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Entropia Economy Entropia Universe economy, prices, trends, deposits & withdrawals discussion.

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Old 04-29-2013, 05:25   #1
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Shannon1ford Inept
 
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Exchange Rate ?

I have a problem when depositing on your official site it lists the exchange rate of $1 US = 10 peds but when I try and deposit it says the exchange rate is 9.75 which is incorrect.

As I am in Australia the current exchange rate is $1.03au to $1us I like to believe this is just an oversight and not MindArk purposefully ripping people off, so can this get an immediate repair?

I deposit via Ukash so I know there are no bank charges or merchant charges as stated in their terms and conditions.
I would really like to know why this is happening thanks.
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Old 04-29-2013, 06:20   #2
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Serica Weak
 
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I'm assuming here your Ukash voucher is in AUD ?
Looking at the Ukash site for THEIR exchange rate (https://direct.ukash.com/forexViewer/ExchangeRates.aspx) it shows that if the voucher is in AUD then:
United States USD AUD 0.985
So, if Ukash are only offering an exchange rate of .985USD per 1AUD, you can't really expect MindArk to offer 1.03USD.

There may also be an exchange rate fee, and the final 'exchange rate' may reflect that. (MindArk is likely to pass on to the user any merchant fee charged to them by Ukash, just as they do with credit/debit card deposits)
The other possibility is there is some 'rounding to whole' $ which results a slightly lower rate than Ukash's advertised exchange rate. Without knowing the amount of your voucher in AUD, and the amount that MindArk are crediting in PED, it's hard to say.

I've not used Ukash for deposits, but I think some of the guys from Australia in my soc have. I'll ask them tonight what their experience has been.

Feel free to add me to your FL from the ingame Player Register.

Last edited by Serica; 04-29-2013 at 06:34.
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Old 04-29-2013, 13:35   #3
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Thanks for the fast I reply I unfortunately did not realize Ukash had their own exchange rate calculator (much like a travel agent). Although I probably should have said how much I put in $50au and how many ped I received only 474, which still leaves me confused as the ukash website says merchants are not charged.

I look forward to seeing how your soc members have experienced this deposit method as I am not sold lol. I wish paypal was used I have never had a problem using it.
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Old 04-29-2013, 13:41   #4
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You should have received an email from MA with the full details of the deposit, which includes a specific reference to any commission charges, and shows the exchange rate at the time of the transaction.

I get such an email for both Ukash and Visa deposits.
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Old 04-29-2013, 14:03   #5
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You might find this Ukash Merchant Factsheet interesting to read:
http://www.smartvoucher.com/media/25...0factsheet.pdf

Going by that, they do charge a fee to the merchant who accepts the voucher:
Quote:
..How much does it cost to accept Ukash?
Just like credit cards or debit cards we charge merchants a merchant service charge calculated as a percentage of each Ukash transaction. ..

Can I surcharge the customer for paying using Ukash?
Yes you can subject to any local trading or consumer law and agreement with
Ukash...
So my guess is that MindArk passes along the merchant fee to the user, just as they do with credit/debit cards.

The only soc member on tonight who has used Ukash is based in Europe. He was aware of Ukash's exchange rates when using them (in his case, the conversion was from Euro > USD).

----------

Meric, thanks for the information about the email from MA. (I get one for deposits by debit card, but I didn't think about it in relation to Ukash, as I've never deposited that way) I'll keep that in mind next time someone asks

Last edited by Serica; 04-29-2013 at 14:13.
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