Home Blog poker tournament strategy Poker Tournament cash, but in what currency is the question!
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So you have exercised some solid poker tournament strategy and taken down prize money. Great!, Now all you have to do is use that same good judgment when you withdraw funds from your online poker account. Make sure to do a currency conversion calculation check with your bank first so you know how to request your withdrawal. Of course this is mostly pertinent to non-USA residents.

With the unprecedented drop in the US dollar over the last couple of years, other countries' currencies have fluctuated higher in value against the dollar.

Here in Canada, just a few years back the C$ was close to 50 cents, and now it is around $1.05!! I used to love bringing US dollars to my bank because I would always get more C$ deposited in my account. Now the exchange rate has been killing me. Okay enough griping, bu one thing you can do to make sure you get the most for your exchange is to compare your current banks exchange rate before you decide which funds to withdraw from your account in.

I recently made a final table in the Midnight Madness poker tournament and decided to withdraw some of that money. I rarely keep more than $5,000 in my Full Tilt or PokerStars accounts because I still just play $2-$10 tournaments anyway. There is no use in me being bankrolled that high, so I keep it between $2,000 and $3,000 normally.

Well check out my bank's exchange rate for a withdrawal of $2,000 USD. In other words, if I brought $2,000 USD to my bank and exchanged it into Canadian funds it say I would get $1,873.20 today. If I remember correctly they also add a exchange rate fee of a few bucks as well.

 

Foreign Exchange Calculator

However look at Full Tilt Poker's exchange rate here and it comes out to $1,903.59. That is a difference of $30.39!! That is much better, although honestly they BOTH really stink but anyway, the point is don't assume you are getting the best rate from your bank. In fact, you are probably getting fisted if you have never looked into this.

 

2011-04-08_1252 - TurtleKnife's library

 

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