Currency fluctuations / Neteller

robwhufc

robwhufc

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I've just checked my neteller statement - I deposited $200 for Pacific on October 25th, and withdrew $200 from same site on November 3rd. £115.33 was taken from my account, but only £110.42 was returned. I did currency conversion today which shows that $200 today = £114.79, so why did I only get £110.42 3 days ago?

Seems obvious that either Pacific or Neteller are using different rates in and out. Who is it that is ripping me off? (that relates to 4.25% charge!). :mad:
 
Nick

Nick

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Neither are ripping you off, it's the damn changes in conversion rates that are annoying for us!

I spend a lot of money on paypal and I'm constantly getting money changed from £ (my bank account) to $ by paypal. The rates that they give me vary greatly day-to-day. Best bet is to just wait for the conversion rate to benifit you and then change up a large amount and leave it there.
 
robwhufc

robwhufc

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I dont think the currency fluctuated to that extent, in fact I know it didn't. I've looked through all of my Neteller history - I tend to deposit, build up roll (hopefully) and withdraw initial deposit leaving me to play with profit. On all 4 occassion i've done this, I've had less paid in then i'd taken out. I think that the sites are scamming with the converstion rates they use (one rate in, one rate out).
 
Nick

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That's true with any place that exchanges currency, one way they'll give you a decent rate, the other way will benifit them hugely.
 
robwhufc

robwhufc

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It's a computerised transaction - you're not buying hard currency from the post-office are you? They should use the same exchange rate in and out, i didn't realise just how much i've lost in these transactions. One of the sites sent me a cheque in dollars for some reason, and when I put it in bank I got less than half the amount in pounds that it was in dollars, due to bank charge.

I presume Ladbrokes / betfair / william hill use pounds - i think i'll check these ones out (and i'm going to email Pacific to see whether what you said was true).
 
Nick

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I cash dollar cheques quite regularly, and my bank usually charges me £10-15 as well as taking 30 days. £15 can be as much as $30 so that can cripple you if you're cheque is only around $100 or so.
 
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