It is the cost of doing business, so factor it in when you underlay the first bet, depending on the odds etc realise that the more you win at the bookmaker will lead to higher Net fees too. So obviously hedge for a lesser return into betfair as the trade off early on.
Originally Posted by mrbenjaminjo
You "live with it" as such, but more take it into account, its not actually a problem you are dealing with 50%+ extra on the Euro bonuses as a rule so anything up to 10% fees/exchange costs is still nothing to worry about.
I dont think its possible to make long term money at US $s sites without taking away the exchange fees and having dedicated accounts in $s to fund them. The %s there are often 10% or 20% only and you cant afford the fees hit as well.
As above, get dedicated funding for the currency you have to use as soon as possible, but even without it as long as your first bets take the fees into account its not a big deal really. I dont have a dedicated Euro account that I use, I just dont do offers unless 50%+ and take the fees on the chin if I get there its still a profitable venture.
Have a plan and stick to it
Thanks for the comments - basically exchange rate matters, and we're often dealing in small profits. I noticed Andy says he'd not touch a euro book for less than 50e freebie - I second that!
An earlier post describes Moneybookers forex calcs: to GBP it's (euro ratex(100-2.25875)/100) - which works out exactly - so at least I know how they come to the figure. I just don't like it!
I've just applied for an IVOBANK bank account, partly to investigate the forex bit ("Ivobank adds 1.7% to our wholesale exchange rate for foreign exchange. This is built into the rate we offer and no other fees or charges are added") and partly to give me a separate account for matched betting. I'll drop a note in here letting people know how it goes.
I think that in future that my wife will be doing the euro accounts in her name, using her euro moneybookers account in a "closed loop".
Now I need to go back through the recent euro books and see how much I have to withdraw - may try to match it out
I feel like I should have stressed a bit more that whilst Nationwide have increased their forex charges, they are still actually cheaper than most alternatives, so definitely worth investigating if you can. The only downside with them I've found is that if you need to do a SWIFT transfer, because they use an intemediary SWIFT agent (HSBC) you usually incur a SWIFT fee of around £10-20, which is obviously ridiculous on anything small.
I'm surprised at the 1.7% forex rate at Ivobank, I thought the key selling point of them was that they didn't charge for foreign exchange (though I must admit I haven't looked into it at all other than what I've heard on here). Will be very interested to hear how you get on.
Of little use to this thread, but ever since I signed up to Nationwide, I've been getting loads of those automated nuisance telephone calls offering me loans or credit card offers, or other such crap.
I started off slamming down the phone in a fit of disgust, but eventually got so annoyed I hung on until I got the option to speak to someone, and told them to remove my number from their database.
At least two have been from Nationwide or related parts of the business. I don't know if they've passed my number on, but worth checking the signup form for anything about being contacted by them or their partners (or just filling in a random number for your phone).
I've not had a problem thankfully since joining Nationwide, you could try registering to opt out of marketing calls here if you haven't already:
Originally Posted by TakeAwayTuesday
Nice one thanks Munk, hadn't thought about that, but have just registered.
No problem... I should have mentioned there's also a junk mail version of them as well which you probably found by now maybe if you browsed that site a bit (it's actually the parent domain of the link I posted above MPS online)... I have to say it did actually make a huge difference when I signed up maybe 2-3 years ago now, junk mail virtually stopped completely (and is still very minimal actually), along with dodgy phone calls as well (although still get the odd silent call and overseas 'you've won 10 million' type of thing! Keep them on the line as long as possible ).
Top Turnover Tips
I've been at this game for a while now and it seems to me like on of the keys to sucess is keeping your money moving.
I have limited time and wondered for others in my position how do you best organise yourself.
I tend to scan the forum / chatbox for offers, also contributing when I find something that isn't posted. From there I draw up a todo list and try to rattle through it.
My probelm is I can't help but think that I could be using my float better as it's not working as hard as I'd like it to. (Sitting in MB / Betfair / Betdaq)
I'd love to hear others thoughts / tips.
(merged with the 'Moving the money' thread - munk)
Make a big deposit in to an asian --> lock it in with a bonus.
Don't use betfair/daq to get through the wagering requirement.
Don't use auto-lol-super matcher sites or free arb services.
Don't take arbs less than 0.5%.
Once you have gotten through the wagering requirement you should have learned a lot. Use all that and continue arbing/turning over.
If that is not appealing then try giving horse arbing a go.
Gold Light Current Account | Banking | Norwich and Peterborough Building Society
Norwich & Peterborough have just revamped their Gold Account so that it is now the cheapest for foreign currency transactions. The only catch seems to be that you need to make 5 transactions per month to avoid a £5 charge - but that shouldn't be a problem for arbers. (There is also a Gold Classic Account option which requires you to deposit £500 pm into the account instead to avoid the charge.)
Gold Light Current Account comes with all the features you'd expect from a current account.
As well as 24 hour access through our Internet Banking service, you'll be entitled to receive free debit card transactions whilst abroad
Using your Gold Light Current Account is free, all we ask is that you use it as a current account. If you make fewer than five transactions a month, you'll pay a low-usage charge of £5 a month - unless your average balance over the month is £5,000 or more.
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