Withdrawing money ... that you should read !!

[Valmaix]

yes, it 100% your bank, not MA. Im playing online poker and when I withdraw money in my bank, I always get littlebit less than poker site have sent

 

[WoenK]

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.

There are no transfer fees within Europe.
Also there is no currency conversion fee, as far as I understood MA transfers Euros from their Euro account and normally the conversion rate should be from the day the transfer was initiated (MA hit the button for the transfer).
When you transfer to their Euro account you get the medium interbank conversion rate of the day it reached their account.
In this case here a conversion rate of 0.68 could only have been around the 15th January, was the only day the past month it has been that low.
Would be interesting to really know, how long the interbank transfer really took.
A normal Euro transfer takes at least working 4-5 days, a SEPA reaches the account within 3 days.

 

[Rumsponge]

There is no wire transfer fee within Europe? wow. you guys have nothing to complain about then. We pay some sort of fee in both directions.

 

[THANATOS]

From an old support case about this very question:

We use the exchange rate of the day when the payment is sent to your bank account.

Kind regards,

Entropia Support

That should clarify the question about whether they used an old exchange rate from earlier on in the withdrawal process

EDIT:

and the exchange rate they use: (I knew I had seen it somewhere! (15 mins searching! lol)

Ok I have had a quick reply:

29 Oct 2008 Entropia Support:
Hi,
We use the exchange rate of the day when the payment is sent to your bank account. The exchange rate is taken from the European Central Bank. Have a nice day.

Kind regards,
Entropia Support


Using this website to look up historic exchange rates:

http://www.x-rates.com/cgi-bin/hlookup.cgi

06/10/08 1.738
07/10/08 1.7592
08/10/08 1.731
09/10/08 1.7225
10/10/08 1.7037
13/10/08 1.7037
14/10/08 1.7482
15/10/08 1.7432
16/10/08 1.7243
17/10/08 1.7307
20/10/08 1.7134
21/10/08 1.6837
22/10/08 1.6174
23/10/08 1.6181
24/10/08 1.5845
27/10/08 1.5472

Then $1.703 to the £1 looks pretty fair, the rate didn't improve on this until 21st October.

 

[Zefram]

...
I'm steaming as I write this ...

Now that must be a funny picture

 

[Casay]

It's to bad they do the exchange rate the day they send instead of calculating it on the day you made the actual withdrawal request. Or an average of the days between request and transfer. Might speed things up a bit huh? Especially since they are their own bank now.

 

[Radio]

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.

Yeah, that's the point aridash. They sent the payment in GBP, from a UK account...?

 

[Etopia]

There are no transfer fees within Europe.

this is no more true sadly...
The sender may pay some fee now , since bank are fucking bastard , they dont charge to fee on the transfer itself but on the fact they make the transfer...so , 2 year ago , i made some transfer in europe it was free...3 month ago , i made a transfer and got charged 3.9 euro.so , i went ask WTFIGO , they gave me their paper , and now you have to pay ...

about the post we dont know , the amount , the day MA send the mail , and if the bank take fee when someone out of country send money.

 

[Pepto]

1.	Europe   	57.520 	70,33%	
2.	Americas 	18.950 	23,17%	
3.	Oceania 	2.625 	3,21%	
4.	Asia 	 	2.313 	2,83%	
[COLOR="Red"][B]5.	Africa 	 	245 	0,30%[/B][/COLOR]	
6.	(not set) 	129 	0,16%

0.30% FTW

Never withdrawn from the game, just really chuffed for SA right now and had to FTW

/Apologize

 

[Aeris_is_back]

We use the exchange rate of the day when the payment is sent to your bank account. The exchange rate is taken from the European Central Bank.

Mindark takes 1% and no less then 100ped.
European Central Bank, provides the exchange rate and that's where you lost money again.
most personal accounts don't charge you when you receive funds from any source except when you say have a cad funds account and the payment is in usd,in that case your bank will nail you.

https://account.entropiauniverse.com/support-faq/deposits-and-withdrawals/withdrawal-faq/

best bet is to find out what currency mindark holds funds in and have it sent in that currency, you will then need a account setup to receive funds in that currency. Later exchange the funds instantly when you are happy with rates if you can do so with your bank.

 

[aridash]

Yeah, that's the point aridash. They sent the payment in GBP, from a UK account...?

MA have a UK bank account they transfer from? or has it come via your banks head office?

 

[Masta]

The exchange rate that the end customer gets from his/her bank is usually slightly worse than the listed interbank (wholesale) rate. The difference in rates is the premium that a bank indirectly charges for having a trader who sells foreign currency on your behalf.

I received a sizable withdrawal from MA a couple of years ago directly into a USD account before converting it into local currency. The amount received was exactly the amount I withdrew. Unless some magic started happening with the introduction of MindBank, I suspect that your bank is charging you a premium for selling USD.

If you're taking out a large amount and live outside of the US it may be worth to set up a USD account and withdraw there.

 

[Tosi]

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.

Of course they can, telling the exchange rate of the day they finally initiate the money transfer would not be too hard even for them.
Date - Amount - Exchange Rate.
That part has everything to do with MA.

As for bank rates, this would also help to see if users bank charges enough to make changing bank a viable option.

 

[Waheed]

Of course they can, telling the exchange rate of the day they finally initiate the money transfer would not be too hard even for them.
Date - Amount - Exchange Rate.
That part has everything to do with MA.

As for bank rates, this would also help to see if users bank charges enough to make changing bank a viable option.

I do not think you understood what I meant -

MA sends you 100dollars, you bank the turns those 100dollars into whatever currency you have in your country.

Should MA then call your bank before sending the money, to know how much would arrive in your currency?

100dollars is 100dollars to MA, unless ofc you have chosen another currency for withdrawing, then yes I agree MA should inform you about the exchange rate

 

[In Love With]

Seeing that response to this thread I am glad that I'll be turning my back to MA and withdrawing A LOT more then I've ever invested.

If MA was a business partner of mine conducting business in such a manner, I wouldn't most certainly stop trading with MA immediately. But as it stands, MA thinks they can do whatever they want ...

Fact remains that I cannot recommend MA or Entropia Universe to anyone knowing that they blatantly cheat you ...

Angel

 

[Mr Trayles]

Seeing that response to this thread I am glad that I'll be turning my back to MA and withdrawing A LOT more then I've ever invested.

Did you actually read the responses?

 

[Hijacker27]

Seeing that response to this thread I am glad that I'll be turning my back to MA and withdrawing A LOT more then I've ever invested.

If MA was a business partner of mine conducting business in such a manner, I wouldn't most certainly stop trading with MA immediately. But as it stands, MA thinks they can do whatever they want ...

Fact remains that I cannot recommend MA or Entropia Universe to anyone knowing that they blatantly cheat you ...

Angel

You must be retarded..

As has been stated in this thread, it's your bank that's cheating you.. not Mindark

 

[Joser]

Seeing that response to this thread I am glad that I'll be turning my back to MA and withdrawing A LOT more then I've ever invested. <snip>

<snip>
Fact remains that I cannot recommend MA or Entropia Universe to anyone knowing that they blatantly cheat you ... Angel

So... you only went with the responses that supported your claim and didn't bother reading the responses that it's probably your own bank messing with you? Interesting...

 

[Waheed]

Seeing that response to this thread I am glad that I'll be turning my back to MA and withdrawing A LOT more then I've ever invested.

If MA was a business partner of mine conducting business in such a manner, I wouldn't most certainly stop trading with MA immediately. But as it stands, MA thinks they can do whatever they want ...

Fact remains that I cannot recommend MA or Entropia Universe to anyone knowing that they blatantly cheat you ...

Angel

You don't want others to make a nice profit like you claim to have done ?

Fact is, you read half the posts and ignored the ones telling you why you didn't get what you calced from average currency rate to get...

Anyways, don't let the door hit you on the way out

 

[In Love With]

I very well read all the responses. But it is blatantly obvious that MA cheats when paying out.

The transfer was made in EURO using an official exchange trader (someone stated that in this thread that MA uses one) ... A service like ukforex usually has a difference of less then 0.5 cent. My difference was over 4 cents. So please don't give me the bullshit that I haven't read the responses I didn't like to hear.

Just because I don't reply to stupidty doesn't mean I have not read it.

Angel

 

[Mega]

Seeing that response to this thread I am glad that I'll be turning my back to MA and withdrawing A LOT more then I've ever invested.

If MA was a business partner of mine conducting business in such a manner, I wouldn't most certainly stop trading with MA immediately. But as it stands, MA thinks they can do whatever they want ...

Fact remains that I cannot recommend MA or Entropia Universe to anyone knowing that they blatantly cheat you ...

Angel

Oh and here's your precious

 

[Etopia]

I very well read all the responses. But it is blatantly obvious that MA cheats when paying out.

The transfer was made in EURO using an official exchange trader (someone stated that in this thread that MA uses one) ... A service like ukforex usually has a difference of less then 0.5 cent. My difference was over 4 cents. So please don't give me the bullshit that I haven't read the responses I didn't like to hear.

Just because I don't reply to stupidty doesn't mean I have not read it.

Angel

But , what would be the cost to use such service ?

In past i made some withdraw , back then MA was sending $ to what acount ,so it was my bank that made the exchange ... , but they take over 5% ... now , we dont pat this...
100$ - fee , 99$ => 068 ratio => 67.32
100$ - fee,99$ -bank fee 5% => 94.5 => 072 =>68.4
and i am sure a bank will not take a soo good ratio like 0.72 .. so in the end , even if MA dont take the best ratio , i do guess you still win...

finally after what you wine ?
That MA did send you your money , and that you make profit while playing ?its that your complaing , making money in a game ?

 

[Wollongong]

Good thing I don't have any PED... at least I won't have this problem.

 

[WoenK]

this is no more true sadly...
The sender may pay some fee now , since bank are fucking bastard , they dont charge to fee on the transfer itself but on the fact they make the transfer...so , 2 year ago , i made some transfer in europe it was free...3 month ago , i made a transfer and got charged 3.9 euro.so , i went ask WTFIGO , they gave me their paper , and now you have to pay ...

about the post we dont know , the amount , the day MA send the mail , and if the bank take fee when someone out of country send money.

I only got charged absolutely nothing. Unless you made an international transfer within Europe instead of an SEPA or EU transfer or are charged per single transfer for national transfers also, you should not have been charged. Also strange that the transfers for you were free and now are not anymore.
The banks have to streamline their costs in a way, that there is no difference between a national transfer or one within the EU, SEPA transfers have to reach the receiver within 3 working days and after 1.1.2012 even within 24 hours.

 

[Etopia]

I only got charged absolutely nothing. Unless you made an international transfer within Europe instead of an SEPA or EU transfer or are charged per single transfer for national transfers also, you should not have been charged. Also strange that the transfers for you were free and now are not anymore.
The banks have to streamline their costs in a way, that there is no difference between a national transfer or one within the EU, SEPA transfers have to reach the receiver within 3 working days and after 1.1.2012 even within 24 hours.

Before , it was very hard to get them do a european transfer...you had to scream at office to do european and not international...since the european was free (european law) but the international was with cost.
Now they charge the EU tranfer... and its write in clear in their price paper.
Bank have to do many stuff , but bank have layer and very good specialist in economie , who have only 1 things to do all day long , find way to cheat law and charge customer for what ever excuse.

 

[roughrider]

I very well read all the responses. But it is blatantly obvious that MA cheats when paying out.

The transfer was made in EURO using an official exchange trader (someone stated that in this thread that MA uses one) ... A service like ukforex usually has a difference of less then 0.5 cent. My difference was over 4 cents. So please don't give me the bullshit that I haven't read the responses I didn't like to hear.

Just because I don't reply to stupidty doesn't mean I have not read it.

Angel

Funny how you get cheated and all withdrawl's I have made are legit

You go on and call your solicitor, please tell me when you meet him so that I can watch and laugh when he points out that you cant sue MA since they haven't done anything wrong.

I have my doubts that you work with trading of anything but pokemon cards since you have your economics a bit warped.

And finaly.....Bye Bye and good ridance to a person without respect to people who give solid and kind responces and that you call stupid.

On another note: I know that MA has a bank licence but is everyone SURE that they have started using it? Thay dont seem to be listed amongs the banks of sweden only as licence holders which seems to point to them not having "started" their bank yet, hence them using Handelsbanken and barklays for transfers. I could be VERRY wrong though...it has happend a few times....many according to my wife

 

[mike jones]

We use the exchange rate of the day when the payment is sent to your bank account. The exchange rate is taken from the European Central Bank.

Mindark takes 1% and no less then 100ped.
European Central Bank, provides the exchange rate and that's where you lost money again.
most personal accounts don't charge you when you receive funds from any source except when you say have a cad funds account and the payment is in usd,in that case your bank will nail you.

https://account.entropiauniverse.com/support-faq/deposits-and-withdrawals/withdrawal-faq/

best bet is to find out what currency mindark holds funds in and have it sent in that currency, you will then need a account setup to receive funds in that currency. Later exchange the funds instantly when you are happy with rates if you can do so with your bank.

bloody hell thats a good idea

 

[Casay]

Seeing that response to this thread I am glad that I'll be turning my back to MA and withdrawing A LOT more then I've ever invested.

Angel

And you're complaining that you're making money ... don't let the door hit you in the a** on the way out. I think the community will be just fine without ya.

 

[Coop_]

Seeing that response to this thread I am glad that I'll be turning my back to MA and withdrawing A LOT more then I've ever invested.

If MA was a business partner of mine conducting business in such a manner, I wouldn't most certainly stop trading with MA immediately. But as it stands, MA thinks they can do whatever they want ...

Fact remains that I cannot recommend MA or Entropia Universe to anyone knowing that they blatantly cheat you ...

Angel

Sad to see it end this way after such an enjoyable beginning:

Some questions from a noob

Peace, Angel