party's exchange rate is so bonkers up!!

[cardman]

[ QUOTE ]
[ QUOTE ]
It's (precisely) a 3% fee on each conversion. (Do a round conversion of one unit and you'll find that you're left with 0.9409 of the same unit, which is 0.97 * 0.97)

[/ QUOTE ]

Are you sure?

1000 canadian gets you 910 US. Cash out 910 US and you get 928 canadian.

[/ QUOTE ]

From OP's post:

$1US = $1.02CA
$1CA = $0.91US

--

1000-928.20=71.80

So conversion back and forth would mean a $71.80 fee so the spread Party is using must be 7.18%. So the one way fee they are charging must be 3.59%. 3.59% is incredibly bad.

[chisness]

Can you withdraw in USD with no exchange at all?

[notreallymyname]

I'm as certain as I can be without actually making a test deposit and withdrawal. Perhaps the OP used the deposit and cash out forms' instant converter to get his rates without realising that these subtract any fees first (if you do take this into account, you get a 0.9409 round trip for any currency.) 3% is still excessive though, 2.75% is standard here.

[Lessu]

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[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Is there any way us brits can open an account that uses dollars somehow?

[/ QUOTE ]

Most likely your bank will allow you to open a US Dollar account. I'm in Canada and have done this. Unfortunately, Party said, "yes, you can use that account for EFT's, but when you withdraw we'll still convert the amount to Canadian dollars before sending it to you(!)"

[/ QUOTE ]

So you have to pay currency exchange fees US->CA to Party and fees to your bank CA->US before the money finally reaches your U.S. dollar account?

[/ QUOTE ]
So Party ARE trying to scam us badly here and if we try to avoid being [censored] by their ridiculous exchange rate they just go ahead and scam us anyway... wtf? [img]/images/graemlins/mad.gif[/img] [img]/images/graemlins/mad.gif[/img] [img]/images/graemlins/mad.gif[/img]

I see that you can turn your currency to be displayed in £'s rather than $'s, but will this mean that we get scammed EVERY TIME we take money to/from a table or will it be any better?

Juk [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]

it will use the same exchange rate so you won't lose anything in this case

[hypermegachi]

[ QUOTE ]
I'm as certain as I can be without actually making a test deposit and withdrawal. Perhaps the OP used the deposit and cash out forms' instant converter to get his rates without realising that these subtract any fees first (if you do take this into account, you get a 0.9409 round trip for any currency.) 3% is still excessive though, 2.75% is standard here.

[/ QUOTE ]
yeah, i went to the EFT cashout, then clicked the link which brought up a popup where you can find out the rates.

i don't see why it matters if they already subtract fees, they're subtracting both US->CA and CA->US.

[notreallymyname]

It matters because then you get the round trip including the cash out fee (twice), which doesn't tell you the currency exchange charge alone, and it matters because not all cash out fees are equal. Also, it matters because cash out fees are all fixed amounts, not percentages. Furthermore, it matters because you don't do a round trip by cashing out in CAD, changing your account currency to CAD then cashing out in USD. Even if you did, that'd be three currency exchanges.

[Scotty_12]

[ QUOTE ]
Can you withdraw in USD with no exchange at all?

[/ QUOTE ]

I've been trying to do this, but I encountered some difficulty and have been trying to resolve it with my 'VIP host' (LOL) Here is a chronolgy of the emails, maybe if a bunch of us complain about the same thing, they will do something about it? Then again, maybe not:




_____________________________________


I have two questions regarding cashout.

#1 - As a deuces club member, is the $35 charge for premium delivery
waived when I cash out?

#2 - I wish to cash out in USD, is this an option? If so, how do I go
about doing this?

Many thanks,

Scott

_____________________________________ (7/4/07)


Dear Scott! Thank you for contacting us. Unfortunately, it is impossible
to cancel cash out fee. But for members of Deuces club we will
compensate these expenses.
The maximal sum of compensation is 100 USD, is compensated no more than
5 transactions per month.
For cash out in USD you can use: check, online wallets (WebMoney,
Moneybookers, Neteller).
Thank you for choosing us as your online gaming site! In case you have
any further queries, please do not hesitate to contact us. We will be
more than happy to help you. Kind Regards, Leonid VIP Host
Dear Player,

Thank you for contacting us.

_____________________________________


So let me clarify something. If I cash out $15000 in US dollars and do
so with the premium delivery service (which costs $35 USD) how am I
going to be compensated for the service?

Also, where do I select the US dollar for my cashout option? Am I able
to just request the cashout through you, my VIP host, and avoid having
to go through t he website to fill out any of the forms or anything?

Many thanks,
Scott

_____________________________________ (7/08/07)


Dear Scott,

The $35 will be added to your account after you made the cash out,
please just send us an e-mail when you made the cash out and we will add
the money to your account.

The check will be in Canadian dollars since you are living in Canada,
unfortunately its not possible for you to get the check in USD. To get
paid in USD you will need a USD account and choose a different cash out
option.

You also need to go through the website to make the transaction.

Thank you for choosing PartyPoker.com and I wish you best of luck.

Best regards
David Bilén
VIP ? Host
davidb@partyaccount.com
Europe: 00-800-7789-7537
Canada: 1-866-848-7537
011-800-7789-7537


_____________________________________


David,

Let us be realistic here, the 1 USD = 1.0185 CAD exchange rate that partypoker is offering on my cash outs is a RIDICULOUS ripoff. You guys have made THOUSANDS of dollars in rake from my pockets, and now you wish to squeeze more with an exchange rate that is well below the market rate of 1 USD = 1.04592 CAD. This is INSULTING.
HERE is my first question: What is the US to Canadian exchange rate when I make a deposit??? is it t he same rate as you charge for cashing out, or are you making money from that too?




You mentioned "To get
paid in USD you will need a USD account and choose a different cash out
option."

Well then TELL ME HOW to get a USD account and tell me WHICH CASHOUT OPTION TO CHOOSE because I will gladly do it. For me to accept 1.0185 (RIPOFF) is unnaceptable.

"Thank you for choosing PartyPoker.com and I wish you best of luck.

Best regards
David Bilén
VIP ? Host"

I dont want LUCK, I want fairness and a PROMPT REPLY to this email. If I am a 'VIP' then please treat me like one.

It is bad enough that the old $5k prize of winning the monthly leaderboard is gone, many other websites have incentives to be at the top of their leaderboards, allow rakeback, have POINTS STORES for what you earn on playing on the site .. regardless of partys LACK of these benefits, I am still making money for your site. I would at least expect fairness when cashing out, but parhapds that is too much to ask?

Looking forward to your reply,

Scott


_____________________________________ (7/09/07)


Scott, I understand your concern; please allow 24-48hrs for my response because I'm trying to work something out here. Best regards David Bilén VIP – Host


_____________________________________


David,

Thank you SO MUCH for not just sending me a canned 'copied and pasted' response. Let me know what you find out.

Cheers,

Scott


_____________________________________ (7/10/07)



No problem, I'm actually trying to help.

In this case what is strange is that in PartyAccount.com, the CAD currency says 1.05 which seems to me to be pretty much market value. But in the currency converter at the same place it says like you say 1.0185. Im trying to find out what is going on here.

I have escalated this to people responsible and I will let you know as soon as I will get any answers. They told me yesterday 24-48hrs.



_____________________________________


David,

Sounds good. Let me know as soon as you hear back from them.

Cheers,

Scott


_____________________________________ (7/14/07)


Scott,

Thank you for your patience, Im still waiting for an answer and I will contact them again after the weekend. You are not the only player that think this issue is very frustrating and I aswell beleive that something has to be done. Will let you know.

David