I think it depends how you deposit and cash-out.
From British banks, there's no charge to deposit or cashout in dollars using a standard bank debit card. You're probably better off asking the 888 rep directly to be sure of the best charge-free system for Kronor.

Hey Arty, I'm in your same position - I have a UK Bank debit card looking to deposit my pounds in dollars, and cashout in dollars.

Will I get charged the ridiculous exchange rate when I convert from Pounds to Dollars?

Thanks for your help, I'm thinking about joining 888

I didn't get hit with any changes. The exchange rate wasn't bang on the market average, but it wasn't "uncompetitive". (You'd probably do worse if you went to your bank with £100 and converted it into dollars, then took the dollars back the next day and asked for pounds.)
Prior to depositing, look up the exchange rate on google and do the conversion yourself. Right now, £100 is about $153.33. If you wanted to deposit £100, you'd enter $153.33 in the cashier. That would appear as "Debit card £100 withdrawal" (or very close to it) on your bank statement. When you cashout, just ask for a dollar amount again. You'll only face the surcharges if you change any of the settings in the cashier, so just keep it all in dollars.

I see, so this way, my UK bank does the currency exchange, and not 888, hence I won't get ripped off by their rate right?

Incorrect.

You will still be charged with approximately 2% by your bank. You will never get 'very close' to the the interbank rate trading at the time of your deposit or cash out.

Are any other sites guilty of this?

I had the same problem with my last withdrawal, they used about 4% worse USD-> EUR rate costing $40 me on 1k.

So I asked live chat operator to change my preferred deposit/withdrawal currency to USD and also to change my moneybookers account to the USD one,
and now $1000 deposit means $1000 is taken from my moneybookers acc

If you have problems try that, takes ~5 minutes and saves a lot of money

Can someone help me out with this question. I deposited 350 dollars on 888poker. After making the depoist I did a conversion between dollars and Euro on http://www.xe.com/ucc/

I notice that 888 poker have charged me 16 Euro more then the conversion on xe.com shows. I have made other deposits and withdraws in the past, Im worried Im getting penalized each time.

I contacted support and asked why, she said 888 poker conversion fees change all the time, but when I asked her what the conversion rate is based on, she couldnt tell me.

Anyone have any info?

I completely agree with OP, this is outrageous. The first time I cashed out and they converted USD to EUR I was shocked to see that around 5% of my money was gone. I thought there was some kind of error and contacted the support but as it turned out it's their policy.

Cliffs: **** customers when they least expect it > profit!

I dont really understand whats going on here?,

Where do they get their transfer rate from?

You'd think that it would be detailed on the otherwise comprehensive page at http://www.888poker.com/banking/cash...out-policy.htm but the phrase "exchange rate" doesn't seem to appear anywhere. There's just the mention that "There are no fees charged for any of our withdrawal services, however, your bank or payment processor may levy a fee to process your withdrawal."

I'm actually on WSOP.com (same network) and here's what it says on WSOP:
Source: http://poker.wsop.com/security-privacy/terms-of-use.htm (part 21)
Another section on that page is more worrying:
There doesn't seem to be anywhere on the site or in the client/cashier that lists the actual daily rate they use when you make a cashout/transfer and I think they should address this.
FWIW, the rate they used when I last cashed out (September 2011) was very close to the market average, but other people seem to have experienced uncompetitive rates or hidden surcharges.

I asked support and they couldnt or wouldnt tell me where they got the rate, like they were hiding something.

Ive withdrawn my money from the site, because I wont give my business to a site who treats customers bad. It will be interesting if I take another loss on the conversion in the oposite direction.

I'm not saying anything about the site because I'm still undecided. However, if you don't want to be charged their exchange rates, have them send you a USD bank draft. You are then subject to the exchange rates of your financial institution.

Yes, 888 does seem to HIDE the current exchange rate. I recommend playing, withdrawing, and depositing in USD if possible.

As far as the documents are concerned, their cashout policy states that NO documentation is required for withdrawals below $5000.

To whomever mentioned 'Stars exchange rate, they update their exchange rate with the market rates so you are charged the market rate at the time your withdrawal is processed.

I hope this helps.

There are other sites that charge premiums for currency conversion. As long as they do not force you to cash out in a currency different from your table currency, this should not be a problem. Banks where I live all charge premiums for currency conversion but I know exactly what I will get before the transaction occurs so I'd rather cash out USD and take my chances with them.

Further to my thoughts about 'Stars, you an convert your funds yourself by carrying multiple currency accounts. This is the best and most honest option offered by any site. You can deposit in your own currency, convert the deposit to whichever currency you want to play in at the market rate, and convert back at the market rate before you withdraw. This allows you to bypass conversion premiums charged by banks and credit card companies. I'm not pimping 'Stars but I do wish all sites would adopt this.

RR

One of the slowest cashouts as well.

it is very weird. i got offered a bonus of $33 for just depositing 400 and i amble able to deposit and instantely withdraw.. now i see what they get out of it..

im pretty sure the fee for cashing out and converting will be more than the $33 lol

I got charged a little when I withdraw from 888 poker which was from a USD account to my GBP neteller account.

My last two withdrawals of over 1k came out of a different 888 skin, Lucky Ace, to my USD MB account and there was no fee at all.

Just get yourselves another e-wallet in USD.

I've never had any problems with 888 cashouts. I deposited via a UK bank account debit card, but had the cashier set to show my balance in dollars, and I made withdrawal requests in dollars. They are listed on my bank statement as "Debit card REFUND". I actually got a better exchange rate than when I did similar cashouts from Pokerstars, and my bank (Nat West) didn't even charge a commission.
People only seem to get hit with charges when they do "virtual" exchanges from one currency to another in the cashier. If you leave it on the default setting and ask for cashouts in dollars, then I don't think you get hit by these hidden charges.

Thats it I think. Also I know lucky Ace can change your currency post sign up (default currency is Euros I believe) but I think not all skins can (im sure 888 couldnt).

Hi,
I've only just stumbled across this post and wondered if anyone has answers.

I cashed out my bankroll from WSOP due to constant software issues. I play at 888 and Pokerstars now but not cashed out from either.
cashout from WSOP was $770. xe converter showed approx £502, when cashed out to Barclays bank, statement showed £486.
According to WSOP/888 withdrawal policies, there is no fees/charges for cashing out but bank may charge a fee. But there is no mention of any fees on my bank statement.

Do any of you guys know if the bank charges a 'hidden fee' for cashing out from a poker site, or if it is actually WSOP or 888 who have some sort of hidden admin fee on conversion rates, or use a system which has a worse rate than that shown on xe?

At the time of cashing out to my bank I assumed that it was a hidden charge from the bank and thought nothing of it, but having seen this thread I'm wondering exactly how much money is lost by playing on Pacific sites and if other sites like Pokerstars or FullTilt are actually more profitable. Looking at the money I received in relation to what I expected it is over 3%. - Is this standard?

Cashout - 40 USD

Received - 20 USD

888 answer on this was that this is not their problem... because money goes thru few banks and they mey charge! LOL

SCAM SCAM SCAM SCAM

Haha this Site is such a joke: im European (Not Sure Why this Should be relevant), my poker br is in USD. I wanted to deposit 5k and Asked the live Support if i Should use my € or $ skrill acc to avoid fees. I was told $ ldo. Now i Pay the $5k and what do i receive??? 4800 freakin Dollars!!! I ask live Support wtf and they say yeah Look we have to Convert your 5k into euros and then we have to Convert your euros into dollars. ???????

I have also stopped playing in 888poker for that reason .. every time a made 3 withdrawals about 200$ each one and every time the took 10 euros(13$) because of "currency"... this is ridiculus ...

Cashouted 1600$.
Got 1153€ (I lost around 40-50€).

GG 888.com.

Anyone ever tried a different skin on pacific poker platform? What about any better currency conversion rates?

I never checked this with small sums but wanted to now as I started playing there again.
In my cashier history in September I cashed out 57.23 usd which according to google is 42.33 euro today.
My internet banking says I received 40.73 eur
I used an AIB visa debit but but had preferred currency in euro. I guees in future I will leave it set to dollars.