Joined: May '15
Location: United Kingdom
Age: 21 (M)
hi there i am from the uk and play on pokerstars and i want to make a deposit on it but i dont no about all the currency changes like if i use paypal to make a deposit is it better to convert the money from GBP to USD after i make the deposit of when i am making the deposit and can i cash out in USD if my paypal is GBP or do i have to convert from USD back to GBP to cash out please help
When you deposit on PS will convert your currency, when you withdraw Paypal will convert your currency back (but this one is optional, you could have multicurrencies as an option on your Paypal acc). The thing is if you decide that you want your PS acc always be GBP then everytime you buy-in a tourey or cash tables PS will convert your money into that tourey's/table's actual currency (mostly USD) so it means it might won't cost the same amount for you buying into a $1.10 tourey on Monday as would on Tuesday. If you are a high roller, then let be your PS acc USD so it would shield you from GBP/USD currency changes for some time, otherwise it does not really matter...
Joined: Jun '11
Location: United Kingdom
Age: 45 (M)
as bowie has said... just jumping in to say welcome to the forum benson,hope you enjoy it,any deposit i make is through visa and like bowie said they convert it into usd ,i only play usd so not sure if they charge for conversion within the site....good luck ....
The two things you need to know always is which one changes your currency's value better - PS or Paypal has the better exchange rate? If you won't make deposit bigger than a couple of hundreds or less here and there, the amount you could save with this knwoledge is small - very, very small. This is why you should just keep your PS currency in USD, and PS will make the change for you every time you depositing. If you intend to play poker on a higher roll or intend to have your inner currency on PS in GBP, then you need to know the exchange rates daily, so you could decide when is the 'right time' for you to deposit or withdraw, so you won't loose - that much - money on the whole exchange shebang. As I stated you could add USD as currency on paypal within your GBP paypal acc so you could make paypal exchange your money prior depositing and after withdrawals... Which is proabably a better option. You need to decide for yourself though.
Joined: May '13
Age: 25 (M)
Hi i hope you doing fine , this is some mistake most new players do or a current problems encountered by many online players they make an e wallet account with one currency and then they mate poker accounts and all in other currencies therefore when depositing or cashing our there is always a risk of losing out all your profit due to the exchange rates , anyway good luck hope you are getting the answers you are looking for !
If you depo 10 bucks from Paypal, then PS will get ten bucks, but your Paypal acc will show you your remaining balance still in GBP, 'cuz during that transaction one of them exchanged your money from GBP to USD (contrary what I wrote above it will probably be Paypal since PS only exchanges your money when you depsoiting with a credit/debit card). I would say just add USD to your currencies on Paypal, and when you receive your money back (in USD) after a withdraw from PS you will see how much is that worth in your primary currency (GBP) on that given day. Since it's changing on daily (if not hourly) basis, you just need to choose a day later on the week or in the month when you see your dollars worth more GBP than before (right after you withdrawed it) and make Paypal exchange it for you right in that moment. Honestly the less time you change, the more money you will save. But again, you could pevent this by doing the whole exchange in exchange out with Paypal by adding USD as a second currency.
Posted by Heskor: Hi i hope you doing fine , this is some mistake most new players do or a current problems encountered by many online players they make an e wallet account with one currency and then they mate poker accounts and all in other currencies therefore when depositing or cashing our there is always a risk of losing out all your profit due to the exchange rates , anyway good luck hope you are getting the answers you are looking for !
Yeah, this is not that. Paypal do multicurrency accounts as opposed to other e-wallets, I even have japanese yen as a currency on mine.
Joined: Jun '13
Age: 73 (M)
I am a Canadian and i will tell you what is the best for me and will probably apply to you just the same.
First i am using E-check for deposit and withdrawal. For me there are no service charge with this option.
I deposit at pokerstars to a Canadian funds account and then ask them to convert it in U.S. funds this way i am getting a better exchange rate than with my bank. An for wuthdraw i do the opposit i ask stars to transfer the U.S in Canadian funds and the cash out in Canadian again with better exchange rate. Welcome to this forum and have fun here and on poker tables.
Watch out with this... Pokerstars applies currency exchange fees of 2.5% on both deposits and withdrawals, since about half a year ago.
I've discussed this in earlier threads I created; you can get around paying these fees, by creating another currency in the pokerstars cashier (in your case add GBP as a currency). When depositing or withdrawing with your GBP e-wallet, credit card or bank account, deposit into this currencies tab in the pokerstars cashier. When the money is safely in your GBP pokerstars account, you can convert it back and forth to USD inside the cashier, free of charge!
If you don't do the above, and deposit/withdraw GBP <==> USD, you'll pay 2.5% each time (unless you let your bank/credit card or e-wallet do the conversion, in which case you'll likely pay 5% in fees).
Pokerstars is still the best in this, but you have to know about this, and most people don't... Good luck!
Posted by marqis: If you don't do the above, and deposit/withdraw GBP <==> USD, you'll pay 2.5% each time (unless you let your bank/credit card or e-wallet do the conversion, in which case you'll likely pay 5% in fees).
Paypal is 2.5% too but if you add more currency u could trick a bit. But yeah, he could might just add GBP within PS so he could do everything which involves this internally.
Joined: May '15
Location: United Kingdom
Age: 21 (M)
ok thank for your help when i go to deposit it asks me how much do i want to deposit in GBP and it show how much USD that will be so put in my accout so it must change it by its self but if i want to withdraw i will convert it from USD to GBP in the cashier of ps then withdraw it to my paypal
Joined: Mar '09
Age: 39 (F)
So far i havent seen another ewallet with multi currency besides paypal. And i was waiting some changes in this direction with the Neteller Skrill merge, but they havent even made possible inner transactions between the two wallets.
Posted by bensonboii: ok thank for your help when i go to deposit it asks me how much do i want to deposit in GBP and it show how much USD that will be so put in my accout so it must change it by its self but if i want to withdraw i will convert it from USD to GBP in the cashier of ps then withdraw it to my paypal
Don't do that... This will cost you 2.5%
Read my post. (Add GBP as currency (with the plus symbol on the right side of the tabs), and select that tab, and then deposit, it wont tell you how much that will be in USD, because it goes into your GBP account without conversion). Once the money is in your GBP account, you can convert it into USD for free (and back again when you want to withdraw).
B.t.w. if you want to know how much you should be getting, just google "convert 10 GBP to USD".
Attached a picture that shows it (relevant parts highlighted in red):
Edited by marqis (Sunday, May 31, 2015 @ 19:48 GMT)
Posted by bensonboii: ok i got it now and that way i wont get charged anything for converting it over
Exactly. Just check google if you are unsure about the amount of USD you should have gotten, when converting inside the cashier. Most people don't notice the 2.5% difference, and explain it away with currency fluctuations, or don't care. It can really make a difference in being a profitable player, since you get hit with this fee twice (both on deposit and withdrawal). It's hard enough to beat the rake, let alone these (hidden) fees...
Most (all?) other sites are far worse, both in percentage, and in that they don't offer this multi currency trick.
Posted by bensonboii: does it matter if i use paypal or my credit card all the charges will be the same like for with draw and deposit
I don't believe Pokerstars impose any fees on deposits and withdrawals, but some e-wallets do. So check T&C for your card. E.g. "Entropay" charge a fee for loading their debit card (i.e. withdrawing from pokerstars into entropay will cost 3% extra I believe. Pokerstars has nothing to do with that, is entropay that charges you. Usually I'm quite careful with these things, but that cost me about $40 once). Also note you must withdraw all deposits back to the card you deposited with, before you can withdraw to any other card or bank account. So make sure you deposit with a card that won't charge you when you have to withdraw again.