which account currency to choose?

    • Avatars91
      Avatars91
      Bronze
      Joined: 18.12.2009 Posts: 2,689
      Hi, I wanted to ask two questions:

      1) which currency should I set as my account currency to benefit most from Skrill? If the national currency of my country is euros, should euros also be my skrill currency? Or do I keep it in USDs since I'm not playing on a euro site?

      2) so far I can only recognize the benefits of Skrill when transferring bankroll from one site to another, but I fail to see how Skrill can be used to greatly minimize all sort of fees when making withdrawals. How do I use it if the national currency of my country is not the same I am using when playing poker online (playing in USDs, obviously)?
  • 6 replies
    • patszerdonk
      patszerdonk
      Bronze
      Joined: 19.05.2011 Posts: 834
      Originally posted by Avatars91
      Hi, I wanted to ask two questions:

      1) which currency should I set as my account currency to benefit most from Skrill? If the national currency of my country is euros, should euros also be my skrill currency? Or do I keep it in USDs since I'm not playing on a euro site?

      2) so far I can only recognize the benefits of Skrill when transferring bankroll from one site to another, but I fail to see how Skrill can be used to greatly minimize all sort of fees when making withdrawals. How do I use it if the national currency of my country is not the same I am using when playing poker online (playing in USDs, obviously)?

      Bump!

      Would like to know the answer too
    • PlauZee
      PlauZee
      Bronze
      Joined: 26.03.2010 Posts: 583
      Originally posted by Avatars91
      Hi, I wanted to ask two questions:

      1) which currency should I set as my account currency to benefit most from Skrill? If the national currency of my country is euros, should euros also be my skrill currency? Or do I keep it in USDs since I'm not playing on a euro site?

      2) so far I can only recognize the benefits of Skrill when transferring bankroll from one site to another, but I fail to see how Skrill can be used to greatly minimize all sort of fees when making withdrawals. How do I use it if the national currency of my country is not the same I am using when playing poker online (playing in USDs, obviously)?
      1) You should use the currency that you use for most of your bankroll and for your transfers. If your country currency is EUR, this is the best choice in almost all cases, make sure to save fees by holding your poker accounts in EUR if possible as well.

      2) At Skrill you pay pretty low FX fees compared to other ewallet providers. At most poker sites, you are able to choose EUR as currency as well, for example on Stars you can have EUR as well as USD currencies and change without paying FX fees.
      By using Skrill you will not just pay lower or none fees for withdrawals as Skrill VIP, but are also able to earn cashback on your Skrill transfers by registering with affiliates offering these monthly cashbacks (google "Skrill cashback").
    • Avatars91
      Avatars91
      Bronze
      Joined: 18.12.2009 Posts: 2,689
      So let's say I have my roll on USDs on a site where it's the only option. I want to withdraw money to my bank account. I have a skrill acc in usds. What I do is I withdraw money straight from my poker account to my bank account because then I avoid a small withdrawal fee that Skrill normally requires + I have to pay the conversion fees either way (don't I?), since my national currency is euros.

      So it should be impossible to save money on conversion fees even with the skrill currency set to euros, unless I'm playing on Pokerstars where one can keep his roll in euros as well, and convert the money without any fees? Because when depositing from a euro skrill account to a poker acc in usds and when withdrawing from that site again to skrill, I still have to pay conversion fees.
      Have I got this right?
    • PlauZee
      PlauZee
      Bronze
      Joined: 26.03.2010 Posts: 583
      In your case, your best option is to have an EUR and USD Skrill account and to withdraw USD from the poker site for free to USD Skrill. You are then able to change them personally with a friend by sending him USD and he will send you EUR. Both of you will then only pay the person to person transfer fees, which are very low.
      Please note: you need to be Skrill silver VIP or higher to be allowed to have 2 currency accounts. Please feel free to add me at Skype if you want to become it easier and faster.

      2nd best option is to have a EUR Skrill account, transfer your money from poker site to EUR Skrill account and pay the Skrill conversion fees (2.99% as non-VIP; 1.75-2.49% as VIP).
      And then withdraw them with the Skrill MasterCard or via bank transfer. As Skrill VIP both of these options are free of any charge.

      Worst option is to withdraw USD from poker site to EUR bank account since bank conversion fees are for sure >>3%, probably even 5%+, but make sure to check it.

      Please feel free to contact me if you have any more questions.
    • Avatars91
      Avatars91
      Bronze
      Joined: 18.12.2009 Posts: 2,689
      So for the first option to work out I need to have a multi-currency Skrill VIP account (USD+EUR) and I also need a trustworthy person that also has such an account?

      Also, any idea how and where I can check what the bank conversion fee is for me specifically?
    • Kenobabuskar
      Kenobabuskar
      Bronze
      Joined: 29.08.2014 Posts: 1
      I will choose a £ or € probably