Cashout Fees

BlondeFish

Can everybody please post if you had to pay a fee the last time you made a cashout from any online site? I have never paid a site fee in my many years of cashing out, but the besieged PartyPoker community is up in arms about the new rip-off fees below. Does PokerStars, FTP, iPoker or 888 have similar fees?

Can T8urmoney/Wetts1012/actyper/trigs & anybody else left playing at Party confirm if their accounts are subject to similar fees that I see in my account?

• Bank wire transfer: $50 rip-off fee. If I withdraw U$100 to my U$ account, Party will only transfer U$50 instead of the U$100 like before.
• Skrill (Moneybookers): $4 + 3% rip-off fee :mad:
• Fast bank transfer: $10, e.g., if I want to withdraw $20, Party will only give me $10.
• goplay MasterCard: ~7% exchange spread. Party charges ~3.5% conversion for withdrawing U$100 into C$ and if you deposit those same C$ into your U$ account, you get charged ~3.5% and you end up with only ~U$93. I believe the spread used to be only ~5%.
• Electronic transfer: ~7% spread
• Ukash: ~7% spread

It does not make sense to me to deposit any money in a site that will charge you everytime you withdraw your money.

Tonychanman

I'm not sure about all of the methods you mentioned, but I don't have any cashout fee when I use Instadebit from Poker Stars. I only have a $2 fee to withdraw funds from Instadebit to my bank account regardless of the amount.

BlondeFish

Tonychanman wrote: »

I only have a $2 fee to withdraw funds from Instadebit to my bank account regardless of the amount.

Thanks for the info. Here is how Party compares if I withdraw $5,000.

Skrill: $154 in rip-off fees! :bs:
Bank wire transfer: $50 Party fee + $45 intermediary bank fee = $95 total fees! :arghh:

Hobbes

Try electronic transfer (no fees)

Set your Canadian bank account to send and receive money directly to and from your Account, for Free. To use Electronic Transfer, you must register and verify your bank account. Thereafter transfers are mostly instant. The Electronic Transfer option is available for Canadian checking account holders only.

I have a separate bank account just for this purpose.

actyper

I only use electronic transfer with party.

BlondeFish

I cannot do electronic transfer with my U$ Party account to my U$ bank account in Canada. Did you first get your Party account converted to Canadian dollars, then cashout using electronic transfer to a C$ chequing account for free?

actyper wrote: »

I only use electronic transfer with party.

actyper

no i get hit with the party exchange which used to be good

BlondeFish

According to djgolfcan's post, you and I would be getting $268 less from Party than PokerStars for every $10K cashout. Due to Party's relatively high conversion charges, using any C$ method such as electronic transfer may be even worse than the rip-off Skrill and bank wire transfer U$ methods. Players will have to pay a higher conversion charge if they want to deposit at Party, and if they are good enough to cashout despite the player segregation, etc., they would get hit again with the higher conversion charge, so what will stop Party from falling below #5?

actyper wrote: »

no i get hit with the party exchange which used to be good

BlondeFish

None of the Canadian poker media will probably bother to report this, but here is one detailed article of what I have been posting about -
PartyPoker Introduces New Fees for Online Wallet Withdrawals.

moose

BlondeFish wrote: »

I cannot do electronic transfer with my U$ Party account to my U$ bank account in Canada. Did you first get your Party account converted to Canadian dollars, then cashout using electronic transfer to a C$ chequing account for free?

I direct connected my moneybookers account to my US bank account in Canada. BMO charged me a $14 wire transfer fee but at least there were no conversion fees. moneybookers charges $2.41 on bank transfer.

BlondeFish

Thanks for the info. Those fees are much lower than Party's $4 + UNCAPPED 3% fee for Moneybookers/Skrill and U$50 for bank wire transfer.

After being a VIP Palladium member for years, I have withdrawn ALL my cash from Party. It's strange to see a balance of "$0.00" for the first time ever since I made my first deposit. I used "Fast Bank Tranfer" which took only two days, but more than U$32 was deducted from the amount I cashed out. :-\

Here is another article of what Party has been doing to its players in addition to the previous ones posted.

moose wrote: »

I direct connected my moneybookers account to my US bank account in Canada. BMO charged me a $14 wire transfer fee but at least there were no conversion fees. moneybookers charges $2.41 on bank transfer.