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Old 12-16-2017, 06:58 PM   #26
youriw21
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

^

Gradually implementing reduces the chance of a ''riot''
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Old 12-16-2017, 07:00 PM   #27
Flying Player
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Eric Hollreiser has addressed this on twitter already today. Although he didn't use the words he played the "communication error" card again. This was a change they have been considering and we're going to trial it in specific markets. The email may have been sent out unintentionally early before they had all their PR BS lined up to support it. As of now he says it is not being implemented.

Some of the posts here seem to indicate that there is some lack of understanding of how things work now which has been in place since shortly after Stars was bought by Amaya.

Within the Stars client four currencies are supported: USD, CAD, £ and €. Conversions between these four currencies are done at the current mid market rates with no additional charges provided you do the conversion within the Stars client. If you live somewhere that uses another currency then whenever you deposit or withdraw there is a conversion to or from the default currency in your Stars acount, this conversion is done at market rate plus a conversion fee. Also even if your native currency is one of the four and you make the mistake of not doing the conversion within the client you will get charged the additional fee. For example if your bank account is in € and you make the mistake of making a deposit/withdrawal to the Stars USD wallet you will get charged the extra fee.

Prior to Amaya there were no extra conversion fees for anyone. This was possible because they were a privately owned company and the owners were free to eat the expense. Publicly traded companies have a fiduciary responsibility to share holders not to just give away money and literally everyone else charges FX fees so it would be difficult not to also do so.

The change the email was announced would have added the extra fees to conversions done within the client between the four supported currencies. This would have been a cash grab because ther is no actual conversion transaction taking place.
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Old 12-16-2017, 08:00 PM   #28
KossuKukkula
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Quote:
Originally Posted by Flying Player View Post
Eric Hollreiser has addressed this on twitter already today. .
Care to share the link, cant find anything myself. If this is not happening they really should send another email explaining the situation. Was thinking about asking the stars support about this but not sure if that's the right place. Need to be sure I ain't paying a little bit of extra playing with the € cashier. And for sure I ain't converting my funds to $ so I can play "for free". Even when they are saying we offer really really really good rates.
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Old 12-16-2017, 08:58 PM   #29
Flying Player
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Quote:
Originally Posted by KossuKukkula View Post
Care to share the link
I will have to do some digging. I first saw this on twitter this morning and Eric had replied.

Sorry I don't know how to directly link tweets but the original question was:

Quote:
Dietrich Fast @2pacnrw16
So after asking support the email is not a fake. Announcing a 10kk giveaway @RealKidPoker but getting it back via the new conversion fee. @plenopads thought that must be fake. Its not and its a bad job by amaya #whenwillitend
Quote:
Eric Hollreiser @erichollreiser
This was part of a test in a few markets that we are cancelling. It won’t be applied. We are alerting players in the relevant markets.
Quote:
FU_15 @FU_15
Eric can you please be specific about this?
Quote:
Eric Hollreiser @erichollreiser
It was a test on differing applications of currency conversion margin as we consider future potential offers - including local currency play in some regions.

Last edited by Flying Player; 12-16-2017 at 09:16 PM.
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Old 12-16-2017, 09:38 PM   #30
MathijsFR
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

To be fair to Stars, I've always wondered why they allowed currency transfers at spot rate.

Specifically during weekends, when Forex markets are closed, it's naive to offer Friday's close rate. You just set yourself up to get scalped off if any big news comes out over the weekend that affects currency rates.
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Old 12-16-2017, 09:40 PM   #31
Flying Player
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

If they suspect you of engaging in currency speculation they will ban you.
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Old 12-17-2017, 06:18 AM   #32
KossuKukkula
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Quote:
Originally Posted by Flying Player View Post
I will have to do some digging. I first saw this on twitter this morning and Eric had replied.

Sorry I don't know how to directly link tweets but the original question was:
Appreciated thx.
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Old 12-17-2017, 09:09 AM   #33
PumaPerez
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

here is the tweet: https://twitter.com/erichollreiser/s...61614953652225
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Old 12-17-2017, 10:26 AM   #34
Dainius
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Just arrived:

We recently contacted you to inform you that we plan to start applying a small margin to currency conversions in all gaming activities as well as intra-account transfers (between bankrolls).

Following an internal review, we have decided to not go ahead with this change.

Don’t hesitate to contact us if you have any queries.

Regards,
Stars Support
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Old 12-17-2017, 10:34 AM   #35
KossuKukkula
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Yeah received that allso. Perhaps they received some feedback and realized that this ain't such a good idea afterall.
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Old 12-17-2017, 10:57 AM   #36
spewmonk3y
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Already withdrew roll, GG
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Old 12-17-2017, 12:17 PM   #37
TheFlipper
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Hi, today I have received this e-mail, stating that Stars changed their mind lol
https://i.imgur.com/j80udxm.png
Edit: should have read lasts posts of thread before posting myself (facepalm)

Last edited by TheFlipper; 12-17-2017 at 12:23 PM.
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Old 12-17-2017, 05:57 PM   #38
vesku
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

I guess monopoly breeds unprofessionalism.
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Old 12-18-2017, 10:05 PM   #39
KptBomba
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

I love their PR mumbojambo tbh when they introduce changes when they take more and more money from players "Following players feedback..."

Like how retarded they are to expect anyone believes it?
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Old 12-19-2017, 07:22 AM   #40
MilkMan
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re: Stars : Changes to currency conversion (update: they have decided not to make a change)

Quote:
Originally Posted by MilkMan View Post
I wonder would the banking regulator be interested in hearing about a company that systematically profits on forex margin but does not hold a banking license.
Or maybe they just changed their mind.
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