Skrill Fees And How To Reduce Them Via Volume Kings

Nobody likes fees. They're in every aspect of our life, from buying coffee (card processing fees) to purchasing a new car or home (sales, property taxes). Unsurprisingly, they're on Skrill, too - but they don't need to control your experience on the platform. We here at Volume Kings love the features that Skrill offers, but we don't want to just... throw you into the thick of things. 

So today, we're talking about everyone's favourite topic - transaction and withdrawal fees. There's absolutely no reason to let fees run your life, so let's talk pro-tips to make your life fee-free (or as close as possible).

Today’s Topics Include:

• Skrill Fees Explained
  • Skrill Fees - Basic
  • Skrill Fees with VolumeKings
• Does Skrill charge to send money?
  • Why is skrill so expensive?
  • Why does Skrill charge to withdraw?

Now let’s just dive right into things, shall we? This is going to be nice and quick, so there’s no sense in wasting time.

Skrill Fees Explained

All in all, Skrill follows a few fundamental guidelines when it comes to the fees they extract on various services. While it may be annoying, there are good reasons for each of the fees that Skrill requires. It’s worth remembering that all payment processing services worldwide charge fees ranging (on average - there are outliers) from 1.5% to 3.5% of the total transaction.

There are so many factors that will affect the fees charged, and they will all vary based on where you live and, perhaps more importantly, your Skrill VIP level. This is because the higher your VIP status, and by extent, how often you use Skrill, the lower your fees are across the board.

If you’ve been reading our guides here on Volume Kings, you already know this, but it’s worth mentioning for those that don’t. 

Now, without further ado, your guide to Skrill’s fees.

Skrill Fees - Basic

The Skrill fees vary quite a bit based on several factors; while this can get confusing, it doesn't need to be. So, here are all of the fees you'll need to worry about as a non-VIP user:

1. Verification: €5
2. Withdraw Funds: €5.50
3. Bank Wire Deposit: Free for all users.
4. Bank Deposit to Virtual IBAN or Local Bank Account: Free for all users.
5. Credit Card Deposit: Free
6. Alternative Currency Deposit: Free*
7. P2P Transactions: 2.99%
8. Merchant Transactions: Free
9. Currency Conversion (FX): Up to 3.99% (lower with VIP tiers)
10. First Skrill Visa Prepaid Card (application): €10
11. Buy/Sell Crypto:
    • Up to €19.99: €.99 per transaction.
    • Between €20-99.99: €1.99 per transaction.
    • Above €100: 1.50% per transaction.

*May invoke fees for currency conversion, if needed.

Skrill Fees with Volume Kings

Skrill's fees drop once you gain VIP tiers - that's kinda their whole thing. While traditionally, you'd need to spend a minimum of €15,000 per fiscal quarter on maintaining a Silver VIP status, VK cuts that down to €5,000 for Fast Silver VIP. This allows users access to raised limits and lowers fees, such as:

1. Currency Conversion (FX): 2.89%
2. Card Fee: Free.
3. P2P Transactions: Free.
4. Verification: Free.

Ultimately, VolumeKings just makes it easier and less restricting to use Skrill as you please. What more could you possibly need? You can find out more information about it here.

Does Skrill Charge to Send Money?

This section carries a bit of good news. While using Skrill to send money to merchants or to pay online will always be free, there are fees for using Skrill's money transfer service and for sending money P2P.

All the details can be found below.

*Don't forget that with VolumeKings's welcome offer, you can access Skrill VIP where P2P fees will be free of charge.

For a detailed breakdown of country-by-country send money fees, please refer to Skrill’s “Send Money, Receive Money” fee FAQ.

Why is Skrill So Expensive?

Let’s just start with the hard and fast answer to the title question - why is Skrill so expensive?

Realistically, Skrill isn't expensive.

Now, I don't expect you to just believe me - no, we've got proof! Let's take a look:

1. All deposits to merchants are completely free of charge.
2. Receiving money from others on Skrill is entirely free.
3. Upon acquiring Silver VIP Status, Peer to Peer (P2P) transactions are also free. (And better still, Volume Kings makes it even easier to gain Silver VIP status.)
   • Before acquiring Silver VIP, you pay a negligible fee on P2P transactions - 1.45-2.99%.
4. The only consistent fees you'll incur as an average, everyday user are for withdrawals and deposits, broken down in our Skrill Basics series.

Individual Account Holder Fees

General (non-business) account holders can go to Skrill’s deposit fee page for a detailed breakdown of all fees (pictured below).

As you can see above, fees vary widely depending on how you move money about. Bank account transfers are fee-free, whereas PaySafe cards (a prepaid card accepted by Skrill) have a fee of up to five percent.

Why Does Skrill Charge to Withdraw?

As we mentioned above, Skrill needs to make money in order to do what they do. As such, you can expect fees in most areas. Otherwise, they’d be making Wikipedia-level requests for donations - and nobody wants to see their digital wallet asking for money. 

For all payment methods (bank, credit card, or otherwise), Skrill charges a varying fee. Once again, I’ll need to remind you that these fees will vary based on where you live and your level of Skrill VIP Status. The fees listed in the photo below are for the U.K. and the full list can be found in Skrill’s withdrawal fee FAQ. It's worth noting the fees for the U.K. and EU/EAA are nearly identical in most instances, with a few (rare) exceptions.

Again, obviously, the fees will vary depending on how you withdraw funds. Withdrawals through Neteller come with a 3.49% fee, and Visa and Mastercard fees are slightly (3.99%) higher. Direct withdrawals from a bank account come with a flat fee of £4.68 (or €5.50 for those in the EU).

Recently Skrill also introduced a new feature, allowing you to withdraw to either a Bitcoin or Ethereum crypto address with fees of 2% per withdrawal.

Conclusion

Wow! That was a lot of talk about percentages and fees. As a writer, that was downright stressful - after all, writers aren’t known for their love of maths. Nonetheless, once it’s broken down clearly, Skrill's fees are pretty dang clear and straightforward. 

Just remember that Skrill is a business, and if you’d like to use their service, the fees they charge are a necessary evil. Personally, the choice between “transfer money and pay to do so” and “don’t send money but save ~1% in the total amount,” I’ll take the former every time. After all, Skrill provides an excellent service with competitive rates compared to the average payment processing service - so it’s hard to complain too much.