Hello guys.
My ultimate goal is to invest USD from my Skrill account into something passive like S&P 500 ETF. Any Ideas of the best way to do so?
Below are the options I am currently considering, and I don't like any of those risk- or commission-wise:
1) Deposit from Skrill to a broker. Pretty straightforward, right? I found out though that reputable brokers that have passive investment instruments don't normally consider anything but the bank transfer. And I am not in the EU, so certain options like Etoro which could've been helpful are not available (well, actually I can come to the UK but as far as I understand the country is so overregulated that financial operations with it may become a headache, so I am keeping it as one of the last solutions, but let me know if I'm wrong here). And all the Skrill-accepting brokers focus on daily trading and CFDs thus charge bad fees on overnight positions, so I can lose 3-6% p/a on commissions which devaluates the whole idea.
2) Skrill can be withdrawn to a bank account... for a fee. Even with a Silver+ VIP-status the USD will have to be exchanged to EUR, then (as I need USD in the end) - back to USD. Considering Skrill draconic fees for the currency exchange, it may result in a 4-5% commission overall.
3) Skrill can be withdrawn to a VISA card. With a Silver+ status it does not incur any commissions but it can only be withdrawn in $2500 increments and I am not sure of how the bank will react to a bunch of such similar recurring transactions. Card limits may also impose certain limitations here.
Please let me know what you think. What am I missing? What would be the most cost-effective way of transfiguring Skrill USD into a bank account USD or an index fund investment?
My ultimate goal is to invest USD from my Skrill account into something passive like S&P 500 ETF. Any Ideas of the best way to do so?
Below are the options I am currently considering, and I don't like any of those risk- or commission-wise:
1) Deposit from Skrill to a broker. Pretty straightforward, right? I found out though that reputable brokers that have passive investment instruments don't normally consider anything but the bank transfer. And I am not in the EU, so certain options like Etoro which could've been helpful are not available (well, actually I can come to the UK but as far as I understand the country is so overregulated that financial operations with it may become a headache, so I am keeping it as one of the last solutions, but let me know if I'm wrong here). And all the Skrill-accepting brokers focus on daily trading and CFDs thus charge bad fees on overnight positions, so I can lose 3-6% p/a on commissions which devaluates the whole idea.
2) Skrill can be withdrawn to a bank account... for a fee. Even with a Silver+ VIP-status the USD will have to be exchanged to EUR, then (as I need USD in the end) - back to USD. Considering Skrill draconic fees for the currency exchange, it may result in a 4-5% commission overall.
3) Skrill can be withdrawn to a VISA card. With a Silver+ status it does not incur any commissions but it can only be withdrawn in $2500 increments and I am not sure of how the bank will react to a bunch of such similar recurring transactions. Card limits may also impose certain limitations here.
Please let me know what you think. What am I missing? What would be the most cost-effective way of transfiguring Skrill USD into a bank account USD or an index fund investment?
