Betfair transaction charges

[jamesedwards]

Anyone on here ever been set deposit/withdrawal charges by Betfair? It talks about it in the 'charges T&C' section http://www.betfair.com/aboutUs/Betfair. ... /#charges6

Currently I probably make 4-5 withdrawals per week but I guess I should reevaluate this. If I stick to one withdrawal per week is that likely to keep me exempt?

[weemac]

I didn't know such charges existed, and haven't heard anyone complain about them. Some users like to withdraw their whole balance every day for safety reasons.
Maybe best to email them and ask what constitutes "excessive."

[ShaunWhite]

Some users like to withdraw their whole balance every day for safety reasons.

That's one is a tricky subject, is money safest left where it is, or safer being sent around through the global clearing system twice a day?
Like having Ming vase, do you leave it in your display cabinet, or put it in the car and take it to the bank vault every night.

I'd suspect most missing money issues occur when it's in transit, but that's just from experience elsewhere. If money ever did go missing I'd be much happier fighting on the basis that 'you had it, where is it' rather than 'you sent it, where did it go'

[Derek27]

Deposit/withdrawal charges were something I feared when I was arbing and making as many as 8 deposit/withdrawals a week, but I was never affected. Perhaps they're looking at several a day?

Don't know much about it but I thought our money was protected?

We hold your funds separate from company funds in a formal trust account, this means that they remain separate and protected by the trust. In the event of insolvency you will still be able to withdraw your funds. Read more about the trust in the About Betfair section. This meets the Gambling Commission’s requirements for the protection of your funds at the level: High.

[TipTopTrader]

I was quoted from a customer service agent a few months ago from the Australian betfair site as many as you like, they did say that want you to bet,trade the money and not just put it in and take it out.I sure if you're doing it within reason, you shouldn't have a problem.

[Derek27]

A Betfair customer would have to have very serious issues if he puts money in and takes it out for no reason.

A Betfair account could potentially be used for hiding money from the wife, for example, and I'd guess moving money and not placing bets would begin to get on their wick.

[TipTopTrader]

Lol Derek, when you say like that it does sound strange, putting it in and taken it out. Sometimes I wish I was that strange customer.

[Derek27]

When I was arbing I was putting money in, losing it, putting more money in and losing it, etc. I was generating more (implied) commission than when I was trading. Someone was winning it and paying Betfair their comms. so I would imagine that's the sort of customer they like and won't mind a few deposits.

[jamesedwards]

Cheers guys.

[Derek27]

Lol Derek, when you say like that it does sound strange, putting it in and taken it out. Sometimes I wish I was that strange customer.

Only just got it!!