Is there a way to Utilise any Poker account to avoid bank currency exchange charges?

luckylucky · 07-03-2007 01:59PM #1

I'm looking to move a large sum of money from my uk sterling bank account to my irish euro account. Now I have managed to transfer money vis a vis poker sites before, i.e. lodging from my uk debit card and withdrawing to my irish bank account but I have got charged by my irish bank as it's a sterling transaction.

Anyone know of anyway I can use a poker account to do this?

Killme00 · 07-03-2007 02:07PM

This is silly..just write a cheque from your UK account and lodge it to your Irish account or for a small fee you can just transfer it using your IBAN. You will not get charged a currency charge for this like yu would with cash

BigCityBanker · 07-03-2007 02:08PM

If you are transferring enough of cash then look for a wholesale rate from your bank - this should be the easiest way. PM me if you have questions.

luckylucky · 07-03-2007 02:33PM

Killme00 wrote:

This is silly..just write a cheque from your UK account and lodge it to your Irish account or for a small fee you can just transfer it using your IBAN. You will not get charged a currency charge for this like yu would with cash

I'm talking a decent 5 figure sum here, I just spoke to my uk bank and even getting the commercial rate from a bank it's clear it's going to cost me a few hundred pounds(euros). What's silly in trying to avoid that?

DeadParrot · 07-03-2007 02:36PM

pokerstars?

BigCityBanker · 07-03-2007 02:39PM

luckylucky wrote:

I'm talking a decent 5 figure sum here, I just spoke to my uk bank and even getting the commercial rate from a bank it's clear it's going to cost me a few hundred pounds(euros). What's silly in trying to avoid that?

Well its highly unlikely that the poker skin is going to be quoting better than the wholesale rate?

luckylucky · 07-03-2007 02:42PM

BigCityBanker wrote:

Well its highly unlikely that the poker skin is going to be quoting better than the wholesale rate?

This is not actually true. Poker sites with just a few exceptions(the only one i heard of which charged a sperate buying and selling rate was virgin poker) do not charge you for currency transactions. That is, they charge you the same rate for buying and selling. I could actually use this method in partypoker and get money to my irish visa card but it's my bank account where i want the money and not my visa card.

Goodluck2me · 07-03-2007 03:09PM

dump them in a cash game?

siucra1 · 07-03-2007 03:18PM

any irish bookmaker going to cheltenham that u know will cash yr cheq........
,no charge..

shrapnel222 · 07-03-2007 03:42PM

use a money broker and do the switch through them- someone like www.xe.com, you'll get much better rates- you can even check what you will be receiving so compare that to what your bank quotes

Is there a way to Utilise any Poker account to avoid bank currency exchange charges?

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