February 13th, 2017
Paysafe, the company that prides itself on moving billions of dollars around the world through its various payment options, is set to increase the fees for all of its services, including Paysafecard, NETELLER and Skrill.
The cost changes, due to come into effect on 6 April 2017, come less than a year after fees were increased in July 2016 for withdrawal options from banks or credit cards. There were also alterations in October 2016, which increased the commission fees for transfers between Paysafe services, as well as an increase in fees for currency conversions.
The announcement of the fee increases coincides with Paysafe's report that it predicts its 2016 financial results to be above market expectations and that revenue is anticipated to exceed $1 billion for the first time in the company’s history. It also estimated that earnings before interest, tax, depreciation and amortisation (EBITDA) would reach over $300 million for the first time.
Paysafe's flagship payment service is not seeing an increase, so the existing fees still stand:
Paysafecard also has a prepaid MasterCard option, which comes with its own set of fees.
From 6 April 2017, there will be an increase on the payment methods used to fund a NETELLER ewallet account:
Players who continue to use NETELLER may wish to look into the discounts on offer.
Skrill will see similar fee increases to NETELLER, which will also change from 6 April 2017:
In addition to these similar changes, Skrill is adding additional fees based on the location of the transfer. Previously, it was free to receive funds into your Skrill account, but from 6 April there will be a 1% fee to receive money from accounts based in the following countries:
Albania, Argentina, Armenia, Azerbaijan, Bangladesh, Belarus, Bosnia & Herzegovina, Brazil, Bulgaria, Cambodia, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, Czech Republic, Egypt, Estonia, Georgia, Greece, Hungary, Iceland, India, Indonesia, Israel, Japan, Kazakhstan, Kenya, Kuwait, Latvia, Lithuania, Macedonia, Malaysia, Mexico, Moldova, Montenegro, Nigeria, Oman, Pakistan, Peru, Philippines, Romania, Russia, Saudi Arabia, Serbia, Seychelles, Slovenia, South Africa, South Korea, Sri Lanka, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, Uruguay, Venezuela, Vietnam and Taiwan.
The inactive fee for personal accounts, which comes into effect once an account has been inactive for 12 months, is also increasing from €2 to €3 for each month of inactivity after the first year.
For any business that uses a Skrill Merchant Account, this inactive timescale is being halved from one year to six months. If no funds have been uploaded, withdrawn, sent or received from a Merchant account, it will incur an inactivity fee of €100 per month.
One way to avoid fees is to use a direct bank transfer. If the online casino is based in the same country as the player, no fees should be incurred through this method. However, payments are not always immediate and can sometimes take several days to arrive.
Most banks will not charge for using a debit or credit card to make an online bet, again provided the casino is registered within the same country. Players may be charged a fee by the casino, though, as well as interest payments on the credit card if it's not paid up in full by the end of that statement period.
For those who do not wish to transmit their bank account information or card details, one alternative would be to use PayPal. It's free to send money via PayPal, as long as there's no currency conversion involved. PayPal does charge a small fee if you use a credit card to fund it, so as long as it's tied to a bank account, it should be fee-free.
There are also other instant payment services that operate in a similar fashion to PayPal, such as ClickandBuy, Click2Pay and iDebit. These services allow players to create a buffer between their bank details and their gambling account and, again, do not charge unless there's a currency conversion.
Although not readily accepted, crypto-currency Bitcoin is becoming more popular because it bypasses banks altogether; as there is no middle man, there are no fees at all. If you're looking to deposit with an online casino offering Paysafe payment options before the fees take hold, head over to Coral Casino today!