Exploring the New Skrill Multi-Currency Feature

Published March 2, 2020 by Mike P

Exploring the New Skrill Multi-Currency Feature

You might not have realised, but it’s now possible to store and transact in multiple foreign currencies from the same Skrill account.

Skrill has long been used by bettors to transfer funds to and from their online gambling accounts. In the past, however, the eWallet hasn’t been so simple to use if bettors want to play in more than one currency. And this has been an issue for those who want the freedom to seamlessly switch between global currencies.

Multiple Currencies, One Skrill Account

Until now, the only mainstream solution has been to hold more than one separate Skrill account. It must be noted, however, that Skrill Silver VIPs have been afforded the functionality of holding multiple currencies, but this hasn’t been previously possible for standard user accounts.

From now on, all Skrill users will be able to store additional currencies alongside the core currency selected when creating their eWallet account. Functionality will be in place to add new currencies to an account by depositing with a credit card, and doing this in advance can help to streamline future transactions and minimise foreign conversion fees.

Currency Conversion Fees

The advantage of creating a new currency account is that no currency conversion fee will be applied when funds are received. If a new account hasn’t been created, then the funds will be sent to the primary currency and a conversion fee will be incurred.

Currency conversion fees start at 3.99% for standard users. VIPs, meanwhile, can expect 3.79% at Bronze, 2.89% at Silver, 2.59% at Gold, and 1.99% at Diamond level. Just to be clear, there’s no way of avoiding currency conversion for Skrill MasterCard or cryptocurrency, as these are handled only by the core account.

What’s interesting about this new feature is that it won’t be available to NETELLER users, despite the eWallet being owned by Paysafe Group, which is also responsible for Skrill. Moving forward, multiple Skrill account holders can contact the payment provider for advice on consolidation.

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