Skrill has been around for more than two decades now as a popular and safe e-wallet service that allows users to make, spend, and send their money online. You can easily upload funds into your Skrill account, but taking money out can be a bit more challenging. Figuring out how to withdraw money from Skrill without a fee is nearly impossible due to their fixed-rate system.
Fortunately, there is an easy solution if you want to withdraw money from Skrill without a fee. All you have to do is become a True Skriller by downloading the app, verifying your identity, and making your first deposit. This qualifies you for a free prepaid Visa card as well as waived withdrawal fees to your bank account.
Withdrawal Fees from Skrill
Think of the money Skrill charges on your withdrawal as an ATM fee. You’re probably already used to this because of your history with brick-and-mortar banks. Every time you head to an ATM other than those sanctioned by your bank, you are charged a fee to withdraw your funds. Usually, this will cost you anywhere from $3 to $5.
Skrill’s fees for withdrawing funds to your bank account are very similar to what you would expect to pay at the ATM with a traditional bank account. If you are pulling out a large sum of money, the $5.50 fee likely doesn’t seem like much. When you pull out a smaller sum such as $10, you are paying more than 50 percent in fees. It doesn’t always make sense to pay this much to access your own money.
If you want to avoid paying the withdrawal fee on your funds, you can use Skrill’s prepaid card to make purchases instead of transferring money to your bank account. Keep in mind that their prepaid card still requires a $10 annual fee and a $2.50 ATM fee, but all purchase transactions are free.
You can easily become a True Skriller to avoid these fees. You will need to download the app from the Google Play store or the App Store. It will walk you through the process of verifying your identity and making an eligible deposit. Once this is done, you can withdraw fees to your bank account at any time without getting hit with fees.
As an added bonus, you can also gain access to their prepaid card for free. You won't face any application fees or annual fees for using the card. ATM fees will still apply.
How to Withdraw Money from Skrill Without Fee: Purchase an Item for Resale
If you have a debit card for your bank account, you don’t get charged for spending your money on a candy bar at the gas station. Spending the money in your Skrill wallet is very much the same. You can spend in small amounts without the outrageous withdrawal fees that you incur when transferring to your bank account.
Here is a step-by-step guide to help you access your funds without getting hit with fees if you don't want to or can't become a True Skriller.
1. Find an item that can be resold.
The first thing you need to do is find an item that can be purchased with your Skrill money and can be resold to someone else. Many people like to use Skype recharges as they are quick and easy to purchase. Especially with people working from home, more people need access to Skype and are willing to purchase these recharges.
Purchase a Skype card or voucher from an authorized retailer for the amount that you want to withdraw. You can find a list of places to purchase your Skype credit on their list of retailers here. Once purchased, you will have a redemption link in the confirmation email.
If you don’t want to use Skype, you can always choose a different online vendor. Purchasing gift cards tends to be the easiest way to go about withdrawing funds from Skrill without paying a fee.
2. Post it on an eCommerce site.
The next step is to list your new Skype voucher for sale online. There are a number of e-commerce sites you could use for this such as BuySellVouchers.com or Raise.com. List your sale price so that you can break even for the amount of money you wanted to withdraw from your Skrill account.
3. Receive payment from the buyer.
Once you locate a buyer, you will wait to receive their payment to your bank account. They will be expecting you to promptly deliver the Skype recharge information so that they can add it to their account. You will receive the payment in your bank account. Then, you will have covered the cost of the Skype recharge with your Skrill balance.
Keep in mind that this process is not necessarily the fastest way to go about gaining access to your money. It could take several days or even weeks to locate a buyer for your Skype recharge. If you are in a hurry to access your funds, you might need to bite the bullet and pay those withdrawal fees upfront instead of tying your money up with buying and selling gift certificates.
Avoiding Skrill Fees
Skrill is a great tool to use if you like the freedom of an online wallet. However, it can be quite annoying to pay their fees just for withdrawing your money. Take these tips to help you figure out how to withdraw money from Skrill without a fee the easy way!