uncleshege:


My Lawd! *sigh* So many ignorant people on this thread!!!!!!!!!!

Let me break it down for you guy!

Skrill doesn't process withdrawal in USD, they convert it to Euro and deduct conversion charges of 3.99% and by the time you add bank charges and the rest coupled with the amount of days you have to wait, you'll realize it doesn't make much sense and is not as lucrative as you're prolly dreaming it is!!!

Simple example, an exchanger buys Skrill @ #430 per dollar up to $1000. Cost price = #430,000

Then he withdraws into his Euro dom accant. Let me calculate what he will get in his dom accant for you...

1000 USD = 942.11 EUR (source: google)

Subtract Skrill's conversion charge: 942.11 - (942.11*3.99/100) = 904.519811

Then Skrill transfers 904.52 Euro to your dom accant here in naija. However there are some bank charges somewhere between when d money leaves skrill to when the money gets to Naija ranging between 5 - 40 Euro but let me be conservative and use 15 Euro bank transfer charges...

So 904.52 - 15 = 889.52 Euro. The exchanger gets approx 890 Euro in his dom accant from a $1000 Skrill withdrawal.

Now to convert to Naira, the exchanger will either transfer the money to a BDC or aboki OR withdraw at the counter and sell to the BDC or aboki all at black market rates... However, naija banks charge 0.5% commission of the amt you wish to withdraw/transfer.

For the 890 Euro after commission is removed, what remains for the exchanger to sell = 890 - (890*0.5/100) = 890 - 4.45 = 885.55 Euro!

As of Friday, BDC rates for Euro is #520. Mutiply that by 885.55 = 885.55 * 520 = #460,486

Hence the exchanger's profit is approximately 460,486 - 430,000 = #30,486 but he'll have to wait for between 3 - 7 days to be able to cash out and make this profit.

I'm sure by now you must have realized it doesn't make much sense to wait this long for such meagre profit when the exchanger can make between 20k to 30k daily re-selling the Skrill @ 450-460...

There's also a time risk associated with doing bank withdrawals. Cos while you're waiting for the money to land what if something happens, maybe a new policy comes out that crashes the prices of these foreign currencies? The person might even run @ a loss!

Of course there are some people who withdraw the skrill they purchase to their dom accants. However, I just wanted to EDUCATE those who dont know that even doing this doesn't automatically translate into an ENORMOUS or GIGANTIC profit!

So biko, u pple should just calm down small ehn

Thank you for the informative piece.

However the Yoruba people have a saying which I will translate into English

Eko seller you say you dont make profit but you keeps changing clothes.

Bottom line we can deny these folks are making money.



Have a nice Sunday.

uncleshege:


My Lawd! *sigh* So many ignorant people on this thread!!!!!!!!!!

Let me break it down for you guy!

Skrill doesn't process withdrawal in USD, they convert it to Euro and deduct conversion charges of 3.99% and by the time you add bank charges and the rest coupled with the amount of days you have to wait, you'll realize it doesn't make much sense and is not as lucrative as you're prolly dreaming it is!!!

Simple example, an exchanger buys Skrill @ #430 per dollar up to $1000. Cost price = #430,000

Then he withdraws into his Euro dom accant. Let me calculate what he will get in his dom accant for you...

1000 USD = 942.11 EUR (source: google)

Subtract Skrill's conversion charge: 942.11 - (942.11*3.99/100) = 904.519811

Then Skrill transfers 904.52 Euro to your dom accant here in naija. However there are some bank charges somewhere between when d money leaves skrill to when the money gets to Naija ranging between 5 - 40 Euro but let me be conservative and use 15 Euro bank transfer charges...

So 904.52 - 15 = 889.52 Euro. The exchanger gets approx 890 Euro in his dom accant from a $1000 Skrill withdrawal.

Now to convert to Naira, the exchanger will either transfer the money to a BDC or aboki OR withdraw at the counter and sell to the BDC or aboki all at black market rates... However, naija banks charge 0.5% commission of the amt you wish to withdraw/transfer.

For the 890 Euro after commission is removed, what remains for the exchanger to sell = 890 - (890*0.5/100) = 890 - 4.45 = 885.55 Euro!

As of Friday, BDC rates for Euro is #520. Mutiply that by 885.55 = 885.55 * 520 = #460,486

Hence the exchanger's profit is approximately 460,486 - 430,000 = #30,486 but he'll have to wait for between 3 - 7 days to be able to cash out and make this profit.

I'm sure by now you must have realized it doesn't make much sense to wait this long for such meagre profit when the exchanger can make between 20k to 30k daily re-selling the Skrill @ 450-460...

There's also a time risk associated with doing bank withdrawals. Cos while you're waiting for the money to land what if something happens, maybe a new policy comes out that crashes the prices of these foreign currencies? The person might even run @ a loss!

Of course there are some people who withdraw the skrill they purchase to their dom accants. However, I just wanted to EDUCATE those who dont know that even doing this doesn't automatically translate into an ENORMOUS or GIGANTIC profit!

So biko, u pple should just calm down small ehn

Kudos for your analyssis

But how much is euro at aboki side

Doyinlawal:
NETTELER AVAILABLE @470 IF U NOT BUYING NO CONTACT ME..

That's the price ooo..no negotiation

dragnet:

I don become your secretary niyen abi

indirectly

.

kevinberry:
hello do you buy bitcoins less than 0.005,I want to sell 0.0042

Drop ur contact.

dralemania:
Final Deal. $720btc available at 505/$ ( pls don't Cal me to come and be accusing me that my price is too high. ask them oga at the top wey dey buy here everyday where dem dey sell am. U think say na #2 dem dey sell am fr there?)

I need 1btc asap

Doyinlawal:


Skrill will probably close your account and deduct repair fee of 120 dollars and ask u to withdraw d money bk to your naija account. And will convert the dollar using cbn rate of 310

What are they repairing with 120$ Biko?
Those pple are real mofo

why people come dey talk say gtb no dey go, make dem no confuse us now

Hussein53:


Just loaded my Skrill account using GT bank MasterCard
Like 20 mins ago

101$-5000$ SKRILL NEEDED AT 435/$

ANYTHING BELOW IS SLIGHTLY NEGOTIABLE

CALL OR WHATSAPP

Its high time you released the bitcoins now sir. I have waited enuf... Pls release d coins asap

kyrios:
? I responded already

another deal done and dusted with kaboninc, i never press send, i don receive alert, na juju you use send money ni bros

crazo:
another deal done and dusted with kaboninc, i never press send, i don receive alert, na juju you use send money ni bros

Lool.. .

This guy fa...

Durosure:


Buyers like 3rnest

Shut up

HazzanTazzan:


What are they repairing with 120$ Biko?
Those pple are real mofo

not 310 but 285

nifty247:
Its high time you released the bitcoins now sir. I have waited enuf... Pls release d coins asap

you need to wait till tomorrow 8am

KealDrogo:
Can anyone buy my $7.5 skrill I know it is too small but I'm in need of money right now.

Please quote me let's negotiate for a reasonable price.

whatsapp me

$260 btc available at 495. Not negotiable please.

whatsapp 07086865022.

come with your escrow or send first

nifty247:
Its high time you released the bitcoins now sir. I have waited enuf... Pls release d coins asap

Bros give the brother his btc now...since yesterday we he Don pay u

dragnet:

whose tested and trusted? please be wary of what you post or ascribe to the moderators and nairaland as a whole.

Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.

I see so even a guy like him that has traded with some of the popular traders here since 2013 is suddenly now a pariah? Anyway focus on the crime rather than the trusted tag which seems ultimately useless!

khassy:


Na why I say he be morafckerr

Na still datgirl on yellow and blue jean he d use abi

EniolaDamola

EniolaDamola

EniolaDamola


Na woman go kill you last last

So na nigga him be sef.....

ForFun:


Shut up

Okay sir...

make i ask nah ur Brother... e b like sey this thing pain uu gann.... or nah the money from skrill e dey pay ur all of una bill

Boss why should I wait till tomorrow 8:00am when he already know where the money is? Pls my client is disturbing me seriously for d coins. Kindly tell him to release d coins asap more than 24hours now.

Singapore1:

you need to wait till tomorrow 8am

inspektor:
$260 btc available at 495. Not negotiable please.

whatsapp 07086865022.

come with your escrow or send first

Hey.. .

Help his ministry naa... Naija is hard!!

signature2012:


Rate!!!The guy was offering 440,I told him if he can supply skrill worth $5,000 we can deal if not he should enter the wall.

He only has $97 and want to sell for 440.Can you imagine?

nifty247:
Boss why should I wait till tomorrow 8:00am when he already know where the money is? Pls my client is disturbing me seriously for d coins. Kindly tell him to release d coins asap more than 24hours now.

he said the money is placed on debit order.. meaning there is something wrong with the transaction ( this occur when they notice fraudulent activities which is either from him or the sender )

and by the way.. did he show you his statement?

uncleshege:


I more or less started this debate with my response to Dealership some days ago and I had no intention of wading into the convo when pple started talking about it ( cos mhen no time for play ) but you raise a very good point here and I wish to address it...

Let's assume you're absolutely correct and a Skrill exchanger resells as high as 460;

If he buys @ 430 and sells @ 460, he would be making a gain of approximately #30 per dollar...

However, the people who sold to him will be making a gain of approximately #110 per dollar!

Don't you think that's good enuf for the peeps uploading and selling? A gain of approx #110 per dollar??

Yes some peeps work freelance to get their Skrill (I am also one of them) but again let's be realistic, for all these work we do freelance ehn, at an exchange rate of #430 per dollar we still make more than if we were do to the same type n calibre of job as a regular employee or even on contract here in Naija!

Now some exchangers go the extra mile and use their Skrill to purchase bitcoins. At the current going rate of around #500 per dollar for BTC, an exchanger like that will be making approximately #70 per dollar. But mind you the charges on buying BTC with skrill or a debit card are enormous! So at the end of the day you may find that the profit margin using skrill or payoneer or a debit card to buy BTC may be just about #30 - #40 per dollar!

IN MY OWN HONEST OPINION, I do not think this is too much profit for an exchanger to be making as they have to risk their money every time. Skrill or Payoneer or Paypal can come n decided to block their accant tomorrow (case in point, TopupGold and Neteller), BTC price may crash within minutes and so on...

At the end of the day, we will all be all right

Cheers...


PS: I'm not trying to defend TopupGold ooo. I strongly believe TopupGold should pay the pple it has this whole Neteller ish with cos the same thing happened with my Payoneer accant last year and I still paid the guys that sold to me. It's my cross and part of the risks I have to take being an exchanger, so I bore it.

WELL SAID BRO

Dealership:
WELL SAID BRO

I can see posts upanda against you, yet you never responded. Is this a kind of acceptance

If yes, expect your details in black book (scammers list) within 24hrs from now


thanks

Dealership:
WELL SAID BRO

no be you dem dey accuse ?

You people should just stop burging Gtb with Skrill question already. If your card works, fine and if not just go get another card. Chikeenan!!!

BlackNigerian:
Me am confused with this whole GTB and skrill wahala....GTB just confirmed on their Facebook page that they no longer allow their cards on Skrill...

momentarylapse:



Cc: Puskin and Dragnet and seuno4

Another of una tested and trusted don go rogue!


FOPDNEWTON a.k.a DEALERSHIP

dragnet:

whose tested and trusted? please be wary of what you post or ascribe to the moderators and nairaland as a whole.

Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.

You already spoke my mind @ Dragnet.

Even if Tabbaz or singapore1 become thief today, it's no mod or anybody business. Na you chose to trust them, nobody force you.

As a member trying to assist others, I think @momentarylapse should be more constructive in his post rather than being destructive.

Dealership:
101$-5000$ SKRILL NEEDED AT 435/$

ANYTHING BELOW IS SLIGHTLY NEGOTIABLE

CALL OR WHATSAPP

AVAILABLE