Skrill & NETELLER Announce Fee Changes Effective in October

In Payments by on August 25, 2016

Step by step, slowly but surely, the once convenient to use Skrill and Neteller are taking a different shape. That said, the infamous payment methods among online casino operators, yet very popular among casino players are making seemingly unimportant changes the price of their services.

Seemingly, but your wallet will feel the effect starting on 1st of September of 2016. Skrill is a subsidiary of Neteller, which means the online casino market is dominated, controlled by a monopoly, at least in the casino banking area.

Changes in Neteller’s Price Board

They take it as the sky’s the limit for their fees. In May of this year, Neteller already changed the fee for ATM withdrawals using a NET + Prepaid MasterCard from a fixed charge to a 1.75% fee of the total amount that’s transferred.

In October 2016 Neteller’s instant money transfer service fee goes up, it almost doubles from 1% to 1.9%. Don’t forget that there’s a cap fee of 20. Regardless, this is a significant increase that will affect the majority of Neteller users, especially casino players. In order to reach the threshold of $20 and take advantage of the cap amount you’ll have to deposit more than 1,052, which to be honest, happens rather rarely. Furthermore, in order to utilize this service, the recipient must have a Neteller account.

A few months ago, when the last changes took place, Neteller didn’t change the foreign currency exchange fee. However, this time around, it’s being increased and it’s being increased significantly as well. After October, instead of paying 3.39% of the total amount in exchange fees, be prepared to incur a fee of 3.99%. This change will affect all card purchases, ATM withdrawals and online purchases that do not accept your local currency.

Lastly, Neteller also decided to increase the fee when you fund your Neteller account from Skrill. It goes up from 1.9% to staggering 3%. It seems like casino players will have to migrate to Neteller for good. If you’re part of the VIP community of Neteller, certain fees will be decreased.

Skrill Follows the Lead – Fees Are Going Up

Besides the aforementioned changes Neteller’s fees which will affect Skrill users as well, Skrill’s also increasing other fees. For example, after October 16th the inactivity fee goes up from €1 to €2. The currency conversion of Skrill was 2.99%, now it goes up to 3.99%, it will be evened out with Neteller’s fee. Bank withdrawals will be charged €5.50.

In order to make your transactions efficient, we recommend you to stick to only one payment method of the two. For example, if you have any remaining funds in your Skrill account, send them over to your Neteller account. Use your Neteller account exclusively. This way you’ll be spared from the high 3% fee.

Expected Aftermath of The Fees Increase

Skrill and Neteller are versatile payment methods, whose customer base consists of a lot of casino players. They are the go to payment methods for players from all around the world. Despite the fact that the majority of online casinos does not accept them as qualifying payment methods for bonuses, they’re still rather popular. Online casino players will most likely cave in, at least for some period, before they look for other options like EcoPayz for instance.

As an affiliate your hands are pretty much tied. Bank wire transfers tend to come with higher minimum withdrawal limits. Once these changes come into force, you’re going to be forced to pay the extra fees.

We honestly hope that their competitors like EcoPayz will do something about it and expand. After all, it’s a more affordable payment method, nevertheless.