Conversion fees

    • tegomass
      tegomass
      Bronze
      Joined: 26.11.2009 Posts: 4
      I'm Swedish, and I was wondering if I used the Prepaid Mastercard (which is only available in EUR, GBP, PLN, US Dollars), will I be hit with the foreign conversion fee (2.49%) even if:

      1) My moneybookers account is in Swedish Kronor
      2) The retail is using Swedish kronor (i.e I pay in swedish kronor, and withdraw money from the ATM in swedish kronor).

      I know that there's a withdrawal fee (1.8 EUR)

      I've been trying to find info on this but it's all confusing. I would appreciate to clear up this matter.

      Thank you!
  • 13 replies
    • circoflax
      circoflax
      Bronze
      Joined: 26.02.2010 Posts: 413
      Same question from me. My Skrill account is in USD as most of the poker sites use USD and I wanted to avoid conversion fees.

      I have 2 options:

      1. have the card in USD - does this mean everytime I pay I will have to pay the fees as I am in Europe and it is impossible to get a bill in USD?

      2. have the card in EURO - will I be subject to conversion fees as my account is in USD? I am in Romania, so if I pay at a restaurant the bill is going to be in our currency (Romanian leu-RON). Does this mean double conversion fees USD->EURO->RON?
    • UPAY4DINNER
      UPAY4DINNER
      Silver
      Joined: 27.09.2009 Posts: 21,955
      Hi guys,

      I've no personal experiences with the prepaid card side of things. I will see if anyone in our team does ;)

      Thank you for your patience :)


      Gary
    • circoflax
      circoflax
      Bronze
      Joined: 26.02.2010 Posts: 413
      It would be real helpful to get feedback from somebody who is currently using the card, especially if the account currency is X and the card currency is Y.

      When I created the account I went for USD as currency. I assumed that if I used EURO I would get charged for conversions at most sites, but I'm not sure this is the case, it was just a precaution.

      Meanwhile I have received some feedback form Skrill support and they say that if the account is in USD and the card in EURO, some conversion rates may apply. For example:

      "Please note, however, that in case your Skrill (Moneybookers) account and your Moneybookers prepaid MasterCard are denominated in different currencies (account currency: USD, card currency: EUR), the POS and ATM payments with your card may be converted once or twice, depending on the currency of the transaction.

      For POS and ATM payments in EUR:

      If you are making a purchase or withdrawing cash in EUR, the original amount withdrawn from your Skrill (Moneybookers) digital wallet will be converted in accordance with the Skrill (Moneybookers) wholesale exchange rates published in the 'Fees' section of our website. Please note that Skrill (Moneybookers) adds 1.99%% to these rates as a protection against the volatility and risk associated with FX markets."



      I am curios, is there any way I can change my account currency to EURO. And if so, are there actually going to be conversion fees when I deposit to let's say Party?

      Has anyone experienced this and can give some feedback? Examples would be great.
    • Skrill
      Skrill
      Bronze
      Joined: 07.08.2009 Posts: 517
      Originally posted by tegomass
      I'm Swedish, and I was wondering if I used the Prepaid Mastercard (which is only available in EUR, GBP, PLN, US Dollars), will I be hit with the foreign conversion fee (2.49%) even if:

      1) My moneybookers account is in Swedish Kronor
      2) The retail is using Swedish kronor (i.e I pay in swedish kronor, and withdraw money from the ATM in swedish kronor).

      I know that there's a withdrawal fee (1.8 EUR)

      I've been trying to find info on this but it's all confusing. I would appreciate to clear up this matter.

      Thank you!
      Hi,
      so your Skrill account is in SEK however your card can be only in one of the supported currencies (EUR, PLN, GBP or USD). Therefore each and every transaction you make with your MBMC would involve currency conversion thus a fee of 2.49% will be applied to the exchange rate. In case the merchant that your are paying to accepts a different currency, the amount would be once again converted but not from us. MasterCard would do that and they will use their own exchange rates. No fees on our side.

      Example : Your account is in SEK -> MBMC in EUR -> Merchant in SEK
      therefore SEK to EUR from us (exchange rate +2.49 %) then MasterCard to SEK. This means double conversion (one from us and one from MasterCard).
    • Skrill
      Skrill
      Bronze
      Joined: 07.08.2009 Posts: 517
      Originally posted by circoflax
      Same question from me. My Skrill account is in USD as most of the poker sites use USD and I wanted to avoid conversion fees.

      I have 2 options:

      1. have the card in USD - does this mean everytime I pay I will have to pay the fees as I am in Europe and it is impossible to get a bill in USD?

      2. have the card in EURO - will I be subject to conversion fees as my account is in USD? I am in Romania, so if I pay at a restaurant the bill is going to be in our currency (Romanian leu-RON). Does this mean double conversion fees USD->EURO->RON?

      1.) Yes, however you will not pay fees to us. As the case above, since your Skrill account is in USD and your MBMC is in USD we will not charge you anything for conversion. However you will be charged by MasterCard as the recipient takes money in a different currency.

      2. Yes, always (exchange rate +2.49% fee).
      And also yes for the restaurant bill: Only USD>EUR charge from us (exchange rate + 2.49%) the MasterCard EUR > RON.
    • Skrill
      Skrill
      Bronze
      Joined: 07.08.2009 Posts: 517
      Originally posted by circoflax
      It would be real helpful to get feedback from somebody who is currently using the card, especially if the account currency is X and the card currency is Y.

      When I created the account I went for USD as currency. I assumed that if I used EURO I would get charged for conversions at most sites, but I'm not sure this is the case, it was just a precaution.

      Meanwhile I have received some feedback form Skrill support and they say that if the account is in USD and the card in EURO, some conversion rates may apply. For example:

      "Please note, however, that in case your Skrill (Moneybookers) account and your Moneybookers prepaid MasterCard are denominated in different currencies (account currency: USD, card currency: EUR), the POS and ATM payments with your card may be converted once or twice, depending on the currency of the transaction.

      For POS and ATM payments in EUR:

      If you are making a purchase or withdrawing cash in EUR, the original amount withdrawn from your Skrill (Moneybookers) digital wallet will be converted in accordance with the Skrill (Moneybookers) wholesale exchange rates published in the 'Fees' section of our website. Please note that Skrill (Moneybookers) adds 1.99%% to these rates as a protection against the volatility and risk associated with FX markets."



      I am curios, is there any way I can change my account currency to EURO. And if so, are there actually going to be conversion fees when I deposit to let's say Party?

      Has anyone experienced this and can give some feedback? Examples would be great.

      Hi,
      As a general rule, you can't change your account currency. Each time when a transaction is made and the recipient accepts different currency than the one registered on the Skrill account, a currency conversion is performed and the fee 2.49% is applied.
    • UPAY4DINNER
      UPAY4DINNER
      Silver
      Joined: 27.09.2009 Posts: 21,955
      Thank you Skrill :)
    • circoflax
      circoflax
      Bronze
      Joined: 26.02.2010 Posts: 413
      Many thanks Skrill, I guess I will just have my card in USD then, seems the best solution.

      Just for my curiosity, is there anyone who has their Skrill account in EURO? What happens when you deposit to a site that only accepts USD? Are there conversion fees? Do most sites support different currencies? I have never tried this, I have always used USD on all sites. This may have been a mistake as I see it now...
    • circoflax
      circoflax
      Bronze
      Joined: 26.02.2010 Posts: 413
      Originally posted by circoflax
      Just for my curiosity, is there anyone who has their Skrill account in EURO? What happens when you deposit to a site that only accepts USD? Are there conversion fees? Do most sites support different currencies? I have never tried this, I have always used USD on all sites. This may have been a mistake as I see it now...
      There must be somebody who's using a Skrill account in EURO and can share some thoughts...
    • thazar
      thazar
      Bronze
      Joined: 14.09.2009 Posts: 6,561
      I have an account in GBP and most of the sites I play on are in $. Normally the sites take the money in GBP and convert the money. The conversion rate vary between sites. Some are really good some are really bad :P

      Regards

      Thazar
    • circoflax
      circoflax
      Bronze
      Joined: 26.02.2010 Posts: 413
      So for example, can you estimate an average loss if you deposit 100 GBP to the site and then you withdraw 100GBP?

      Because if you deposit USD in the site account and you play at the GBP tables there is no loss as far as I know, they just convert back and that's it.
    • thazar
      thazar
      Bronze
      Joined: 14.09.2009 Posts: 6,561
      yes i can but there are great variations between sites. So sites will be a couple of pennies and others a few pounds

      Regards

      Thazar
    • lolyourmama
      lolyourmama
      Bronze
      Joined: 11.07.2009 Posts: 4,430
      Originally posted by circoflax
      Originally posted by circoflax
      Just for my curiosity, is there anyone who has their Skrill account in EURO? What happens when you deposit to a site that only accepts USD? Are there conversion fees? Do most sites support different currencies? I have never tried this, I have always used USD on all sites. This may have been a mistake as I see it now...
      There must be somebody who's using a Skrill account in EURO and can share some thoughts...
      some sites dont have fees for the deposit then, but require you to contact them first and give you the "right" deposit option

      basically a second currency account (vip level silber) solves that problem