List of eWallets for Canadians (#2 of 2)

[hypermegachi]

for people who have used instadebit...how are their exchange conversion rates?

[roo400]

my post seems to have been lost in the crowd. Anyway, for anybody asking the time to receive a check from moneybookers: mine took 12 business days (47$), so that's not that bad (pretty the same than with FullTilt, maybe a bit slower)

[nimajneb]

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my post seems to have been lost in the crowd. Anyway, for anybody asking the time to receive a check from moneybookers: mine took 12 business days (47$), so that's not that bad (pretty the same than with FullTilt, maybe a bit slower)

[/ QUOTE ]

Thanks roo. I assume that the check was denominated in $US. If not, how was the exchange rate?

[roo400]

yea, US$, I didn't deposit it yet, but should take 21 business days to clear cuz I'm canadian. Is there a way to reduce this ''clearing period''??

[Bobo Fett]

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for people who have used instadebit...how are their exchange conversion rates?

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You finally got me off my backside to calculate this.

I'll explain a bit again how they operate. When you deposit for the first time to a US site, they take it straight from your bank account, and charge you whatever they have for that day's rate. If you cash out from a site in US dollars, they actually keep it in US dollars for you...in this regard they act as an eWallet. What I did earlier this month was deposit $25 on to VegasPoker247, and then withdrew $50 (their minimum) about 48 hours later. I subsequently withdrew $25 from Instadebit to my bank account as soon as it was available. On May 7, $28.37 was taken from my account; on May 10, $26.98 was deposited. That's a spread of 5.56%...eep! It looks like the US dollar lost about 0.5% in the same time frame. It did take a couple of days for both transactions to come through, so it's possible those days aren't exactly right, but even if I look a couple of days back, the biggest change is about 1%.

In summary, the exchange vig doesn't look good. However, that's only one small transacion, maybe my experience won't be universal. Otherwise, I like the service (aside from the limits). Proceed with caution.

Edit to add: I should mention again, that 5.5% is the total for BOTH ways. Knock off the 0.5-1 the dollar actually moved in that time frame, we're looking at 2-2.5 vig for withdrawing. Not great, but not obscene. If I didn't have Party EFT, it would be in the running for my next option, since it's so easy. Limits are a problem, though.

[mephisto]

Thanks for the trip report Bobo Fett. All this nasty conversion rate talk is making me want to stay at PP and use their EFT 4ever.

[Bobo Fett]

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Thanks for the trip report Bobo Fett. All this nasty conversion rate talk is making me want to stay at PP and use their EFT 4ever.

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LOL me too.

Note: I just made a small addition to that trip report.

[hypermegachi]

thanks Bobo.

i just wanted to clarify. is the ~2% vig for exchange charged by instadebit, or your bank? when i wired money from MB to my bank account, my bank took 2% off the conversion from $US.

it seems like party's EFT is really good because they do the exchange before they send you the money, whereas for MB, it's sent in US, so banks can laugh at you, take your monies, and you can't do anything about it.

[SlantNGo]

To anyone who used TD VISA to deposit into Moneybookers: were you charged a cash advance fee? Thanks!

[hypermegachi]

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To anyone who used TD VISA to deposit into Moneybookers: were you charged a cash advance fee? Thanks!

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i was charged a cash advance when i used my PC mastercard. so it's safe to assume you will too.