monkeytilter
Visionary
Platinum Level
E
EarnDAStack
Visionary
Platinum Level
It's something you could look into but I don't think it would really be worth it unless you had a reasonable amount of money, also you have no control over it so the rate may never reach the level you want it to hit for you to cash out.
Also it does go the other way too right, you can buy/deposit more USD when you're paying in GBP.
Depending on what site you're playing on, they might offer you options to withdraw directly into GBP. I know pokerstars Has (had) the option to exchange between USD CAD EURO and GBP with no exchange fees you just pay the exchange rate. And if you wait until the weekend you can get a better idea of the exchange hate you'll receive as the pairings don't trade over the weekend.
Hope this helps, you don't really "Lose money" with the exchange, the other currency just doesn't trade 1:1 with yours.
GL
EDS
Also it does go the other way too right, you can buy/deposit more USD when you're paying in GBP.
Depending on what site you're playing on, they might offer you options to withdraw directly into GBP. I know pokerstars Has (had) the option to exchange between USD CAD EURO and GBP with no exchange fees you just pay the exchange rate. And if you wait until the weekend you can get a better idea of the exchange hate you'll receive as the pairings don't trade over the weekend.
Hope this helps, you don't really "Lose money" with the exchange, the other currency just doesn't trade 1:1 with yours.
GL
EDS
monkeytilter
Visionary
Platinum Level
Yes some sites work directly in UKP so I select that option we I can. When withdrawing from 888 the transaction is very quick (same day) so I can see the rate I'm going to get (less a couple of points - rob dogs
). I'm lucky enough not to have to deposit so I'm not buying as such, but it does affect how much I end up with when I withdraw. $100 could be £80 one day, £76 a few days later, that's like 5% off my roi?
E
EarnDAStack
Visionary
Platinum Level
The major currency pairings account for purchasing power as they are trading.
On day 1 if you exchange $100 for 80 GBP you have the equivalent of $100 worth of purchasing power denominated in your home currency.
On day 2 if you exchange $100 for 76 GBP you have the equivalent of $100 worth of purchasing power denominated in your home currency.
If you buy a gram of gold for $100 the 80 GBP from day 1 and the 76 GBP from day 2 are worth the same amount, 1 gram of gold which is equal to $100 USD
Another example would be if $100 = 80 GBP a $100 pair of football boots in the US will be 80 GBP in the UK. When you withdraw that $100 and only get 76 GBP you can go online and that 76 GBP will buy you the same $100 set of boots from a US companies website even tho you won't be able to afford the 80 GBP tag at home from a UK company.
Obviously this example leaves out shipping and what not but you can substitute it with digital products and it works the same.
Either way I'm glad you're winning and not having to deposit but it means you miss one side of the transaction... when you only get 76 GBP when you withdraw $100 USD it also means you can buy $100 worth of USD for 76 GBP when it usually costs 80 GBP. It doesn't just have to be poker, it can be any item with international demand.
If we multiply it by 1000 and use a more fun example,
Withdrawing $100,000 on day one and getting 80,000 GBP for it and then getting 76,000 GBP on day two, means we can buy a $100,000 USD BMW for 80,000 GBP on day one and we can buy the same $100,000 BMW for 76,000 GPB on day two.
GL
EDS
On day 1 if you exchange $100 for 80 GBP you have the equivalent of $100 worth of purchasing power denominated in your home currency.
On day 2 if you exchange $100 for 76 GBP you have the equivalent of $100 worth of purchasing power denominated in your home currency.
If you buy a gram of gold for $100 the 80 GBP from day 1 and the 76 GBP from day 2 are worth the same amount, 1 gram of gold which is equal to $100 USD
Another example would be if $100 = 80 GBP a $100 pair of football boots in the US will be 80 GBP in the UK. When you withdraw that $100 and only get 76 GBP you can go online and that 76 GBP will buy you the same $100 set of boots from a US companies website even tho you won't be able to afford the 80 GBP tag at home from a UK company.
Obviously this example leaves out shipping and what not but you can substitute it with digital products and it works the same.
Either way I'm glad you're winning and not having to deposit but it means you miss one side of the transaction... when you only get 76 GBP when you withdraw $100 USD it also means you can buy $100 worth of USD for 76 GBP when it usually costs 80 GBP. It doesn't just have to be poker, it can be any item with international demand.
If we multiply it by 1000 and use a more fun example,
Withdrawing $100,000 on day one and getting 80,000 GBP for it and then getting 76,000 GBP on day two, means we can buy a $100,000 USD BMW for 80,000 GBP on day one and we can buy the same $100,000 BMW for 76,000 GPB on day two.
GL
EDS
Rost
Legend
Platinum Level
I agree, it's not very good, but on the other hand, at least you're withdrawing something, because there are some people who don't even know that the withdrawal function on poker sites exists at all.
monkeytilter
Visionary
Platinum Level
I take your point but I'm not generally buying goods directly from the US? My local Aldi doesn't vary their pricing overnight based on the dollar exchange rate.
Tero
Legend
Loyaler
It seems that at Party timing doesn't really matter.
I do not recall how I set up my account back at the time but my preferred currency is EUR.
Now, here's a sample:
I won the exact same dollar value ($4.75) 5 days apart. Yet, the euro value is 18 cents different.
I guess my exchange rate was set in stone by the win date.
N
neverbluff0799
Legend
Bronze Level
No need to worry about that on 888 since it seems like they blocked you 😂
monkeytilter
Visionary
Platinum Level
Shame you'd find that funny🤔
N
neverbluff0799
Legend
Bronze Level
The part that i find funny is you asking for help for a meaningless freeroll and them reviewing your account and blocking it.You got to love the irony a bit
.I also had problem with them in the past.I was using a bonuscode to get free blast ticket from a deposit and when i withdraw the deposit and the winning they put my account into review and it took months of back and forth to get it fix.Since then i stay away from them XD
monkeytilter
Visionary
Platinum Level
It's my understanding that Party maintain your balance in your local currency, so you withdraw directly in your currency. Prizes in $$ are converted at the point you win them, just like when you buy in to a game listed in $, the reverse happens. Not sure if their conversion rate is posted anywhere but it must track with the accepted conversion rates.
I only got a little over £0.75 to $1 on today's withdrawal from 888😯
I'm definitely going to wait and (hopefully) let the £ recover before the next one. I know some are saying it's only a small amount but dropping from 0.80 to 0.75 is like taking a 7% drop in your winrate.
E
EarnDAStack
Visionary
Platinum Level
Yeah true enough lol Tesco doesn't take USD.
I have a few bills in USD so I don't mind it. It kind of offsets the fluctuation in the exchange rate for when I get charged USD and have to pay it in CAD.
GL
EDS
KrazyKoo
Legend
Platinum Level
I myself too use Google to check for exchange rates, I assume it's the best
Don't withdraw from 888 other than in USD and make sure you got USD currency account in bank. They use horrible exchange rates on purpose! I think finding currency exchange that doesn't charge extra is like finding a winning lotto ticket, if you don't find one you should just keep money at USD or wait until exchange rate is optimal then exchange using cheapest possible option.... Exchanging on 888 is by far the most expensive option.
I like the way partypoker exchanges currency, it uses date you actually win the money, it automatically changes the USD you win instantly to your local currency without taking any fee and then keeps it at that.
However.... Best poker site for currency exchange is PokerStars, fully at your disposal you are allowed to exchange currency at any time and no fee again. You can choose the date when switch currencies. You are sometimes allowed to withdraw in USD despite depositing in Euro, and vise versa, but usually after 3-4 deposits in set currency you have to withdraw in same currency... no biggies!
unibet also allows you to deposit USD and withdraw EURO and they take usually variable 0,00-0,08€ fee per non-euro deposit of 20€, when it's 0,00€ you just go go go!
Don't withdraw from 888 other than in USD and make sure you got USD currency account in bank. They use horrible exchange rates on purpose! I think finding currency exchange that doesn't charge extra is like finding a winning lotto ticket, if you don't find one you should just keep money at USD or wait until exchange rate is optimal then exchange using cheapest possible option.... Exchanging on 888 is by far the most expensive option.
I like the way partypoker exchanges currency, it uses date you actually win the money, it automatically changes the USD you win instantly to your local currency without taking any fee and then keeps it at that.
However.... Best poker site for currency exchange is PokerStars, fully at your disposal you are allowed to exchange currency at any time and no fee again. You can choose the date when switch currencies. You are sometimes allowed to withdraw in USD despite depositing in Euro, and vise versa, but usually after 3-4 deposits in set currency you have to withdraw in same currency... no biggies!
unibet also allows you to deposit USD and withdraw EURO and they take usually variable 0,00-0,08€ fee per non-euro deposit of 20€, when it's 0,00€ you just go go go!
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