After suffering the similar exchange rate rip-off from 888s "comparable wholesale rates" which I think I measured at between 3.5% and 4% loading from the wholesale rate each way! I investigated some options to minimise this.
The best solution I found was to use a UK bank account with a VISA debit card. A couple of UK banks add zero loading and commission charges for foreign currency transactions ("overseas use").
So:
- Open a current account with Norwich & Peterborough, Metro, or Santander - see moneysaving expert consumer website for more information
- Contact 888 CS and switch your account currency to USD for deposits
- Deposit & Withdraw using your new VISA debit card, taking care to select USD currency on withdrawal
- N.B. You will still be subject to exchange rate spread, but the VISA wholesale rate is very competitive. For example, when I checked my transactions I bought USD at 1.58291 and sold USD at 1.59139 using same day rates. I think this is the best you can get - I make it around 0.5% across deposit & withdrawal
The alternative, already mentioned here is to get a moneybookers USD account - which may need VIP status at Skrill. I guess you'll pay around 2% loading when you deposit into MB but no fees thereafter for withdrawals and re-deposits for monthly reloads. Unsure about these mysterious transaction charges that some people are reporting, but in theory you avoid any exchange fees or spread until you finally withdraw from MB. I'm assuming everyone withdraws someday
This might also be possible with a credit card, but many cards sometimes consider known gambling transactions to be "cash withdrawals" and hence *very* expensive.
Hope you find this useful. Interested to hear if anyone else has found a better way other than switching to Party or Bodog who run your account in home currency and exchange buy-in and cash-out of tables at a prevailing exchange rate with no spread. How hard can that be