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FYI Skrill + SCB = Low conversion rates

Dec 2, 2013 04:38:03 AM Edited Oct 30, 2014 02:14:53 PM by Mutee u

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mmutee
Frequent Visitor
Mutee u Member Since: Nov 5, 2010
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?
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stefan-c
Community Leader
Stefan C Member Since: Nov 1, 2011

Dec 2, 2013 08:30:00 AM Edited Oct 30, 2014 04:23:18 PM by Stefan C

You might find this useful.
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mmutee
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Mutee u Member Since: Nov 5, 2010

Dec 2, 2013 10:08:21 AM Edited Oct 30, 2014 04:23:20 PM by 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.
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asajid
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Ayesha S Member Since: Nov 22, 2009

Dec 2, 2013 12:45:07 PM Edited Oct 30, 2014 04:23:22 PM by 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?
oDesk Forum Moderator Always reach for the skies, for even if you fall, you'll still be on the top of the world...
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mmutee
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Mutee u Member Since: Nov 5, 2010

Dec 17, 2013 12:01:30 PM Edited Oct 30, 2014 04:30:59 PM by 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
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