Is this standard?

[Marky147]

Something to be said for being under it, and never having to worry about such things

[Simon Galloway]

A guy in Oz used to make a shitload selling Aus$$$ every January for Stars money to all the international pros who came in. He had a good rep with Stars and got people's limits upped and stuff really easily. He also dealt t$$ for cash and for reg Stars $$$.

 I sort of thought that was all quite scummy.

 The guy who holds money in all currencies and is wealthy enough to not need to keep changing his bankroll back and forward is able to provide a massive service. There should really be a cost for services.

The only way both those sentences can be true simultaneously is if the guy is doing it to his International mates.

[skolsuper]

A guy in Oz used to make a shitload selling Aus$$$ every January for Stars money to all the international pros who came in. He had a good rep with Stars and got people's limits upped and stuff really easily. He also dealt t$$ for cash and for reg Stars $$$.

 I sort of thought that was all quite scummy.

 The guy who holds money in all currencies and is wealthy enough to not need to keep changing his bankroll back and forward is able to provide a massive service. There should really be a cost for services.

The only way both those sentences can be true simultaneously is if the guy is doing it to his International mates.

I could be wrong, but I think Neil started his post with what he used to think and then progressed to what he thinks now.

Personally I agree with most of what has been written itt, if 2 people both need opposite currencies then swap with no vig, then both are better off.  That's how the world works, and if one person wants to be a douche about it, then the other person probably won't swap with them and then they end up worse off because of their greed.  However, when one person needs the transfer and the other person is either going out of their way or even indifferent to it, then surely it is their right to decline a swap at spot rate, yet accept a swap for some vig?  Thinking of it in terms of "punishment", "favours" and "karma" is wrong imo, think about it in terms of the utility to the other person, if you're asking them to do it for free and they don't really need the swap, you're asking them to give you something for nothing when you don't really need it.  Save your favours for when you're under it imo.  If you're swapping these amounts it's not like you can't afford to spend the 3% on top, right?

[vegaslover]

IMO it is an utter piss take on the part of the person selling the dollars for spot + anything.

The person selling is already getting the better of the deal, just look at any money exchange on the high street.

Buying $ you usually get a rate around 4-5c off spot.

Try selling them back to the high street vendors and it will be 15-20c off spot

[SuuPRlim]

Dont think there's anything wrong with it, I personally have a network of friend where we'd all be prepared to slightly put ourselves out to help each other so have no need ever to have to pay a vig. But I don't think there's anything un-ethical or "wrong" about it. Often these exchanges are slightly inconvenient or cause a little hassle anyways.

[Rupert]

Could write a long post but basically some people are far more organized than others, it's not that hard to get money at spot rate, charging vig isn't douchey if the person has to go out of their way to do the transaction + it costs them some + they would never expect the favour returned + they take on risk when at least half of the players in the UK are huge slow-payers.

Spot rate USD
Go to your bank and ask to open a USD or EUR bank account. I have mine with Lloyds TSB Offshore, I've previously had accounts with Citibank and HSBC. Friends have accounts at Barclays. The accounts are nearly always free. Mine has a min of £2k or equivalent to be left in there otherwise its £20 a month. Use a service like OANDA (others about) that you bank transfer GBP to and they bank transfer whatever currency you desire. Costs around $30 and you get more or less the spot rate. Wire money to casino of your choice.

[SuuPRlim]

Rupert is right, the amount of money people light off being disorganised with currencies is really dumb, it's not that hard to do, very cheaply.

[The Camel]

Dont think there's anything wrong with it, I personally have a network of friend where we'd all be prepared to slightly put ourselves out to help each other so have no need ever to have to pay a vig. But I don't think there's anything un-ethical or "wrong" about it. Often these exchanges are slightly inconvenient or cause a little hassle anyways.

As I said earlier, if Player 1 had gone to specifically to Player 2 and asked him to do it, then yes, maybe it is fair enough.

But to make a Facebook post asking if anyone wanted to do it and replying yes, if you pay me a fee seems out of order to me.

[Rupert]

Pretty sure Flushy has posted here numerous times that his company or whatever will change money at (a really high) vig. Also pretty sure there are companies that say they will book your hotel room at a vig too that are directed at poker players. What's the difference? If the said person (I assume we are talking about my housemate here) signed up a facebook account and called it "MainEvent Foreign Exchange" and posted it would that be better? It's no different IMO, if people want to offer a service they can - at least it gives the consumer more options!

[The Camel]

Pretty sure Flushy has posted here numerous times that his company or whatever will change money at (a really high) vig. Also pretty sure there are companies that say they will book your hotel room at a vig too that are directed at poker players. What's the difference? If the said person (I assume we are talking about my housemate here) signed up a facebook account and called it "MainEvent Foreign Exchange" and posted it would that be better? It's no different IMO, if people want to offer a service they can - at least it gives the consumer more options!

The difference is they are companies/businesses trying to make a profit as opposed to friends trying to make money from their mates for zero work.

[Tal]

The world is a curious place.

Some people need to re-watch Bill and Ted.



Be excellent to each other.

[tufat23]

I'm gonna assume this was about me offering Julian USD at 3% for x amount.

First of all I did not initiate contact with julian, I just wrote on twitter explicitly stating that I had unlimited USD and wanted vig. He replied to the tweet so I followed him on twitter and PM'd him. THEN he was suprised it wasnt at spot. If he had no intention to pay vig he should have read my tweet more closely.

Second of all I've had so much demand that I've had to move the price from 3-5% to 4-6%.   I started off pricing incorrectly low.

6% for under 2k
5% under 12k
4% more.

vig could also depend on what type of chips you would be willing to receive instead of cash.
get me on facebook or on twitter. https://twitter.com/realandrewteng

this should be available ALL summer, although if sending from stars pre plan to be able to send it in america.
I take stars/ftp/skrill/£ bank xfer.

I will also be buying USD back near the end of the summer at much lower rates for the above methods if people have excess or a big score. HELL, maybe even spot if I have too much online.


Thirdly whether or not it is standard?  Yes it is.  I try to put myself in the situation of having currencies that people want on purpose, not to just give it away for nothing.
I'm more than happy for people to turn down my action, it happens all the time.

[Dubai]

Some people just see and treat things differently to others, Andrew and Rupert treat everything like a business, and do very well out of it I might add, both are nice lads too.

However not everything in life is a business

"Second of all I've had so much demand that I've had to move the price from 3-5% to 4-6%.   I started off pricing incorrectly low."

Not everything is about reaching the correct price equilibrium. There are such things as mates rates, favours etc. Just because you are inundated with requests doesnt mean you should increase your prices for something like this, life isnt all about profit maximisation. Sometimes its nice to be nice and you are still earning a few quid whilst helping a bunch of people out who may in turn help you in the future.

[Rupert]

Agree and I do lots of favours for friends as does Andy (inc tons of occasions when I give friends money vig free at whatever inconvenience to me). But when a player I've heard of but don't know that well etc asks in a more or less public forum if anyone has $$ available I think it's pretty reasonable to say "yes, but there's a vig" then they can take it or leave it as they wish.

[Dubai]

I dont think charging VIG is that bad, but ive seen Andrew selling it on 2+2 for several years and others doing similar for other currencies. But i think its bad to think you misread the market and therefore increase the VIG because of demand. Bearing in mind you are supposed to be charging VIG to cover the costs, hassle of getting the currencies, these costs dont change. Only the sellers profit does.

I also think someone like Julian would fit under some sort of mates rates profile even if you dont know him that well- maybe its a bit old fashioned but he is a nice bloke, been around in poker years, British etc. Just the sort of person id go out of my way to help if could rather than try to "extort" him for the max.

Plus he got 4 kids! The vig is their dinner and clothes