Canadian Currency conversion on Party is amazing - Page 2

Bobo Fett · #11 01-30-2007, 05:41 PM

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I am surprise canadian poker player just now discover the excellent party exchange rate. I been doing cashout over a year using only party and very surprise they didn't flag me because i usually deposit big using neteller and cashout thru party EFT everytime.

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I know I always give them some play when doing this. I usually line this up with a reload bonus, but just the same, they probably look at this as a way of bringing themselves some more business. As long as they get enough play, it's worthwhile for them to offer a smoking exchange rate, much the same as when the sites eat the Neteller fees for players.

Just make sure you all give them some play in return for this great service, so they don't rethink it!

mephisto · #12 01-30-2007, 07:36 PM

So using this conversion is only good for withdrawals? Can you use this service to pull funds directly out of your checking account like insta cash?

notreallymyname · #13 01-30-2007, 09:19 PM

They have a symmetric exchange rate so from their point of view it's a low exchange rate which they profit on. (More deposits than withdrawals.)

dalyspub · #14 01-30-2007, 09:41 PM

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When I create the account should I make it in USD or Cdn $?

It is very important that you create the account in US funds. Otherwise you are going to pay a transaction fee for the conversion everytime you move your canadian neteller money into a US funds poker site.

Slim,

Yes. Party EFT is the only way to withdraw to your CDN bank account. I'm not sure why but the conversion rate offered by Party has always been excellent.

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Exactly. I created mine in Can $ when I first started, and was paying Neteller's extra 1.9% moving money both on and off every site. Have since changed it, of course. Create it in US $ for sure!

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How do you go about changing your account from CDN$ to US$?

Marwan · #15 01-30-2007, 10:12 PM

where are you guys seeing this 1.9% processing fee for those with a CDN account? I am looking at Stars and it seems to say there are no fees when converting/depositing (using insta cash) and withdrawing to neteller.

Bobo Fett · #16 01-30-2007, 10:14 PM

It's been a while now, so I can't recall exactly. I believed I phoned them and told them I wanted to change it. They closed the Canadian $ account, then opened a new US $ account and moved the money over. Bit of a pain in that you get a new account number and have to make sure you notify all of the sites you play on. I missed one, and had some money transferred to the closed Canadian $ account by mistake. Just took a phone call to rectify that. Of course, everything might be a little more slow and painful given how busy they must be right now.

Bobo Fett · #17 01-30-2007, 10:17 PM

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where are you guys seeing this 1.9% processing fee for those with a CDN account? I am looking at Stars and it seems to say there are no fees when converting/depositing (using insta cash) and withdrawing to neteller.

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The 1.9% is quietly tacked on to the exchange rate. You'll notice when you compare the exchange rate to the banks, or if you move money on and off a site in a short time frame and compare the rates. Not sure how it works with InstaCash, I've never used it, but I assume that since the charge is just in the form of an inflated exchange rate, it would still apply.

1C5 · #18 01-30-2007, 10:29 PM

So the best would be (correct me if I am wrong)

Have a Neteller account in USD. Use this for putting money into Party.

Then to cash out use the Canada EFT option that Party offers.

This way the money goes right into my Canadian Bank account at a good excahnge rate?

gamblor333 · #19 01-30-2007, 10:38 PM

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So the best would be (correct me if I am wrong)

Have a Neteller account in USD. Use this for putting money into Party.

Then to cash out use the Canada EFT option that Party offers.

This way the money goes right into my Canadian Bank account at a good excahnge rate?

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exactly.

MarkD · #20 01-30-2007, 10:40 PM

When you buy or sell currency there are two rates - a buy and a sell. One is always higher than the other. That is how the banks (or anyone doing conversions) make their profit. Party has one number and always uses the highest. They use the current exchange rate at xe.com (not sure if they copy that site, or if it's just the most up to date currency monitor).

I suggest to everyone - don't abuse this service that party offers. They are eating the juice to offer this service. Play some hands there if you are going to make use of their EFT service. Do you have to? Probably not. Is it wise? Probably.

And yes, it's best to have a neteller in USD and to cash out via Party EFT. Also, if you have to put money online it's best to buy in directly to Party as well.