pokerstars new 2.5% currency conversion charge

trigs

[LEFT]surprised no one has posted this yet.

Eric Hollreiser Addresses Concerns over PokerStars 2.5% Currency Conversion Fee

i read the following on a forum, but i'm not sure if it is true or not:

Basically if you are depositing or cashing out funds, ALWAYS do it in the currency of your banking account and do the conversion to or from USD manually in the cashier!!! That way you will be charged nothing. Otherwise you will pay a cool, uncapped ~ 2.5% conversion fee (in the past the conversions were made with the mid-market rate, so no additional costs). Unfortunatly, everyone with a banking account in any other currency than USD, EUR, GBP or CAD will be charged anyway.

so i guess we should all be changing our pokerstars accounts into canadian dollars? mine is currently in USD.
[/LEFT]

Hobbes

I have always converted to Canadian before cashing out since it was available. CDN$ is my primary currency.

trigs

Hobbes;385399 wroteI have always converted to Canadian before cashing out since it was available. CDN$ is my primary currency.

can you please explain more. do you always cash out your entire online bankroll? if not, it seems like a pain in the ass.

let's say i have $500 online and want to cash out $250 and my pokerstars account is in USD. do i convert my entire online bankroll to CAD, cash out half, and then convert back to USD?

also, when depositing, do you deposit in CAD and then convert to USD once it's online? i would normally convert from CAD to USD while depositing.

EDIT: i think i'm just confusing myself.

T8urmoney

Just make sure you have a Cdn funds account added if you haven't done so already.

I leave my USD as my preferred currency (as Cdn $ just seems to be going down). If the Cdn dollar is on the rise, I'd change my preferred currency to that.

If you want to cash out, transfer what you want to withdraw into your Cdn acct, and withdraw from the Cdn acct cashier (not the US). I've yet to do it, as I had exclusively just used the USD cashier until now, but I believe you will avoid the fee if done this way.

I've yet to withdraw this way to prove it, but this is how I understand it.

Bfillmaff

All this talk about cashing out has me jealous.... I've only used the "deposit" side.

trigs

Are New Currency Fees at PokerStars Part of Bigger Strategic Changes? | PokerNews

philliivey

T8urmoney;385425 wroteJust make sure you have a Cdn funds account added if you haven't done so already.

I leave my USD as my preferred currency (as Cdn $ just seems to be going down). If the Cdn dollar is on the rise, I'd change my preferred currency to that.

If you want to cash out, transfer what you want to withdraw into your Cdn acct, and withdraw from the Cdn acct cashier (not the US). I've yet to do it, as I had exclusively just used the USD cashier until now, but I believe you will avoid the fee if done this way.

I've yet to withdraw this way to prove it, but this is how I understand it.

I really hope so, I have transferred to my cdn account on stars the last couple of times for withdraw cause I find they give better exchange rates then the banks.

I have been asked numerous times why I have not played lately, This is one of the reasons why cause it is too expensive once you get done with exchange rates and fees.

Now cause stars has certain deposit methods we can use CDN so it is still cheaper than other online sites or online activities where you have to use like a e wallet and USD.

philliivey

Crap, was reading more into this on 2p2. Think it just made me more confused,lol.

BlondeFish

The best thing I did with my U$ online account was convert it to C$, since all of my expenses are in C$. If anybody I know ever wants to exchange my U$ for their C$ using the mid-market exchange rate that PokerStars used to do (like DirtArse did on our foreign trip), PM me.