How exchange rates impact withdrawal options at NZ online casinos
- Online Casinos
- Deposit Options
- How exchange rates impact withdrawal options at NZ online casinos
Since home entertainment in the form of online casinos became available to people in New Zealand, players try to keep abreast with constant exchange rate fluctuations as it impacts withdrawals at online casinos NZ, particularly for international players.
Through currency conversion, top online casinos NZ have made it easier for players by accepting a broad range of currencies. This process means that when a player deposits in a currency different to the one used by the casino, it leads to the exchange of one currency for another. In such instances, a currency conversion fee occurs. Many of the best online casinos NZ will gladly exchange a player’s money at a fee.
Among the many factors that influence currency exchange rates is supply and demand, inflation, interest rates, and economic performance – which determines the worth of different currencies.
Exchange rates have a crucial impact for those playing at online casinos because currency fluctuations affect the account balance of users and may potentially cause either losses or gains.
The best option for Kiwi players is to choose the best online casinos NZ that accepts your local currency, to avoid incurring additional currency conversion costs.
Deposits and Withdrawals undergo currency conversion
At most online casinos NZ, players can select their preferred currency during the registration process. The currency selected sets as the default for all transactions and this currency choice is fixed and can’t be changed.
Upon depositing, the casino instantly transforms the money into its base currency at the current exchange rate. The same process takes place when the player requests a withdrawal and funds get transferred back to the original currency.
Aside from choosing a casino based on licensing, security, and transactional speed, it is critical for players to keep in mind the costs, restrictions and limits associated with the chosen casino’s currencies. One of the main considerations is how currency changes can affect your bankroll.
In NZ, payment processor costs are normally at around 1% to 3% of the transactional value, and some casinos may add a percentage on top of that. While it may sound reasonable, such fees can quickly add up and over time lead to reducing the player’s overall winnings.
Players can avoid the trouble of changing currencies and the costs that come with it by simply playing in the currency of their choice, while getting to know the exchange rates better. What is important to note is that some online casinos NZ may offer different bonuses or deals based on the currency used. This is another reason for players to choose the currency that best fits their needs and preferences.
The most common currencies at online casinos
With billions of players worldwide enjoying online casino entertainment, the number of currencies accepted at top online casinos has massively increased to include GBP, EUR, USD, NZD, CAD, JPY, PLN, SAR, TRY, SEK, NOK, DKK, and BRL.
The advantages of playing in your local NZ currency remains unbeatable because of the benefits that come with it.
Pros
- ✅ Being familiar with the value of the NZ$.
- ✅ Sidestepping exchange rate and any hidden costs.
- ✅ Most convenient in managing deposits and withdrawals.
- ✅ Avoiding the need to check the current value of NZ$ and gameplay calculations.
Cons
While most online casinos gladly accept NZD, some sites don’t.
- ❌ Exchange rate fees
While the advantages far outweigh the disadvantages, let’s explore the five most popular currencies accepted at NZ casinos and by operators across the globe.
• The Euro (EUR): The euro is one of the most widely used currencies worldwide. This means more real-money online casinos accept EUR and with it comes great deals and bonuses.
• US Dollar (USD): Most online casinos accept US dollars making it one of the favourites for deposit and withdrawal transactions. As the strongest currency for forex trade, it is paramount for online casinos wishing to cater to an international audience including American players.
• British Pound (GBP): Most top online casinos are based in the UK where the government regulates it. Strict regulations ensure UKGC casinos are among the most trusted and as a result, it makes sense that GBP would be among the most accepted currencies.
• NZ Dollar (NZD): Since Kiwis became more interested in online casinos the number of sites accepting New Zealand dollars has massively increased. NZD is commonly used in six regions, although the number of online casinos accepting NZ$ continues to grow. New Zealanders are among the savviest players and therefore prefer playing at casinos without paying conversion costs.
• Australian Dollar (AUD): An increasing number of online casinos accept AUD as a marketing strategy to attract Aussies. Australians enjoy gambling, which ensures acceptance of AUD remains one of the most common currencies accepted at online casinos worldwide.
The Skrill app can help you determine exchange rates
Skrill, one of the most accepted payment methods worldwide, created an innovative app to ensure fast online payments, making it possible to instantly fund your casino account. The app allows users to determine exchange rates in real-time to assist casino players with their calculations.
The Skrill also has a money transfer option making it easy to send money to a debit card, credit card, or mobile wallet. Transactions are quick and completed within a few steps once players register and download the Skrill app via Google Play or the App Store. Downloading the Skrill APK is easy and requires only a few steps.
- To download the Android Skrill App, enable downloads from unknown sources in mobile settings.
- Select the download button.
- Once downloaded, install the app.
- Open, and use Skrill for your online transactions.
Other Currency Calculators are available online
Due to the large volume of transactions taking place online in a variety of different currencies, online players can also use free currency calculators to access constantly updated exchange rates.
| Calculator.net | The free Calculator.net currency calculator is a fantastic tool with live exchange rates, which can be customized to show the exchange between two currencies. Users can also view a market exchange rates table or view a full list of all currencies. |
| OFX.com | The OFX Currency Converter makes it possible to instantly view up-to-date market rates for exchanging one currency for another. It is one of the most popular options for players who need a quick and easy option to remain up to date with exchange rates with the click of a button. |
| XE.com | The XE.com currency converter is a great option for both business and personal use to check the most current foreign currency exchange rates. Users can also sign up to receive market updates, daily, via their inbox. |
Conclusion
Conversion costs are a headache to most players and as a result cryptocurrencies such as Bitcoin are gaining momentum because they are free of conversion costs. The three choices available to online players in terms of currencies accepted include single-currency casinos, multiple-currency casinos, and digital currency casinos. Apart from selecting a currency, online players should also consider the payment method they select to fund the account, which automatically also becomes the withdrawal method.
Even with all the extremely handy free tools constantly updating currency market values, playing at a casino accepting your local currency remains a wise decision. The advantages for Kiwis playing at the best NZ$ online casinos include eliminating currency conversion costs and ensuring great convenience by playing in a currency that are familiar, which ensures much better bankroll management.
