Question: Withdrawals in different currencies

Rattler Llama

Prowler
Joined
Nov 25, 2008
Posts
1,124
Location
Denmark
Society
Taciturnity
Avatar Name
Rattler Llama Simpsons
Hi Forum,

Does any1 have experience picking another currency than USD?

I'm adressing the non-US citizens here, and what considerations were taking before hand.

Could be gambling on FX-rates to go up or down vs the USD, or just to avoid bank giving bad rates when exchanging currency from USD to local, when you picked the USD withdrawal.

In Danish, and have the options to pick DKK, and I estimate that Norwegians and Swedes are in the same boat as me :)
 

Liu

Old Alpha
Joined
Oct 26, 2006
Posts
796
Location
Paris, France
Society
Alchemic Dream
Avatar Name
Killashandra Liu Ling
Always do in euros.
 

Liu

Old Alpha
Joined
Oct 26, 2006
Posts
796
Location
Paris, France
Society
Alchemic Dream
Avatar Name
Killashandra Liu Ling
Thanks - Could you elaborate?
I mean I always withdraw in euros as my commonlife currency is euros.
Plus once I did us$ by mistake and troubled occurred, lost quite some time to solve the issue with MA and my bank.
 

Rattler Llama

Prowler
Joined
Nov 25, 2008
Posts
1,124
Location
Denmark
Society
Taciturnity
Avatar Name
Rattler Llama Simpsons
I mean I always withdraw in euros as my commonlife currency is euros.
Plus once I did us$ by mistake and troubled occurred, lost quite some time to solve the issue with MA and my bank.
Aight, good to know. Well my commonlife currency is in DKK, but it's fixed towards EUR anways. Just don't want additional added fee from USD->EUR->DKK
 

messi91

Elite
Joined
Oct 24, 2013
Posts
2,942
Location
Medusa Bazaar floor2, shop3
Society
House of Gamers
Avatar Name
Gaina "Messi91" Cristi
Aight, good to know. Well my commonlife currency is in DKK, but it's fixed towards EUR anways. Just don't want additional added fee from USD->EUR->DKK
Then open and usd account on your local bank so you don't pay extra fees on auto conversion and when you receive the transfer from MIndark then create an additional free revolut account because they have the best exchange on most currencies and most likely than any bank.
 

Rattler Llama

Prowler
Joined
Nov 25, 2008
Posts
1,124
Location
Denmark
Society
Taciturnity
Avatar Name
Rattler Llama Simpsons
Then open and usd account on your local bank so you don't pay extra fees on auto conversion and when you receive the transfer from MIndark then create an additional free revolut account because they have the best exchange on most currencies and most likely than any bank.
That could work as well, however a lot of effort and I believe my bank will charge a fee for having USD accounts.

Any intel on the currency rates that MA use themselves?
 

messi91

Elite
Joined
Oct 24, 2013
Posts
2,942
Location
Medusa Bazaar floor2, shop3
Society
House of Gamers
Avatar Name
Gaina "Messi91" Cristi
That could work as well, however a lot of effort and I believe my bank will charge a fee for having USD accounts.

Any intel on the currency rates that MA use themselves?
ING bank charges me 2$/month for just maintaining having an extra bank account attached to my local one.That is far better than having them to auto exchange the usd I am getting from Mindark into local currency at their rates vs Revolut.
 

Rattler Llama

Prowler
Joined
Nov 25, 2008
Posts
1,124
Location
Denmark
Society
Taciturnity
Avatar Name
Rattler Llama Simpsons
ING bank charges me 2$/month for just maintaining having an extra bank account attached to my local one.That is far better than having them to auto exchange the usd I am getting from Mindark into local currency at their rates vs Revolut.
Well, Mindark has the option to pay in my local currency, so I will not face bank rates from USD to DKK, but Mindarks own rate.
I need to know if the Mindark FX Rate is fair, because I know for sure my bank is not. And I don't need a USD bank account for future withdrawals.
 

TheRock

Elite
Joined
Oct 17, 2006
Posts
2,547
Location
Inverted Southway - City of peace
Society
Pain Incoming
Avatar Name
TheRock
Well, Mindark has the option to pay in my local currency, so I will not face bank rates from USD to DKK, but Mindarks own rate.
I need to know if the Mindark FX Rate is fair, because I know for sure my bank is not. And I don't need a USD bank account for future withdrawals.
I had same question some years ago and did test on 2 same sized withdrawls.
It was either 40+40k or 20+20k, but the difference were around 400-600 NOK if i remember right.

What I learned to get less fee, is to get the NOK, DKK in your case instead of letting MA send u USD as that USD is based on some Central bank rate. Then again sent to your bank as USD with extra fee when changed to DKK.

:)
 

Rattler Llama

Prowler
Joined
Nov 25, 2008
Posts
1,124
Location
Denmark
Society
Taciturnity
Avatar Name
Rattler Llama Simpsons
I had same question some years ago and did test on 2 same sized withdrawls.
It was either 40+40k or 20+20k, but the difference were around 400-600 NOK if i remember right.

What I learned to get less fee, is to get the NOK, DKK in your case instead of letting MA send u USD as that USD is based on some Central bank rate. Then again sent to your bank as USD with extra fee when changed to DKK.

:)
Thanks a lot man! Useful answer :)
 
Top