FYI: PED Fixed Rate to US$ ?

"God is in the Details"
Ludwig Mies van der Rohe (German born American Architect. 1886-1969).​

I am not taking into account any extra fees your bank may or may not take during money transfers to or from EU.

Some thoughts about the supposed fixed PED rate to US$. This is a bit false marketing, really.
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So let's deposit $100 U.S. and see how many PEDs we got:
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In my book the PED to $ rate will be 965PED/100$ = 9.65 (or, a rate of 9.65:1 not a rate of 10:1).

OK suppose we have somehow gotten 1000 PED or more in-game. Even if none of those PEDs have originated from deposits (with rate of 9.65:1), do we really get a rate of 10:1 when withdrawing it? A dollar in your pocket is a real dollar. A dollar in EU floating around as PEDs is not a real dollar.
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This 1% fee gives 1000 PED = $100 - $1 = $99. The rate here will be 1000/99 = 10.10(or, 10.10:1 not 10:1). Or, for every withdrawn dollar we need 10.10 PED.

Conclusion: MindArk's buying rate is 9.65:1 and selling rate is 10.10:1

When exactly is the rate 10:1?

Just some thoughts about this. It's a minor fee if you withdraw, but it really ticks me off to see some $ disappear into some surreal fee at every deposit. I take that as an additional cost, but everyone seems to be talking about this 10:1 rate; it's an example of how clever marketing can make money disappear.

Now I got a headache.

Thoughs about this?

When MA recieves 10 dollars from you.... it gives you 100 PED.

Did MA recieved all the 100$ ?

arent the fees imposed by the bank and not strictly speaking MA? Thats how i understood it anyway.

When MA recieves 10 dollars from you.... it gives you 100 PED.

Did MA recieved all the 100$ ?

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Too bad MA does not take personal checks... Last I checked when you right a 100.00 check the person cashing it actually gets 100.00 and your bank deducts that from your account.

mastermesh said:

Too bad MA does not take personal checks... Last I checked when you right a 100.00 check the person cashing it actually gets 100.00 and your bank deducts that from your account.

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When is the last time you wrote a personal check to someone in another country?

When you deposit via wire transfer you get exactly 10 PED per USD that MA receives.

Your own bank will likely charge a fixed fee to execute the transfer though, although it is in addition to what is being sent instead of being deducted from what is being sent as in the case of using credit cards or another payment provider.

If you have to convert from your local currency to/from USD it gets even more fun!

MA does give exactly the exchange rate they display, it's just after all the fun fees the financial intermediaries charge the actual amount arriving in their account is less than what you 'sent' for anything other than a wire transfer.

Also this topic has come up in the past so there's some good threads about it buried around the forum somewhere

Bye,
Deathifier

When exactly is the rate 10:1?

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Fees are deducted first. Then you get the 10:1.

So if you use a credit card to deposit $10. Fees are removed. Then the balance earns you 10:1.

Kamarkos Danix said:

When MA recieves 10 dollars from you.... it gives you 100 PED.

Did MA recieved all the 100$ ?

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Incorrect: when they receive $100 they give 965 PED.

See this piccy: [br]Click to enlarge[/br]

At least that is what happens when I do it in-game depositing by the transfer center, paying with MasterCard. It's not a bank fee.

Deathifier said:

When you deposit via wire transfer you get exactly 10 PED per USD that MA receives.

Your own bank will likely charge a fixed fee to execute the transfer though, although it is in addition to what is being sent instead of being deducted from what is being sent as in the case of using credit cards or another payment provider.

If you have to convert from your local currency to/from USD it gets even more fun!

MA does give exactly the exchange rate they display, it's just after all the fun fees the financial intermediaries charge the actual amount arriving in their account is less than what you 'sent' for anything other than a wire transfer.

Also this topic has come up in the past so there's some good threads about it buried around the forum somewhere

Bye,
Deathifier

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Yes it's a Swedish MasterCard. But, there is normally no fee from the cc company. If I deposit $100 then MA gets $100.

Cea said:

Yes it's a Swedish MasterCard. But, there is normally no fee from the cc company. If I deposit $100 then MA gets $100.

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If there are no fees - how does the CC company make any money?

Credit cards normally charge the vendor a 3% fee so thats how much cash mindark actually gets. Most stores just over price their stuff a bit to make up for the people using credit cards so you dont notice. Cant do that with a cash to cash transfer like this

i can only tell from my experience:

checked my local bank exchange rate for that day, it said 1.365 $ / EUR

so i wired EUR 100 per EU-standard thingie deposit method (with IBAN+BIC) - yes, i'm inside the EU (European Union in that case )

got 1360 PED 2 days later (don't know where the 5 PED went)

S.

PS. i forgot to say ... per some EU-law from 2004 (?) the EU-standard-payment is supposed to be free of charge. some countries still haven't implemented that (France afaik is one of them) but mine has, so no fees.

Cea said:

Yes it's a Swedish MasterCard. But, there is normally no fee from the cc company. If I deposit $100 then MA gets $100.

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MAstercard charge MA for the transaction, MA in turn charge this fee to you.

$100 gets you 1000 ped then MA take the transaction fee out and your left with the 965 ped

Hope this explains how $1 = 1 ped

If I go into Ikea in the UK it says that all card transactions are subject to a 3% fee from card company but Ikea are kind enough to wave this fee as lets say collateral dmg for the $$$$ ££££ you just spent in store.

I do however think if MA was to wave this fee then the peds would probably come abck to them anyway via decay, but why should they change what they dont see as broken?

They give you 1000 ped as promised, just minus the CC company's fee

Cea said:

Yes it's a Swedish MasterCard. But, there is normally no fee from the cc company. If I deposit $100 then MA gets $100.

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They don't charge you, they charge the merchant.

Some merchants build the cost into the sale price of their products, others charge it as an extra fee when you pay via CC.

- Deathifier

OK thanks for the explanations, it's still rather badly informed by MA.

It is lightning fast to deposit (ofc ), you define the amount, say $100, and then you expect 1000 PED in return for that but lo behold, it only adds 965 PED - that was my point in the original post.

Cea said:

OK thanks for the explanations, it's still rather badly informed by MA.

It is lightning fast to deposit (ofc ), you define the amount, say $100, and then you expect 1000 PED in return for that but lo behold, it only adds 965 PED - that was my point in the original post.

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Not only that but if you look closer at your cc statement, it will have a cash advance fee there as well.

This is part of the reason i have stopped depositing using my creditcard and am now looking to open an account with MinBank (when they get their s**t in a sock).

When i typically deposit using my creditcard, i get charged a 3.5% fee on teh transaction from MA (forwarded from the cc company or whatever), then a cash advance fee from my cc company and then depending on the exchange rate at the time, i may lose again!

So yes i think it needs to be far better explained than what it is for starters and deposit accounts need to get sorted with MindBank ASAP as well.

Hanne, please take note

Cea said:

... it's still rather badly informed by MA.

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The info about withdraw fees are clearly written at the withdrawal web page.

The info about deposit fees are written at the specific pages (Visa/MC/Paynova) while the deposit process i assume? If not, that would be a big mistake.

I had no issues to find out all informations when i did my 2 deposits and went for bank wire transfer. No fees and 1 USD = 10 PED. Even checked the exchange rate from Euro to USD MA gave and it was more then fair at that time.

Well, actually they messed up on my first depo and handled the EURO as USD. A polite support ticket fixed that withing 48 hours and i got the difference as ped stack in storage plus an nice bonus gift (rounded up the stack to the next full 1k).

But i get your point, when you buy something with credit card in an store, mostly the fee is hidden in the sale margin and the end customer will not notice.

I personally consider depositing in EU as currency exchange process and so, i think, does MA (even tho it legaly is not). And with currency exchange you always have the fees after the exchange rate.

With currency exchange there is no resale margin to "hide" fees. Of course MA could hide the fees by reducing it from ingame economy. But that would not be fair in my opinion, i prefer it the way it is.

Leona said:

With currency exchange there is no resale margin to "hide" fees. Of course MA could hide the fees by reducing it from ingame economy. But that would not be fair in my opinion, i prefer it the way it is.

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MA could waive the fee on the deposit side and add it to the withdraw side.

So if you deposit $100 you get 1000 PEDs. MA pays the CC fee.

You play the game. If you hunt and 'lose' your PEDs due to decay and ammo - then MA/FPC profits 96.50 rather than $100.

If you don't do anything and later try to withdraw the $100 -the CC fee would be added at that time.

Of course, this would be the same as a tax on withdraws for those who take out more money from the system than they put in.

thoreau said:

MA could waive the fee on the deposit side and add it to the withdraw side.

So if you deposit $100 you get 1000 PEDs. MA pays the CC fee.

You play the game. If you hunt and 'lose' your PEDs due to decay and ammo - then MA/FPC profits 96.50 rather than $100.

If you don't do anything and later try to withdraw the $100 -the CC fee would be added at that time.

Of course, this would be the same as a tax on withdraws for those who take out more money from the system than they put in.

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Yes, that would be one way. But to be honest the 1% withdraw fee is already to high for (very) large amounts. Now some might say: Go on and tax the damn ubers who profit so much they can withdraw so high!

But i rather think large withdraws comes mostly from deals / investments that did not went trough and stuff like that. MA made an exception about the withdraw fee for people who deposited to bid on CP in example, because that is an issue. Who would deposit large amounts to prepare for an deal / auction that you might not win and can't get out the money again without large fees?

Welcome to the wonderful world of finance, where banks and financial institutes take a percentage of everything everytime you make a transaction!
If you think MA is bad, just consider investing in a fund.
First you send $100 to the bank.
Their fund has a buy-price of $100 and a sell price of $98.
You get fund which will cost give you $98 if you sell it straight away.
When they buy a stock within the fund they charge the day's highest price (when they sell they credit at the day's lowest price) and take their commision for buying/selling as well.
Often when you sell a fund you will also be charged a percentage of the selling price.
If the bank has financial problems they will increase their charges.

Actually, this sound quite a bit like MA...