Transferring money between different online payment platforms can sometimes feel like navigating a maze, but don't worry, we'll walk through the process of moving funds from Skrill to PayPal step by step. While a direct transfer isn't typically offered, there are a few reliable workarounds.
Let's get started with the first crucial step!
Step 1: Understanding the Limitations and Exploring Options
Directly transferring funds from Skrill to PayPal isn't a standard feature provided by either platform. This means we need to explore alternative methods to achieve our goal. The most common and generally reliable ways involve using a bank account as an intermediary or, in some cases, utilizing specific third-party services.
- Why no direct transfer? Both Skrill and PayPal are independent financial institutions with their own operational frameworks and security protocols. Direct interoperability for fund transfers isn't usually a priority for such competing services.
- Our main strategies:
- Using a Bank Account: This is often the most straightforward and widely accessible method.
- Exploring Third-Party Services: Some specialized online services might facilitate this type of transfer, though it's crucial to research their reliability and fees.
For this guide, we'll primarily focus on the bank account method as it's generally the most dependable.
Step 2: Preparing Your Skrill and Bank Accounts
Before initiating any transfer, ensure both your Skrill and bank accounts are properly set up and verified.
2.1 Verifying Your Skrill Account
A verified Skrill account is essential for making withdrawals. If you haven't already, you'll need to complete the verification process, which usually involves:
- Providing personal details (name, address, date of birth).
- Verifying your email address.
- Linking and verifying your bank account(s) and/or credit/debit card(s).
- Potentially submitting proof of identity (e.g., passport, driver's license) and proof of address (e.g., utility bill).
Follow the on-screen instructions within your Skrill account to complete the verification process. This might take a few business days.
2.2 Ensuring Your Bank Account is Linked to Skrill
To withdraw funds from Skrill to your bank account, you need to have your bank account details linked to your Skrill profile. Here's how you typically do it:
- Log in to your Skrill account.
- Navigate to the "Cards and Bank Accounts" or a similar section.
- Click on "Add Bank Account."
- Enter your bank account details accurately, including the account holder's name, account number, sort code (for UK banks), SWIFT/BIC code, and IBAN (for international transfers).
- Skrill might require you to verify your bank account, often by sending a small test deposit that you'll need to confirm.
Step 3: Withdrawing Funds from Skrill to Your Bank Account
Once your bank account is linked and verified, you can proceed with the withdrawal.
- Log in to your Skrill account.
- Go to the "Withdrawal" section. This might be located under "My Account" or "Transactions."
- Select your linked bank account as the withdrawal method.
- Enter the amount you wish to withdraw. Be mindful of any withdrawal limits and fees that Skrill might apply. These fees can vary depending on your location and the currency.
- Review the details carefully before confirming the withdrawal.
- You will likely receive a confirmation email from Skrill once the withdrawal is processed.
The time it takes for the funds to appear in your bank account can vary depending on your bank and location, typically ranging from 1 to 5 business days.
Step 4: Transferring Funds from Your Bank Account to PayPal
With the funds now safely in your bank account, the next step is to transfer them to your PayPal account.
4.1 Linking Your Bank Account to PayPal
If you haven't already, you need to link the same bank account you withdrew to from Skrill to your PayPal account.
- Log in to your PayPal account.
- Go to the "Wallet" section.
- Click on "Link a bank account."
- Enter your bank account details
1 accurately, ensuring they match the details you provided to Skrill. - PayPal might also require you to verify your bank account, often through a similar process of small test deposits.
4.2 Adding Funds to Your PayPal Account from Your Bank
Once your bank account is linked and verified, you can add funds to your PayPal balance.
- Go to your PayPal "Wallet."
- Click on "Add funds" or a similar option.
- Select your linked bank account as the source of funds.
- Enter the amount you want to transfer to your PayPal account.
- Review the details and confirm the transfer.
The time it takes for the funds to appear in your PayPal balance from your bank account can also vary, usually taking 1 to 3 business days.
Step 5: Considering Third-Party Services (Use with Caution)
While the bank account method is generally recommended, some third-party online exchange services claim to facilitate transfers between Skrill and PayPal.
- Research is key: If you choose to explore this option, conduct thorough research on the service's reputation, security measures, fees, and transfer times. Look for independent reviews and ensure the service is legitimate and trustworthy.
- Potential risks: Using unverified or unreliable third-party services can expose you to risks such as fraud, high fees, and delays in receiving your funds.
- How they might work: These services often act as intermediaries, receiving funds from your Skrill account and then sending a corresponding amount (minus their fees) to your PayPal account, or vice versa.
Proceed with extreme caution if considering third-party services and always prioritize security.
Step 6: Managing Fees and Transfer Times
It's important to be aware of the potential fees and the time it takes for each step of the transfer process.
- Skrill Withdrawal Fees: Skrill typically charges fees for withdrawals to bank accounts. These fees vary depending on your country and the currency. You can find the specific fees listed on Skrill's website.
- Bank Transfer Times: As mentioned earlier, bank transfers usually take 1 to 5 business days for Skrill withdrawals and 1 to 3 business days for adding funds to PayPal.
- PayPal Fees (for receiving): While adding funds to PayPal from a linked bank account is usually free, be aware of potential fees if you are receiving money into your PayPal account from other sources or if currency conversion is involved.
- Third-Party Service Fees: If you opt for a third-party service, they will likely have their own fee structure, which you should understand before using their services.
Factor in these fees and timelines when planning your transfers.
Step 7: Double-Checking All Details
Before confirming any transaction at any stage, always double-check all the details you've entered, including:
- Bank account numbers and sort codes/SWIFT/BIC/IBAN.
- The amount you are transferring.
- The recipient details (if applicable, though in this case, it's your own accounts).
Even a small error can lead to delays or complications in the transfer process.
Step 8: Keeping Records of Your Transactions
It's good practice to keep records of all your transfer transactions, including screenshots of confirmations, transaction IDs, and dates. This can be helpful if you encounter any issues and need to contact customer support for either Skrill or PayPal.
Step 9: Being Mindful of Currency Conversion
If your Skrill account, bank account, and PayPal account use different currencies, you will likely incur currency conversion fees at one or more stages of the process. Both Skrill and PayPal have their own exchange rates and fees for currency conversion, which might not be the most favorable. Consider this cost when planning your transfer. You might explore options within your bank or third-party services for potentially better exchange rates, but again, research thoroughly.
Step 10: Staying Informed About Policy Changes
Payment platforms like Skrill and PayPal can update their policies and fees periodically. It's a good idea to stay informed about any changes that might affect your ability to transfer funds or the associated costs. Regularly review their terms of service and fee structures.
How to... Frequently Asked Questions
How to link my bank account to Skrill?
Log in to your Skrill account, go to "Cards and Bank Accounts," click "Add Bank Account," and follow the instructions to enter your bank details. You might need to verify it with a test deposit.
How to withdraw money from Skrill to my bank account?
Log in to Skrill, go to the "Withdrawal" section, select your linked bank account, enter the amount, and confirm the transaction.
How long does a Skrill withdrawal to a bank account take?
Typically, it takes 1 to 5 business days for the funds to appear in your bank account.
How to link my bank account to PayPal?
Log in to your PayPal account, go to "Wallet," click "Link a bank account," and enter your bank details. PayPal might also require verification.
How to add funds to PayPal from my linked bank account?
Go to your PayPal "Wallet," click "Add funds," select your linked bank account, enter the amount, and confirm the transfer.
How long does it take to add funds to PayPal from a bank account?
It usually takes 1 to 3 business days for the funds to reflect in your PayPal balance.
How to find out the withdrawal fees on Skrill?
Log in to your Skrill account and navigate to the "Fees" section or consult their official website for the most up-to-date fee information.
How to check the fees for receiving money on PayPal?
Log in to your PayPal account and go to the "Fees" section or refer to PayPal's official fee schedule for details.
How to use a third-party service to transfer from Skrill to PayPal?
Research reputable third-party exchange services, create an account with them, and follow their specific instructions for initiating a Skrill to PayPal transfer. Be extremely cautious and verify their legitimacy before using their services.
How to deal with currency conversion fees when transferring between Skrill and PayPal?
Be aware of the exchange rates and fees charged by both platforms. You might explore options with your bank or specialized currency exchange services, but always compare rates and fees carefully.