Online currency exchange rate thingie

[charlie]

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.

[Octavian30]

On some sites you can elect to have your money in £ or Euro's although most us $USD by default.

[charlie]

so would you recommend US dollars or £/euro?

[yoyo]

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

[alexmkd2000]

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

[EurekaKid]

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!

[yoyo]

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

[EurekaKid]

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.