PokerStars currency conversion charge

Did you know you were being charged conversion fees on stars?

  • Yes

    Votes: 2 28.6%
  • No

    Votes: 5 71.4%

  • Total voters
    7
toots babos

toots babos

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for those of you unaware pokerstars has brought in something new......

it is a 2.5% currency converter charge.....

so if like me who would mainly play games in $$$ when i deposit in euros and have it changed to dollars i will get charged 2.5% and then if and when i decide to withdraw they will charge another 2.5% to convert it back again......

seems a bit harsh
 
PokerFunKid

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for those of you unaware pokerstars has brought in something new......

it is a 2.5% currency converter charge.....

so if like me who would mainly play games in $$$ when i deposit in euros and have it changed to dollars i will get charged 2.5% and then if and when i decide to withdraw they will charge another 2.5% to convert it back again......

seems a bit harsh

I think you're wrong. For converting they take $0,02 each convert and not in %. Which i think is also not nice, but there's probably a reason to back up their convert costs(?).
 
PokerFunKid

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Ah i see what he means. He just explained me but he can't post cause of his 10 post limit.

''If you convert in the cashier it will only be 2 cents but if like me you are in euros and deposit straight into dollars they charge you 2.5% that way and the same if you withdraw dollars and they have to change it to euros it's another 2.5%.''

Maybe you should do this to save 2,5% (not sure if it works). You deposit it euro's and change it to dollars in the cashier. This way it might only cost 2 cents?
 
toots babos

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after doing a bit more reading i've found out the following:

if you are from a country which has a curreny of either GBP/CAD/EUR/USD then you have the ability to deposit in your own currency and convert it into whatever you want in the cashier for a minimal cost

however if you are from any other country that is unable to deposit in such currency upon depositing pokerstars will charge you 2.5% for converting into USD.

the same applies to withdrawing although if you are converting from USD-EUR purely for withdrawl purposes they may want you to play some euro games 1st in order to withdraw....

it seems this will mainly affect players from australia, asia, africa, new zealend and other countries who have different currencies.....

so for those countries it would be 2.5% charge for depositing + a further 2.5% for withdrawing.....

and we're all just trying to beat a 10% rake so that 5% on top is a huge increase and therefore a decrease i expect n ROI's
 
Zorba

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I am from Australia and haven't noticed it to be 2.5%, the conversion rate they use is slightly higher than what the official rate is but I don't think it is 2.5% of the deposit.




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Zorba

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Interesting article, I hope I don't have to pay this if and when I deposit there again, if they allow paypal as a payment option this shouldn't occur as paypal will convert it for a small fee and send it as US$.



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L

leecheng3616

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hello

for those of you unaware pokerstars has brought in something new......

it is a 2.5% currency converter charge.....

so if like me who would mainly play games in $$$ when i deposit in euros and have it changed to dollars i will get charged 2.5% and then if and when i decide to withdraw they will charge another 2.5% to convert it back again......

seems a bit harsh

the us cant even deposit real money in pokerstar rite?
 
R

rhombus

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Currency Exchange Fees

As most games are in $ when i deposit in UK Pounds, I usually change it to US$, so does this mean I will be charged every time i deposit and change to US$ or is it just for other currencies
looking at line below my player account is US$ but i will excage to UK kPounds before withdrawing

new fee is imposed only if the transaction involves a different currency than the denomination of the player’s account.

Currency Exchange Fees Already Drew Ire

Earlier in the week, an announcement by PokerStars that the site would begin charging currency exchange fees was certainly not winning any popularity contests, either. The site said that currency exchange will no longer be free, and will now be charging 2.5 percent on deposits and withdrawals for currency conversions.
This new fee is imposed only if the transaction involves a different currency than the denomination of the player’s account. For instance, players residing in countries with currencies not supported by PokerStars, such as Japan or Russia, will be affected by the new policy. Currently, PokerStars offers monetary accounts for US$, CA$, Euro€, and UK£.
 
toots babos

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go into cashier and select new currency.... add GBP..... deposit £XX amount and when asked convert to USD or keep as GBP keep as GBP, complete transaction....

now go into cashier and transfer funds from your GBP section into your USD section and you will be charged 1c for that transaction as when you exchange money between currencies they always round down no matter what which happens to be more free money for them

now as for withdrawing you can try and reverse the above process and see what happens but there is a section in their T&C that states that if you are doing that in order for withdrawing purposes they may not allow it or they may ask you to play a few games/hands in GBP....

i'll post up their T&C comment if i find it

hope this helps you
 
toots babos

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http://www.pokerstars.com/poker/room/tos/

5.10.c states:

The use of the Currency Exchange Facility and/or User's account to engage in currency trading or speculation is strictly prohibited. To help maintain the integrity of the Currency Exchange facility, PokerStars has the right to, in its sole discretion:

require that funds held in a User's account and converted via the Currency Exchange Facility into a different currency be used for playing the Games before being cashed out, transferred or used for any other purpose;
 
BluffMeAllIn

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I took that to mean if you withdraw to an account that isn't one of the four they currently hold in the cashier then you would be charged the fee.

I mean I can have cdn monies in my cashier but i don't believe there are even any games that run on the site in the currency so they can't make me do playthrough if i convert to canadian funds before a cashout so i figure it must mean for example if you were to deposit using canadian funds its fine, or us funds its find, or lb's or euros but say you deposit using a different currency then they charge the fee and again for withdrawel.

Just another reason for anyone who plays and deposits and withdraws to use something like skrill or netteller or something where they can hold the funds in us and then no issues to deposit or withdraw and should be no funds either etc.

That is my take anyhow, guess we will all find out eventually.
 
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rhombus

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taken from
http://www.pokernews.com/news/2014/...t-pokerstars-part-of-bigger-changes-19649.htm

Seems ok as long as you exchange within pokerstars client.
PokerStars, the world's largest online poker room, recently changed its terms of service to allow the site to charge a 2.5% fee for financial transactions made by its customers involving currencies unsupported by its client.
This change should have no effect on customers that deposit and withdraw in the client's supported currencies (US dollars, Canadian dollars, euros, and British pounds), assuming that any currency exchange is performed within the client.
 
toots babos

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just another little note on this currency conversion charge....

now to my understanding pokerstars actually owns bank accounts in most of the countries who play poker online.

so with that being said why must they charge us 2.5% for depositing/withdrawing as when i deposit it goes into their irish bank and they just add numbers(cash) to the cashier so that i can play.......and when i withdraw they make numbers(cash) disappear from the cashier and pay me out of their irish bank.......

so you've got to wonder where the need to convert currency comes from....
 
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rhombus

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so you've got to wonder where the need to convert currency comes from....
If it makes them extra $$$$$ some companies will try anything.

What happened to the monopolies and mergers commission, which stops companies doing what they want if they control most of the market
 
zarzar78

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so for me to withdraw my deposit and play poker on pokerstars, it will cost to me 2.5% depositing , 2.5% withdrawing, 2.95% converting fund in neteller and 4 euro for money withdrawal on ATM , it becomes ridiculous...
 
F

floweryhead

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I noticed this quite a while back and the way I worked around it was to convert a bankroll size chunk of my entire bankroll to USD in there and play out of that. I still have a large chunk of BR in non USD but there's no currency charges on the USD that I use for playing.
 
Zorba

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If they are going to charge me 2.5% just because I live in Australia, I'm going to send my money as Canadian $$$ to BluffMeAllin via Paypal and get him to deposit and then he can transfer the $$$ to my account via player transfers, hope that's OK Dave.:p



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toots babos

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If they are going to charge me 2.5% just because I live in Australia, I'm going to send my money as Canadian $$$ to BluffMeAllin via Paypal and get him to deposit and then he can transfer the $$$ to my account via player transfers, hope that's OK Dave.:p



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that's not a bad idea actually, you will save yourself the 2.5% depositing fee however when you withdraw you'll probably still have to take the 2.5% withdraw fee
 
ScooperNova

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I'm a little surprised at all the moaning over this, but I would agree if I played on there. Usually people just say be glad you can play somewhere and quit being a baby. Maybe I'm thinking of a different forum. Lol.
 
L

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That doesn't sound too great at all. I'm not looking forward to this new change and I can see people getting put off depositing at all!
 
Zorba

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that's not a bad idea actually, you will save yourself the 2.5% depositing fee however when you withdraw you'll probably still have to take the 2.5% withdraw fee

I trust him, I can transfer any winnings to him and he can send via Paypal.



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moots

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If they are going to charge me 2.5% just because I live in Australia, I'm going to send my money as Canadian $$$ to BluffMeAllin via Paypal and get him to deposit and then he can transfer the $$$ to my account via player transfers, hope that's OK Dave.:p
.

Zorba I think you can just deposit in your own currency, convert to US funds to play, then convert back to your currency and withdraw.

I think I did it and wasn't charged anything extra.
 
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rhombus

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Zorba I think you can just deposit in your own currency, convert to US funds to play, then convert back to your currency and withdraw.

I think I did it and wasn't charged anything extra.

Not sure how it works for AUS $

I know for US$, CA$, Euro€, and UK£. you can exchange within the pokertars client to your own currency then withdraw without any charge
 
Daniel72

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I have $ and EUR in my cashier, if i deposit EUR i don´t convert it immediately, but later internal in the cashier. This way i have some cents more :D i tested it already with two "paysafe" codes á 10 EUR
 
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