Choosing the perfect multicurrency account, online fund transfer service, prepaid debit card, or payment gateway can be a treasure trove of benefits but with the plethora of options, making a choice is often daunting.
But worry not! In a few minutes, we will guide you through the maze.
Skrill stands out by being a jack-of-all-trades.
However, it’s not without rivals in the various segments it covers. We believe you should be armed with all the facts to make an informed decision.
We delve deep into genuine user feedback (including the not-so-rosy ones) to find out if Skrill is the match for YOUR specific requirements.
Disclosure: Our goal is to present the unfiltered picture so you can choose wisely. Links on this page are affiliate links and, at no extra cost to you, might earn us a commission if you click them and use the service. Sometimes we also have exclusive deals and discounts for you. A toast to you, and thank you!
Let’s dive into the world of Skrill – the good, the bad, and yes, the unsightly too.
Skrill: The Advantages
- Expansive reach in over 200 countries
- Caters to both Individuals and Businesses
- Compatible with forex and online betting accounts
- No set fee for bank transfers
- Simple money sending to email or mobile number connected to a bank account
- Trade in cryptocurrencies
- Offers a MasterCard-backed prepaid card
- Intuitive mobile application
Skrill: The Downsides
- Initial setup can be a drag
- Complicated fee schedule
- Steep currency conversion charges for Skrill-to-Skrill global transactions
Skrill Snapshot
- Trustpilot Rating: 4/5 (Great) with over 21,000 reviews
- Established: 2001, London, UK
- Services: Personal and Business accounts
- Supported currencies: Massive range (Operates in 200 countries)
- Physical Office: London (Headquarters)
- Availability: Online and mobile platforms
- Regulation: Compliant in the UK, US, and Europe
- Security: Robust – VeriSign 128-bit SSL, PIN-based login, and two-factor authentication
- Reviews: Over 21,000 on Trustpilot as of January 2023
- Fees: Deposit, Withdrawal, Transfer, Card, and Account Maintenance Fees (for inactive accounts)
- Official Website: Visit Skrill
When Skrill Shines
Skrill emerges as an all-in-one solution for swift fund transfers, multicurrency accounts, crypto trading, and a prepaid Mastercard (in Eurozone).
- Sending Money: With ease and speed, transfer money to loved ones using Skrill.
- Prepaid MasterCard: A valuable asset, albeit slightly pricier than competitors. It carries an annual €10 fee, 1.75% ATM fees, and a 3.99% forex fee.
- Freelancers & Entrepreneurs: Skrill is a viable choice for receiving payments and is supported by some freelance platforms.
- SMBs: Skrill facilitates payment gateways and bulk payments for business owners.
- E-commerce: Skrill can be integrated by online sellers for diverse payment options.
- Forex Trading: Ideal for rapid money movement across global Forex platforms.
- International Travel & Online Shopping: The Skrill prepaid MasterCard can beused for withdrawing cash from ATMs overseas and making purchases during travel or at online stores.
When Skrill Falls Short
Skrill may not be the best fit if your needs are focused on a prepaid debit card for travel or just making money transfers due to the costs involved.
- Depositing Funds: Generally free with a bank wire transfer.
- Withdrawing Funds: Typically £4.65 GBP (5.50 EUR) or 7.5% for Visa withdrawals.
- Domestic Transfers: Fees can be up to 2% of the amount.
- International Transfers: No fixed fees unless there’s currency conversion, for which Skrill adds a 3.99% fee over the wholesale exchange rates.
Conclusion
Skrill is a versatile tool in your financial arsenal but it’s vital to consider if its features align with your specific needs. We’ve laid out the facts; the final call is yours. Whether it’s the wide range of services or the fee structure, weigh the pros and cons carefully.
Remember, knowledge is power and making an informed decision is the best way to empower yourself financially.
Cheers to making smart financial choices!🥂
