Money transfer in Kenya has benefited heavily from the mobile money transfer platform M-Pesa. What started off as a mobile-to-mobile money transfer platform has grown to become an international money transfer option with transactions going into billions of shillings each day.
The integration of Skrill with M-Pesa through M-Pesa Global allows customers to send and receive money between the two platforms with ease.
To deposit money from M-Pesa to Skrill, you’ll need to log into your Skrill account, you need an account with EastPesa then follow the normal M-Pesa Paybill method. This method generates an account and Paybill number as you use it.
How to Transfer Money from M-Pesa to Skrill
Loading your Skrill account from your M-Pesa account is not direct. Safaricom have not yet provided a direct solution as part of their Mpesa Global solutions. Regardless, there’s a workaround for depositing money from your Mpesa to Skrill and I’ll show you how to go about it.
Here’s how to deposit money into your Skrill account from Mpesa:
- Load your M-Pesa account with the amount of money you want to load into your Skrill account. Ensure you have factored in the charges and exchange rate if the Skrill account currency isn’t Kenyan shillings. You can check for the amount you’ll get in dollars through the EastPesa rate checker.
- Click on the ‘Get Started’ button in your EastPesa account to start the transfer.
- On your M-Pesa menu, go to the Lipa na Mpesa option then the Paybill section. Enter the Paybill number generated on your EastPesa online page.
- For the account number, the system (the online EastPesa page) will generate an account number for that transaction.
- Enter the amount you wish to transfer in your M-Pesa account, enter your PIN number and send the request.
Your Skrill account should be loaded instantly with the amount you sent with the balance reflecting in dollars or other currency you’d have chosen. If the amount doesn’t reflect immediately, your EastPesa online platform will show you the status of the transaction indicating when the amount will reflect.
The EastPesa platform is a global mobile money transfer service currently available for most East African countries on Tigo, Safaricom, MTN and Airtel.
How to Open a Skrill Account
The first thing you need to do for this to be possible is getting yourself an active Skrill account. The assumption here is that you already have an active M-Pesa account.
Here’s how to open a Skrill account from Kenya:
- Go to the accounts page on Skrill to create your free Skrill.
- You’ll be presented with a form to fill online. Enter the details needed keeping in mind that the information is for official purposes. Among the details to fill in include your name, country and the currency you prefer. Be careful when choosing the currency of preference since you can’t change it once you’re done with the application process.
- You’ll then upload your document of identity. For Kenya, the identity document is your national identity card (ID). You’ll need a clear scan of both sides of the ID for this process.
- The street address will also be required. For this option, you can enter any major street in Nairobi since most Kenyan households don’t have street addresses yet.
- Add your phone number to complete the process. This should preferably be the number you use most and, in this case, the one you’ve registered with your M-Pesa account.
You may be needed to verify your account through your email address or phone number. To use your Skrill account with M-Pesa, you’ll need to link the two in the stages shown below.
How to Link Your Skrill Account to Your M-Pesa Account
The account-linking process is as follows:
- When setting up your account, you’ll be sent a confirmation link to your registered email account. Go to your email inbox, locate the link and click on it.
- After confirming your account, go to the section for ‘Cards and Bank Account.’ Go to the ‘Credit/Debit card’ section.
- Choose the ‘Mobile Wallet’ option then ‘Add Mobile Wallet’ as your choice.
You’ll be prompted to enter your preferred M-Pesa number after which you’ll save the changes. Your Skrill and M-Pesa accounts will be linked and you can send money between them.
When making transactions to and from your Skrill account, there are some charges you need to take into consideration. They include the following:
1. Uploading funds
For local payment methods such as bitcoin, bank transfer, fast bank transfer, Klarna, Neteller, Paysafe:cash, Trustly and others, you’ll be charged 1% of the amount you’ve uploaded.
For global payment methods such as American Express, Diners Club International, JCB, MasterCard, VISA, SWIFT, and Paycash:card, the charges are also 1% of the amount uploaded.
2. Withdrawing Funds
When using local payment methods to transact, you’ll part with GBP 4.76/EUR 5.50 for bank transfers and 7.5% for VISA transfers.
For global payment methods such as SWIFT, the price is also GBP 4.76/EUR 5.50.
This amount is fixed no matter the amount you send.
3. Sending Money
Skrill charges between 1.45% and 5.50% of the amount you’re sending as a sending fee.
There are no fees for sending money to a bank account or receiving the money.
4. Currency Conversion
If the transaction you’re making involves a currency conversion, you’ll incur a fee of 3.99% of the amount you’re transacting.
5. Inactivity Fee
If you don’t use your account for a period of more than 12 months, it’ll become inactive and will cost you EUR 5.00 each month. That amount will be deducted from the balance you have or be counted as a negative amount against your account.
To prevent this, you’ll need to login or make a transaction at least once a year with your account. Receiving money in your Skrill account is a transaction as well.
Skrill is favored by customers mainly due to its low fees and fast transactions. With an account, you’re guaranteed transparent transactions in multiple currencies. With its link to most mobile money transfer platforms, Skrill grows handier by the day.