So today the topic is Skrill South Africa. Majority of forex and binary Options traders are familiar with Skrill moneybookers as an ewallet. We used it to deposit and withdraw our trading funds and some. However I decided on posting an article on a recent experience when trying to withdraw funds from Skrill to my FNB account.
What a mission! Anyway before going in much further lets give you a brief background on Skrill. Now please note this is not a review on Skrill but rather how its works with our local banks hence the title Skrill South Africa.
Skrill has been making digital payments simple, secure and quick since 2001. Previously known as Moneybookers a world-leader in developing global payment solutions for people’s business and pleasure, whether they’re depositing funds on a trading site, buying online or sending money to family and friends. Skrill met the needs of businesses worldwide, helping them build a global customer base and drive growth. Skrill is a truly global company. Based at London headquarters and offices throughout Europe and the US, Skrill staff of over 500 represents more than 30 nationalities. Many traders are looking for good ewallets.
Deriv withdrawal methods, as well as brokers such as IQ Option South Africa and Binary.com South Africa, provide South African traders the use of Skrill for deposits and withdrawals in binary options.
Together with Skrill, PayPal is among best-known e-wallets and it is frequently used by binary options traders, both in South Africa and globally. It was founded in 1998 and since then they have grown into one of the largest Internet payment companies.
According to the latest information, PayPal is servicing 202 markets and their customers may hold, receive and send funds in 25 currencies. They also provide a mobile app which is suitable for Android and iOS.
All the above payment methods are suitable for both deposits and withdrawals in binary options South Africa it is most common that brokers will charge fees for bank wire withdrawals though is also becoming more frequent that brokers offer first withdrawal in a month free of charge.
Skrill Withdrawal To FNB
Using Skrill with FNB is basically impossible. recently upon trying to withdraw to my FNB account via wire transfer from Skrill It was very disappointing to find that my funds never cleared and was returned to Skrill minus charges. Tried to withdraw directly to my FNB cheque card also and same thing. When I called FNB they advised that they are having a lot of issues with Skrill as they pay with the incorrect Forex format. Hence due to that FNB returns the funds to your Skrill account. End of the day you end up paying a ton of fees and still don’t receive your money.
The fees are actually insane due to the back and forth sending and returning of funds. to see more check Skrill Fees.
Opening a Skrill account is simple, straightforward and free. Interested South African traders have to provide an email address and then create their password, and provide personal info and the account will be created. For a retailer that accepts Skrill, no fee will be charged. Hence it is used widely by the successful binary traders in South Africa.
According to the information available on their site, the same goes for receiving money on the Skrill account while uploading funds onto the Skrill account is usually free or there might be some small charge. Sending money with Skrill wallet is charged with 1.9% of the sent amount and the charge will never exceed €20.
It is also possible to obtain Skrill Prepaid MasterCard which does not require any document and is available in four different currencies – GBP, EUR, USD and PLN.
Skrill Supported Banks In South Africa
- Standard Bank Yes
- Nedbank No
- FNB No
- ABSA No
- Capitec No
Note: To deposit with IQ option, you can now use above listed banks directly. No more complications with Skrill
To Conclude Skrill South Africa
The short and sweet of it is. If you live in South Africa you better of using neteller. Its accepted nationally and saves you tons of cash on charges and such. Especially for Trading you don’t want delays.
We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10!
Between 74-89 % of retail investor accounts lose money when trading CFDs