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Thread: Online currency exchange rate thingie

  1. #1
    charlie's Avatar
    charlie is offline PNW Lurker
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    Default Online currency exchange rate thingie

    Im a newbie to online poker, could someone please explain how it all works...I pay the site with my credit card, it converts my NZ dollars into US at the current exchange rate. Then I withdraw money which is converted back to NZ dollars at the current exchange rate and paid to my account.I heard about some guy who was playing in british punds cause it was a more stable exchange rate than the US one, whats he on about?Cheers.

  2. #2
    Octavian30 is offline PNW Grinder
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    Default Online currency exchange rate thingie

    On some sites you can elect to have your money in £ or Euro's although most us $USD by default.
    “I've never won a bunch of hands watching the other blokes play”Doyle Brunson

  3. #3
    charlie's Avatar
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    Default Online currency exchange rate thingie

    so would you recommend US dollars or £/euro?

  4. #4
    yoyo is offline PNW Elite
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    Default Online currency exchange rate thingie

    You should get a Neteller account. www.neteller.comAnd just use US$. Unless you are a high roller, the varying exchange rate is not enough to be concerned about, in my opinion.yoyo

  5. #5
    alexmkd2000 is offline PNW Lurker
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    Default Online currency exchange rate thingie

    are there are places like neteller that accept a australian bank account, all the ones ive seen on accept european, canadian and of course american.???Alex

  6. #6
    EurekaKid's Avatar
    EurekaKid is offline PNW Amateur
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    Default Online currency exchange rate thingie

    You are exposed to exchange rate risk, while a net teller account will fix some of this, you will still be exposed to the risk that the Australian dollar will appreciate in value while you have your money in your net teller. I wouldn't be too worried about that though, I can't see the Australian dollar appreciating any time soon, if anything get your money into US dollars know while its still a reasonable $0.75 to the $1!
    The Eureka Kid=============="Concentration and mental toughness are the margins of victory."

  7. #7
    yoyo is offline PNW Elite
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    Default Online currency exchange rate thingie

    Actually, it's the opposite Andy.The exchange rate at the moment is favourable (in the recent past) to the Australian $. I.e., you should change US$ into Australian at the moment. yoyo

  8. #8
    EurekaKid's Avatar
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    Default Online currency exchange rate thingie

    The Aussie dollar hasnt been much higher than 78/79 cents, currently 75 cents, maybe you are right and the RBA will lift interest rates at the end of the year and we will see the AUD rise, commodities are still strong so our economy is still in good shape, however what has me worried is the slump in consumer confidence figures, especially with the christmas retail season just around the corner. Guess we will just have to see how it plays out. My moneys on the AUD not going much higher than 75 though, so hence I would be buying into USD now, or as it currently stands waiting for a rate of 74 or 73 cents before I withdraw anymore net teller.
    The Eureka Kid=============="Concentration and mental toughness are the margins of victory."

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