Party USD-CAN exchange rate is fixed?

[oracle3001]

Well people trying to do US -> UK are still getting screwed by the same as before.

Market Rate

£1 -> $2.03 ---> $->£ 0.4926

PP offered rate for $->£ 0.4784 (i.e £1 -> 2.09)


which is the kind of gap they have been operating for past 2 months or so.

[notreallymyname]

The fee is 3%, as ever, they just place a higher value on USD than other exchanges for their base rates, which is profitable for them (and us winning players); do you see why?

[oracle3001]

"The fee is 3%, as ever", if you are replying to my statement, that is not true. Until 2 months ago I got exactly the rate (both ways) quoted on the market at that time. Then I started to lose 3% both ways, and that hasn't changed since.

If you are referring to the other comments, please ignore.

[Longy]

[ QUOTE ]
Well people trying to do US -> UK are still getting screwed by the same as before.

Market Rate

£1 -> $2.03 ---> $->£ 0.4926

PP offered rate for $->£ 0.4784 (i.e £1 -> 2.09)


which is the kind of gap they have been operating for past 2 months or so.

[/ QUOTE ]

Change your account into GBP, they can't screw you then apart from that stupid 2.50( £1.50) fee.

[iSTRONG]

[ QUOTE ]


Change your account into GBP, they can't screw you then apart from that stupid 2.50( £1.50) fee.

[/ QUOTE ]

QFT

[whenwilljack]

Does anybody know if this switching between USD and GBP is a long-term solution, or will it only work once? I see that you have to email support to change your currency after the first time. Does this mean that they may refuse my request and my account will be stuck in GBP which would cost even more in the long run? Has anyone got experience of multiple currency switches?

Also, does anyone in UK have a decent USD account? Its all very well being able to withraw to a USD account but surely you have to convert to GBP at some point and just get screwed then?

[Pocketrockets2]

[ QUOTE ]
I don't understand how this is an improvement. Are you saying that they're taking 2.7% off the exchange rate as profit in each direction?

So you deposit $100 CAD and they only give you $92 USD instead of the $94.70 that XE.com shows? Or are you talking about cashouts and they're actually giving you the inverse of 1/0.92 = 1.087 for a big increase in the actual exchange rate to your advantage?

[/ QUOTE ]

You all are amazing. Go to any casino in Ontario and they will take a minimum of 3 percent for an exchange. What are you cheap bastards bitching about? It is standard to make a percentage when exchanging money. Don't like it? Deal soley in USD. It is not that hard retards.

[darker_days]

[ QUOTE ]

Quote:


Change your account into GBP, they can't screw you then apart from that stupid 2.50( £1.50) fee.



QFT

[/ QUOTE ]

do they not just screw you every time you have a winning session? i know the initial buyin will have the same exchange rate either way, but wont they still skim small amounts when exchanging money that you take off the tables?

[oracle3001]

[ QUOTE ]
[ QUOTE ]
I don't understand how this is an improvement. Are you saying that they're taking 2.7% off the exchange rate as profit in each direction?

So you deposit $100 CAD and they only give you $92 USD instead of the $94.70 that XE.com shows? Or are you talking about cashouts and they're actually giving you the inverse of 1/0.92 = 1.087 for a big increase in the actual exchange rate to your advantage?

[/ QUOTE ]

You all are amazing. Go to any casino in Ontario and they will take a minimum of 3 percent for an exchange. What are you cheap bastards bitching about? It is standard to make a percentage when exchanging money. Don't like it? Deal soley in USD. It is not that hard retards.

[/ QUOTE ]

I think you are the one lacking mental capacity. You can deal solely in USD as much as you like (and I do with my online BR, Neteller, Poker Accounts), but at some point I have to get my money into a currency I can use in my home country. Party poker provides the easiest way to do that as I can fund my account directly.

The issue is that until 2 months ago, they offered very good rates of exchange and no processing fees. Now they carry a fee on the cash-out and take a % on the exchange, neither thing they ever announced, just snuck it in there one day. So I pay shed loads in rake every month, there is limited rakeback, but I get double charged for cash outs.

Just because your local casino rips you off, doesn't mean there are any more in the right. Here in the UK I can convert currency commission free, but offer an inferior rate (as does Party), they don't charge a fee and a worse rate. Besides I am not paying the bureau de change ever day in the form of rake.

For high volume, high value players, these kind of services should be offered gratis. In fact in the blurb that came out with the introduction of J,Q,K,A,Deuce club, it stated that members of certain levels would receive "fee free cash-outs".

With regards converting your account to home currency, from what I understand they are more than happy to do that, but they will exchange your complete balance at that time (using the poor exchange rate). Then what happens is they exchange your home currency say GBP to USD when you take money to the table. They then convert it back when you leave at exactly the same rate, so you don't lose out. This is what Crypto used to do when they had $,Euro and £ tables.

The major downside is converting your party account is that you are effectively going to have to run different BR's, one for Party and one for the rest, and you have lost the ability to move any part of your roll around hassle free.

[pyedog]

Party is back to stealing 2% from the exchange rate at cashout today. The real rate is 1.054 and they are only giving 1.035 CAD per USD.

I think that the reason that it was closer to the real exchange rate the other day (only off by 1%) is that their exchange rates aren't updated in real time, but instead reflect the previous day's rate. On Wednesday the USD shed about 1 cent relative to the CAD and this wasn't reflected until Thursday. So if you did a cashout late on Wedensday then you would get the previous day's rate which was closer to the real rate.

Or this could all be wrong, but either way I'm certain that Party is run by a bunch of f'n crooks and I will continue to avoid playing there.