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Who is the "Eastern Betting money transfers" service addressed to


If you possess bank accounts in at least two countries and would like to transfer money between them cheaply, the "Eastern Betting money transfers" is for You. It is much cheaper than the rival SWIFT transfers performed by banks.

How does it work


If you live in e.g. Lithuania and have a bank account there and you would like to transfer money to e.g. Israel, where you also possess a bank account, all you need to do is to put money in your Lithuanian bank account and via the panel located in the "Manage Account" tab order a transfer to any of your accounts in Israel. In terms of money transfers we cooperate with banks, but also with operators of self-service kiosks which deal with money broking. First kiosks which offer you pay-ins and pay-outs from your account using the "Eastern Betting money transfers" service are the kiosks controlled by the Polish operator "MTKiosk.com". Soon, loading your account or paying money out from it will be available on devices of one of operators from Georgia and Armenia.

How does the idea originate


"Eastern Betting money transfers" is a new product launched by easternbetting.com in the middle of 2011 following the example of the leading provider of financial market derivatives. "Oanda Corporation" (www.oanda.com), whose offer includes the "FX global transfers" for some time. For several years now, easternbetting.com acts actively as a broker of currency market derivatives and due to no-commission revaluation of our client's money when paying out money in currencies different from the one on the account we recorded an increase in the number of investment accounts used not to acquire financial instruments but to transfer money between clients' bank accounts. In order to meet the customers' expectations, we formalized this area of our activity by distinguishing the "Eastern Betting money transfers" service within the Eastern Betting platform. It is fairly beneficial to our clients as the accounts can now be also opened by citizens of the countries where there is prohibition of investment on foreign markets and for clients who previously were unable to open accounts. If only the activity of people restricted by such a jurisdiction is limited to money transfers then using our services in this way is fully lawful.

In what currency are pay-ins and pay-outs possible


We handle all currencies listed in the "Current Exchange Rates" panel located next to the text. We accept pay-ins on our accounts in these currencies and settle payments in all of them as well. We do not specify any "base currency" for the handled cash accounts. You can load your account with several pay-ins in different currencies and then your account will display several items in currencies in which the pay-ins were made. In the case of pay-out in currency, in which the pay-out is made, the balances are translated according to the average INTERBANKING rate. Thanks to such policy CLIENT does not lose money due to revaluation and there is no need to define "currency of the account". In the case of pay-outs of only a part of funds located on the account the revaluation is performed according to the order of money appearance on the account. For example, if we started with a pay-in of 500 USD, and later made additional payment of 100 GBP and finally ordered a pay-out of 200 EUR, it will require revaluation of the particular USD sum (dependent on current inter-banking rate). The kiosks which cooperate in pay-ins and pay-outs with the Eastern Betting system most usually handle only one currency. Therefore, in the case of kiosks operated by the Polish operator MTKiosk it is possible to make pay-ins and pay-outs only in the local currency (PLN).

How to create an account


To create an account within the "Eastern Betting money transfers" system you need to use the "Manage Account" panel located at the next tab. We can choose an account identified in a traditional way by entering login and password, or a very convenient account identified via the computer's MAC address, from which we want to manage our account in future. While managing the account we do not have to ascribe our personal data to it. They will be ascribed automatically when first money is transfered to any of our bank accounts. Since allocation of our personal data to the account via "Manage Account" panel or the moment of their self-allocation, when the first transfer is booked, it is impossible to make pay-ins or pay-outs to or from an account belonging to a person other than the owner of the account. The only thing that needs remembering is that while making a payment on Eastern Betting account we need to include our login in the transfer title field - if the system identifies us by the login-password pair (please remember not to include your password in the transfer name field) - or MAC address of our computer - if we are identified in this way. Bearing in mind the fact that we do not make payments on accounts which are not owned by the account owner, the accounts identified via the MAC address are safe and convenient form of money transfer.

How much does it cost


For each transfer to any bank account we take commission of 9 EUR irrespective of the amount of the transferred sum. There is no commission for revaluation and for these revaluations we do not have spread.

How do the financial instruments previously offered by Eastern Betting relate to it


Despite the introduction of "Eastern Betting money transfers" service we intend that your investments in financial instruments are as simply as they were before the launch of money transfer services. For each current account used for making payments there is a corresponding cash account run by Eastern Betting in order to handle the transaction on derivatives. Opening any investment platform which is used to make transactions on currency market derivatives results in collection of whole available sum from the current account, which serves as means of money transfer in currency used in majority of operations on Eastern Betting current account which is used to make transfers, and sending it to cash account used for servicing currency market derivatives. If on the current account there was no transaction yet, then the base sum within the opened investment platform is the currency specific for the language version of the opened investment platform. Due to lack of spread and commission in all types of revaluation this way of running the current and cash account is very convenient for clients as they do not have to worry about costs related to revaluations and think about the choice of base currency for investment platform. In the case of using the investment platform it is not possible to pay money out from the current account at the same time as all available funds from the current account are automatically transferred to cash account used to handle the investment account. Not before closing the investment platform application are the funds automatically transferred from the cash account used for servicing the investment account to the current account.

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