New Deposits and Withdrawals Fee Structure
March 5, 2012
As part of our ongoing efforts to keep our customers well informed, we would like to share with you our new Payment Methods fee structure that will be implemented at Smarkets on Monday, March 12th, 2012. We feel that the plan is fair given the value that customers get from using an exchange that offers the lowest commission rate in the industry, and we will continue to seek out new ways to provide our users with the best possible value.
A breakdown of our fee structure follows:
| Card Type | Deposit Fee | Deposit Time | Deposit Limit | Withdrawal Fee | Withdrawal Time | Withdrawal Limit |
| Visa Credit Card | 2.50% | Instant |
£10.00 |
Free once per month (any amount); £10.00/€12.00 for each transaction thereafter |
2 business days | None |
| Visa Debit Card | Free | Instant | £10.00 or €10.00 min. |
Free once per month (any amount); £10.00/€12.00 for each transaction thereafter |
2 business days | None |
| Mastercard/ EuroCard |
2.50% | Instant | £10.00 or €10.00 min. |
Free once per month (any amount); £10.00/€12.00 for each transaction thereafter |
2 business days | None |
| Solo/ MaestroCard |
Free | Instant | £10.00 or €10.00 min. |
Free once per month (any amount); £10.00/€12.00 for each transaction thereafter |
2 business days | None |
| Moneybookers |
First £1000 or €1000 per month free; 2.5% charge over £1000 or €1000 |
Instant | £10.00 or €10.00 min. |
Free once per month (any amount); £10.00/€12.00 for each transaction thereafter |
1-2 business days | None |
| Bank Transfer |
Free | 3-5 business days |
£20.00 or €20.00 min. |
Free once per month for UK and EEA accounts (any amount);£10.00/€12.00 for each transaction thereafter. International bank transfers will incur a £10.00/€12.00 fee per transaction. |
3-5 business days | None |
March 5, 2012 at 22:53
Obviously I’m sure a lot of people won’t like this and it does make managing float a little more difficult. However I can understand why you needed to do this. Your quick payouts certainly encouraged me to deposit large amounts on a Friday place a few lays generating you relatively little commision then withdraw on Sunday night. Probably not profitable at all for you which is ultimately what we as your customers should want.
Couple of questions.
I hope this wont be applied retrospectively and that the month will start on the 12th? So that I am not charged a withdrawal fee if for example I withdraw after Cheltenham because I had a withrawal on 1st of march for example.
I assume that the one free withdrawal per month is across all payment methods and doesn’t mean that we can have 1 free to MB, one to card etc?
March 6, 2012 at 09:37
I can understand why you are doing this with MB withdrawals but to a debit card???
I moved most of my (modest) bets from Betfair to Smarkets purely to reduce my costs. Daq at 3% would now offer me better value.