One common concern amongst online gamblers is currency conversion fees. They can result in extra fees, poor exchange rates, and potential losses in your overall value. In many cases, currency conversion fees can usually be avoided by taking a few easy steps and precautions, but if you’re brand new to online gambling, you may not know how yet. We will cover these methods, such as using multi-currency wallets, selecting the right casino, leveraging cryptocurrency, and more.
Understanding Currency Conversion Fees
Currency conversions occur when the currency you deposit or withdraw differs from the base currency accepted by the online casino.
These conversions can take place in various ways, such as:
- Automatic Conversion by the Casino – Some online casinos automatically convert deposits and withdrawals into their base currency, often at a higher exchange rate. In many cases, this is set to Euro.
- Bank or Payment Processor Fees – Your bank or e-wallet may charge an additional conversion fee to your transaction.
- Credit Card Dynamic Currency Conversion (DCC) – Some payment terminals and online processors automatically convert your funds into the local currency, sometimes at unfavourable rates.
These are the most common reasons for conversion fees, and they can significantly impact your gambling budget. However, they can be avoided if you play it smart.
How to Prevent Currency Conversions in International Casinos
An international casino handles transactions from players all over the world and typically accepts multiple currencies in the process. You can read up on the basic features of international online casinos for a better understanding of how they work.
If your main currency is Euro, you are more likely not to be affected by any currency conversion fees since most online casinos use this as their main currency. However, if your main currency is a different one, you are more subject to these types of fees. Below are some methods to prevent it from happening.
1. Choose a Casino That Supports Your Currency
One of the easiest ways to prevent currency conversion fees is to select an online casino that supports transactions in your native currency, whether it’s NOK, INR, CAD or any other. While most internationally available online casinos accept multiple currencies, they rarely take them all.
Many international casinos allow their players to choose their preferred currency when registering an account. Before signing up, check the casino’s banking options to ensure it supports deposits and withdrawals in your currency.
However, this is not necessarily foolproof, so you should check the terms and conditions to see if they have a base currency (like Euro). This typically results in conversion fees for both deposits and withdrawals.
2. Use Multi-Currency Digital Wallets
Digital wallets such as PayPal, Neteller, Skrill, MuchBetter, and Revolut offer multi-currency accounts. There may still be a conversion fee, but in most cases, you have a monthly free allowance or lower fees in general. Some will even let you track the value of a currency so you know when you can get the most for your money.
By using a digital wallet that supports multiple currencies, you can deposit and withdraw funds in the casino’s native currency without incurring conversion fees. While you may not be able to diminish the fees entirely, you will have far better control of them.
3. Use Cryptocurrency for Gambling
Cryptocurrency is an excellent alternative to traditional currencies for preventing currency conversions. Many online casinos accept Bitcoin, Ethereum, Litecoin, and other cryptocurrencies as payment options.
These options are typically faster and more secure than traditional fiat currencies. You are rarely subject to conversion fees while using cryptos, which can be a big benefit to some players.
To use cryptocurrency, you need a crypto wallet and an exchange where you can buy and store cryptocurrencies. You also need to sign up for online casinos that accept cryptos. Not all do, but most internationally available online casinos under a Curacao license typically do.
4. Avoid Dynamic Currency Conversion (DCC)
Dynamic Currency Conversion (DCC) is a service offered by some ATMs and point-of-sale terminals that convert your home currency into local currency at a marked-up exchange rate. When using your debit or credit card in a foreign casino, always choose to be charged in the local currency rather than your home currency to avoid DCC fees.
It’s easy to forget about these fees as you won’t notice them until you check your bank statement later on, so it’s a common mistake to make.