Question Related to Changing Countries

bigboydan · 05-20-08, 05:17 PM

Thats a good question sir, however I don't know the answer for you at this time. Let me see if I can find out for you though.

pico · 05-20-08, 05:43 PM

pinnacle charges 3.7% service on top of current rate posted on oanda.

why not just keep the account in USD...greenbacks are still accepted everywhere in the world.

TeamPlayer · 05-20-08, 05:53 PM

Thank you!

I hope the books have a policy for this situation as it wouldn't make any sense for myself to receive payouts in dollars while in a country that uses the Euro as its primary currency. Surely, I can't be the first "investor" to encounter such a situation.

My fear, if anything, is that the book would give me a lousy exchange rate

bigboydan · 05-20-08, 05:55 PM

There are a couple (BetJamaica & Wsex)of A+ rated books that only offer U.S. currency, so thats not even an option to convert your funds at those two establishments. Please bare with me as I continue my research on this subject sir.

FWIW: Here is an updated list of currencies books accept (SBR rated B rated and higher).

Shark79 · 05-20-08, 06:04 PM

Originally posted by picoman

pinnacle charges 3.7% service on top of current rate posted on oanda.

why not just keep the account in USD...greenbacks are still accepted everywhere in the world.

Totally agree on this call

U will get a better exchange rate anywhere in Europe vrs books

TeamPlayer · 05-20-08, 06:04 PM

picoman,
just read your post.

Once living in the new country, I would have a local bank account and be depositing into it. I assume that I would be charged every time to make the conversion from dollars to euros. And if I try to use dollars to pay for every day things outside, I would contantly get screwed on the exchange.
The world is awash in dollars. People don't want them anymore like they used to.

Also, as our government continues to print more money to pay for wars (keep in mind the republicans and Mccain want to start another war with Iran, and they claim we are "threatened" by China) and to pay for social security for the retiring baby boom generation (the largest government program today by far!), the future of the dollar's value is not good.

TeamPlayer · 05-20-08, 06:10 PM

ok shark, I see what you're saying. To accept in dollars specifically the 5 figure amount already in the account while playing with Euros regarding all future "investments."?

hmmmmmmm? in that scenario, what might work is to withdraw some of the original amount and let the book convert the rest of it. You see, I believe in keeping a healthy amount at all time inside a book account. That way ,combined with shrewd investing, I never ever ever ever need to deposit again.

Shark79 · 05-20-08, 06:12 PM

I agree with your comment

Bet Shooter · 05-20-08, 06:14 PM

Depends on how big the five figures is. You can take 10K legally with you when you go. So cash out here and exchange it when you get there. Anything more than that just strap it to your ass when you get on the plane!

pico · 05-20-08, 06:37 PM

Originally posted by TeamPlayer

picoman,
just read your post.

Once living in the new country, I would have a local bank account and be depositing into it. I assume that I would be charged every time to make the conversion from dollars to euros. And if I try to use dollars to pay for every day things outside, I would contantly get screwed on the exchange.
The world is awash in dollars. People don't want them anymore like they used to.

Also, as our government continues to print more money to pay for wars (keep in mind the republicans and Mccain want to start another war with Iran, and they claim we are "threatened" by China) and to pay for social security for the retiring baby boom generation (the largest government program today by far!), the future of the dollar's value is not good.

here is thing. are you planning going pro? if not, then your winning in the books should be just for extra income. what is wrong keep your greenbacks and when you need to cash out, just use your euro debit card...the ATM's exchange rate is always nice.

as for banks, they let you have multi-currency accounts...that is not a issue.

lastly, fed is probably going to ease the rate cut, so dollor won't drop that much in short term. 1.56-1.6 range isn't that bad. have some confidence in #1 eocnomy in the world.

even if you go pro, you want to have pinnacle and matchbook. and matchbook only takes USD, so account to account transfer will be confusing.

my recommendations is to keep your current book in USD. open up Ladbroke, Betfair, WillHill, partybet etc in euro.

DaveRabbit · 05-20-08, 08:14 PM

Yep what Pico says is your best option not to take a hit. Open a dollar account in your euro bank, keep your current books as is and only request the change of currency once it reached zero. New books open them in euro. Convert the currency at the ATM withdrawals.

TeamPlayer · 05-20-08, 08:24 PM

first of all, thanks for the advice guys.

picoman,
already have gone pro.
I decided that it's easier to simply pay the conversion rate % fee of each book.

In my opinion, it's a pain to take dollars out multipe times, then have to restock my bankroll in each book's account. Besides, carryinig over 10k, you have to declare it through customs. Prefer doing everything in one easy step by having the book do the conversion.

BigBoyDan,
would love to see the rules regarding changing dollars to euros for the A+ rated books! (I do use matchbook which means I'll have to continue will dollars there)

Thank you!

Santo · 05-20-08, 08:29 PM

Originally posted by picoman

here is thing. are you planning going pro? if not, then your winning in the books should be just for extra income. what is wrong keep your greenbacks and when you need to cash out, just use your euro debit card...the ATM's exchange rate is always nice.

as for banks, they let you have multi-currency accounts...that is not a issue.

lastly, fed is probably going to ease the rate cut, so dollor won't drop that much in short term. 1.56-1.6 range isn't that bad. have some confidence in #1 eocnomy in the world.

even if you go pro, you want to have pinnacle and matchbook. and matchbook only takes USD, so account to account transfer will be confusing.

my recommendations is to keep your current book in USD. open up Ladbroke, Betfair, WillHill, partybet etc in euro.

Nice? An ATM is the worst possible way to exchange currencies. Confidence in the US economy is a good laugh too.

I have raised the multiple currencies issue with the guy I speak to at Matchbook on several occasions, and it seems they see it as only necessary further into their development.

pico · 05-20-08, 10:16 PM

Originally posted by Santo

Nice? An ATM is the worst possible way to exchange currencies. Confidence in the US economy is a good laugh too.

I have raised the multiple currencies issue with the guy I speak to at Matchbook on several occasions, and it seems they see it as only necessary further into their development.

not true. several US banks has relationship with international banks. if you withdraw money in the partner banks, there is no fee and the exchange rate is better than those currency exchange parlours. you can even use your US bank debit card.

what i said before is open a multi-currency current account, so there is no currency exchange until you need the money in euro, at that point you're using bank's internal currency exchange service.

US economy is still #1, so yes i have confidence in the USD. plus he is not leaving everything behind...and when he travels back to the states, he still need greenbacks.

TeamPlayer · 05-20-08, 11:27 PM

- to be more clear, situation is that would leave personal wealth growing in U.S. stock market/u.s. banks and live comfortable overseas on "sports investing" profits alone. I could return to the Puritan State after a few years if it remains the #1 economy in the world

- picoman,
having a multi-currency current account is a good idea but psychologically it seems easier to take one big hit in the beginning and get the pain over with by having the book convert all the dollars into euros. That way, I wouldn't feel a sense of anger every time I withdrew future winnings. (And it'll only simplify things when paying the local European country taxes on those earnings, although that is a whole other topic)

- I'll wait patienty for bigboydan's findings. Thanks again bigboydan and sbr staff. You're a huge help and credit to the flock

pico · 05-20-08, 11:29 PM

you going to europe to gamble full time??

you should move to vegas instead.

TeamPlayer · 05-20-08, 11:52 PM

It's a matter of opinion, I suppose. I'd take Europe any day over Vegas but nothing wrong with Vegas either

pico · 05-21-08, 12:14 AM

europe is pretty cool. getting more expensive everytime i go there. netherland is the best. i wouldn't stay in amsterdam. if i move there, i would probably go to Den Haag or Utrecht...then when i learned how to speak dutch, which shouldn't be that hard cuz it seems to resemble german, then i would move to a smaller city.

vegas does get old and depressing after a while. you see all those girls who go there to become hookers, kind of sad at times. once you head outside the strip, then you see those shitty houses for lower class workers...after a while you'll think that city is pretty much pure evil. i do think los angeles is evil too.

and NYC seems like a big gladiator arena...if you're the best, you're the shit...but there are plenty of people are trying to knock you out.

if i have move to a place to gamble full time like you, i would probably move to southeast asia instead. open a small business like some kind of ex-pat service and just chill.

TeamPlayer · 05-21-08, 12:35 AM

I hear you. I'm not a big party person. Actually am 100% happy to stay at home and watch a ballgame on tv or on the computer for the sheer fact that I always loved sports with an unbridled passion. Although I must add that nothing is better than sex, assuming it's not with the same woman every time! (geez! How Dick Cheney married the first woman he had sex with is beyond me! No wonder he wants to invade Iran, China and the rest of the world! But I digress)

NYC is to much of a concrete jungle for me and Vegas is just a madhouse. You have everything in Europe just a short train ride or plane trip away. I agree it's become very expensive because of the dollar. Who knows....maybe SE Asia is the best place to live a comfy life.

pico · 05-21-08, 12:50 AM

one problem with living outside the northern half of the western hemphere is that you can't watch games on tv. you have to be creative and sign up for sopocast, mlbtv, and other internet package. you do get one espn channel that plays sunday night and monday night NFL...which is always the highlight of the week when i am aboard.

on the plus side, you can watch aussie football, rugby union, EPL, La Lega etc live. soccer on tv is perfect for a bar...because you can just down couple of pints and check the score every 20 minutes...they always show the replay when they score...so it is the perfect background show. in the states, MLB is the perfect background show...especailly if you're watching the giants play at padres with peavy and lincecum starting.

you should also try absinthe when you're there, they sell the real stuff...only in selected few countries.

TeamPlayer · 05-21-08, 01:44 AM

I'm always up until 3 or 4 or 5am so I watch the 7 and 8pm ET games over there... Was born a nocturnal person.
I just pay the $100 dollars per season/per sport for the official site internet feeds. Watch everything on the computer. Even with baseball, I prefer to watch every pitch, knowing the count and the pitch type. For example, I can't go to a game with somebody who wants to carry on a conversation the whole time. I go to a game to watch it, not to hang out. I go to sports bars only if it's the only way to watch a game and it's a must-watch game. Am an NHL, MLB, NBA, NFL guy although I hate David Stern and the way his league fixes games. I won't even watch tomorrow's Lakers/Spurs game because we all know the Lakers will win because Stern wants a Lakers/Celtics final. Kobe would have to go down with a freak injury for the Spurs to win this series. It's a shame.

fingas · 05-21-08, 06:34 AM

for those who don't know, you can have accounts at betfair in different currencies, they let you have as much accounts as you want.

I have about 4 of them, 3 in EURO and 1 in GBP

pico · 05-21-08, 11:29 AM

Originally posted by fingas

for those who don't know, you can have accounts at betfair in different currencies, they let you have as much accounts as you want.

I have about 4 of them, 3 in EURO and 1 in GBP

what is the logic of having 3 euro accounts?

fingas · 05-21-08, 11:47 AM

different strategies in each account to see which sports gives me more profit, plus i use them with different deposit methods such as moneybookers/neteller/credit card

noyb · 05-25-08, 10:31 AM

Originally posted by picoman

europe is pretty cool. getting more expensive everytime i go there. netherland is the best. i wouldn't stay in amsterdam. if i move there, i would probably go to Den Haag or Utrecht...then when i learned how to speak dutch, which shouldn't be that hard cuz it seems to resemble german, then i would move to a smaller city.

i actually live in the netherlands and since sportsbetting is officially illegal here (a number of books, incl pinnacle not accepting citizens from here) and very harsh (and outdated) gambling tax-rules it's definitely not a good place to be for a pro gambler. í'm hesitant to leave for other reasons, but if i wouldn't live here i'd definitely not go here for the next five years until laws might change.

anyway, to get back to the main topic. i've changed or considered changing currencies at a number of A-books. The ones I spoke too said it could be done, as long as your account is at zero. In other words, I needed my balance to bust, and then they could set it from USD to EUR without any additional trouble or fees.

Red_Sux · 05-25-08, 11:14 AM

Originally posted by noyb

i actually live in the netherlands and since sportsbetting is officially illegal here (a number of books, incl pinnacle not accepting citizens from here) and very harsh (and outdated) gambling tax-rules it's definitely not a good place to be for a pro gambler. í'm hesitant to leave for other reasons, but if i wouldn't live here i'd definitely not go here for the next five years until laws might change.

anyway, to get back to the main topic. i've changed or considered changing currencies at a number of A-books. The ones I spoke too said it could be done, as long as your account is at zero. In other words, I needed my balance to bust, and then they could set it from USD to EUR without any additional trouble or fees.

wouldn't it be easier to take out your currency first, then switch your account, then deposit again? but yeah, couple of times i switched on pinny after i went bust

right now pinny only resitrcut, US and Germany...i think. last time i was in amsterdman, i was able to make bets at the internet cafes.

noyb · 05-25-08, 11:20 AM

Originally posted by Red_Sux

wouldn't it be easier to take out your currency first, then switch your account, then deposit again? but yeah, couple of times i switched on pinny after i went bust

right now pinny only resitrcut, US and Germany...i think. last time i was in amsterdman, i was able to make bets at the internet cafes.

yeah, true. i remember i waited till i busted before i changed (wasn't any hurry), and then changed, ofcourse just withdrawing and re-depositing after the change in the second currency is a much cheaper option

if you're in holland you can login everywhere (altough i wouldn't do it too often), you just can't sign up at a number of places as someone with a dutch adress, including pinny. go to the join-page and look in the list of countries, netherlands is not there. mail them about it, and they say they won't have you. pinny is located in the dutch antilles themselves so i guess they just don't want any trouble with the "mother-nation".

Red_Sux · 05-25-08, 11:12 PM

Originally posted by noyb

yeah, true. i remember i waited till i busted before i changed (wasn't any hurry), and then changed, ofcourse just withdrawing and re-depositing after the change in the second currency is a much cheaper option

if you're in holland you can login everywhere (altough i wouldn't do it too often), you just can't sign up at a number of places as someone with a dutch adress, including pinny. go to the join-page and look in the list of countries, netherlands is not there. mail them about it, and they say they won't have you. pinny is located in the dutch antilles themselves so i guess they just don't want any trouble with the "mother-nation".

yeah, i wouldn't use the internet cafe too often i am in holland. for one, it is pretty easy to get stoned and forget to log out. but that is pretty much your only option if you don't have a laptop with you.

i always wanted to visit natherland antilies...i heard it is like columbia where blow is really cheap