As of October 10, newly opened Skrill and Neteller accounts will face much higher P2P fees on initial transactions.
After the pricing changes in August, we were hoping that Skrill and Neteller will not introduce any new fee changes before the end of the year. However, as of October 10, 2019, there are higher fees for money transfers for new Skrill and Neteller accounts.
Neteller and Skrill charge 1.45 percent for transactions between individuals, who are sending money to their friends, relatives, or colleagues. This has not changed. But, you need to be careful and read the small print.
For Neteller accounts, the following applies:
*A higher one-time fee of 20%, min. USD 30 may apply if you haven’t made any deposit to your NETELLER account, or have deposited only via Skrill, paysafecard or BitPay.
New Skrill users should consider:
*A higher one-time fee of 20%, min. EUR 30 may apply if you haven’t made any deposit to your Skrill account, or have deposited only via NETELLER, paysafecard or BitPay.
Both ewallet providers will show this fee charge only at the end of your transaction process, just before completing your transaction.
What does this mean for new Skrill and Neteller accounts?
The one time P2P transfer fee means that Neteller and Skrill will charge a minimum of 30 USD or 30 EUR for your first transaction. This means that your fee costs might be higher than the amount you are sending.
This fee change applies to all accounts created after October 10, 2019. And it applies to all countries alike.
For accounts created before October 10, the old fee rates apply. Remember those? End of August, Paysafe Group announced changes in pricing, and two different fee systems were introduced,depending on the country of registration of the account. Either a 5 percent lifetime fee or a first transaction fee of 5.25 percent (with a Skrill minimum charge of 10 EUR, and Neteller minimum charge of 10 USD). We have published a list of countries and their applicable fees.
Are higher money transfer fees bad news for all Skrill and Neteller clients?
For the majority of clients, yes, this means that they will have higher costs for their first transaction, after which the regular fee of 1.45 percent per transaction will apply. But, for clients in Costa Rica, Ecuador, Panama, and Paraguay, which were subjected to a 5 percent lifetime fee, this is good news. After the initial transaction with a 20 percent fee charge, the more reasonable cost of 1.45 percent for every following transaction will apply.
What can you do to avoid the money transfer fees?
For example, with the Skrill Affiliate program, your quarterly transactions to a merchant need to reach 15.000 EUR. That is a substantial amount. But, Paynura will already process your VIP upgrade, if your transactions amount to 5.000 EUR.
The Skrill or Neteller Silver VIP status will then unlock further benefits, such as waive P2P money transfer fees.
Would you like to know more about Paynura?
Contact our support team on live chat if you have questions or would like to set up an account.
