Online exchange rate

Cndpkrdude

Hey all,
I used to play some online poker at 888 but the last time I went to make a deposit the exchange rate was 50 cents on the dollar, absolutely crazy.
Anyone know of a site where they deal in Canadian or where the exchange rate is closer to par?

Thanks for any feedback.

BlondeFish

You're correct that it doesn't make sense to exchange our low Canadian pesos to pay for anything that is in US dollars. I'm thinking of changing my partypoker account from C$ back to U$, then try to do an EFT from my U$ chequing account.

UBetIFold

Isn't it the same thing either way? Aren't the sites using the proper exchange rates anyway. $100 CAD = $72USD, and vice versa.

Cndpkrdude

UBet,
On 888 I use instadebit and $1 US costs $1.47 CAD when I thought of making a deposit today. Not sure if every other deposit provider uses the same rates as the bank or if it is generated by 888.

BlondeFish

No, just like a bank would charge you a high rate ~1.45 when you exchanged your C$ for U$ to go to Las Vegas and give you a low rate ~1.35 if you exchanged any remaining U$ back to C$, the poker sites also make a profit on currency conversion spread on deposits and withdrawals.

888 charging 1.47 C$ for every U$ is very high. A forumer has asked me for U$ & we are doing it at the mid-rate of only ~1.39.

UBetIFold;398080 wroteIsn't it the same thing either way? Aren't the sites using the proper exchange rates anyway. $100 CAD = $72USD, and vice versa.

UBetIFold

So let me get this straight.....if starting from a clean slate, and want to deposit onto a site, they are charging a fee, or not providing the exact rate when converting our CAD to the sites USD?

But if we already have an existing balance in CAD, and are buying into USD tournaments, that's when they are exchanging it at the exact rate of exchange with no fees?

BlondeFish

No, the casinos try make a profit and won't give you the mid-rate when you exchange into U$. When you do have an existing balance and play a game, most online sites will convert it back at the same rate.

This is why many Canadians don't want to buy the expensive U$ to travel to the US, or deposit to a U$ site.

UBetIFold;398094 wroteSo let me get this straight.....if starting from a clean slate, and want to deposit onto a site, they are charging a fee, or not providing the exact rate when converting our CAD to the sites USD?

But if we already have an existing balance in CAD, and are buying into USD tournaments, that's when they are exchanging it at the exact rate of exchange with no fees?