What should you know about withdrawals to Ethereum (ETH) wallets?

Withdrawal to Crypto wallet is available in selected countries only. To see if this feature is available for you, visit the Withdraw section. 

With the Crypto Wallet option accessible in the Withdraw section of your Skrill account, you can instantly send money from your available fiat balance to an external Ethereum (ETH) crypto wallet address. 

Note: Withdrawals of cryptocurrency to a crypto wallet are not available. If you want to withdraw your crypto balance, first sell it for fiat money via our crypto trade service.

How are withdrawals to ETH wallet processed?

Our external cryptocurrency exchange partner generally processes transfers to ETH wallets as internal transactions.  

What does internal transaction mean?

Internal transactions are transfers of ETH that are carried out through a smart contract as an intermediary. Despite the name, these are not actual transactions, i.e. they do not exist on the ETH blockchain - they are value transfers that were initiated by executing a smart contract.

As a result, internal transactions may not be displayed in the Ethereum wallet you're using as they're not broadcast to the blockchain in the same way as normal ETH transactions are. However, this does not affect your actual ETH wallet balance - when you receive an internal ETH transfer, your wallet balance is updated, same as with a normal transfer.  

What are the benefits of internal transactions?

  • You usually pay less gas fee
  • Your transfer gets processed faster

How can I trace my withdrawal if it does not exist on the blockchain?

When viewing an address on Etherscan, this type of transaction will be shown under the Internal Txns tab.

Cryptocurrencies are complex, unregulated, without consumer or financial protections. Capital Gains Tax or other taxes may apply. Prices are volatile, only risk what you can afford to lose.  
 


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