Skrill/Moneybookers Deposit Overview
Skrill is formerly known as Moneybookers. They are in the processes of changing the brand name. www.Skrill.com is our favorite deposit option. It is an online wallet that once set up allows for the fastest and most reliable method of funding trading sites for Indian traders. We like their low fees, trusted reputation, and good customer service. Neteller and Webmoney are viable alternatives, but we find the fees at Skrill to be more favorable.
The major downside to ewallets is that they take some time to create and fund the account initially. For many Indian traders, it may be the only viable option to use trading sites for real money. However, after you create and fund your account, they are worth it. They make banking with banking sites so easy. They can be used for other online purchases as well.
How it Works
As mentioned before, Skrill is an ewallet (online wallet) that allows traders to quickly deposit and withdraw funds with online trading sites. It does take a bit of time to set up the account, but once you have transferred funds to the ewallet, transactions to and from trading sites are a snap. It is a great option for Indian traders looking to safely and quickly deposit/withdraw from online trading sites.
Fees: Deposit, Transfer, and Withdraw
Like all ewallets, the fees depend on the transaction and method. However, compared to other ewallets, Skrill fees tend to be lower.
Funding Skrill Account: FREE – 1%
It is free to fund your Skrill account using a bank transfer. However, there is a fee of 1% if you use a credit card.
Transfers From Trading Sites: Free
Skrill does not charge any fees to receive transfers from trading sites or other Skrill account holders.
Withdrawals from Skrill: Free – 7 EUR
If you withdraw via SWIFT transfers, you will not be charged, however there are fees for withdrawing by check of 7 EUR. Note: the check will come in USD, GBP or INR.
Why Use Skrill/Moneybookers?
Being an ewallet, www.Skrill.com provides multiple advantages to other deposit methods. Once the account is set up and funded, depositing is extremely reliable. If you have funds in your Skrill account you will have no problem depositing onto a site that accepts the Skrill deposit option. Compared to other deposit options, it is the most reliable by far for Indian traders.
Lowest fees for ewallets: Moneybookers has the lowest fees per transaction. While Moneybookers does charge a small fee for transfers, it offers the lowest withdrawal fees from ewallets to your bank account. This works out for those who are small stakes traders. If you deal in larger amounts, Neteller may be a better choice.
Privacy: Ewallets are preferred for many traders for some degree of privacy. If you bank directly with a trading site or other merchant, most transactions will show up on your bank or credit card records listing the name of the site. However, if you fund your ewallet and do all of your banking with trading sites from there, the only transactions to and from your bank account will be with the ewallet.
Also see our favorite ewallet, Neteller.