P2P Swapping Currencies

[EvilMickey]

So do it via your bank and get hit for 3% instead of 2.5...

Moneybookers will send out bank transfers in your accounts native currency if you ask them to (so USD or EUR to hit your GBP bank account).

Good luck to any and all using P2P conversions; there's obviously nothing illegal in it. But don't moan that because you're depriving Moneybookers of their cut (albeit a stupidly high cut) they no longer want your custom. That could happen no matter how big a hitter you are!

You could always stop moaning about the cost of doing cross currency business and just get on with it of course...

[munk]

To be honest the way I've ended up doing things (after much faffing around with hedging currency for a while which I would highly recommend to anyone with more than $10k exposure) is to just basically leave the USD float well alone and let it fluctuate up and down over time. The plan is to eventually withdraw at a time when the exchange rate is in my favour - over 1-2yrs my current profit/loss on currency is around 4% loss but that has fluctuated from profit to loss several times over the years already.

Fair enough that won't be for anyone who wants to dip in and out of the USD market regularly, but if you have the cash to spare (pension fund anyone?!) then keeping it in USD and building it up over time isn't a bad way to go. (that said all these us sites being knobbled is also concerning!!!)

[EvilMickey]

That's cool Munk but win at sportsbetting and you will easily have $10,000 just in there. Only payout option is bank wire, so unless you've got a USD account () then you're coming back to Sterling, to then reload your dollar loop. That's gonna be ~2% one way followed by ~2% t'other way. So you just crapped out on $400 minimum before you started.

Obviously all this should be taken into account when starting the bonus and under-matching it accordingly. It's still a bit of a ballache though, even when you have taken all that into account. Why should moneybookers/HSBC/BOE be getting a cut of your hard earned? Your "profit" has just dropped from $900 to maybe $450. So half your work and effort has been wiped out.

Like I say, there are more elegant ways of doing the same thing but all would be detectable/guessable by the parties involved.

[mikehunt]

send the money in $ moneybooker account to mb account send the £ via bank transfer

should at least make it tougher for mb to suspect things

altho with the monkeys at mb they are a law unto themselves so they can suspend accounts with no need for proof

just as if your account is hacked and they barely try to recover funds and then tell you its your own fault

cash in moneybookers is always at risk
wouldnt want a $10k fund sitting in there