Casino Talks

Posted by: gaijinsan at February 26, 2002, 5:01 am

Topic: PayPal... OH... MY... GOD...!!! Internatinonal accounts. Forum: Winner Online

I am in shock.

I opened an account with PayPal last week to take advantage of the 10% bonuses that some casinos are offering, and also so that I could get my winnings (if I actually manage to get some! ha ha) faster than waiting for a check.

Then I realize, as I'm signing up, that it'll cost me more than 2.6% + $0.30 in fees for each deposit to PayPal because it's an int'l account. Expensive, but the PayPal bonus takes care of well more than that.

I buy credits for $1.62 CDN per with my credit card through PayPal. Play a little, lose my bonus by the time I play through, and then cash out. Start waiting for my money to PayPal.

Then I start hearing about the lawsuit and how tons of people have been locked out of their accounts for no reason, and how PayPal has the crappiest CS ever. Horror stories abound and I'm thinking, "great, even if the casino doesn't screw me, PayPal will." Getting scared now.

Finally, (actually only four business days later), I get my money deposited to PayPal. Yeah! Casino didn't screw me, (except that I had one of the worst losing streaks of my life going through -- end result over 411 hands played is a return of 93.43% of money wagered - ouch! - and just so you know, I count a double as two hands, split as seperate hands).

Anyway, continuing... I request a transfer and this is where my eyes popped out of my head. I can handle the $0.55 transaction fee, but... but... but... the exchange rate they gave me when depositing the money back to my account??? $1.55!!!! And they have the nerve to claim that they offer competitive rates!! Oh man. Let's see, deposit $100 CND with Visa, paying 1.62 per gets you $61.73US. Then PayPal takes off 2.6%, leaving you with $60.12, then they take an additional $0.30, leaving you with $59.82.
Reverse the process, and withdraw, PP takes $0.55 off the top, leaves you with $59.27, and then give it back to you at $1.55, for a grand total of $91.87.

I checked the market rate just before my withdrawal and it was $1.60+, but I didn't check it when I made my initial deposit. Still, I don't think it moved that much in the last week. Geez, I lost almost 10% on the transaction charges alone, and I've yet to know if I'll even receive the money!!!

Sorry for the rant. I just wanted other int'l account holders to realize just how much those transactions are costing them!!!

To check or not to check, that is the question.

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