Exchange rate

[christianu]

Wow in this last month GBP is -4p on USD.

Given my $ 2000 bankroll, I have lost £80!!! This is terrible, does anyone know if its expected to get better I have to cash out real soon as well for the first time in about a month!!

[mrmuzeman]

Alright mate,

It fluctuates just the way it is, im no economist but I doubt itll get any worse like. Its the lowest ive seen it since I started playing at 53p to a $1. I would say it will get better but it takes time as it creeps up.

Why are you cashing out your bankroll anyway? What you gona play with, or dyou just mean withdrawing whatever youve got above $2000?

[christianu]

The latter mate.

But I am planning to move sites as well real soon, so i will have to withdraw my bankroll soon enough.

[christianu]

its terrible news Muse, check out this graph, down and down we go

http://www.x-rates.com/d/GBP/USD/graph120.html

[aliensyndm]

Oh it's been worse. I remember it being as low as only £50 to purchase $100.
Of course buying chips on the site etc doesn't matter cos you get the same exchange rate each time but if you have a lump of cash lying about in neteller etc it of course hit you. Is it absolustely essential you change sites like ?
What currency is your neteller in btw ?

[mrmuzeman]

Well I tell you what you can do I *think* (if your just tryna transfer your bankroll to another prima site). Get yourself a Neteller account and set it up in US$.

You can withdraw your bankroll from StanJames(?) in $ for a $1 charge (I think) to your Neteller account. Then you can put the $$$ into your new site hence never actually changing it back to £.

I might be talking bollocks though, I know for one Jezza will be able to tell you if this is correct or not.

Not sure why it goes down just things being as they are I guess, different factors etc dont really know. It does go up and down though its the nature of it, as it falls it will rise again id be suprised if it didnt.

[mrmuzeman]

It works both ways though in a way. If your looking to deposit afresh into a new site then its cheaper to do so than it was.

[christianu]

neteller? I have no neteller, i tried to join but they fucked everything up royal, said they deposited into my bank when they didnt, they had the wrong bank details??

Never going near them again.

Im playing on the site royal card club but im having real trouble withdrawing money from them, im on a 45% rakeback deal there but im not happy with the withdrawing and ive heard bad things about the whole pokermetro setup, battlefield etc... from some poker guys i know. Scandies

Plus I heard if you take over 7k from an overseas account the bank tells some tax people? is this true? Its a US site.

So im either going to see what happens with another few sites im thinking of joining, nordicbet do 50% rakeback for high volume players.

So i will have to take it out soon, do you think it will get better or worse Alien, or you have no clue?

[aliensyndm]

Dude if someone knows what the exchange rate is gonna do they can make millions. I mean what's the weather gonna be like in 2 weeks time ? You can make predictions but noone really knows.
I would get a neteller account in US $ if you are doing alot of the poker.
Neteller is the dogs bollox for online gambling wallets. That's what I use anyway.

[christianu]

good point about the millionaire thing.

Like i said i joined there site and deposited through my card, but then they wont allow me to withdraw to it.

Then they say they'll do a bank transfer, the money doesnt appear in my account so i ring them and ask whats going on, turns out they had the wrong details and the women i was speaking too was no help whatsoever so i just give up and thought im never bothering with them.

Obv i sorted out the money to be put back in my neteller and so i deposited into poker.

[christianu]

For this site im at now, im having to withdraw by check, once i scan my passport and cards and bank statements for the second time to them.

Then some guy i know tells me, he quit playing there because there cheques are terrible and end up taking weeks to sort out along with charges, well they did for him and his mates.

So great

[aliensyndm]

How did you enter your bank details when you went to do a withdraw ?
I would seriously considering taking another look at getting neteller sorted.
Their customer service can be a pain at times but they aren't dodgy or anything like that.

[mrmuzeman]

Neteller can send you cheques Chris and theyre pretty quick as well, you dont need to do the bank stuff at all with them if you dont wanna

[Jezza]

Yeah the exchange rate has been all over the place, its a bit bad at the moment for cashign out.......

Back when I started playing poker online, in the year before and during the 2nd iraq war the dollar was strong, 0.64p to the pound infact. This wasnt of any real consequence tho since I was playing such small stakes the variations were neglible. After the war finished the rate really nose dived and was as low as 0.50 as alien mentions, it stuck at 0.51 for months. Recently it climbed up to 0.57 but as you say chris it has dived again. Its practically impossible (and imo a pretty silly task to try) to predict where its going to go - you just have to use it to your best advantage. At the moment its cheap to reload your dollar accounts from a UK bank so if you want to set up on online bankroll now is a pretty good time. It does suck however to cash out a large amount of dollars, if you can survive without doing it I would prob wait until it climbed again.

Re Neteller it is very good but you have to be careful and clever with your use of it. They are very charge laden however you can practically avoid all charges if you are clever. First of all DONT open the premier (which they try to get you to do all the time) account - this is the one linked to your bank account with an ATM card that they send you. This account is a rip off, you get charged every month just for HAVING the card and obv the GBP/Dollar transistions to and from your bank account are commissioned both ways. F that. Just open the basic enhanced account. I use mine for the US poker sites that deal completely in dollars, so my neteller is set in dollars. This way you avoid all cash out and buyin charges. You deposit 100 from neteller into a site - 100 is all that is taken out and vice versa when you cash out. When you FINALLY cash out as a UK resident you will be sent a cheque in GBP. This is the only time you will receive a charge from neteller, the charge is 1.9% hence you get the "true" exchange rate from the morning you cash out -1.9% so if you would get 0.59 then you actually get 0.571. This is actually pretty good in the wide scheme of things and MUCH better then you would get from your bank or thomas cook etc (ok they also charge 2 dollars for the cheque and postage but that is not much really). Stick to this and everything runs hassle free.............

[mrmuzeman]

On a personal note this doesnt actually bother me.

1.because I dont need to withdraw any money from american based sites until I want to.

2.I play a fair bit on sites where its in £