How to use Skrill

How to use Skrill

  • Q.: Why use Skrill for forex trading?
  • A.: Skrill is an electronic wallet regulated in the UK where we can keep money and can transfer to forex broker companies for free or for negligible charges. Otherwise, we have to use international bank wire transfer or international debit/credit card, which is highly expensive. Also we can use Skrill for subscribing various forex fund managers and trading signals as almost all of them accept Skrill. Otherwise, it could be highly expensive to send them money using international wire transfer or debit/credit card. In most of the cases, fees of signals or fund management is even less then fees of international bank wire. But we can use Skrill to save all fees of wire transfer, intermediary/correspondent bank and it is hassle free unlike procedures of bank.

  • Q.: How to avoid paying currency conversion charges to Skrill?
  • A.: This advise is applicable only if you deposit by bank wire or if withdrawal from Skrill is transferred to you by bank wire. It's not applicable in many countries (like India) where people mostly deposit by card and withdrawal is instantly processed to bank by local transfer by Skrill's local counterpart. After 3rd quarter of 2016, Skrill is internally processing all deposit/withdrawal in EUR irrespective of your Skrill account currency. For example, let's say your Skrill account currency is USD and you withdrew money, Skrill will wire money in EUR by converting your USDs to Euros. Skrill applies 3.99% CCC (currency conversion charge) in this. And, when your money will be receive in your bank, your bank will convert Euros to currency of your bank account (if your bank account currency is not Euro), and your bank will also apply CCC. Therefore, you should select EUR as your Skrill account currency to avoid paying 3.99% CCC to Skrill.

  • Q. What if my Skrill currency is Euro and I have USD based forex trading account? If I deposit in my trading account, my Skrill Euros should be converted to USD and hence CCC will be applied, isn't it? How to avoid it?
  • A.: You can open additional EUR based trading account in same broker. You can deposit to EUR based trading account from Skrill and then you can use internal transfer facility of the forex broker to transfer from your EUR based trading account to USD based trading account. You can withdraw also in same style i.e. USD based a/c -> EUR based a/c -> Skrill (with EUR as base currency) -> your bank account.

  • Q.: Do forex brokers not charges for internal transfers between USD and EUR based accounts?
  • A.: Some brokers do and some don't. If your broker doesn't take CCC or take less than 3.99%, you can use method mentioned in previous Q.A.'s to avoid paying 3.99% CCC to Skrill.

  • Q.: How to verify Skrill account?
  • A.: Read a detailed guide on it, click here (pdf).

We ourselves have been using Skrill since 2009 (it was known as Moneybookers then). If you need guidance, contact us.