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PokerStars Currency Exchange Rates PokerStars Currency Exchange Rates

03-31-2016 , 02:42 PM
Ok that is nice, i was always afraid to use that feature.

I open a usd account and only playing USD table, even tho i am from Canada.

So i could for example open a Canadian currency account, put some money in there from USD account and having no fee for the transfer, only when i withdraw would there be a fee a 2.5 %?


Can we open more than 1 account for different currency ?
Sometimes i saw some interesting action in EUR currency table,etc.
So could i open more than 2 account ( one for usd and the bother for cashing out in Canadian currency) just for switching money from USD to EUR for example, no fee and being able to play with other players on those "new " table av available to me now since i have those currency and put it back in my USD account, with no charging fee ?

Man it would be great !
thx

i think it is a yes but since english is not my native tongue, sometimes i might make a comprehensive mistake...
( it probably show by the way i write lol...thx anyway )
PokerStars Currency Exchange Rates Quote
03-31-2016 , 03:05 PM
You can add a second currency (CAD), third currency (EUR) and even a fourth (GDB) if you want. But for playing purpose only, not currency speculation.

There is no 2.5% fee if you withdraw in the currency whose tab is open in your cashier.

For example, if you add CAD as a second currency and ask for a cashout in CAD from the CAD tab in the cashier, Pokerstars will not take any fee at all.
PokerStars Currency Exchange Rates Quote
03-31-2016 , 03:28 PM
Quote:
Originally Posted by solody
You can add a second currency (CAD), third currency (EUR) and even a fourth (GDB) if you want. But for playing purpose only, not currency speculation.

There is no 2.5% fee if you withdraw in the currency whose tab is open in your cashier.

For example, if you add CAD as a second currency and ask for a cashout in CAD from the CAD tab in the cashier, Pokerstars will not take any fee at all.
ok thx !
PokerStars Currency Exchange Rates Quote
03-31-2016 , 08:47 PM
hi guys, i thought that Stars had scrapped the cash out charge? i was about to withdraw there to put some money on a couple other sites and Stars said that if i withdrew $x i would get £y, i then typed the same intended $ withdrawal in to a googled convertor and it says i should get more £ than Stars says. i worked it out quickly and i am paying a 2.5% charge.

is this the case for EVERYONE and not just UK players? is it because i am switching currencies during withdrawing? if so can i withdraw in $ somehow despite being from the UK and avoid this charge?

i emailed Stars about this, despite rake increases of the last couple days they find even more ways to take a slice of your money. ITS MT MONEY WHAT RIGHT DO THEY HAVE TO TAKE 2.5% WHEN I CASHOUT??

also quickly, do other sites have withdrawal fees?

maybe ill just withdraw my whole role from Stars and put it on other sites.

thanks in advance for replies. cheers.
PokerStars Currency Exchange Rates Quote
03-31-2016 , 09:04 PM
Yes it is because you are switching currency.

More info can be found in this thread -- http://forumserver.twoplustwo.com/28...1/index56.html
PokerStars Currency Exchange Rates Quote
03-31-2016 , 09:06 PM
Quote:
Originally Posted by GOT TO WINN
Yes it is because you are switching currency.

More info can be found in this thread -- http://forumserver.twoplustwo.com/28...1/index37.html
thanks a lot. i'll go on that now

*

Quote:
Originally Posted by GOT TO WINN
Yes it is because you are switching currency.

More info can be found in this thread -- http://forumserver.twoplustwo.com/28...1/index56.html
quick question could i transfer $ to £ in Stars client then withdraw in £ and avoid charges?
i am looking at thread now will read through.

*

i am an idiot, for the last however long i have been withdrawing in $, all my PS money is in $ and i withdraw each month. but i am from the UK so i have just basically been burning 2.5% of each withdrawal, usually like $1k each month so like $25 each month cos i didn't know about the fees/ how to avoid them.

then i just transferred the money from $ to £ before i withdrew, and then hey presto, when i withdraw in £ i get the exact amount i withdrew. so incur no withdrawal fees.

people who are ignorant of this small technicality are just burning money, i am going to make sure my friends all know about this when they deposit/ withdraw.

*

SORTED.

convert $ to £ before you withdraw, then withdraw the £ and you incur no fees.

ANYONE ELSE WITHDRAWING FROM A DIFFERENT CURRENCY TO THE COUNTRY THEY ARE IN, MAKE SURE TO CONVERT IT OVER SO YOU AVOID 2.5% FEE!!

i hope nobody makes the same mistake i have been making.

thanks for link to the thread got to win.

Last edited by Mike Haven; 04-02-2016 at 10:46 AM. Reason: 4 posts merged
PokerStars Currency Exchange Rates Quote
03-31-2016 , 11:09 PM
Quote:
Originally Posted by Heisenboom
SORTED.

convert $ to £ before you withdraw, then withdraw the £ and you incur no fees.

ANYONE ELSE WITHDRAWING FROM A DIFFERENT CURRENCY TO THE COUNTRY THEY ARE IN, MAKE SURE TO CONVERT IT OVER SO YOU AVOID 2.5% FEE!!

i hope nobody makes the same mistake i have been making.

thanks for link to the thread got to win.
No problem, good to see you got it sorted. I ran into a similar issue a few months back.

Good luck at the tables
PokerStars Currency Exchange Rates Quote
04-01-2016 , 09:24 AM
Quote:
Originally Posted by Heisenboom
ANYONE ELSE WITHDRAWING FROM A DIFFERENT CURRENCY TO THE COUNTRY THEY ARE IN, MAKE SURE TO CONVERT IT OVER SO YOU AVOID 2.5% FEE!!
It's not a flat fee, it's just based on the exchange rates at whatever time they happen to set them as far as I know. Obviously you still want to avoid paying the fees, but it's not always going to be 2.5%.
PokerStars Currency Exchange Rates Quote
05-05-2016 , 09:56 AM
Hello,

I am pretty sure this has been asked before already, but I could not find anything.

So, when I am cashing out dollars from Pokerstars to my Neteller account(which is in euros) they always use a lower exchange rate then the actual one on that moment. It is always lower by quite a large margin. What can I do about this?

Regards,

Laurens
PokerStars Currency Exchange Rates Quote
05-05-2016 , 12:22 PM
convert your USD to EUR in the stars client which is free from charges. Withdraw from euro wallet to neteller.
PokerStars Currency Exchange Rates Quote
06-23-2016 , 11:08 AM


If I want to withdraw 1000 dollar and convert it to euro I should get 880 euro, but now I only get 840. So you take 40 euros just because of the possible 'brexit' thing?
Worst case after the 'brexit' the euro will lose value to the dollar, so in fact, if I withdraw my 1000 dollar after the brexit, I will get more than 880 euro. I dont get this.
PokerStars Currency Exchange Rates Quote
06-23-2016 , 11:23 AM
Quote:
Originally Posted by Thegamewillendsoon


If I want to withdraw 1000 dollar and convert it to euro I should get 880 euro, but now I only get 840. So you take 40 euros just because of the possible 'brexit' thing?
Worst case after the 'brexit' the euro will lose value to the dollar, so in fact, if I withdraw my 1000 dollar after the brexit, I will get more than 880 euro. I dont get this.
point being nobody 'gets it', so they are insuring themselves from people to try and take advantage of the volatility in the short term.
PokerStars Currency Exchange Rates Quote
06-23-2016 , 12:19 PM
does this mean that if a player has only USD but goes to register a EURO tournament, 4% is taken off the top for the conversion?
PokerStars Currency Exchange Rates Quote
06-23-2016 , 12:35 PM
i think it only applies when manually converting in the cashier, more info in this thread: http://forumserver.twoplustwo.com/sh...9&postcount=18
PokerStars Currency Exchange Rates Quote
06-23-2016 , 12:36 PM
Quote:
Originally Posted by PokerStars Michael J
It is cheaper than the rates that most players would otherwise be able to obtain if they rely on their bank's default currency exchange service or credit card issuer when making a deposit.


We display the charges (showing the local currency and the amount of USD to be credited) when a player makes a deposit. This is the internationally standard way of displaying such things.


That's simply the default limit on currency transactions for new players. If you require a higher limit, please email security@pokerstars.com anytime.


We encourage you to compare these fees to other sites.

I see that one player in this thread compared our fee to PartyPoker, and here is that post:


As the figures from the player above shows, in this example, PokerStars would give a Canadian player 3% more USD for their money than our competitor.


We encourage you to compare our fees to other sites.


We have announced no plans to do so at the moment.


Here is a video that we recently published on this issue generally:



We agree that we were probably the world's best place for players to exchange currency until now. We agree that under the previous arrangement - where we charged no currency exchange fee - we probably offered an exchange rate that was better, than literally any other business at any time on a widespread and/or consistent basis*. That's why, for example, we had people trying to discreetly exchange very large sums of money to take advantage of our services.

We are now charging a margin on such transactions. We think we are no longer offer the world's best exchange rate of any business of any sort anywhere in the world. That is all certainly true, and that’s why we started this thread to explain that.

Instead, we merely offer exchange rates which we think are still very competitive. We think that they are very competitive with our major competitors, and better than most of the other currency exchange options available to players.

That's why we would encourage a player in this thread to post and compare the various options available to players: so that players can make informed decisions about these issues.

*We accept that it is theoretically possible that other businesses may have temporarily had errors in their exchange rates whereby they effectively paid people to exchange currencies.



That's not true. I agree with having a fee. PokerStars provides currency exchange services for players. These services cost money to operate, and it makes sense to charge a fee for those services. Under the previous system, where I think that PokerStars offered literally the best exchange rate of any business of any sort in the world on a consistent basis, players were effectively encouraged to use our currency transaction services more often than they needed. Now, going forward, the margin for this service will offset the cost for providing the service, and we expect that players will not use our currency exchange service excessively. This distortion will no longer increase costs to PokerStars, and instead, it will allow us to offer currency exchange services on an ongoing and sustainable basis.


No.


No.


Yes, it only applies to deposits and withdrawals where there is a currency conversion applied.


No, the Support email exchange posted is accurate.


We made that comparison because that is the alternative option that players face when making a deposit. In most cases, if not all, our currency exchange margins are still lower than the other options available to players when making a deposit.

This might be clearer with a simple, hypothetical, example.

A player wants to make a deposit from a country that does not use USD/GBP/EUR/CAD as their local currency to play in our games. To make a deposit, their local currency needs to be converted into USD. There are conceptually two options that are available to PokerStars in processing that transaction:

Option A: PokerStars charges a USD amount to their card. The currency conversion is then performed by their credit card issuer (typically, their bank).

Option B: PokerStars charges an amount to their card in the local currency. The currency conversion is thus performed by PokerStars.

In the vast majority of situations, if not all, it is better for players to use Option B – because our foreign exchange rates, even after this change, are lower than most consumer banks. If you travel internationally and use your card at various retailers or ATMs, you will be familiar with this, because you often have an equivalent choice to make.

The same process works in reverse for withdrawals.

Sincerely,

Michael Josem
PokerStars Communications Team

YOU ARE NOT A BANK!
PokerStars Currency Exchange Rates Quote
06-23-2016 , 06:23 PM
Quote:
Originally Posted by newguy89
does this mean that if a player has only USD but goes to register a EURO tournament, 4% is taken off the top for the conversion?
When you start PokerStars do you get the 4% pop up message? You have Canada below your avatar - your home currency is presumably CAD & you also have a USD tab set up. But you do not have a EUR or a GBP tab set up in your cashier.

[1] Nothing to do with the 4% message, but if you DO buy in to any EUR currency games then it is sensible to have some of your balance in the EUR tab [make a EUR tab if you haven't set one up]. This is because if your balance is entirely in USD then every time you top up or buy in to a EUR game your client converts the necessary value in USD into EUR to apply to the EUR game & it will be rounded to the nearest whole USD/EUR coin.

Thus you will likely** suffer from a tiny rounding error - which adds up to quite a bit if say you are constantly auto-topping up to 100bb in cash games.
[** this depends on how PokerStars rounds part coins - if it rounds always in PS favour you take the small hit]

[2] Regarding the 4% message: The PokerStars message is confusing because it does not say which conversions within the client [tab-to-tab conversions] are effected & for whom. It seems to be saying all in-client conversions are effected, but surely it only applies to those customers who get the pop-up & surely only for currencies that are 'European' such as EUR or GBP? I would suppose you do get hit with the 4% for USD > EUR if you get the pop-up. But I can't fathom the weird writing style of PokerStars - it is vague...

I think you should work on the assumption that you are effected when you buy-in/top up in EUR & change your Settings > Multi-currency options so that a pop-up asks you if you want to OK the conversion. Then at least you'll see the rate & you can compare it with that displayed at XE.COM [which is what PS uses]
PokerStars Currency Exchange Rates Quote
06-27-2016 , 12:29 AM
The popup message is gone as of yesterday but they're still charging the extra 4%, emailed them and they were very vague - they'll "monitor the situation". The markets were only crazy on Thursday/Friday so it seems they like the idea of added fees for nothing. It's the Amaya way.
PokerStars Currency Exchange Rates Quote
11-13-2018 , 06:33 AM
Sorry for bringing this thread up again after some years but I need some clarification.

My preferred Currency is USD at the moment but I also have a EUR Account at stars.
I want to deposit from my SKRILL EURO Account into my STARS EUR Account but then Stars is telling me: "xxxx will be credited to your USD Stars Account balance."

However I want to deposit my EUROS without automatic conversion into my EURO Account at Stars. Is this not possible anymore? Do I need to change my preferred currency for it?

As far as I remember I was able to deposit into my EUR Account before. Do I have a wrong setting or do I have overlooked something?

Last edited by w4llace; 11-13-2018 at 06:56 AM.
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11-13-2018 , 07:13 AM
Email Stars and ask them how you would change which currency you do your transactions for moving forward. One issue some face (does not sound like it is yours) is if they have some outstanding deposits (without equivalent cashouts) in their system to a particular currency. In that scenario, the withdrawal will be forced through that currency (so in theory you could pay 2 exchange fees if you cash out from the Euro cashier to a Euro Skrill if you had to take for instance $500 out from the US cashier).

I have helped many players do what you are asking, so it certainly can be done, but ask Stars if there is anything else you need to do to make it happen and see what they say.
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