Transferring money from PayPal to Skrill might seem hard because they work differently. You can’t just send money directly. You need to use a bank account as a middle step. This PayPal Skrill guide makes it easy to understand how to do it.
PayPal and Skrill are both digital wallets, but they’re not connected. So, you have to send money from PayPal to your bank account first. Then, you can move it to your Skrill account. It might seem complicated, but this guide will help you do it easily and without spending a lot.
Understanding PayPal and Skrill
PayPal and Skrill are top digital payment systems for online transactions. They offer unique features for different needs.
PayPal and Skrill both handle online payments and have mobile apps. PayPal is great for businesses with many merchant options and loans. Skrill, on the other hand, has various accounts and rewards in cryptocurrency.
Skrill has a personal account with no fees if you log in every six months. PayPal’s personal accounts are for non-business use but have a fee after 12 months. Both offer buyer protection, but Skrill works in 202 countries, close to PayPal’s 200.
Skrill’s foreign exchange fee is 4.49%, while PayPal’s is 4.0% and changes daily. Skrill charges 2.99% for online purchases, less than PayPal’s 4.50%. For bank transfers, Skrill’s fee is 1.75%, and for Visa or Mastercard, it’s 1.99%.
Skrill is easy to use, offers chargeback protection, and has a physical credit card. Skrill services also give rewards in cryptocurrency. But, it has poor customer support and long verification times.
PayPal has advanced tools like professional invoices and refunds for missing items. But, its pricing can be complex, and accounts might get frozen.
PayPal is strong for businesses, while Skrill is good for those wanting low fees and crypto rewards. Each has unique features for different users based on their needs.
Guide to send money from PayPal to Skrill
Transferring money from PayPal to Skrill is easy when you break it down. You can’t send money directly, but you can do it in two steps. First, take money out of PayPal and put it in a bank account. Then, move it to Skrill from the bank. This PayPal to Skrill transfer guide will show you how.
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Withdrawing Funds from PayPal
To start, take money out of PayPal and put it in a bank account:
- Log in to your PayPal account.
- Navigate to the ‘Wallet’ section.
- Select the linked bank account you wish to withdraw funds to.
- Enter the amount you wish to withdraw and confirm the details.
This step can take 3-5 working days, depending on your bank. PayPal keeps your info safe during the transfer.
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Depositing Funds into Skrill
After the money is in your bank account, deposit it into Skrill:
- Log in to your Skrill account.
- Navigate to the ‘Deposit’ section and choose bank transfer as your method.
- Enter the necessary bank details provided by Skrill and the unique reference number.
- Confirm the transfer by following the instructions provided by your bank.
This step usually takes 1-2 working days for Skrill to process the deposit.
Both PayPal and Skrill protect your data and ensure safe transactions. But, the time and cost to transfer money can change. This depends on bank times and currency changes. There are no direct fees for transferring money between PayPal and Skrill through bank transfers, if there’s no currency change.
Time and Cost Involved in the Transfer
Knowing the cost and time for a PayPal to Skrill transfer is key. Both services are used worldwide but differ in fees and speed. The time it takes can range from right away to a few days, depending on bank times and service rules.
When looking at fees, remember currency conversion costs. For example, moving money from PayPal to a bank and then to Skrill might be free. But, this depends on specific rules. Fees and exchange rates can make things more complicated and expensive.
To give a better picture, here’s a table with time and cost details:
| Parameter | PayPal | Skrill |
|---|---|---|
| Transfer Fee | Varies, usually around AUD 5.99 from balance/bank or AUD 2 + 2.90% for cards | Usually free, but varies by country and method used |
| Exchange Rate Margin | Around 4% above mid-market rate | Competitive, but not specified |
| Transfer Time | Immediate to several days | Immediate to several days |
Plan and budget well for the PayPal to Skrill transfer cost. Remember to account for conversion rates and extra fees. Also, keep an eye on how long the transfer takes to manage your funds better.
Alternatives for Transferring Funds between PayPal and Skrill
Transferring money from PayPal to Skrill can be tricky. But, there are easy alternatives like Wise and Currencies Direct. They are known for low fees and clear costs.
Wise charges about 1.7% for big currencies, and even less for big transfers. It also gives good exchange rates, making it cheaper than direct transfers.
Currencies Direct is also great, with easy-to-use services and good rates. It can make your transfer cheaper than going through PayPal and Skrill. Payoneer is another good choice, with fees from 1-3% depending on the type of transaction. It’s perfect for businesses wanting to save money on bank transfers.
But, each alternative has its own downsides. Payoneer can charge up to 2% for bank withdrawals. And, if you’re not registered with Payoneer, you might pay up to 3%. Wise might cost a bit more for small transfers or certain currencies. But, these options are generally better for moving money around the world.
