Menu
What's New
By:
Filters

Withdrawing money ... that you should read !!

I

In Love With

Elite
Joined
Aug 24, 2006
Posts
2,993
Avatar Name
Beautiful SerraAngel Angel
Hello fellow entropians,

just a little word of warning ... After I've waited over 30 days now, my latest withdrawal has finally hit my bank account ... So curious as I am I've take the ped amount

XX.XXX *0.99 (1% Fee). The amount being transferred I divided by that number to give me a dollar Euro ratio of 0.68666.

Being an LME trader I've got an intraday ticker giving me all metal as well as all currency rates at my disposal (and since this is what I do, I look at that about 50 times a day).

So its safe to say that in no way the dollar has ever been at 0.68666 for the last few days. At the moment the dollar is at 0.7294 and it had been traded for over 0.70 for well over a week now.

I know that my bank doesn't take fees as the amount was paid in EURO's which is the currency my bank account is held in so do I dare ask the question that MA blatantly steals money??

Comments welcome from other ppl having withdrawn money are very welcome prior to me writing yet another support case.

Very angry as we are not talking a few euro's back or forth on this one

Angel
 
i had same issue...kind of suck dolar is already so low and they give less..
 
i just can't understand why if the majority of players r in europe, MA is in europe and we still have to deal with a dead coin of a country that is complety broke
 
It's possible they did the conversion a couple weeks back, when the rate was around .69. Maybe that's why they are taking their time, so they can pick from a month worth of rates.
 
checked my withdraws they are good, but I wont be suprised Mind Ark is using our withdraw to play Forex and earn a few bucks..

proably they have hired some one like Aandarian to earn money for them and trade against the players who withdraw or deposite :)

they are the bank
 
Coop_ said:
It's possible they did the conversion a couple weeks back, when the rate was around .69. Maybe that's why they are taking their time, so they can pick from a month worth of rates.
Click to expand...

They take that much time even when there is no conversion necessary to my "dead coin". ;)

Although maybe they wait for a good SEK:USD ratio...
 
Funny that other ppl report the same ... I'm not sure how I'll handle this, but I might even contact a solicitor to sue them.

The advertise with a fixed ped to dollar rate in their game and then fuck you over with the exchange rate?? What do they think we are, fucking imbeciles??

Seriously, I'll wait more replies and if more ppl feel they have been cheated I'll not even bother with contacting them through their shitty useless support and go straight to a solicitor with this

I'm steaming as I write this ...

Angel
 
In Love With said:
Funny that other ppl report the same ... I'm not sure how I'll handle this, but I might even contact a solicitor to sue them.

The advertise with a fixed ped to dollar rate in their game and then fuck you over with the exchange rate?? What do they think we are, fucking imbeciles??
Click to expand...

Do you non-US players have the option of depositing to a dollar-denominated account? That might be your best option--then you can worry yourself about when and how to convert your own money.
 
AFAIK a bank always takes a commission for exchanging money. So selling is a bit below the exchange rate, and buying a bit above it.
 
Ped should be tied to gold instead, as it's the most solid "currency"
 
This has been debated over and over again - There is allways a difference between buying and selling prices on currency - So the currency value you are getting are an average between those two.

So thou your bank does not have a "fee", they have a hidden fee from buying your dollar cheaper than they are selling their own - Banking is as basic reselling as it can be :)
 
i just can't understand why if the majority of players r in europe, MA is in europe and we still have to deal with a dead coin of a country that is complety broke
Click to expand...
hmm.. what proof do you ahve that the majority of players r in europe?
 
Waheed said:
This has been debated over and over again - There is allways a difference between buying and selling prices on currency - So the currency value you are getting are an average between those two.
Click to expand...

but they seem to pay some % less than that and make a few extra bucks ;)... but its like paying 2 banks here -the entropia bank and your currency changing bank - and thats why i would never expect a good rate of exchange here
 
converting currencies costs. maybe your bank does not charge a fee but buying and selling usd is done at different rates. it's called geldkurs & briefkurs. so if ticker says usd/eur 1.40 you may buy usd at 1.38 and sell usd at 1.42, that's how it works.
 
CareBear said:
If the "Audience" tab of the entropiauniverse.com & entropiaforum.com alexa traffic stats is any indication... It looks like the opposite is true.

http://www.alexa.com/siteinfo/entropiauniverse.com#trafficstats
http://www.alexa.com/siteinfo/entropiaforum.com#trafficstats
Click to expand...

The stats I get from Entropedia:

Code: 
1.	Europe   	57.520 	70,33%	
2.	Americas 	18.950 	23,17%	
3.	Oceania 	2.625 	3,21%	
4.	Asia 	 	2.313 	2,83%	
5.	Africa 	 	245 	0,30%	
6.	(not set) 	129 	0,16%

Although for some reason Google thinks the whole of Russia is part of Europe.
 
Witte said:
AFAIK a bank always takes a commission for exchanging money. So selling is a bit below the exchange rate, and buying a bit above it.
Click to expand...

This would be true but...

In Love With said:
Being an LME trader I've got an intraday ticker giving me all metal as well as all currency rates at my disposal (and since this is what I do, I look at that about 50 times a day).
Click to expand...

how does someone in the trading biz not know this?
 
Yes, I've got a support ticket open about this very issue.

I deposited and then withdrew an amount of money. I can't get the figures to balance using the stated fees, heavily in MA's favour ofc.

I'll give you a heads up on the outcome of the case once it's done.

The lesson here is, do your numbers. You cannot rely on MA to do them for you.

Furthermore, and something I found to be rather disturbing, was the absolute conviction from support that it had been sent on such a day, then a few days later the transaction arrives in my account via CHAPS (a UK bank service whereby you can transfer an amount of money between accounts same day for a fee).
 
In Love With said:
So its safe to say that in no way the dollar has ever been at 0.68666 for the last few days. At the moment the dollar is at 0.7294 and it had been traded for over 0.70 for well over a week now.

I know that my bank doesn't take fees as the amount was paid in EURO's which is the currency my bank account is held in so do I dare ask the question that MA blatantly steals money??
Click to expand...

so its 1 week old rate...But , when did MA made the transfer ?
Bank take a diferent amount of day to finalise a transfer...
MA send you an email when they do the withdraw...It take , for my bank 4 day to put the money on my account when it come from MA...but it may take longuer for your bank...

I made some withdraw lately , i always did check what was the ratio for change , and it was always accurate...
 
Imo MA should always tell the exchange rate of any withdrawal to avoid possible problems.
Really not too much asked to show rate in Deposits/Withdrawals.
Of course unless they got something to hide.:rolleyes:
 
Anyone else worked out why you deposit money into EU it goes straight to Sweden but when you withdraw it comes via Barclays in the USA?
 
In Love With said:
Seriously, I'll wait more replies and if more ppl feel they have been cheated I'll not even bother with contacting them through their shitty useless support and go straight to a solicitor with this

I'm steaming as I write this ...

Angel
Click to expand...

Willing to bet your solicitors fee will dwarf the small difference in Euro's between the exchange rates actual and anticipated.


Made a small withdrawal at end of 2008, all seemed fair and accurate to me.
 
Tosi said:
Imo MA should always tell the exchange rate of any withdrawal to avoid possible problems.
Really not too much asked to show rate in Deposits/Withdrawals.
Of course unless they got something to hide.:rolleyes:
Click to expand...


They can't do that, since MA sends out dollars and your bank then converts them to your currency.

Which is another reason why this has nothing to do with MA.
 
spread and different spot price explain the difference. you will waste your time even talking to a solicitor since MA can just say thats the rate they got at point Y, they will just hand it off to their bank. when depositing by bank the rate they give is very close to the market spot price, so i dont really think they have much interest in skimming a 1% on withdrawals. I know it would be alot over time, but they dont even bother to get decent % interest on the cash on in hand.

the real question is how come it uses one price and you dont get the cash in bank until weeks later. which may be your point.

btw, Radio, CHAPS is only same day between UK banks.
 
Last edited:
Coop_ said:
Do you non-US players have the option of depositing to a dollar-denominated account? That might be your best option--then you can worry yourself about when and how to convert your own money.
Click to expand...

Agreed, this is the way to go if you are concerned about conversion rates.
 
Vedder said:
Yes, and the money transfer also involves a fee.
Click to expand...

man, I hate being one of the sane ones, but Vedder is correct.

The 1%/100 ped fee is only what MA charges you to line their pockets. Your bank also will have a fee for processing a wire transfer, and there may be fees from other banks along the way. Additionally, banks very often are horrible at giving a decent conversion rate and my belief was that MA pays out in USD. On the withdrawls I've done, I seem to remember losing around $20-30 or about 5% on each one.

You may want to start your investigation by checking with your bank to determine exactly where the money went.
 
Waheed said:
They can't do that, since MA sends out dollars and your bank then converts them to your currency.

Which is another reason why this has nothing to do with MA.
Click to expand...

does not work that way...
MA do have bank liscence and bank acount in many curency , so if you ask for euro you dont pay any exange rate...
so MA make you gain 3.5 % because there no exenge fee "stolen" by your bank...you pay "only" the 1% withdraw fee for MA...
but well sometime your bank will charge you some fee to get money from somwhere , so you get bit less than what MA send...
 
You must log in or register to reply here.
Back
Top