What is Up with Party Exchange Rates

[oracle3001]

Now I might be missing something, but I have just gone to cash out some money from $ to £. The stated exchange rate is 1 GBP = $1.9372, around what it is on the market. Well when I want to cash out exactly £250, so you would think that is $484.3, but no party tells me it is $503!!!!

[Lyrrad]

Right now the middle exchange rate is about £250 = $495 USD. They take about 2% off of that exchange, so that's how they get the $503 figure. If you wanted to deposit $484.30, then that would cost you about £250.

[oracle3001]

I have never noticed them do that before, in fact I'm sure they haven't, as I have been making regular cash out of the same amount over a long period. Furthermore, it doesn't state that anywhere, as far as I can see.

You open up their currency converter, and you go one way £ -> $ and get exactly the answer you would expect and then flip it the other way (i.e. change the boxes around) and you get the different answer.

[oracle3001]

I had another look, and understand what you are saying. When did they start taking 2-3% off the top? I used to love the way you got the exactly the exchange rate quoted on the market.

Would I get a better rate cashing back to neteller, then out that way? Or would I have the same issue?

[Lyrrad]

I saw a post a few months ago about Party taking some vig off of exchange rates. You can try to search for that thread.

I don't play at Party so I don't know exactly when they started.

[SlantNGo]

Someone made a post about Party's awesome exchange rates, and after that they started charging a vig.

[Phytopath]

yeah 2% each way is super standard everywhere.

[cardman]

[ QUOTE ]
Someone made a post about Party's awesome exchange rates, and after that they started charging a vig.

[/ QUOTE ]

Yeah, I remember that. Party started charging a vig almost immediately after that stupid post.