Skrill has become a global leader in digital payments since its inception in 2001. Offering secure, easy-to-use solutions for mobile and international money transfers, it’s a favored platform for e-commerce, gaming, and personal fund transfers.
A Brief History of Skrill
Skrill originally launched as Moneybookers in 2001, securing FCA regulation in 2002. Its rapid growth led to acquisition by Investcorp Technology Partners in 2007. By 2010, Skrill was the fastest-growing private equity company in the UK. Skrill has since collaborated with PaySafeCard and acquired Ukash to strengthen its position in the European market. Today, over 36 million people use Skrill for their online money transfers.
How Does Skrill Work?
Setting up an account with Skrill is simple and free. Once registered, users can store multiple payment methods and access over 40 currencies for seamless money transfers. Whether it’s making payments, transferring funds to another Skrill wallet, or withdrawing money to a bank account, Skrill ensures secure transactions for all users.
Who Benefits from Using Skrill?
Skrill is ideal for individuals looking to transfer money both domestically and internationally. Online gamers, e-commerce buyers, and those involved in personal transfers can benefit from its smooth, secure interface. It is also highly popular among betting platforms and gamers, offering instant and efficient transfers.
Skrill Fees & Exchange Rates
Skrill prides itself on keeping fees low. Receiving funds is free, and sending funds incurs a 1.9% fee (capped at €20). Specific fees apply depending on local and global payment methods, with Visa and MasterCard charging 1.9% and Bitcoin charging 1%. Withdrawal to a bank is priced at £4.76, while Visa withdrawals cost 7.5%. Skrill adds a 3.99% conversion fee to the wholesale exchange rate for currency conversions.
Security Features
Skrill ensures maximum security with SSL encryption, 2FA (Two-Factor Authentication), and FinCEN registration, making it a highly reliable option for secure online payments. No personal or banking details are exposed during transactions, ensuring privacy for all users.
Skrill Costs
Opening and maintaining a Skrill account is completely free. However, varying fees apply based on the payment methods chosen. Transferring money to another Skrill account or email incurs a 1.9% fee, capped at €20. Users can refer to the official fees page for detailed information.
Transfer Speed
Skrill offers instant money reception for most payments. Withdrawals may take 2-5 days for bank transfers and up to 7 days for Visa transactions. Skrill cardholders can access funds instantly via ATMs.
Customer Support
Skrill provides a range of customer support options, including country-specific phone lines for major regions like the US, UK, and Germany. Users can also contact support via an online form for any issues, including stolen cards.
Special Offers
Skrill users enjoy various exclusive offers across online gaming, e-commerce, and Forex trading. From welcome bonuses at online casinos to promotions for binary options trading, Skrill enhances user experience with rewards and bonuses for frequent users.
Client Feedback
Skrill’s user feedback on TrustPilot is mixed, with an average rating of 4.2/5 from over 835 reviews. While many users appreciate its convenience and low fees, some express dissatisfaction with certain aspects of the service.
Final Thoughts
Skrill remains a cost-effective alternative to other payment processors like PayPal, offering a range of services for individuals and merchants alike. While user feedback is mixed, its competitive fees, promotions, and security measures make it a strong option for money transfers worldwide.
Pros:
- Free account registration and maintenance
- Competitive fees for international transfers
- Secure and convenient for e-commerce and gaming payments
- Attractive promotions for regular users
- Skrill MasterCard
Cons:
- Fees for sending money and currency conversion
- Limited multi-currency support for non-VIP users
- Mixed user feedback
