If you’re a Skrill user, you might have faced the dreaded issue where you cannot use your Skrill money to make online purchases. It usually happens when you use your Mastercard to deposit funds to Skrill. In this guide we are going to share a great alternative that will solve your problem forever.
In many situations, you might need to use your Skrill money to make merchant transactions such as online shopping, buying service subscriptions etc. If you previously deposited funds into your Skrill account using your Mastercard debit card then most probably you won’t be able to do such transactions.
Skrill clearly states in their policy that they don’t allow Mastercard deposited funds to be used for online purchases and merchant transactions.
However, you can transfer or withdraw the funds from your Skrill account. But that’s not always what users want.
The Solution is “TransferWise”
Transferwise (now known as ‘Wise’) is a relatively new service that solves the problems faced by users using Skrill or even Paypal. Transferwise allows you to open multi-currency accounts via their platforms in a matter of clicks.
Another great thing about Transferwise is the incredibly fast transactions with lowest rates. It’s a great alternative to Skrill and Paypal. You can also use it as your virtual bank account.
How to withdraw money from Transferwise
Withdrawing your funds is very simple with Transferwise. All you need to do is connect your local bank account and send your funds to it. It will just be like transferring money between two bank accounts. Before the withdrawal takes place, you will be notified about the exact amount of time it will take for the funds to reach your account.
How to send money from Skrill to Transferwise
Transferring funds from Skrill to transferwise is very simple. Follow the steps below to successfully transfer money:
- Create an account on Transferwise. HERE’s the link for Signup.
- Verify your identity and submit the required documents.
- Create a multi-currency account and get your virtual bank account details.
- From your Skrill dashboard, send your funds to your Transferwise virtual bank account. It will just be like transferring them to your local bank account.
- Funds transfer will take around 3 to 4 working days.
How to use Transferwise for online shopping / purchases
Once you have received your funds in your Wise account, you can use them however you want. You can withdraw them to your local bank account as well as make online purchases.
However, there’s one more thing you need to do to be able to shop online. You will need to get the Wise Debit Card.
Currently, the debit card is available for select number of countries. Here’s the list of countries where you can get it.
I love the service because it’s incredibly fast and around 7 times cheaper than bank transactions. It also offers a great option to freelancers from developing countries to get their earnings right in their bank accounts. Users from India, Pakistan, Bangladesh and Sri Lanka are shifting to Wise rapidly.