How to Transfer Money From Paypal to Skrill (Moneybookers)
There are valid reasons why anyone would want to transfer money from Paypal to Skrill. One concern is that your recipients may want it in their Moneybookers account because they don’t have a convenient way of withdrawing from Paypal. Another reason is that some services that are offered by Skrill are not available on Paypal.
For instance in our country, it will take at least of 2 days to get cash from Paypal. Yet, I can send money instantly from my Moneybookers account to my mobile phone (M-pesa). I can then withdraw at the local grocery store even when I'm in the middle of nowhere.
Unfortunately, there is no direct and legitimate way of sending money from Paypal to Skrill. For such transfers to be possible, both parties must form a partnership agreement. Until then, there are still some ways that you can use to move your funds from Paypal to Moneybookers. I have highlighted some below.
Exchange Your Balance with a Friend
For this method to work, you need to look for someone well known to you who have a Skrill balance. They will send money from their Skrill account to yours, and in turn you’ll send the same amount from your Paypal account to theirs. Finding such a match may not always be possible because you must look for somebody who receives money in their Skrill account.
Withdraw from Paypal to Bank and Then to Skrill
This is a simple, secure and convenient way for those who are able to transfer money from Paypal to a bank account. Depending on how your bank works, these transactions may take a while to complete. When the money is in your bank account, you can upload it to Skrill, or send it to your intended recipient. You must link your Skrill and bank accounts. This strategy is not available to everyone. Paypal does not have banking partners in all countries.
Register for a U.S. Payment Service
While withdrawing money from Paypal to a bank account is possible, such a possibility still remains a nightmare to many people outside the United States. Many more still have to wait for up to 8 working days for the cash to reflect in their bank accounts. But with a virtual U.S bank account, you will be able withdraw your cash from US companies just like a citizen. Money from Paypal will take about 48 hours during weekdays to load to the virtual account and instantly to the debit card (from 9 hours in my own experience). The process may take a while longer during the weekends or US holidays.
One such company that offers a U.S payment service is Payoneer. Registration is free and they will not ask you for money until you receive your debit MasterCard® card via ordinary mail. You may incur a one-time activation fee.
Update September 2016: Before you enter the virtual bank details to your Paypal account, first link a debit card to Paypal, and then update your Street/Physical address. "Paypal does not accept new Payoneer accounts", but I have proof as of now that some users are still able to link the Global Payment System after linking a debit/credit card.
Use Online Service Providers
This method involves opening both a client and a contractor account in a platform that supports both modes of payment. Even though this is a secure way of moving your funds, it’s a crude technique especially when setting up. You register as a client and offer a job whereby you pay via Paypal. You then open a contractor account and select your payment option as Skrill.
If you must use such a method for whatever reason, there are two things to take into consideration. One is that you must first be sure that the platform accepts cash from Paypal and that contractors can get paid via Skrill. Second, you must be ready to cater for the commission they charge to connect workers and clients. A good example of such a service provider is Elance.
While linking a debit card to your Paypal account, they will charge a small amount from the card balance. The transaction has a code which you have to enter into Paypal to verify the card is yours. To connect the card to Skrill, they will also charge you a small amount. This will reflect in your card transactions as 101.9% of the actual transaction. They will not ask you for a code, but the figure in the transaction. For instance, I was charged $1.08 from my card. To get the actual amount to enter into Moneybookers, multiply by 100 then divide by 101.9. This amount will round off to $10.6, which is the right figure.
To transfer money to skrill, you’ll need to withdraw it from your Paypal account into your virtual account. Don’t leave a margin for the 1% fees. If you have $100, enter the amount you wish to withdraw as $100 and it will credited in your card as $99. After a few days, you’ll receive an email from your issuer informing you that your card has been credited with the amount. Go to your skrill account and select upload. Once you enter the amount, the fees will be displayed and you can make the necessary adjustments. This is one of the most discreet and convenient ways of getting your cash transferred from Paypal to Skrill.
Use Online Currency Exchange Sites
These are websites which have specialized in offering money exchange facilities. You simply upload your cash to their site and select which account you want them to send it to. Some will even switch to another currency, although the currencies may be limited. Some of these websites will necessitate you to make a virtual purchase with the money you wish to transfer and then treat your recipient account as a seller. You are literally buying non-existent goods with your Paypal account and selling with your skrill account, or vice versa. Some of these sites are;
When transferring the funds, you send the whole amount and it will arrive in your other account with the charges deducted. Their charges range from 1%-15%, depending on the site. Some websites will make an instant transfer, while several days may pass before the transaction is complete in others. Usually, there is a minimum and a maximum amount which can be sent, normally from $100.
This technique is moderately secure. If your money is lost, it may be hard to trace it. Scam sites have been reported by desperate people who wanted an instant way of turning their online earnings into instant cash, only to get defrauded.
Manual Exchange Services
These are the types of service providers whom you’ll normally find via social media. Their charges generally start at 2%. Although it is a highly risky way of transferring your money, some small scale online entrepreneurs have in this business for long enough and are already making an honest earning by sticking to it. The reason they opt to do business rather than defraud people is that it pays to indulge in such dealings.
When using such services to send money from Skrill to Paypal or vice versa, you simply send your cash to the account provided. While doing so, you supply the recipient account in the comment section. Once they receive an Email to the effect that they have received money, they check in the comments to see which account they should transfer the money to. Internet etiquette dictates that exchanging money with money, without any goods or services exchanged is illegal, especially if one is not registered. If you lose your funds in such transactions, they will be lost forever.
When transferring your money, the most important thing is to find a reliable and secure exchange strategy. To ensure the security of your money, only use companies that are registered and authorized for money transfer services. Otherwise, illegal brokers may get caught and their accounts closed. Your funds will be lost. The U.S. Payment Service is probably the best option to the majority of people who wish to move cash from Paypal to Skrill.
Which Method of Money Transfer do You Think is the Best?
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.