ipoker et all switching too the euro?

reilly110

mac where in neteller does it show yo the exchange rate of the day
thanks

Macspower

reilly110 wrote: »

mac where in neteller does it show yo the exchange rate of the day
thanks

it actually shows it on i-poker client... goto withdrawal and enter an amount and then click next and before it asks you to confirm your withdrawal exchange rate will be shown....

generally i-poker clients are a little behind when changing rates

Killme00

Ollieboy wrote: »

The main reason for this is the US economy, most major money reserves are now held in Euros, ie China and the middle East now price and sell the oil in Euros etc, so nobody as any confidence in the $.

China, Japan and the middle east but especially China have huge reserves in Dollars. With the depreciating dollar these reserves are fcked. None of the incumbant US presidents (Obama/ Clinton / MCCain) have made any mention of a plan to ease the pressure on the US economy. MCCain will probably prolong the war and start a new one in Iran causing further turmoil in the oil markets which will result in a weaker dollar. Obama, i just dont know. Clinton is a woman (i hope) and any sentiment felt by anyone towards her husband does not translate directly on to her. I do agree that Clinton as president would be best for the US Economy though (not sure if it will happen though).

Goodluck2me

Killme00 wrote: »

China, Japan and the middle east but especially China have huge reserves in Dollars. With the depreciating dollar these reserves are fcked. None of the incumbant US presidents (Obama/ Clinton / MCCain) have made any mention of a plan to ease the pressure on the US economy. MCCain will probably prolong the war and start a new one in Iran causing further turmoil in the oil markets which will result in a weaker dollar. Obama, i just dont know. Clinton is a woman (i hope) and any sentiment felt by anyone towards her husband does not translate directly on to her. I do agree that Clinton as president would be best for the US Economy though (not sure if it will happen though).

Actually a surge in Oil demand will bring actually RAISE the dollar, as people sell their own currency to buy dollars, to buy oil.

DeadParrot

idiotic question but anytime I've cashed out of pokerstars I've simply taken a cheque and got it in euros?
Is that not an option?

Obviously reilly is worried about his recent earner