Skrill has been operating as a digital payments processor since 2001. It has rapidly become one of the dominant global leaders in mobile payments, international payments, and funds transfers. Skrill is an easy-to-use money transfer service for sending and receiving funds to/from family and friends, e-commerce sites, trading platforms, and online gaming sites. The company employs 500+ people, with offices in Europe, the US, and HQ in London.
The company began as Moneybookers in 2001, was regulated by the FCA in 2002, and purchased by Investcorp Technology Partners in 2007. By 2009, Skrill linked up with eBay. In 2010, Skrill became the fastest-growing private-equity company in the United Kingdom and multiple upgrades have been implemented since then. In 2013 Skrill and PaySafeCard teamed up for online payments processing. In 2014 Skrill acquired Ukash to dominate the European market. Today, some 36 million people use this online money transfer service.
How does Skrill Work?
To get started, simply create an account with Skrill. Registered users have access to 40+ currencies. Next, make payments using the safe & secure payment methods available with the money transfer service. Cards can be stored in your Skrill account for funding purposes. It is easy to withdraw funds direct to your bank account.
Who should use Skrill?
Skrill is designed for use by anyone who wants to transfer money from person to person, to make online purchases, or add funds to an online gaming account. Money transfers go both ways with Skrill account holders. This online payments service is ideal for international money transfers, betting purposes, gamers, personal transfers, and so forth. Skrill has since then been consolidating their services, and now has planned to start an e-commerce company. The CEO was reported to have said that they’d take an approach that companies like Salesforce have used here.
Exchange Rate & Fees
Skrill makes a point of keeping fees as low as possible. Any e-commerce payments made using Skrill accounts are 100% free. It is also free to receive money to your Skrill account. For the most part, sending funds to your account is free, although there may be a small charge levied by your bank or preferred payment method. Users who send money via Skrill to other Skrill wallets or email addresses will pay a 1.9% commission of the amount sent, with maximum charges of €20.
There are different fees based on which local payment methods are used to fund your account. For example, Neteller charges 3%, Sofort charges 1.50% and Bitcoin charges 1.00%. With global payment methods such as Visa, MasterCard, Diners Club International, and JCB, the charge is 1.90%, while American Express charges 2.50%. When it comes to withdrawing funds, banks charge £4.76, while Visa charges 7.50%. Currency conversion rates are different. When any currency conversion is needed, a fee of 3.99% is added to the wholesale exchange rate.
Is Skrill Safe and Reliable?
Safety and security are top priorities at Skrill. Firstly, the company is registered with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The company complies with the strictest payment service regulations in the world. All account login information and all personal details are secured using SSL technology with 128-bit encryption protocols. All actions are certified with VeriSign. Once payments are sent via Skrill, no personally identifiable information such as bank account numbers or credit cards are transmitted to the recipient. Skrill also uses 2-factor authentication (2FA) to guarantee the integrity of client information.
How Much Does it Cost to Use Skrill?
It is 100% free to open a Skrill account and to maintain a Skrill account (T&C). However, there will be varying costs depending on the payment options that are used. The fee schedule outlines these costs accordingly. For example, any money transfers to email addresses or other Skrill account holders will cost 1.9% of the money amount being transferred, with a maximum cap of €20. Further information is available on the fees page of Skrill.
How Long does it Take?
To receive money, users will not need to wait at all. However certain merchants may take longer processing times than others. Withdrawals are typically processed within 7 days for Visa and 2-5 days for bank wire transfers. When you use your Skrill Card, withdrawals can be performed instantly at ATMs.
Skrill Customer Support
The contact us options include telephone numbers for the USA, Russia, France, Poland, Italy, Spain, Germany, the UK and an international number. Business hours are typically Monday through Sunday from 9 AM through 6 PM GMT. The stolen cards line/lost cards line number is +44 (20) 3308 2530. Other contact options include the online contact form.
The main features of using this service are the low costs involved. Skrill offers convenience, instant money transfers and complete security of your personal information and finances. All payments details can be grouped together in a single place – i.e. your Skrill account. It is a useful money transfer service for merchants and individuals for multiple applications (online gaming, e-commerce and personal money transfers).
There are several exclusive offers when using Skrill as a money transfer option, including the following:
- Generous welcome bonuses on first deposit at leading online casinos, poker rooms and sportsbooks (example deposit €20 and get €50 using the promo code SKRILL50 at 888games, or a welcome package of €450 +100 free spins at Casino Adrenaline etcetera.)
- Generous welcome bonus packages for Forex trading site binary options platforms (example, enjoy a £20 trading bonus with no deposit required at plus500, or deposit $250 and trade on gold at Trade360.)
- There are also hot offers on shopping options when using scroll such as Ashley Madison, the reseller club and others. Game & fantasy options for school payments are also available with games like Imperia Online, Star Trek Online, PWI Elysium and others.
Skrill has received a rating of 2.2 / 5 on Trust Pilot from 835 reviews.
Skrill is a cost-effective solution to other popular payments processing options like PayPal. It offers a full range of money transfer services, domestically and internationally. It is increasingly accepted at a multitude of online gaming sites and e-commerce sites, and dovetails superbly as a leading money transfer service from person to person. However, users reviews are unfavourable – somewhat of a concern.