FYI Skrill + SCB = Low conversion rates

[Mutee u]

This is to inform the Pakistani freelancers here who use Skrill with Standard Chartered Bank, I withdrew $103 to my SCB account from Skrill and only got Rs 9,773.79 (94.8/dollar). While on SCB's own online banking site, the current buying and selling rate is around 107/dollar. If you have the option, do avoid SCB as their rates have really gone down, I used to get, somewhat ok rates 6 months back. If you have a suggestion for me regarding this the topic, please do let me know. Is MCB better?

[Stefan C]

You might find this useful.

[Mutee u]

Thanks Stefan. Actually they deducted around $4 as withdrawal fee and my initial amount was $107. My calculations are based on the amount Skrill was transferring to my bank - you get an email notice once you request withdrawal and once again when it is processed and both these emails contain the amount, mine was $103.

[Ayesha S]

Hi Mutee, Check with your branch as to what exact amount was credited to your account and if any deductions were made. I withdrew to my local currency account in SCB this week and got Rs 18xxx for $170. The exchange rate was clearly more than what you got, and I used a USD wire. Ask your account manager the exact amount in dollars that got credited to your account maybe some back along the (used by Skrill) deducted fees?

[Mutee u]

Turns out that Skrill is deducting extra amount, $10 in my case (found a few others on FB with same problem). I have no clue why they deducted this amount, its not the regular intermediary