International Bankroll Management

[jjandellis]

As some will be aware from a previous post, I'm about to get posted to Germany. Very nice. But this casues a few minor problems for me with regards to bankroll management. What do the seasoned international travellers/players amongst you do to get around these problems:

a. I will be playing cash/tourneys at local casino (Hohenysberg, Dortmund) - so will need Euro's.
b. I have a mini (sub) bankroll in my online accounts - all in USD.
c. I will hope to come over to UK and play a few festivals/APAT's - so will need GBP.

At present my bankroll is in GBP in my UK account.

I am about to set up a German account for my wages to go into (less money to cover direct debits out of UK account).

I recently came back from APAT Ireland and got cained on currency conversion, which I wasn't happy about. This will obviously become a longstanding problem for me.

Wat are your suggestions for my problem - ie. whats the cheapest/lowest commsion way of constantly exchanging my money???

All opinions greatly appreciated!

[Dingdell]

Find someone you trust who plays on line. Transfer money from your German account to Stars or wherever and put money in their account when they want it.

Get them to pay the equivalent into your uk bank account.

[RioRodent]

Well, if you do actually need to keep changing it; the only cheap way is to find individuals to exchange it at spot price. You often see people on here and on The Hendon Mob Forum asking so I guess it happens quite a lot.

I have the a similar problem with cash I've brought back from Vegas... the $3k brought back from my 2006 trip lived in my sock drawer for 12 months til I went back this year... it is now $5k and back in the drawer! Unfortuntely it's not enough to qualify for a free foreign currnecy account (anywhere that I've looked), and the costs of changing it back and forwards to sterling would negate any interest I would get on it.

[AlexMartin]

Well, if you do actually need to keep changing it; the only cheap way is to find individuals to exchange it at spot price. You often see people on here and on The Hendon Mob Forum asking so I guess it happens quite a lot.

I have the a similar problem with cash I've brought back from Vegas... the $3k brought back from my 2006 trip lived in my sock drawer for 12 months til I went back this year... it is now $5k and back in the drawer! Unfortuntely it's not enough to qualify for a free foreign currnecy account (anywhere that I've looked), and the costs of changing it back and forwards to sterling would negate any interest I would get on it.

Sell it to Brits going out at a fair price.

[kinboshi]

Just lose it all.  Problem solved.

[Shogun112]

Travelex Website is good..!!
Exchange rate aint too bad, but, pay £3.00 extra per transaction, and, on return trip, they give you the exact same exchange rate to return your money....

I did this on my trip to Vegas, but, I forgot to pay the £3.00 and because I did so welll in Vegas, my return trip cost me maybe £100 in loss on currency where that £100 could have been saved by paying the £3.00...

[matt674]

As some will be aware from a previous post, I'm about to get posted to Germany. Very nice. But this casues a few minor problems for me with regards to bankroll management. What do the seasoned international travellers/players amongst you do to get around these problems:

a. I will be playing cash/tourneys at local casino (Hohenysberg, Dortmund) - so will need Euro's.
b. I have a mini (sub) bankroll in my online accounts - all in USD.
c. I will hope to come over to UK and play a few festivals/APAT's - so will need GBP.

At present my bankroll is in GBP in my UK account.

I am about to set up a German account for my wages to go into (less money to cover direct debits out of UK account).

I recently came back from APAT Ireland and got cained on currency conversion, which I wasn't happy about. This will obviously become a longstanding problem for me.

Wat are your suggestions for my problem - ie. whats the cheapest/lowest commsion way of constantly exchanging my money???

All opinions greatly appreciated!

Your wages get paid in Euro's so use that to pay for your German tournaments

Your Online bankroll is in Dollars so keep that online and use it to play online on sites that take Dollars

Your UK Poker bankroll is in Sterling - keep that here in the UK to pay your direct debits and for tournaments in the UK and for when you return from your stint in Germany.

So if you do the opposite of Kyboshi's advice then there will never be a problem as you'll always have enough money in all 3 accounts

[Div]

Unfortuntely it's not enough to qualify for a free foreign currnecy account (anywhere that I've looked), and the costs of changing it back and forwards to sterling would negate any interest I would get on it.

I think Citibank give you a free $ current account if you keep $4k in it.

[phatomch]

I got a thomas cook credit card. they give you better exchange rates i just dont use the card

[RioRodent]

Unfortuntely it's not enough to qualify for a free foreign currnecy account (anywhere that I've looked), and the costs of changing it back and forwards to sterling would negate any interest I would get on it.

I think Citibank give you a free $ current account if you keep $4k in it.

I did look at Citibank, but there didn't appear to be any way of paying in cash or withdrawing large sums of $s. It seemed to be geared towards making deposits by bank transfer and withdrawals by ATM or cheque. If anyone has one of these accounts and knows different I'd be interested to know.

I had another look last night and it seems that Bank of Scotland may have what I'm looking for... so long as I can pay-in and withdraw $s at my local Halifax branch. Will be making further enquiries today.