Converting from U$ to C$ Account
Has anybody had issues when you converted your US dollar poker account to Canadian dollars? Did you lose anything on initial & future conversions, tournament dollars, rakeback or bonuses?
I'm planning to withdraw all my U$ cash first from my account before converting it to C$ in order to avoid hidden conversion fees. The site said that tournament dollars are always in U$ so hopefully they are correct that there is no impact there, i.e., I will pay for tournaments with T$ wihout any cash needed, and any new T$ won won't need any conversion.
Everytime I withdrew in U$, it cost me $38 in wire transfer fees. Everytime I withdrew to C$, it cost me more at ~2.5% from the median conversion rate.
I'm planning to withdraw all my U$ cash first from my account before converting it to C$ in order to avoid hidden conversion fees. The site said that tournament dollars are always in U$ so hopefully they are correct that there is no impact there, i.e., I will pay for tournaments with T$ wihout any cash needed, and any new T$ won won't need any conversion.
Everytime I withdrew in U$, it cost me $38 in wire transfer fees. Everytime I withdrew to C$, it cost me more at ~2.5% from the median conversion rate.
Comments
Below is PokerStars' great policy of not trying to make extra profit from players' currency transactions. Unfortunately, the site I use adds an undisclosed ~2.5% profit margin.
"7. PokerStars’ exchange rates are updated each day and it is the User’s responsibility to check the applicable rates in our cashier before proceeding with transactions involving an exchange of currency. The exchange rates offered are calculated using the current mid-market exchange rate provided by Reuters, plus a margin of 1% which will be waived, as long as the funds are used solely to play the games, not for currency speculation or any other purpose. Where PokerStars has reasonable grounds to suspect that currency conversion transactions are being made for purposes other than play, we reserve the right to retroactively apply the full 1% (one percent) margin to the exchange rate calculated at the time of the original transaction. PokerStars will use Reuters' mid-market rate without any adjustments for any deposits or cashouts that are performed in a supported account currency (US Dollars, Euro, British Pounds or Canadian Dollars). For deposits and cashouts in most other currencies, PokerStars will add a special margin of 0.5% to the mid-market exchange rate. For less liquid currencies a higher margin may apply."
"BlondeFish is throwing away everything poker to play Daddy."
Anyway, I have enough tournament dollars to last the rest of my life that I have to use up! :biggrin: