Paypal vs Skrill for Indian freelancers

I’m new to freelancing. It’s hardly been six months since I earned my first dollars! I started out with writing articles (for dirt cheap rates as I realize now) and then I proceeded to graphic designing and then I combined writing with graphic designing and started writing tutorials about graphic designing. I don’t really earn much through all of this since I’m yet to invest time and effort into building up articles in blogs to earn passive income, but it is enough to fulfill my needs since I’m still a student.

Since the payment for freelancers is in a foreign currency, largely in dollars, Indians have to bear the pain of watching their hard earned money being slashed by small amounts in the form of fees by the e-commerce sites such as Paypal and Moneybookers. I end up cringing numerous times as I watch hundreds of rupees being slashed from the money I earned. One thing is for certain though – you shall have to lose some amount of money. It’s not much, but for larger amounts it can be substantial.

So how do you maximize the money that is reaching your bank account? Since Paypal and Moneybookers are the two major e-commerce sites in the world and many top freelancing sites advocate only these two services, I shall be talking only about them here. Here is a comparison of the two and you can be a better judge of which one suits your needs.

CURRENCY

You can have only one currency for your account in Moneybookers which you can NEVER change unless you request them to close your account in order to open a new one with a different currency. However, in Paypal, you can have multiple secondary currencies.

It is important to first understand the concept of Currency Conversion Fees so that you don’t lose money in multiple currency conversions:

Currency conversion fees are charged at the rate of 2.49% by Moneybookers and at the rate of 2.5% by Paypal and are incorporated in the exchange rate. For example, if the exchange rate is 55 INR for every 1 USD, then the exchange rate shown shall be 53.625 INR for every 1 USD (55 – 55*0.025).

Now, if you always receive money in a single currency then Moneybookers would be the better option since they don’t levy any currency conversion fees if the payment is received in the currency registered for the account. You shall only be charged a onetime withdrawal fee of 1.80 EUR (as of AUG 2012) while withdrawing the money to your bank account and that’s all.

However, if you receive your payment in another currency, then the currency conversion fee will be applicable. Thus, if your account currency is USD and you receive money in GBP, then it shall first be converted into USD after deducting the fee and then again you shall be charged a withdrawal fee of 1.80 EUR at the time of withdrawing the money to your bank.

It is to be noted that the money will be converted into INR by your bank and they shall charge their own rates. Right now, SBI charges 25 INR + taxes for every transaction.

When it comes to Paypal, you shall always be charged a currency conversion fee at the time of withdrawal and there’s no escaping it. Unlike Moneybookers, where you can withdraw the money to your bank in USD, Paypal allows withdrawals only in INR.

However, in Paypal you can receive the money in any currency (among the list of currencies supported by Paypal) and it will make no difference since currency conversion fee is applied at the time of withdrawal. So, when it comes to receiving money in a different currency in Paypal, it’s almost the same asMoneybookers except that you won’t have to pay the 1.80 EUR withdrawal fee in Paypal.

So, it would be a lot cheaper to use Moneybookers if you are anticipating money in only one currency. Otherwise, Paypal is marginally cheaper since they do not charge any withdrawal fees. However, I find that Moneybookers is the better option since we shall benefit if the payment is substantial and in the same currency as the account currency.

ACCOUNT BALANCE

Moneybookers allows users to have an account balance while Paypal does not. With Paypal, you shall have to withdraw your balance every single day failing which it shall be withdrawn automatically to the bank account that you have registered.

The advantage with Moneybookers is that you can hold your balance until you feel that the exchange rates are the best and then you can withdraw the amount to get the best exchange rate. With Paypal, you shall have to accept the exchange rate of the day.

VERIFICATION PROCESS

The verification process of Paypal is much easier and hassle-free as compared to Moneybookers. All you have to do in Paypal is to provide your bank details and they shall deposit two small amounts in your account which you shall have to enter correctly during the bank account verification process. However, in Moneybookers, you shall have to perform the task of uploading money to a certain account in a foreign bank.

Moneybookers also requires that the users have a bank account in a branch which has a SWIFT code. It is an international bank identification code and is required for transactions involving foreign exchange. If your branch doesn’t have a SWIFT code then you might have to go and talk to your bank’s officials and ask for their advice on what action to take.

Paypal asks for no such code – just the IFSC code which every single bank branch in India possesses. This makes it easier to complete the verification process with Paypal while that of Moneybookers may seem lengthy and might prove to be slightly inconvenient.

ACCOUNT LIMITS

An unverified Paypal account has monthly receiving and sending limits of 500 USD each. An unverified Moneybookers account has no receiving limits but has sending limits of 0 USD for a 90 day period – i.e. you cannot send money using Moneybookers if your account is not verified.


Considering the above points, Moneybookers definitely seems to be the better option but many shy away from using Moneybookers because of the long verification process. I would definitely advise freelancers to use Moneybookers if they have the option to do so. Moreover, the strict policies of Moneybookers also make it seem quite trustworthy and secure.

128 comments:

  1. Thanks for suggestions man.. I have quick question.. Lat time I placed a withdraw of around 3000 INR and recieved just 1500

    SO is it bank fee which is 1500????

    Thats why Im afraid fo using moneybooker as I recieved only half of amount in my bank!

    ReplyDelete
    Replies
    1. I'm guessing your moneybookers account currency is INR. In such a case there cannot be any forex fees charged by your bank. Only moneybookers will charge the 1.8 EUR withdrawal fee.

      Did you ask your bank or moneybookers any questions?

      Delete
  2. Yea its in INR


    then should there be this much of charge?

    ReplyDelete
    Replies
    1. Not at all. 1500 is almost 30 USD. There cannot be such high fees. You should mail moneybookers and go to your bank and enquire.

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  3. if my Moneyookers account is held in USD instead INR then if i withdraw funds by my indian Bank Account then my funds taxable????
    because my earning in USD

    ReplyDelete
    Replies
    1. Yes your funds are taxable under the section "Income From Other Sources".

      Delete
  4. Hey Mekey Salaria, I have faced same issue, i too receiving half of amount when i trying to withdrawal via moneybookers.

    Did you issue got solved ? IF please, let me know the way.

    Thanks,
    Karthik

    ReplyDelete
    Replies
    1. Hello Karthik, I have also withdrawn from moneybookers but I have had no such problems. May I ask which bank you use?

      Delete
  5. Well, even I use SBI. Does your branch have a SWIFT code of its own or do you use one of the main branch?

    ReplyDelete
  6. No, my branch don't have swift code. I use another branch swift code.

    ReplyDelete
  7. Ah! In my case I used the SWIFT code of my own branch. Did you take up the issue with the bank officials?

    ReplyDelete
  8. Yes i gave complaint on two days back. im afraid to transfer some remaining amount. do you knw anyother method ?

    ReplyDelete
  9. Well you can add another bank to your skrill account and make sure that the new bank account is in a branch which has a SWIFT code of its own. Then you will definitely get the entire money.

    ReplyDelete
  10. but why SBI bank has doing like these? whether they taking any tax or fee for my foreign transaction

    ReplyDelete
    Replies
    1. I can't be sure whether it is only SBI who does this or other banks do this as well.

      Delete
  11. Very nice comparison! Please note that you can register multiple currency accounts as soon as you reach VIP status at Skrill (Moneybookers).
    For these and a detailed comparison for Skrill vs PayPal PrePaid Card as freelancers, please have a look at our website:
    http://www.vip-cashback.net/skrill-moneybookers-faq/moneybookers-vs-paypal/

    Thank you and let us know if you need any help to speed it up.

    ReplyDelete
  12. Nice post.

    Just to add one info : Paypal is deducting money in two ways.

    1. A charge at the beginning - if someone sends you $200, you will get $191.90 in your account.

    2. Giving the conversion rate 2.5% lower - if the Current Conversion rate is INR 59.25 for $1, You will actually get around INR 57.5 for $1.

    So in total you will face loss of INR 1000 for each $200 transaction [ As on 23rd June 2013 ]

    ReplyDelete
  13. Yes Debayan you're right about the receiving fees. If the sender is not paying the fees then the receiver will have to pay the receiving fees in Paypal. Such fees are not charged in Moneybookers to the receiver.

    ReplyDelete
  14. hi Subhodeep Roy i need to talk with you please give me your email id .

    ReplyDelete
  15. brother, can i send money from my Moneyookers account to any bank account holder. if yes, is this option payapl .

    ReplyDelete
    Replies
    1. You can send money from moneybookers to another moneybookers account holder but this facility is not available in paypal for Indians.

      Delete
  16. Hi,

    If I transfer money from elance account to skrill acoount, how much extra percentage will be charged to me?
    E.g. I am sending 100$ from my elance account to skrill account(Currency set is US dollars). How much amount will come in skrill account? 100$ or less?

    ReplyDelete
    Replies
    1. Hi! That depends on what fees are charged by elance for the transfer. Skrill doesn't charge the receiver any fees.

      Delete
    2. I just transferred 100$ from Elance to Paypal. To my surprise Paypal did not charge me anything except the exchange rates which are 1.3 INR less than International market rates so thats ok. So far Paypal looks good to me.

      Delete
    3. If you would had used skrill then you would had been charged a one time fee of 3.5 USD. This would had been followed by a forex transaction service charge of 25 INR by the bank (SBI's rate). So effectively, by today's rates (1 USD = 65 INR) you would have received 6337.5 INR (@ 1 USD = 63.375 INR, after paypal's conversion fees) through paypal. Through skrill you would have received 96.5 x 65 = 6272.5 INR which would have reduced to 6247.5 INR after the bank's fees.

      So it turned out to your benefit in this particular transaction to use paypal. However, if it were a higher amount then you would had saved substantially by using skrill.

      For example, since you can accumulate balance in skrill, suppose you accumulate 1000 USD and decide to withdraw. Through paypal you would receive - 1000 x 63.375 = 63375 INR. Through skrill you would receive - 996.5 x 65 = 64772.5 INR followed by the banks fees of say 50 INR (depends on your bank) which gives 64222.5 INR. That's about 1.3% more in this case.

      Delete
    4. Very True! So we can conclude that for smaller amounts Paypal is good while for bigger amounts Skrill is better option(As per my observation skrill service is not good recently. I created 3 tickets but I have not received response of any tickets yet. Also the verfication process is complex and tough.)
      Anyways, Thanks for such a wonderful blog. It helped me a lot.

      Delete
    5. Yea I agree that the verification process is unnecessarily complex and even I had to wait for many days before getting a response from them. Eventually they responded by saying that if I could send a screenshot of my internet banking transaction page showing the transaction involving skrill, then they would verify the bank account. I sent it and they verified it the same day.

      Delete
  17. hey guyz! i have INR 4095.20 in my skrill account. now i am going to withdraw that amount through SBI bank. Plz tell me how much amount will i recive after total deduction? and another thing i also want to shop online through skrill. which online store accept skrill in india?

    ReplyDelete
    Replies
    1. Hi Suman. The withdrawal fee in INR will vary as per the exchange rate prevalent at the time of withdrawal. Presently it is 247.48 INR (https://www.skrill.com/en/personal/fees/). You can do a google search for online stores which accept skrill but I think it is not allowed to make payments within India using online payment sites such as skrill and paypal.

      Delete
    2. hi.. i want to buy skrill amount i will pay you witout any charges that is how much u have in your account...reply me as soon as possible.

      Delete
    3. reply me at prashanth.catalyst@gmail.com

      Delete
    4. Can you please clarify what you're trying to say?

      Delete
    5. did you still have money in your skrill account. If yes then email @ shubham.mis1991@gmail.com asap.

      Delete
  18. Then you are talking that bank will take fee of 247.48 INR while withdrawing INR 4095.20? Right? Can you tell me in percent? If i have fund in USD in skrill then what fees should bank take? thanks for your fast reply :)

    ReplyDelete
    Replies
    1. No the fee of 247.48 INR will be charged by skrill (you can see that in the link). The bank on the other hand may deduct a service charge (you will have to ask your bank for the exact amount) if the money is sent through a bank wire or through a SWIFT transaction. So theoretically you must receive [ 4095.20 - 247.48 - (Service Charge) ] in your bank account. Also, lately I have noticed that bank wires to SBI are routed through an intermediary bank and in that case the intermediary bank may charge its own fees which may range from 1500 INR to 1800 INR. But this happens usually when the money is in a foreign currency and since your skrill currency is INR then I don't think this will apply to your case.

      Delete
  19. Thanks for sharing, I will bookmark and be back again.Exchange Skrill to PayPal

    ReplyDelete
  20. Hi,
    I have added my SBI account to my skrill account with SWIFT code of main branch as my sbi account branch doesn't have swift code.I want to transfer money to my friend in ROMANIA .Is it possible so? if it is.what are the steps?

    This is the first time I am using skrill and I dont want to face any kind of trouble later.

    Thanks,
    guddi

    ReplyDelete
    Replies
    1. Well in order to send money through skrill, you will first need a credit card and then you will have to link that card to your skrill account. Then you can upload funds through your credit card to your skrill account and send the money.

      Delete
  21. Sir how a freelancer can give the company name.or details in the skrill account opening form as he needs to open a business type account..but he has no company details...

    ReplyDelete
    Replies
    1. You can have a sole proprietorship in your own name with your own personal details as the details of the company. You can try contacting the skrill help desk and clarify this with them.

      Delete
  22. hello..sir I am new to freelancing.i have created paypal account,added my bank account and also verified it .but when i am adding my this paypal account to freelancer.in it directs towards a page showing to add a debit or credit card .i have a global MASTER CARD ATM CUM DEBIT CARD.when i am trying to add that..it shows
    that bank issued this card doesn't approve this transaction..TRANSACTION..???
    how much freelancer charge to add a debit card to its account.Paypal user can directly withdraw money to their bank account in india. so why freelancer doesn't allow to add a paypal account without having a debit card to add to its account.

    please clear those doubts..

    ReplyDelete
    Replies
    1. That is indeed strange. I have never used freelancer so I have no idea what their process is like for adding a paypal account. Usually you just have to mention your paypal email when you want to receive money. My guess would be that perhaps you're adding the details as a "buyer" rather than a "freelancer"? I can't find any other reason as to why else they would ask you for your card information. I hope this helps.

      Delete
  23. Hello Sir i am too from India , i want to pay for a particular web hosting,etc...services who are outside India , unfortunately they dont have Indian bank transfer as a mode of payment,
    How should i pay them ? They accept following - paypal,paymentwall,payza,bit-pay,perfect money,web money

    Now i know we can pay outside India using paypal , so please tell me how do i pay them :( , Also i dont have credit card [but i do have Visa Debit cards]

    ReplyDelete
    Replies
    1. You can use paypal. You can use your debit card to upload the money but I guess you may have to ask your bank if you can do that.

      Delete
    2. Nope Sir , tried that many times and it failed [SBI Visa debit card]
      i forgot to mention , they also have skrill.com as a payment option....awaiting ur reply Sir

      Delete
    3. Then perhaps you will have to ask your bank about this issue. Whichever payment option you choose, you will definitely need a debit/credit card to upload the money. However, I feel paypal would be the safest and the most convenient among the others that you have mentioned. You can also try to send a direct bank wire after asking the payee for their bank details.

      Delete
  24. Hi Subhodeep,
    I have read your articles. They are extremely useful.
    I have just started freelancing and client agreed to pay me via paypal of wire transfer. When I told him that I do not have a paypal account then he told that he would do the wire transfer. Do you have any personal choice?
    Any word of advice would be really helpful to me.
    Thank you and please keep writing.

    ReplyDelete
    Replies
    1. Hi Tejaswi,

      Wire transfers are received as SWIFT transactions in India so your bank will need to have a swift code that you have to provide to your client. Paypal is a lot more convenient and perhaps cheaper (for lower amounts) than a wire transfer as you may not know how much amount will be deducted as fees by the intermediary bank(s). I would suggest you open up a paypal account as soon as possible and use it for your future payment receipts.

      Delete
  25. Hello Subhodeep,

    I have recently started working as a freelancer on freelancer.com and i need to know three things.
    1)In my freelancer account my currency is by default INR, should i change that to USD as most of the clients pay in USD?.
    2)While activating a free upgrade membership on Freelancer.com,it so happened that i had to make a Skrill account which then exported all my details from Freelancer.com.The trouble is that they got my name ,address and mobile wrong(change of location),and name is unchangeable.Also i do not know if they have made it as a Business or a personnel account and i guess after reading a bit, in such cases Business accounts are advisable.Can i make second account
    on different email,well even with the default skrill one i have not linked any bank account number yet,and it of no practicle use.What do you suggest?
    3)The last problem is that my bank does not has a swift code ,after consulting my RM of my bank(SBI), he told me that IFSC code should serve the purpose even in case of foreign money transactions.Should i open account with SWIFT code bank?

    Thanks and Regards,
    Arun Kumar Sharma

    ReplyDelete
    Replies
    1. Hi Arun,

      Well, I have no idea about how freelancer works so I think you better take up this issue with the freelancer.com helpdesk. Same with the skrill issue - just contact them and they might help you out. About the Swift code, if your bank doesn't have a swift code of its own then the swift code of the main branch of the bank may suffice. Then again, I've never tried this on my own so I can't tell if it works or not. Ideally it should but practically it might not! So it is always better to open an account in a branch with a swift code.

      Delete
  26. Hi,

    I have SBI account and my currency in Moneybookers is USD. Everytime I do a transaction, some amount gets deducted which is other than conversion rate or service tax. Moneybookers do that transfer via some intermediary and they do not disclose what will be the intermediary fees.

    Here are the figures :

    Transferred about 2480$ , I received 2453$ and then it got converted in SBI. So about 27$ were taken away by Skrill or intermediary and they do not know who does that work.

    Similarly transferred 5000$ and I got 4963$ in my SBI. So 37$ were taken away.

    So there is always a element of about 1-1.5% taken away by intermediary bank apart from Skrill's fees + Service charge + Conversion charge of bank.

    Which bank is the cheapest in terms of conversion ?

    ReplyDelete
    Replies
    1. Thanks for information about Skrill to SBI. I am too facing such charges as of date.

      Delete
  27. Hi,

    Your answers are very useful but I still have doubt

    1. While opening a skrill account what currency should I use ?(INR or USD)
    2. Pay pal charges 4.4% + $0.30 for every transaction apart from exchange rate is there any other fee?
    3. For above comments its clear to have a ACCOUNT IN SWIFT enabled branch bank to reduce fee is it right? my branch don't have swift so its better to open a new account if I am going for skrill?

    Thanks a lot,

    ReplyDelete
  28. And one more What type of account should I create in paypal individual or business?

    Thanks

    ReplyDelete
  29. Hi there, I'm a skrill account holder. Whenever I transact my skrill money into my bank account which have it's own swift code, I received only around 80% of my money. I thought things will change after the first transaction but they charged the same every time.
    My net banking clearly shows that bank is only charging around 30 INR and when I asked skrill team about this matte they replied me -
    Please be kindly informed that your withdrawal has been processed as an international transfer and as you have been informed prior to instructing the payment, further charges may apply on behalf of intermediary banks. In this sense, reversal of charges applied on behalf of another institution will not be possible.


    Skrill is processing bank wire withdrawals using the so-called "shared" fee type. This would mean that Skrill pays part of the fee, the respective recipient is covering the rest. Fees are deducted on behalf of the different processing institutions involved. Skrill charge is flat, EUR 2.95 and is visible in your Transactions History for every similar payment you have made.


    My skrill account currency is INR and I can't change it so my question is - should I make a new skrill account or should move to pay pal.

    ReplyDelete
    Replies
    1. I think this can be explained better if you can mention the exact amounts - i.e. the amount you withdrew from skrill (in USD), the amount you actually received and the reference text shown for the transaction on your internet banking statements page.

      Delete
  30. Hi thanks for quick reply - I withdrew 8204 from skrill and they charged 223 as their transaction fees. the rates shown under the bonnet of my skrill profile for this transaction is -

    Exchange rate used: 1 EUR = 79.351064 INR
    Amount sent: 103.40 EUR


    My net banking show that you received 88.4 euro @ 76.34 per euro and only 31 rupees have been charged as a fund charge.

    So who ate my 27 euros :)

    ReplyDelete
    Replies
    1. The 27 missing Euros were gobbled up by an intermediary bank which facilitated the wire transfer into India. I have faced this problem many times myself when I used to withdraw into my SBI account. Then I shifted to HDFC and thankfully the intermediary bank fees stopped. Are you using a PSU bank account?

      Delete
    2. Yes Canara bank.

      Subhodeep, if I use paypal than is it possible to avoid intermediary bank fees

      Delete
    3. Yes paypal sends an NEFT so there's no question of any intermediary bank fees but any kind of fees are unavoidable. Paypal will charge a 2.5% foreign exchange fee over the prevalent exchange rates. Also, if your turnover exceeds 10 lakhs then you're liable to pay service tax which wouldn't be the case if the money is received in USD. So Skrill has its benefits but it makes sense to use Skrill only when the amount is big.

      Delete
    4. Thanks a lot, I'll try paypal from now and would compare which one is batter for me. are you on twitter?? Follow me @111johnny

      Thanks again

      Delete
  31. Hi All,

    Is there any hidden maintenance fee in Paypal ?

    If Paypal tries to charge the user for something ie payments received etc..
    it will automatically deduct the money or it asks the user's permission ?.

    If it automatically deducts the money , from where it will deduct (ie) from the money in the bank or from the received payments.

    Please shed some light on the above cases.

    Thanks

    ReplyDelete
  32. I have quick question.. I have withdrawal 3000INR from skrill .but I recived only 1500INR . After I go Bank and disscuss with me then only 133 INR conversion rate fees taken, and after send email skrill , But I not recived total money .please tell me how can do

    ReplyDelete
    Replies
    1. What is your bank? Chances are that the partner bank has deducted the rest of the money as their fees. I think the fees charged by the partner banks are around $23-$25.

      Delete
    2. This comment has been removed by the author.

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    3. This comment has been removed by the author.

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    4. DBI Bank Ltd,and after send email then reply skrill team is below :-

      Also, reagrding your withdrawal, please be kindly informed that your withdrawal has been processed as an international transfer and as you have been informed prior to instructing the payment, further charges apply on behalf of intermediary banks. Such fees are standard and are beyond our control. In this sense, reversal of charges applied on behalf of another institution will not be possible.

      Skrill is processing bank wire withdrawals using the so-called "shared" fee type. This would mean that Skrill pays part of the fee, the respective recipient is covering the rest. Fees are deducted on behalf of the different processing institutions involved. Skrill charge is flat, EUR 3.95 and is visible in your Skrill account.

      More information on the issue is available in the Terms and Conditions you have accepted during registration, the following article apply:

      Delete
  33. Hi,
    I want to do binary option trading. For that i want to use skrill for my transactions. I heard alot (may be roumours) that rbi do not allow foreign transactions. Is it so... plz explain.

    ReplyDelete
    Replies
    1. RBI allows foreign transactions through bank transfer and payment agents such as paypal, skrill, payoneer, etc. Considering the fact that you're interested in binary options trading, I'm assuming you shall be using the services of an agency that will provide you a platform to make the trading. In such a scenario, if that agency allows you to make the payments using credit cards (most likely method of payment in foreign currency) then you can certainly participate in the trading. Of course, it is your responsibility to find out if such a trading is allowed from India and you must also fulfil your tax liabilities.

      Delete
    2. Trading in Foreign Markets is prohibited by RBI , although you still are able to do it but it is not legal as per last when I checked so please check again and then start..

      Delete
  34. Hi,
    I'm currently freelancing with a company and they have payments options of both Paypal and Skrill. Given that my per month earnings could touch a $1000, which would you suggest is better between the two? My company has recently started charging 1.9% of each individual file's payment as fees for transferring to Paypal (apparently this goes to Paypal as some sort of fees). Since this is my first month with the company I'm not sure if Paypal will again charge me while transferring the money to my bank account. If they again charge conversion fees or something, it'd be a considerable loss of money. My company is not charging anything if Skrill is the payment method. So which of the two do you suggest?

    ReplyDelete
    Replies
    1. I think the best way to find out would be to withdraw small amounts through each of the methods and check the deductions being made in each method. From experience, I can say that Skrill has of late started charging receiving fees (the exact proportion can be found on the website). Further, Skrill has a withdrawal fee and if the money reaches your bank through an intermediate bank then you will be charged an additional $25 or so in addition to the foreign exchange conversion fee that will be charged by your bank. In contrast, Paypal may charge you a receiving fee (sometimes they don't; perhaps it depends on whether they have a tie-up with the company) and a foreign exchange conversion fee - that's it. I feel that Paypal is a safer bet as of now.

      Delete
    2. This comment has been removed by the author.

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  35. Hello sir,looking at above comments about charges of intermediary bank,i am in great trouble. I have some money in skrill and i have an sbi account. So should i continue with sbi for withdrawal or i should change the bank?please help

    ReplyDelete
  36. This comment has been removed by the author.

    ReplyDelete
    Replies
    1. I think if you change your bank to a foreign bank having its branch in India, then maybe the intermediary charges won't be effected.

      Delete
    2. Thank you sir for your reply. But i want to know as you mentioned in above comments that when you changed to HDFC the intermediary bank fees stopped. So do you recommend me to change to HDFC?

      Delete
    3. It could work - you can try.

      Delete
  37. How long does it take to reach money from skrill to indian bank accounts through swift codes.

    ReplyDelete
    Replies
    1. It takes around 5-7 working days on an average though I have seen the money arriving within a couple of days as well.

      Delete
  38. This comment has been removed by the author.

    ReplyDelete
    Replies
    1. Ask them for the list which contains a number of purpose codes as prescribed by RBI. When they email that to you just select the one that is applicable to you - the codes shall be self explanatory.

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    2. Hi sir, I wants to know something

      I have 5000 inr in my skrill account, should I go for bank wire transfer to my kotak mahindra account or should I contact any exchanger for skrill money exchange with real money.

      Please reply to my mail vikku.royal@gmail.com

      Delete
    3. I'm not aware of any such 'exchanger' facility. If you want you can experiment since the amount is not very large (do let me know about how it went!).

      Delete
    4. I contacted a exchanger and he offered skrill money withdrawal at 9 % charge... Is it profitable compared to bank wire transfer?

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    5. He agreed for smaller transactions for mitigating risk..that is 1000 per transaction

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    6. If at all I with draw using wire what amount they will charge me?

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    7. One can't say for sure whether the bank wire will cost less or not as it is not known if they will be using an intermediary bank. It's your decision.

      Delete
  39. i am india. i have inr 653.14 in my skrill account.but i am unable to withdraw please please help me

    ReplyDelete
  40. Can we use Skrill to send money? I mean I need to send money from my Indian skrill account to my friend in India.

    or is it restricted too like in Paypal?

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    Replies
    1. I think you can; haven't heard of any such restrictions on Skrill. Of course, the charges are much much higher than an NEFT/IMPS or RTGS.

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    2. Just tried it and it got succeeded...

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  41. This comment has been removed by the author.

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    1. I think that is the standard procedure mandated by the RBI.

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    2. This comment has been removed by the author.

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  42. This comment has been removed by the author.

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    1. SBI has never asked me for documents or proofs.

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    2. This comment has been removed by the author.

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    3. SBI has in fact never asked me for the purpose code.It has always been a smooth, no questions asked transfer.

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  43. This comment has been removed by the author.

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    1. Is there any reason why you are thinking of splitting the amount?

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  44. This comment has been removed by the author.

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    1. Ask them for the circular from Rbi where it is mentioned that they may demand such proofs from their customers. As far as I know, only a declaration is sufficient. As an alternative, just open an account with SBI at a branch where they have a swift code for that particular branch (a branch which makes foreign currency transactions).

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  45. Ok i will do that but tell me what would be the maximum amount i can withdraw without any rbi problems

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    1. There is no clear instruction with regard to that but I think it should be around 50k.

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  46. So sir can u tell me how much u have personally withdrawn maximum amount through sbi without any complications.

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    1. About 145000 at a time two years back.

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  48. Now i'm just a housewife because i'm not allowed to work in India with Spouse visa but i did work for bank before marriage so let me explain to you about intermediary bank fee and how to avoid it when you withdraw from Skrill to your bank account.

    It's very simple: If Skrill have their account in bank A and you also have your account in bank A then you will not be charged "intermediary bank fee".

    So what we need to do is to find out where Skrill's bank account is. This we can check in our Skrill account, "upload" part via bank transfer, they show us all their bank details: Barclays Bank, U.K

    Now we are back to India. All banks in India will choose a famous bank called "a big brother" to manage their abroad transactions all over the world. It is called "Nostro account". If your bank has "Nostro account" in same bank as Skrill's one then you will not be charged intermediary bank fee.

    HDFC have their Nostro account in Barclays Bank, U.K
    SBI have their Nostro account in Standard Chartered Bank, UK

    The person who chose to withdraw money back to HDFC account was not charged intermediary fee because HDFC also have account in Barclays Bank, U.K

    You will ask me how we know about some bank's nostro accounts. That we really don't know. We have to check on their websites or we have to visit their branches and ask for Nostro account list. They will give us then we check their Nostro account in UK or in GBP currency. If you see Barclays Bank, U.K means you will not be charged intermediary fee up till Skrill change their bank or your bank change their big brother for Nostro account.



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  49. You can try one of some below banks. They have Nostro account in Barclays Bank, U.K

    https://www.allahabadbank.in/english/Remittance_Facility.aspx

    http://www.andhrabank.in/UserFiles/File/Nostro_240715.pdf

    http://www.hdfcbank.com/assets/popuppages/overseas_correspondent_bankers_details.htm?openpopupinside=yes

    http://www.unionbankofindia.co.in/IBD_Networking_CorrespondentBank.aspx

    http://www.indusind.com/nri-banking/payment-services/transfer-funds-remit-money/correspondent-banks.html

    https://www.karnatakabank.com/ktk/NRINostroAccounts.jsp



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    1. Thank you so much for the detailed information!

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    2. Awesome reply and info, Violet. And really good job, Subho

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  50. This comment has been removed by the author.

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  51. I want to ask few questions :-

    1) I am not using my skrill account from long time... If I will use it again then should I give "Account unused" fee which is
    unused for 12 months:1 EUR/month ???
    https://www.ewallet-optimizer.com/skrill/skrill-vs-paypal/(It is mentioned there)

    2) I hear that If I'm transferring money from freelancing sites in skrill account then Will my skrill person account will shift into business account ?? and if yes then will I have to pay extra fee for business account ??

    Thanks in advance !!

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    1. 1. You might have to pay it as per the policies of skrill.
      2. You will have to upgrade to a business account only if your transactions cross a certain threshold. If your transaction value is fairly small then you can continue using your personal account.

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  52. Hey man. Thank you for doing this. It's really helpful.. However, these are the questions I have on my mind.

    1)I read that for smaller payments PayPal is okay. But can you tell me roughly how small must the figure be?

    2)I'm about to freelance in this subtitling company based in the US, they give Monebookers, PayPal and Payoneer as options.
    The company pays about 2-3$ per job. Roughly let's say 100$ a month.
    All I'm going to need is just to open an account just to receive payments. I have an account with SBI, could you please tell me which one of these agencies I should go with so that I don't lose most of my earnings to service charge as whatever I'm going to be making is negligible as such.
    Thank you so much in advance.

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    1. 1. It really depends on the exchange rates that these service providers are offering. I've seen that paypal is now offering a higher exchange rate for freelancers. Combining this with the fact that withdrawing from skrill may cause some intermediary fees to be deducted, I would estimate that unless the amount to be withdrawn is in excess of USD 2000.00, it is better to use paypal.

      2. Go with paypal.

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    2. Hello I always received skrill payment in 1 or 2 days. But this time it is almosy 3 days and still I have not received my payment. On average how many days it takes to get the payment.or else is there any other problem with bank.

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    3. Sometimes the transfer gets delayed due to some factors which may include holidays (at either the source country or the destination), the banks' internal issues, etc. I suggest you wait for a week and if you still find your money in your account then you can take up the matter with Skrill.

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  53. Hello recently i got a withdrawal from my skrill account. And the surprising thing was the money i received was in INR. I mean everytimr i was receiving there was currency conversion in my statement in sbi. But this time it was like "BULK POSTING" xxx amount. And the was received exact what i withdrawn from skrill. So i am nkt getting how i received amount in INR and not in Eur and then converted. IS skrill sending money from local bodies?

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  54. Hello, I have placed an withdeawal of 20000 INR with Skrill. I have withdrawn to my HSBC account. How much will be the bank charges apart from Skrill charges?? Do I need to submit any source of funds documents?? Plz reply

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  55. I withdreal 882 inr in hdc bank by skrill but recived only 56 inr missing 826inr why? 826 inr is taken hdfc fee hdfc scam bank

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  56. Hi ,
    I am trading in forex Market >And withdrawal skrill ayment but hogh taken corresponding fee psu and hdfc bank .So I am try IDBI bank and after withdrawal by skrill then I recived all of money .Very little taken fee IDBi Bank .so you try IDBI Bank If u use withdrawal skrill wallet.
    Otherwise Pvt. bank or goventmet bank high fee corresponding or third party fee expect IDBI Bank. IDBI Bank is best Bank for wihdrawal by Skrill.
    Thankyou

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