Have anyone tried to convert Crypto to INR using Neteller or Skrill?

[TigerMart]

If yes, how is the overall experience apart from the premium cost, which I am already aware of? Have you faced any issues with KYC or adding your bank a/c or transferring INR to it?

[eaLiTy]

If yes, how is the overall experience apart from the premium cost, which I am already aware of? Have you faced any issues with KYC or adding your bank a/c or transferring INR to it?

Apart from the huge conversion and transaction charges everything was smooth, it would take a few hours or days for the money to reach your account after requesting the withdrawal and on one time i had to wait for a couple of days for the money to get credited, i did not face any issues with KYC when i registered which is a long time back as i was using the neteller and skrill combination to deposit money in fiat gambling sites, people who tried depositing in fiat based gambling site will understand.

[100bitcoin]

If yes, how is the overall experience apart from the premium cost, which I am already aware of? Have you faced any issues with KYC or adding your bank a/c or transferring INR to it?

Apart from the huge conversion and transaction charges everything was smooth, it would take a few hours for the money to reach your account after requesting the withdrawal and on one time i had to wait for a couple of days for the money to get credited, i did not face any issues with KYC when i registered which is a long time back as i was using the neteller and skrill combination to deposit money in fiat gambling sites, people who tried depositing in fiat based gambling site will understand.

Neteller and Skrill did not ask for your KYC?

[eaLiTy]

If yes, how is the overall experience apart from the premium cost, which I am already aware of? Have you faced any issues with KYC or adding your bank a/c or transferring INR to it?

Apart from the huge conversion and transaction charges everything was smooth, it would take a few hours for the money to reach your account after requesting the withdrawal and on one time i had to wait for a couple of days for the money to get credited, i did not face any issues with KYC when i registered which is a long time back as i was using the neteller and skrill combination to deposit money in fiat gambling sites, people who tried depositing in fiat based gambling site will understand.

Neteller and Skrill did not ask for your KYC?

They do ask for KYC, I have provided all the details asked by them and they verified my account in a short time. The charges are just absurd and if you have any other options just do those rather than paying those high fees, there is conversion charges and commission and sending money from skrill to neteller and vice versa is also chargeable .

[TigerMart]

They do ask for KYC, I have provided all the details asked by them and they verified my account in a short time.

What are the KYC details they generally ask for from an Indian?

sending money from skrill to neteller and vice versa is also chargeable .

Why would anyone need to move money between Skrill and Neteller? I was asking about withdrawing from Skrill and Neteller to Indian bank account. Does the transfer happen through SWIFT?

[eaLiTy]

What are the KYC details they generally ask for from an Indian?

Generally passport is more than enough, driving licence or pan card can also be provided for verification.

Why would anyone need to move money between Skrill and Neteller? I was asking about withdrawing from Skrill and Neteller to Indian bank account. Does the transfer happen through SWIFT?

If you are planning to gamble you won't be able to deposit money in any gambling sites, so you need to transfer as non gambling amount and then deposit that money to the other site so that you can deposit to any gambling site without any issues. Yes they transfer through Swift.

[erikalui]

But is it safe now? If the bank checks that the transaction is from Skrill and they find that we deposited BTC in Skrill and converted it into INR, it still is against the RBI ban.

For me, I knew Skrill as Moneybookers in 2012 and that time KYC was very easy. They sent a letter to my residence which I had to confirm and the process took about 1-2 days for even bank verification. Never withdrew INR though.

[eaLiTy]

But is it safe now? If the bank checks that the transaction is from Skrill and they find that we deposited BTC in Skrill and converted it into INR, it still is against the RBI ban.

I do not think so the government will monitor which method you are depositing money in Skrill or Neteller. I even checked their TOS now to check whether they updated anything regarding that and there is no restriction on that till now and you can still deposit bitcoin with a usual processing fees of 2.5%. Then there is conversion charges and when i did i remember they deducted over 25 k INR when the amount finally reached my account. Never used their service for bitcoin transaction after that.

They sent a letter to my residence which I had to confirm and the process took about 1-2 days for even bank verification. Never withdrew INR though.

I did not went through any lenghty procedure, i got verified without much issues after submitting my documents Passport and proof of address and bank statement, since you said you got letter in your residence, but the address i gave is a Villa i rented in Dubai a long time back, but i never got any letters nor did i update anything after that  .

[TigerMart]

But is it safe now? If the bank checks that the transaction is from Skrill and they find that we deposited BTC in Skrill and converted it into INR, it still is against the RBI ban.

In that case, you may just sell your Crypto through P2P and convert it to Neteller or Skrill USD. Then convert that USD to INR. Then there will be no chance of any trouble.

[legendster]

If yes, how is the overall experience apart from the premium cost, which I am already aware of? Have you faced any issues with KYC or adding your bank a/c or transferring INR to it?

Although this thread's a bit stale, I'd still answer. Yes, I used to regularly trade through skrill and back then I was trading as a broker by selling primarily bitcoins. I had to go the bank after every withdrawal I made through skrill to sign a form. So I had to make sure it was about once a month or something like that.

[erikalui]

In that case, you may just sell your Crypto through P2P and convert it to Neteller or Skrill USD. Then convert that USD to INR. Then there will be no chance of any trouble.

The case with Skrill/Payza is that both are reversible and plus dealing with bitcoins and then withdrawing it via bank can be risky and may lead to closure of the account.

I do not think so the government will monitor which method you are depositing money in Skrill or Neteller. I even checked their TOS now to check whether they updated anything regarding that and there is no restriction on that till now and you can still deposit bitcoin with a usual processing fees of 2.5%. Then there is conversion charges and when i did i remember they deducted over 25 k INR when the amount finally reached my account. Never used their service for bitcoin transaction after that.

I paid unocoin more than that amount as fee as I remember paying over 2-5k per transaction. And it was not even conversion fee so Skrill must be better off. May be because they changed the verification procedure, you did not receive any letter as now the method doesn't exist.