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Question: When is the Euro/dollar rate updated?

Konvicted

Konvicted

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Since september i am tracking a bit the exchange rate mindark applies on each deposit you do and i noticed the rate they apply is often under the official rate being applyed worldwide (ie: -3 to -5cents). (1.3115 applyed today VS 1.3570 today _ 1 € = 1.357 $)
So my question is when do they update their rate? also do think that it sound fair?
 
Probably when it suits them :)
 
you know what , I was thinking exactly this last night .

at todays rate 100 euros will get you $135.88 less commisions .

Anyone deposited in euros recently so we can work it back ?
 
Konvicted said:
Since september i am tracking a bit the exchange rate mindark applies on each deposit you do and i noticed the rate they apply is often under the official rate being applyed worldwide (ie: -3 to -5cents). (1.3115 applyed today VS 1.3570 today _ 1 € = 1.357 $)
So my question is when do they update their rate? also do think that it sound fair?
Click to expand...

The rate probably comes from the payment processor. Also, the card networks have their own conversion rates that change once a day I believe. https://www.mastercard.com/global/currencyconversion/ for mastercard. The rates may be different to some other, market, rate.
 
SoReal said:
you know what , I was thinking exactly this last night .

at todays rate 100 euros will get you $135.88 less commisions .

Anyone deposited in euros recently so we can work it back ?
Click to expand...

I have. I can compare it in the evening (european time) to what the mastercard official settlement rate would have been for that day.
 
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Konvicted said:
Since september i am tracking a bit the exchange rate mindark applies on each deposit you do and i noticed the rate they apply is often under the official rate being applyed worldwide (ie: -3 to -5cents). (1.3115 applyed today VS 1.3570 today _ 1 € = 1.357 $)
So my question is when do they update their rate? also do think that it sound fair?
Click to expand...

Can you clarify if you mean deposits by direct bank transfer please?

The FAQ says that the exchange rate used for withdrawals is provided by the European Central Bank. Perhaps they use the same for deposits ?
 
I pay in US dollars with my bank doing the conversion to that currency from the Aussie dollar. So it's what ever rate they apply minus a conversion fee. I would have thought the same process would be used by European banks.
 
ive noticed u get a much better rate doing bank transfer instead of card payment.

with the card the payment processor prolly uses a wider spread
 
Same opinion here.

Direct depo better than visa payment
I did one 20$ depo and two xxx$ depos, and direct transfer is best, but my bank did took its sweet time to transfer-several work days... Visa is instant, but you pay more, as i remember.


Lighterthief said:
ive noticed u get a much better rate doing bank transfer instead of card payment.

with the card the payment processor prolly uses a wider spread
Click to expand...
 
Redraw in $ and convert when you think time is right after you have it on your account -> problem solved.

Note that a few years ago I deposited for one of the big estates and after redrawing the exchange difference was about 10% in my advantage ;) ... sometimes you can get lucky too :)
 
I don't think MA apply any exchange rate, it's probably the payment provider that handling all that.
 
Konvicted said:
Since september i am tracking a bit the exchange rate mindark applies on each deposit you do and i noticed the rate they apply is often under the official rate being applyed worldwide (ie: -3 to -5cents). (1.3115 applyed today VS 1.3570 today _ 1 € = 1.357 $)
So my question is when do they update their rate? also do think that it sound fair?
Click to expand...

the "official rate" you refer to is the mid price between the buy and sell prices. you will never get that price, no one does even traders with millions of $ worth, though they'll get close. thats around 3.5% off the mid price which seems about right. compare to what tourist rate you'd get from your bank for perspective.
 
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