I made a blog post about how I loved MoneyBookers’ services. But that was before.
I now abhor Skrill (MoneyBookers) because of the following reasons:
- Lowest exchange rate. Before, the exchange rate between the American dollar and the Philippine peso was slightly higher than PayPal. My last transaction was a pain in the arse. Skrill’s currency converter was way too low. Case in point: $1 =PHP38. The BSP exchange rate that time was $1: PHP42.
- Longer time frame. Before, bank transfer only took 1 ½ days, even if I withdrew money on weekends. With my last transaction, I waited 4 BUSINESS days before it reached my bank. With PayPal, the time frame for money transfer was always 2 days.
If you are planning to use Skrill (MoneyBookers), you should stop and think twice. Even though its bank transfer fees are lower than PayPal, it is not worth it, considering the above mentioned reasons. Better stick to PayPal and endure its high fees.
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5 comments:
Thanks for sharing, I'll take note of this. Happy New Year!!!
In addition, the amount you upload (deposit) to your Skrill account or withdraw from your Skrill account and back into your bank or credit card will not be the same as what you requested. Reason is because each and every transaction there will be hidden fees/charges which means you will always end up with less money in your pocket or account in this case. I recommend not using Skrill.
They charged me $27 from $200 during withdrawal.BE AWARE !!!
If you are a merchant its worse.
What they don't tell you when you sign up is that as soon as you hit around 2500 euro in transactions they will lock your account so you can't withdraw any funds you have received in the last 30 days (30 day reserve) but they only give you 5 days notice of this lockdown so they basically guarantee that you will get money trapped in the account.
They then send a demand for a huge amount of company info to "verify your identity" and will not release the funds untill they have what they want. These include company registration details, turnover, share holding and copies of identity documents such as passports etc. This is apparently to comply with the money laundering laws which I totally agree with and would happily comply with normally however they also sneak in two extra documents that have nothing to do with those laws but that you still must sign if you ever want to see your money again.
These two extra documents are a new contract and a new rates table that changes your 30 day 100% reserve to a 180 day 5% reserve. meaning that now they can cold 5% of your turnover for 6 months.
I can understand identity documents needed to comply with the money laundering laws but when you are forced to also sign changes to contract terms and rates tables or you will not ever get you money back then that is nothing short of extortion in any jurisdiction anywhere in the world.
If you try to email them and sort it out you either just get a repeat of the demands or no reply at all.
If you cancel your account they still will not give your money back untill you provide all the documents they want and when you do provide them all they then impose the changed terms you were forced to sign and hold you money for 180 days instead of the 30 you originally signed up for.
How can a big company like this get away with such unethical practices and how can they use extortion to force merchants to sign changes to contract terms with apparent impunity.
Can anyone confirm if this is really true? If that is true then I would just stick to PayPal.
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