Personal Finance

Tranfer funds from Skrill to Paypal possible?

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  • Jul 21st, 2020 11:37 pm
[OP]
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Dec 28, 2005
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Tranfer funds from Skrill to Paypal possible?

One of the affiliate companies whose products that I promote just switched payment processors from Paypal to Skrill.

I had a look at the skrill website and apparently they charge $5.5 euros to withdraw from your Skrill account to your bank account which is BS because it was free on Paypal.

Now I'm wondering if it's possible to send money from Skrill to Paypal to eliminate this fee?

I also read that Skrill only allows you to withdraw money in CAD funds and not USD.

I get paid USD so that means I will lose money via exchange rate conversion fees.

In addition, from doing some research on the net, it appears that Skrill deposits money to your bank account via wire transfer and not the ACH method which means banks also charge fees for wire transfers.

I'm using Tangerine right now and I don't even think they accept wire transfers.

I have no experience with Skrill so I'm wondering if anyone can shed some light on this.

Thanks
11 replies
Member
May 4, 2010
213 posts
205 upvotes
Ottawa
Seems withdrawing USD out to a US domiciled account is free. Alliant CU has free incoming wires, and maybe Transferwise.
Member
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Nov 23, 2014
426 posts
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Toronto, ON
wolf30 wrote: One of the affiliate companies whose products that I promote just switched payment processors from Paypal to Skrill.

I had a look at the skrill website and apparently they charge $5.5 euros to withdraw from your Skrill account to your bank account which is BS because it was free on Paypal.

Now I'm wondering if it's possible to send money from Skrill to Paypal to eliminate this fee?

I also read that Skrill only allows you to withdraw money in CAD funds and not USD.

I get paid USD so that means I will lose money via exchange rate conversion fees.

In addition, from doing some research on the net, it appears that Skrill deposits money to your bank account via wire transfer and not the ACH method which means banks also charge fees for wire transfers.

I'm using Tangerine right now and I don't even think they accept wire transfers.

I have no experience with Skrill so I'm wondering if anyone can shed some light on this.

Thanks
The simple answer is NO

Skrill is based in UK .
Paypal is registered locally in many countries

They are not full fledged banks ,they are MSBs .They do not open bank accounts,but wallets
Like safe deposit boxes in banks.Will you be able to move stuff from these boxes between bank to bank ?

May be ,you can check if you can receive you affiliate payments as cheque or payoneer
[OP]
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Dec 28, 2005
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unodos wrote: The simple answer is NO

Skrill is based in UK .
Paypal is registered locally in many countries

They are not full fledged banks ,they are MSBs .They do not open bank accounts,but wallets
Like safe deposit boxes in banks.Will you be able to move stuff from these boxes between bank to bank ?

May be ,you can check if you can receive you affiliate payments as cheque or payoneer
Doesn't payoneer have similar fees as Skrill for withdrawals to banks?

I don't think this company has a cheque option, otherwise I would have already asked for that. I'm gonna contact them and ask if I can received payments in another way.
Member
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Nov 23, 2014
426 posts
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Toronto, ON
Neutral Face
wolf30 wrote: Doesn't payoneer have similar fees as Skrill for withdrawals to banks?

I don't think this company has a cheque option, otherwise I would have already asked for that. I'm gonna contact them and ask if I can received payments in another way.

Payoneer has option to withdraw to local bank account for free or you can withdraw from ATM (has fee) or you can use debit card at merchant location where mastercard is accepted
[OP]
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Dec 28, 2005
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unodos wrote: Neutral Face


Payoneer has option to withdraw to local bank account for free or you can withdraw from ATM (has fee) or you can use debit card at merchant location where mastercard is accepted
Really?

I was looking up information on it previously and they said there was a 2% fee for withdrawing money.

https://www.payoneer.com/about/fees/
https://community.payoneer.com/en/discu ... 2%25%20fee.
Member
May 2, 2019
345 posts
317 upvotes
Vancouver
wolf30 wrote: I had a look at the skrill website and apparently they charge $5.5 euros to withdraw from your Skrill account to your bank account which is BS because it was free on Paypal.
I wish 5.5 euro was all of it. Skrill can cost much more. I had a very unpleasant experience withdrawing from a Skrill USD wallet to a Canadian USD account. Apparently, what Skrill did was to convert the amount to British pounds (charging for that, 2.5% or what) and wire it that way. Of course, my bank here also charged for the conversion from pounds to USD.

Skrill knew the target account was in USD. No doubt; during the bank setup, they were sending micropayments back and forth. Those micropayments were in USD and there were no fees. I also sent similar USD->USD payments several years ago (when Skrill was Moneybookers), and at that time there was no forced conversion to GBP.

Fine print: I didn't read the fine print careful enough when initiating the withdrawal. They may have mentioned the transfer would be in GBP. Lesson learned, not dealing with Skrill anymore. BTW, it appears the cheapest way to withdraw is to have them mail a cheque. The fee for a cheque is higher than for a wire, but of course still better than paying currency exchange fees.
[OP]
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yvrbanker wrote: I wish 5.5 euro was all of it. Skrill can cost much more. I had a very unpleasant experience withdrawing from a Skrill USD wallet to a Canadian USD account. Apparently, what Skrill did was to convert the amount to British pounds (charging for that, 2.5% or what) and wire it that way. Of course, my bank here also charged for the conversion from pounds to USD.

Skrill knew the target account was in USD. No doubt; during the bank setup, they were sending micropayments back and forth. Those micropayments were in USD and there were no fees. I also sent similar USD->USD payments several years ago (when Skrill was Moneybookers), and at that time there was no forced conversion to GBP.

Fine print: I didn't read the fine print careful enough when initiating the withdrawal. They may have mentioned the transfer would be in GBP. Lesson learned, not dealing with Skrill anymore. BTW, it appears the cheapest way to withdraw is to have them mail a cheque. The fee for a cheque is higher than for a wire, but of course still better than paying currency exchange fees.
That's pretty lame.
Member
Mar 7, 2008
401 posts
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unodos wrote: No.it is max 2% .
But FREE if you are withdrawing USD to a USD Bank account
This is NOT true. When you withdraw USD to a USD bank account (or even a US bank account), they still charge 2% as long as your account address is NOT a US address.
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[OP]
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Dec 28, 2005
1665 posts
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yvrbanker wrote: I wish 5.5 euro was all of it. Skrill can cost much more. I had a very unpleasant experience withdrawing from a Skrill USD wallet to a Canadian USD account. Apparently, what Skrill did was to convert the amount to British pounds (charging for that, 2.5% or what) and wire it that way. Of course, my bank here also charged for the conversion from pounds to USD.

Skrill knew the target account was in USD. No doubt; during the bank setup, they were sending micropayments back and forth. Those micropayments were in USD and there were no fees. I also sent similar USD->USD payments several years ago (when Skrill was Moneybookers), and at that time there was no forced conversion to GBP.

Fine print: I didn't read the fine print careful enough when initiating the withdrawal. They may have mentioned the transfer would be in GBP. Lesson learned, not dealing with Skrill anymore. BTW, it appears the cheapest way to withdraw is to have them mail a cheque. The fee for a cheque is higher than for a wire, but of course still better than paying currency exchange fees.
OMG I tried to add in my bank to my skrill account after receiving funds from the affiliate company but Skrill wants a swift code which my bank doesn't have (Tangerine), now I have funds stuck in the account.
Sr. Member
Feb 4, 2019
883 posts
1316 upvotes
BC
Is there no option to ACH transfer from Skrill to a US bank account? Perhaps the affiliate company can even pay you by ACH transfer directly?
If you have regular USD income, a US-domiciled bank account is ideal. You can easily open one through e.g. TD, RBC or BMO.

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