General Betting
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Hello to everybody. I would like to invite to all who is paying PC to change the account currencie. My account is in Euro, but all the calculations are making in GBP. Just for 4 month i have lost of 1800 GBP just from different exchanges rates. What i am talking about.
1. For the weekend profits - you will have the lowest possible exchange rate for Eur/GBP - it is for case that you should a profit as high as is possible.
2. When the ammount for PC is withdraw from the accoun t- you will have highest exchange rate ever seen. It is awful.
The only decision for was - creating new account with new currencie.
Good luck to all
1. For the weekend profits - you will have the lowest possible exchange rate for Eur/GBP - it is for case that you should a profit as high as is possible.
2. When the ammount for PC is withdraw from the accoun t- you will have highest exchange rate ever seen. It is awful.
The only decision for was - creating new account with new currencie.
Good luck to all
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Yeah i've been wondering about this, my account is in australian dollars and so far my pc payments are always higher than what my calculations say they should be... I figured it was some f**king with the exchange rates
But if i am a registered Australian customer, am I alowd to open an account in pounds ? Also how do i deposit, can i transfer money from australian currency bank accounts ? |
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sorry if I am being a bit dim but, are you saying that each week betfair exchange your euro/dollar profits into sterling, then do the PC calculation, then exchange your PC back into euro/dollar? I find that hard to believe. Surely they do the PC calculation in your local currency?
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Hazel, from what I've heard Betfair do indeed do the calculations based on sterling not on the customer's local currency. It surprises me that the discrepancies are large though.
At some stage during the process exchanges in currency obviously take place. When you are betting you could be getting matched against people using other currencies, so the choice is calculating everything in £ or calculating everything in the customers currency (including implied commisssion). The latter seems to make more sense to me, as this can be cross checked by the customer (he can see how much his implied commission is in his own currency), while the latter can not. |
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Can anyone tell me how Betfair hedge their own currency risk?
The OP is implying that Betfair cream a profit on non sterling PC payers contributions through FX. |
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The Investor thanks for clarifying; by what you say it appears overseas customers who are fortunate enough to pay PC get a raw deal.
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Yes all the caluculations are in GBP. There is no options to see nothing in other curencie than GBP. Your local currencie does not matter. And there is no chance at all to be changed in the future.
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My account is also in euros and I have to agree. We should make Betfair inform us on the exchange rates it operates with on a daily basis.
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For the last 15 weeks the exchange rate of BF is between 5-10 % higher than the highest rate for the week at all. How i made the calculation - i am downloading Metatrader 4, and compare the rates.
One more time - best solution is to open a new account in GBP. total costs : 1. 5 euro to withdraw money from the original Bf account 2. 200 euro at most loses from exchange Euro/GBP. Trust me if you hav enough money to change you can take best possible exchage rates. 3. 25-80 euro to deposit fund into the new account. |