Quote:
Originally Posted by KossuKukkula
So I'm not the smartest person and wondering does this mean that in the future I need to keep my bankroll in $ instead of € because they are planning to take a cent or two everytime I buy and cashout from a table? Or even everytime I reload? This kind of sucks because my skrill, neteller and bank accounts are all in € and I do not trust them at all that the rates are good.
Actually, this announcement sounds worse.
As I read it, any exchange of currencies in future within Stars will come with their normal fee, which based on their language (competitive with banks blah blah blah) is actually around 2-3%.
What that means is it will not be a penny or two (unless you are playing 1/2NL, rather if you convert $500 worth of Euros for the day, the charge will be in the $10-15 range, and you will win dollars and converting them back will cost another 2-3%.
In this scenario you would be paying an extra 5-6% rake if you keep money in a different currency, and the ability to cash out in Euros or Canadian dollars will now come with a built in 2-3 % cost regardless of how one cashes out, since converting within Stars is no longer at the xe.com rate.
Their wording is pretty unclear, so realistically one will have to test the rates when this change happens (ie: see what $100 exchanging within Stars will equal in Cdn/Euros/Pounds etc compared to what you will get if you cash out to a different currency from the US cashier and compare both to the xe rate).
Given all the games are pretty much in US currency this will force every player to pay a conversion fee when depositing and cashing out, except those who cash out US to a US e-wallet and then use that US currency (ie with a Skrill or Ecopayz card), so this is a fairly massive change as presented.
Many will look at this and start screaming about crypto currencies, but that does not really solve the problems all the time, as the conversion fees on using those can often times be quite a bit worse.