Recently, I wanted some balance on my Skrill account. I used an exchange service. I sent 70 USD via Paypal to the exchange service and then received 62.3 USD on my Skrill account. Skrill converts balance to Euro and charges currency conversion fees and well as receiving fees. I ended having 52 Euro. I wanted funds on my Skrill account in order to fund my mobile wallet. Therefore, I sent Skrill balance to my mobile wallet and had to pay 1.11 Euro. When I received money on my wallet, I spend total $15 as exchange fees.
A couple of days ago I had also exchanged funds using Payeer and lost just about $10 while trying to exchange $80 worth of Litecoins
What do you think about the currency exchange fees charged by payment gateways?
I’ve had similar experiences where I sent money to a service like Skrill or Payeer and ended up with much less than expected. The exchange rate itself can be a big factor too — often, it’s not just the fees but how they manipulate the rates to their advantage. When converting USD to Euro, for instance, the rate they offer might not be as favorable as what you’d see in the market.
I sent $100 via PayPal to exchange for crypto, and by the time I got the funds, I was down about $15 due to the exchange rates and hidden fees. It’s crazy how much these fees stack up, especially when you’re just trying to move money around. I think the real issue with these services is that the exchange rates they offer often aren’t the best. It’s tough to get a fair deal when they convert currencies at rates that seem to work in their favor. I’ve been looking into other options to minimize these fees, and I came across this site, https://ownersclubfx.com/, which seems to have better rates. Not sure if it’s the perfect solution, but it’s worth checking out.