Which E-Wallets are best to avoid currency exchanges ?

[honestdude]

This topic is to inquire by asking gamblers which e-wallets are best for Canadians, Americans, European and other countries who are advised by casinos that accept their currencies but deposit or withdraw in a foreign currency so that currency exchange rates are not exorbitant.

 

Example : You are a Canadian playing in a casino, (who advertises using multiple currencies),  but you deposit in CDN currency into an e-wallet account that allows deposits in CDN dollars but convert to Euros because that is their currency.

 

The E-wallet then deposits in your casino of choice in cdn dollars but you are charged the exchange from cdn to euro to cdn again. Same with withdrawals.

 

Do some e-wallets charge lesser fees and do some not charge as they accept your currency and deposit into casinos in your currency ?   

[cocopop3011]

Hmmmm...good question. I'm afraid I can't answer it though since I only ever deposit in my own currency and since I only ever used Skrill prior to a few weeks ago.

 

I'm sure some of our members will be able to help you out though.

[ValDes]

Great idea indeed! Thanks for starting that interesting and I guess, very useful, forum topic which could help many many online players.

 

Sincerely hope that some of our forum members will share their experience any time soon. 

[Raptordinos]

All what I can say about this is you can discard Skrill, Neteller and Paypal because all of them charge fees for currency exchange, however they are the best e-wallets I have used. I think every e-wallet will mean some costs for you. By the way, if you are VIP on Neteller you can use several currencies for you account so you will be no charged for currency exchange for transactions in that currencies, I'm not VIP there so I just pay for that. When you pay with Paypal you are no charged for exchange, I have been charged when received transfers in another different currency.

[cocopop3011]

All what I can say about this is you can discard Skrill, Neteller and Paypal because all of them charge fees for currency exchange, however they are the best e-wallets I have used. I think every e-wallet will mean some costs for you. By the way, if you are VIP on Neteller you can use several currencies for you account so you will be no charged for currency exchange for transactions in that currencies, I'm not VIP there so I just pay for that. When you pay with Paypal you are no charged for exchange, I have been charged when received transfers in another different currency.

 

 

And do you know how you would become a VIP with Neteller? Maybe that would help him out?

[honestdude]

Thanks Multigambler.

 

So I will look into a VIP membership on Neteller.

 

I wasn't aware that Paypal didn't charge exchange rates when depositing the same currency they pay out for. I have however recently read, in a few articles that Paypal no longer allows Canadian deposits or withdrawals with any gambling type institutions. Here's one link of interest regarding that particular restriction.

 

<snip>

 

I read another similar article as well but I can't actually confirm this. So for Canadians and I believe Americans, paypal may be out of the game now.    

 

I asked the question since I recently got nabbed with very high charges for a bank wire, which I believe was the same scenario. Some banks use intermediate wire transfer companies in foreign countries and their charges are exorbitant. In order to avoid this, I investigated e-wallets but then ran into the double exchange rates from Cdn currency to Euro, (ie: Skrill), back to Cdn currency to pay casino.

 

This gets complicated of course due to many variables. Ie:

 

1) Some casinos play, receive and withdraw in different currencies.

2) Not all casinos accept the same withdrawal or payment methods forcing players to search for a casino that accepts their payment method without incurring exchange rates.

3) E-wallets differ on which currencies they accept and if not in their currency, (they convert). The gambler doesn't have much choice because the casino they like only accepts this e-wallet.

4) Some E-wallets can have multiple "bank accounts" in different currencies but you need to pay fees to become a VIP.

5) Casinos may accept many e-wallets but don't advise clients that there will be exchange rates, fees and transfer charges so you also need to investigate this,

 

Would be nice if an E-wallet would come up with an easier way, with reasonable charges, with a flexible deposit and payment method for clients that want to deposit and withdraw in their currencies without extra conversion charges.

 

Thanks for your comment !      

Edited February 11, 2016 by ValDes
External link removed, please stick to the forum rules.

[Raptordinos]

 

And do you know how you would become a VIP with Neteller? Maybe that would help him out?

 

Of course coco, here it is an overview about all the types of VIP accounts, Bronze level starts with $10.000 in transfers to merchants per calendar year and so on; focus on point 4 that tells exchange fees and point 5 that tells the number of currency accounts you can have at every VIP level.

 

https://www.neteller.com/en/vip/overview

[Raptordinos]

Thanks Multigambler.

 

So I will look into a VIP membership on Neteller.

 

I wasn't aware that Paypal didn't charge exchange rates when depositing the same currency they pay out for. I have however recently read, in a few articles that Paypal no longer allows Canadian deposits or withdrawals with any gambling type institutions. Here's one link of interest regarding that particular restriction.

 

<snip>

 

I read another similar article as well but I can't actually confirm this. So for Canadians and I believe Americans, paypal may be out of the game now.    

 

I asked the question since I recently got nabbed with very high charges for a bank wire, which I believe was the same scenario. Some banks use intermediate wire transfer companies in foreign countries and their charges are exorbitant. In order to avoid this, I investigated e-wallets but then ran into the double exchange rates from Cdn currency to Euro, (ie: Skrill), back to Cdn currency to pay casino.

 

This gets complicated of course due to many variables. Ie:

 

1) Some casinos play, receive and withdraw in different currencies.

2) Not all casinos accept the same withdrawal or payment methods forcing players to search for a casino that accepts their payment method without incurring exchange rates.

3) E-wallets differ on which currencies they accept and if not in their currency, (they convert). The gambler doesn't have much choice because the casino they like only accepts this e-wallet.

4) Some E-wallets can have multiple "bank accounts" in different currencies but you need to pay fees to become a VIP.

5) Casinos may accept many e-wallets but don't advise clients that there will be exchange rates, fees and transfer charges so you also need to investigate this,

 

Would be nice if an E-wallet would come up with an easier way, with reasonable charges, with a flexible deposit and payment method for clients that want to deposit and withdraw in their currencies without extra conversion charges.

 

Thanks for your comment !      

 

Best solution may be, all of casinos accept at least you open your account in euros or USD and most of them accept Skrill or/and Neteller, so open an account in Euros on Skrill and another on Neteller in USD, deposit in the same currency and your withdrawal don't be charged with FX fees, in addition you may become VIP on Neteller for free just by meeting VIP requirements, please check my post above. On Neteller you can buy a plastic prepaid Master Card for only $13 without annual fees, on Skrill such card will cost you €10 yearly but I consider it is a cheap fee.

[cocopop3011]

@honestdude apart from Skrill, Neteller and Paypal which other companies have you looked into?

[honestdude]

@honestdude apart from Skrill, Neteller and Paypal which other companies have you looked into?

I looked into Ecopayz as well but they are all the same when it comes to exchange rates. I'm leanring that depositing into E-wallets that are widely accepted in most casinos are fine for clients who deal in their currencies but harder for those who have to go through exchange rates and fees. 

 

Example: My long story on Winward's withdrawals finally came through but at a large fee expense. So I withdrew two winnings of $500 cdn. I received $398 on one and $403 on the other. Why ? Well, I'm glad you asked... lol. Winward advised that their suppliers go through a U.S. bank. So my latest email to them was about if the withdrawal of $500 cdn coming from Winward to their U.S. bank was converted to U.S. funds then the exchange would have been almost 20%. Then their "supplier", the U.S. bank sends the bank wire to my cdn bank in US or Cdn funds ? I'm witing for their response.

 

Winward suggested I subscribe to Ecopayz. Same difference again. Ecopayz accepts various currencies but your account would be in Euros so again a conversion occurs and a withdraw in cdn funds into Euros, would be deposited in my Ecopayz account in Euros and if I would want to withdraw, back to cdn funds. That's 2 exchange rates plus fees.

 

This is why I created this topic. I have yet to hear about an E-Wallet that clients do not have to go through exchange fees if they are depositing and withdrawing in the same currencies but all e--wallets process in their currencies, mostly Euros, since these are the e-wallets mostly accepted at casinos. 

 

All I can say is someone out there could make a good business if they are the first to solve this issue. I'm sure there are many players who encountered this problem as well. 

 

Slotjoint representative spoke to me about one of their clients who encountered this and Slotjoint did a one time payment to the customer, of about $100, to compensate him for his exchange charges absorbing the costs. A kudo to Slotjoint for this. Now if more casinos did this they would bring in more players with these issues and the costs always superceeds the returns cause lets face it. Casinos always win or there wouldn't be an explosive on-line casino market out there. :} 

[honestdude]

I looked into Ecopayz as well but they are all the same when it comes to exchange rates. I'm leanring that depositing into E-wallets that are widely accepted in most casinos are fine for clients who deal in their currencies but harder for those who have to go through exchange rates and fees. 

 

Example: My long story on Winward's withdrawals finally came through but at a large fee expense. So I withdrew two winnings of $500 cdn. I received $398 on one and $403 on the other. Why ? Well, I'm glad you asked... lol. Winward advised that their suppliers go through a U.S. bank. So my latest email to them was about if the withdrawal of $500 cdn coming from Winward to their U.S. bank was converted to U.S. funds then the exchange would have been almost 20%. Then their "supplier", the U.S. bank sends the bank wire to my cdn bank in US or Cdn funds ? I'm witing for their response.

 

Winward suggested I subscribe to Ecopayz. Same difference again. Ecopayz accepts various currencies but your account would be in Euros so again a conversion occurs and a withdraw in cdn funds into Euros, would be deposited in my Ecopayz account in Euros and if I would want to withdraw, back to cdn funds. That's 2 exchange rates plus fees.

 

This is why I created this topic. I have yet to hear about an E-Wallet that clients do not have to go through exchange fees if they are depositing and withdrawing in the same currencies but all e--wallets process in their currencies, mostly Euros, since these are the e-wallets mostly accepted at casinos. 

 

All I can say is someone out there could make a good business if they are the first to solve this issue. I'm sure there are many players who encountered this problem as well. 

 

Slotjoint representative spoke to me about one of their clients who encountered this and Slotjoint did a one time payment to the customer, of about $100, to compensate him for his exchange charges absorbing the costs. A kudo to Slotjoint for this. Now if more casinos did this they would bring in more players with these issues and the costs always superceeds the returns cause lets face it. Casinos always win or there wouldn't be an explosive on-line casino market out there. :} 

I have found, for Canadians, that Instadebit is becoming more and more popular and as a recent member, their fees are really low and fair. I will keep searching for answers. 

[Louis011]

I use skrill and sticpay e-wallets. As far as I know, compared with skrill and neteller, sticpay has default currency in usd, not euro, which is good since local currency like euro will register as lower if it's converted to a currency that has a high value. Also, in my personal opinion, the conversion charge is almost two times lower... But honestly, I think we always need to check the operated countries first in all e-wallet and then the local currencies which they support. For example, sticpay provides convenient local deposits and withdraw bank methods in Asia, Neteller, and skrill - in Europe. So, it depends on our requirements. But nowadays I use sticpay more often for deposit through credit card and withdraw through local bank wire from casinos.