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Question: How does Withdrawl work.

Ted

Ted

Old Alpha
Joined
Apr 8, 2005
Posts
713
Location
Norway
Avatar Name
Tor Ted Hovi
With the resent rise in USD vs NOK I'm wondering how the withdraw system works.

If I was to initiate a withdrawal now, would I get todays rates or the rates when my withdrawal is approved 3+ months from now?
 
You get USD to NOK according to currency rate at Committed day.

So if you withdraw 10k usd then you get 10k usd at committed day converted to NOK (no matter what currency rate is at that day)
 
whiteknut said:
You get USD to NOK according to currency rate at Committed day.

So if you withdraw 10k usd then you get 10k usd at committed day converted to NOK (no matter what currency rate is at that day)
Click to expand...

TY for your reply, but it is still not clear to me.
I am not familliar with the word "commited" in these terms.
Would that be "todays" rate or the rate on approval date?
 
whiteknut said:
You get USD to NOK according to currency rate at Committed day.

So if you withdraw 10k usd then you get 10k usd at committed day converted to NOK (no matter what currency rate is at that day)
Click to expand...

i dont think so

this is fro ma-s site

"The exchange rate is set the day you register your withdrawal. The exchange rate between USD and the currency you chose is taken from the European Central Bank."


so its the day you make the withdrawl and not when it gets committed

its exactly why ill make an nice withdrawl tomorrow...the crash of the euro against the dollar is to good to pass upon
 
its actually good to keep an eye on the dollar-euro
i withdrew 20k december 8
had i done it today it would have been 10% more for me
 
fluske said:
i dont think so

this is fro ma-s site

"The exchange rate is set the day you register your withdrawal. The exchange rate between USD and the currency you chose is taken from the European Central Bank."


so its the day you make the withdrawl and not when it gets committed

its exactly why ill make an nice withdrawl tomorrow...the crash of the euro against the dollar is to good to pass upon
Click to expand...

Funny as for me it has been the opposite.. but anyways thx for info.
 
whiteknut said:
Funny as for me it has been the opposite.. but anyways thx for info.
Click to expand...

well..ive made several withdrawls but never bothered to check

im just going with what ma has posted on the faq under withdrawl section
and unless i read english very badly it says "when you register your withdrawl "means the day you make the withdrawl

but to be safe now i just made an screeny with timestamp ingame of their withdrawl faq posting
since when i make withdrawl tomorow i expect that exchange rate
 
fluske said:
its actually good to keep an eye on the dollar-euro
Click to expand...

the USD-USD is easier for me to keep track of :p

Withdrawal Registered Nov 12th, Withdrawal committed Jan 23rd. Not yet in the bank as of this morning so probably tomorrow.

~2.5 months including the winter holidays. (no idea how many actual working days that is)
 
Last edited:
narfi said:
the dollar-dollar is easier for me to keep track of :p

Withdrawal Registered Nov 12th, Withdrawal committed Jan 23rd. Not yet in the bank as of this morning so probably tomorrow.

~2.5 months including the winter holidays. (no idea how many actual working days that is)
Click to expand...

not sure if the usdollar - canadian dollar rate fluctuates a lot,but if so could you please check and post which day ma used for conversionrate ?
meaning the day you made withdrawl or when it actually gets committed

edit ehh..nevermind..i though alaska was in canada :p
 
Last edited:
I edited my post to make it clearer :p
 
Pretty sure it's when they send the money, not when you make the withdraw. As that could be gamed very easily with a two month withdraw time. (cancel withdraw if you lose out). I think it was that way when I withdrawed last, but cant say for sure.
 
Last edited:
Unvinsible said:
Pretty sure it's when they send the money, not when you make the withdraw. As that could be gamed very easily with a two month withdraw time. (cancel withdraw if you lose out). It's also my experience from withdraws Ive done.
Click to expand...

Yup youy are right.
And i know why is that :)

If you withdraw USD then you get USD and on the "Commited" day, your bank changes it to your currency if needed.
If you withdraw in some other currency (can be chosen) then it is converted right now by MA.

Thats why it shows that it is on the day of the withdrawal requested, but we have experiences something else.
 
ahh well that would explain it yes
 
whiteknut said:
Yup youy are right.
And i know why is that :)

If you withdraw USD then you get USD and on the "Commited" day, your bank changes it to your currency if needed.
If you withdraw in some other currency (can be chosen) then it is converted right now by MA.

Thats why it shows that it is on the day of the withdrawal requested, but we have experiences something else.
Click to expand...

yes,ive withdrawn in euros
but website of ma is very clear ,this is copy

"""The exchange rate is set the day you register your withdrawal. The exchange rate between USD and the currency you chose is taken from the European Central Bank.

You have the possibly to file a support case and ask for rejection of the withdrawal as long as your withdrawal is still pending. You will then get the total amount back to your PED-card
"""

so according to their own words it will b ethe rate of the day you make the withdrawl
 
fluske said:
yes,ive withdrawn in euros
but website of ma is very clear ,this is copy

"""The exchange rate is set the day you register your withdrawal. The exchange rate between USD and the currency you chose is taken from the European Central Bank.

You have the possibly to file a support case and ask for rejection of the withdrawal as long as your withdrawal is still pending. You will then get the total amount back to your PED-card
"""

so according to their own words it will b ethe rate of the day you make the withdrawl
Click to expand...

So if you want currency rate of the withdrawal applied date, then you should withdraw in EUR, but if you believe that USD will gain power against EUR you should withdraw as USD?
I am going with USD due USD/EUR past months graph.
 
whiteknut said:
So if you want currency rate of the withdrawal applied date, then you should withdraw in EUR, but if you believe that USD will gain power against EUR you should withdraw as USD?
I am going with USD due USD/EUR past months graph.
Click to expand...

My feeling is that you should always withdraw in USD because of MA seems to use very bad exchange rates, ofc only bad for you not for them....
 
Dollymaus said:
My feeling is that you should always withdraw in USD because of MA seems to use very bad exchange rates, ofc only bad for you not for them....
Click to expand...

yup, thats why i always use USD, no need for extra conversion from MA side.
 
narfi said:
the USD-USD is easier for me to keep track of :p

Withdrawal Registered Nov 12th, Withdrawal committed Jan 23rd. Not yet in the bank as of this morning so probably tomorrow.

~2.5 months including the winter holidays. (no idea how many actual working days that is)
Click to expand...

So to translate this into Norwegian for Ted.


You do NOT get the exchange rate between USD vs. NOK the day you "click" withdraw in PE. (Today)
...but you get the exchange rate the day MA approves your withdrawal.
 
Kimmi said:
So to translate this into Norwegian for Ted.


You do NOT get the exchange rate between USD vs. NOK the day you "click" withdraw in PE. (Today)
...but you get the exchange rate the day MA approves your withdrawal.
Click to expand...

if this is true then the info on ma-s webpage is false
and i have been tt-ing loads of shit for nothing to make use of devalued euro today

btw,when i made an withdrawl in last december i had the option to withdraw in euros or dollars,this wasnt the case when i withdrawed last may(only dollars i think)
so there seems to have been an change in the policy

ps: making supportcase now to ask it,so we know for sure :)
 
Last edited:
fluske said:
ps: making supportcase now to ask it,so we know for sure :)
Click to expand...

Well I did some time ago, and the answer was that conversion is done at ECB rates in the day they "commit" / make the payment.

Incidentally the rate was the worst for me checking all those 50 business day of waiting, 1.3 USD / EUR. So last time I did it directly into USD just before closing my USD account and avoided any funky rates.
 
Tepes said:
Well I did some time ago, and the answer was that conversion is done at ECB rates in the day they "commit" / make the payment.

Incidentally the rate was the worst for me checking all those 50 business day of waiting, 1.3 USD / EUR. So last time I did it directly into USD just before closing my USD account and avoided any funky rates.
Click to expand...

ok thx for info,they should really adjust their info on the faq then since its wrong
 
fluske said:
ok thx for info,they should really adjust their info on the faq then since its wrong
Click to expand...

Is it wrong?
Have you tried withdrawing in EUR or other available currencies? and then received not based on the requested date currency rate?

As most ppl request withdrawal in USD and there is no currency exchange taking place by MA so there is nothing wrong with the faq.
 
From my withdrawal experience and exchange rates i strongly advice get new USD account in your bank if your national curency is somrthing else. In many countries those accounts are for free or cost only one time "creation" fee.

Then you will get USD from MA on those account and you deceid yourself when to exchange them to your currency.

It is better often to withdraw that USD's from this account and exchange it in external exchange or use bank dealing desk to get beter exchange rates.

This way u control what is hapening with your money and not let MA or BANK change currency at theirs terrible rates. Each withdrawal can be saved ( or earn) from 10% to even 20% of total withdrawal amount. It is especialy good to control novadays when exchange rates in many countries vs USD can vary few %'s in one day !
 
whiteknut said:
Is it wrong?
Have you tried withdrawing in EUR or other available currencies? and then received not based on the requested date currency rate?

As most ppl request withdrawal in USD and there is no currency exchange taking place by MA so there is nothing wrong with the faq.
Click to expand...

my last withdrawl i made in euros,but i have not received it yet
 
shoti said:
From my withdrawal experience and exchange rates i strongly advice get new USD account in your bank if your national curency is somrthing else. In many countries those accounts are for free or cost only one time "creation" fee.

Then you will get USD from MA on those account and you deceid yourself when to exchange them to your currency.

It is better often to withdraw that USD's from this account and exchange it in external exchange or use bank dealing desk to get beter exchange rates.

This way u control what is hapening with your money and not let MA or BANK change currency at theirs terrible rates. Each withdrawal can be saved ( or earn) from 10% to even 20% of total withdrawal amount. It is especialy good to control novadays when exchange rates in many countries vs USD can vary few %'s in one day !
Click to expand...

thx shoti,that sounds like something worth looking into,especially now th eeuro-dollar fluctuates so much
 
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