Clarification on something from the FAQ?

[Guest]

I was wondering today about the cashout rate in EA Land when it is enabled, in other words the amount that players would get in RL dollars for the amount of simoleans they cashed in. I'd understood that players would be able to buy money FROM EA at the rate of $1 USD for 989 simoleans....but then I read this

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Can I get real life money from the game?

Yes players will be able to sell extra simoleons back to the game for real cash. The exchange rate is expected to be § 989 = $1(USD). This feature is not yet enabled. It will only be available in EA-Land.

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So which is it.....what are the two exchange rates each way USD to simoleans and simoleans to USD. I've not heard but the one rate, but surely they are not equal to each other?

 

[Guest]

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I was wondering today about the cashout rate in EA Land when it is enabled, in other words the amount that players would get in RL dollars for the amount of simoleans they cashed in. I'd understood that players would be able to buy money FROM EA at the rate of $1 USD for 989 simoleans....but then I read this

<blockquote><hr>

Can I get real life money from the game?

Yes players will be able to sell extra simoleons back to the game for real cash. The exchange rate is expected to be § 989 = $1(USD). This feature is not yet enabled. It will only be available in EA-Land.

[/ QUOTE ]

So which is it.....what are the two exchange rates each way USD to simoleans and simoleans to USD. I've not heard but the one rate, but surely they are not equal to each other?

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Well you answered your question in your post, if you are selling your simoleans and sell §989 of it you get $1(USD). I don't see how it would be otherwise. <font color="black"> </font> § 989 = $1(USD)

 

[Guest]

<blockquote><hr>

<blockquote><hr>

I was wondering today about the cashout rate in EA Land when it is enabled, in other words the amount that players would get in RL dollars for the amount of simoleans they cashed in. I'd understood that players would be able to buy money FROM EA at the rate of $1 USD for 989 simoleans....but then I read this

<blockquote><hr>

Can I get real life money from the game?

Yes players will be able to sell extra simoleons back to the game for real cash. The exchange rate is expected to be § 989 = $1(USD). This feature is not yet enabled. It will only be available in EA-Land.

[/ QUOTE ]

So which is it.....what are the two exchange rates each way USD to simoleans and simoleans to USD. I've not heard but the one rate, but surely they are not equal to each other?

[/ QUOTE ]
Well you answered your question in your post, if you are selling your simoleans and sell §989 of it you get $1(USD). I don't see how it would be otherwise. <font color="black"> </font> § 989 = $1(USD)

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because it would NOT make economical sense for EA to both buy 989 simoleans for $1 and sell 989 simoleans for $1.

 

[Guest]

True but if the sell back program started today, that would be the amount EA would buy 989 simoleans for. I agree though, it doesn't make sense.

 

[imported_SimTripps]

What doesn't make sense? That's the rate - EA needs to MAKE money on selling simoleans, not lose it. The sell back rate will be lower for that reason. If you never buy simoleans, but only sell back to EA the money you make in the game, then YOU'LL be making a profit, not EA muahahaha lol....

 

[Guest]

We've only been told what the exchange rate for buying simoleans for rl money is.

I updated the FAQ yesterday and added in about how to sell simoleans back, because I keep getting asked about it. I just added it to the front of what I'd already written and I probably should have moved the part with the exchange rate to a different section of the questions and answers.

I'll go back and edit it, so that its not so misleading. Apologies for the confusion.

Polly

 

[Guest]

Thanks Polly

I'd had it backwards all this time. I thought the $1 for 989 simoleans to BUY them not sell back was how it was, and I kept thinking how steep it was. But then there was somebody posting the other day that said she bought $5 worth of simoleans from EA, but I can't remember how much she said she paid.....will have to go back and find the post.

ETA: Here is where Regina was talking about ATM transactions. She said:

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I've been trying for the first time to use the ATM machine in EA-Land. I have a paypal account with everything up-to-date. I receive the EA-Land Cash In page that offers me the opportunity to spend $5 for 4900ish simoleans. When I click to accept the user agreement and "pay with paypal" button...I receive this error

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if '4900-ish' is $5 then yeah wouldn't that be 989 simoleans to 1 RL USD dollar for buying and cashing in? If that's the case I'm betting that price is gonna go up in the very near future, or the cash out rate will go down....not sure which. But selling simoleans will not be profitable for them as it is intended to be if they don't correct that error, right?

 

[Guest]

We havent gotten an answer yet on the sell back rate. When I've asked the devs I've gotten conflicting answers, some say its the same either way others have told me no the sell back rate will be less then they buy rate. Time will tell.

 

[Guest]

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We havent gotten an answer yet on the sell back rate. When I've asked the devs I've gotten conflicting answers, some say its the same either way others have told me no the sell back rate will be less then they buy rate. Time will tell.

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An "exchange rate" is just that. It's the same both ways.
Ea will make their profit by charging a "processing" fee for buying back your simoleons.
If they buy back at a lesser rate than they sell for, then they will have to invent a new word/phrase for it, cuz "exchange rate" will not be accurate.
I know of no financial market (that is, monetary exchange) where the buy price is different from the sell price. The profit is in the fees.

 

[Guest]

Not quite true Donavan, I worked at a bank for several years. One of the calls I hated most was foreign exchange because for a long time the buy vs sell rates confused me. Basically the rate a bank will buy currency from you is not necessarily the same as the sell rate. There are many things that determine these rates, including but not limited to the fee for doing the exchange of funds.

I expect that the sell rate will not be the same primarily because they dont want us to buy simoleans only to turn around and sell them back for equal value if we decide we didnt need that much after all.

 

[imported_CherryBomb]

What I want to know (naturally, hehehe) is how many Simoleons they have sold so far? Enough to "unbalance" the economy?

CherryBomb

 

[Guest]

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What I want to know (naturally, hehehe) is how many Simoleons they have sold so far? Enough to "unbalance" the economy?

CherryBomb

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Well this soon I doubt it.....the interesting part of the experience will be finding out how long it takes for it to happen. So far as I've been able to read, a zero economy is supposed to mean that they will only put into the system as many simoleans as people are spending on any given day, but I'm not able to quite think that they really intend to limit the amount of simoleans that they will sell to other people because doing so would limit their own profits therefore cutting off their nose to spite their face since the ultimate goal is getting TSO/EA Land into profit-bearing again instead of being the proverbial EA loss leader. This being the logical case, then the economy is bound to become unbalanced at some point, though unbalanced does not mean fubared by any means. I do think they CAN keep things from becoming fubared without keeping themselves from earning a significant profit. As Niki said....time will tell what they do and what will happen as a result of the policies they institute. Will be interesting indeed to watch it all unfold, kinda like reading a decent mystery/suspense book without violence, just a bunch of cliffhangers.

 

[Guest]

An "exchange rate" is just that. It's the same both ways

Hmmm, I've never been able to sell back unused currency at the same rate I bought it at here (in the UK). The rate is always different, even when some don't charge any commission for offering the service.

I know when this has been discussed at the pub or wherever, the answer was that the sell back rate hadn't been decided yet.

Polly

 

[Guest]

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An "exchange rate" is just that. It's the same both ways

Hmmm, I've never been able to sell back unused currency at the same rate I bought it at here (in the UK). The rate is always different, even when some don't charge any commission for offering the service.

I know when this has been discussed at the pub or wherever, the answer was that the sell back rate hadn't been decided yet.

Polly

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Like Niki, I worked at a bank for 9 years. The exchange rate differed only in the amount and type of fees, taxes, etc.
However, I will concede that I didn't work in those areas and my info comes from people who did - which I might have misunderstood.

But, I don't think so.