Interested in Skrill’s international money transfer services?
With availability in over 130 countries and a solid 4/5 star rating on Trustpilot and over 20,000 reviews, Skrill has built a reputable presence worth exploring.
This Skrill review delves into real customer feedback, highlights the pros and cons, and sheds light on what sets Skrill apart from others. By the end, you’ll have a clearer idea of whether Skrill is the right choice for you.
What is Skrill and How is it Different?
Skrill began as a payment system that specialized in gambling in 2001. It then positioned itself as an alternative to PayPal during the 2000s and continued developing and optimizing worldwide payment methods. They are now one of the world’s largest providers of digital wallets.
Users can handle 40+ currencies and 100+ payment methods with just one account. Skrill has built an excellent reputation when it comes to fast and reliable money transfers with over 3,000 banks supported worldwide.
Instant bank transfers, digital wallets, debit cards, and credit cards are all payment options available when using Skrill. They’ve created a fast and secure payment solution that is optimized for businesses and individuals.
The payment gateway fees for small to medium-sized businesses are considerably lower compared to many other payment gateways. Therefore, Skrill is worth considering if you have a small or medium-sized business that deals with overseas transactions.
A prepaid card can also be provided and linked directly to your account. This allows you to make withdrawals from ATMs and purchase items/services in person. The prepaid card was made available in the U.S. in 2020. It’s also quick and easy to activate.
Pros and Cons of Skrill
- Great integration for businesses (can be added as a payment option at checkouts)
- Compatible with desktops, Android, and iOS devices
- 2-factor authentication when signing in
- Fully compliant with PCI regulations for enhanced security
- Excellent customer support team available
- Fast transactions
- Supported by 3,000+ banks
- An up-to-date currency converter is available on their website.
- No live chat feature which is disappointing
- The verification process can be lengthy
- The fees aren’t as transparent as they could be
- People in Turkey and Japan can’t open a new mobile wallet with Skrill
Who is Skrill For?
Skrill’s vast range of payment options, currencies, and supported banks make them ideal for individuals and businesses who want to send and receive money around the world, fast.
Anyone who wants to withdraw funds, make payments, or simply check their account whilst on the move can do so easily due to Skrill’s compatibility. You can access your account on desktops, iOS, and Android devices.
You can fund your Skrill account with a bank transfer, debit card, or credit card (depending on your currency and location).
The person/business receiving your payment has the option to receive the funds into their Skrill wallet or have it sent directly to their bank account. This is a feature that makes sending and receiving money globally incredibly easy and quick.
Those who are interested in buying and selling cryptocurrency can also do so by using Skrill.
How Does Skrill Work?
Skrill is easy to use across their mobile apps and desktops. Follow the steps below to send and receive money with Skrill.
- Sign up for a Skrill account on their website or through their mobile app. You’ll need to enter your full name, currency, email address, and country of residence.
- You’ll also need ID (passport or driver’s license) and proof of address that’s dated no longer than three months ago to verify your account.
- Once your account has been created, you can make a transfer. To do this, deposit money into your Skrill wallet using a debit card or credit card.
- Alternatively, you can link your Skrill wallet to your bank and select your bank account as the source of funds.
- When you go to the Send page, you’ll have options to send money to others or yourself.
- When you’re sending money to someone else, you’ll be prompted to enter their bank or Skrill details and full name.
- Once that’s confirmed, you’ll be taken to a Transfer Summary page where you can look at your transfer, details, amount, and exchange rate.
- When you’re happy with all of the details, click CONFIRM and the payment will be sent.
Is Skrill Safe and Legit?
Skrill is thoroughly regulated and authorized across the world. They are trusted by 40 million users in 131 countries.
Regulatory boards such as the Department of Treasury’s Financial Crimes Enforcement Network in the US and the FCA in the UK monitor and regulate Skrill to ensure that they’re trustworthy and operate legitimately.
In addition to this, Skrill has a parent company known as Paysafe Ltd. This is a large payments company that specializes in the safety and security of sending money between countries.
What are Skrill’s Fees (for US customers)?
Depending on the type of account that you have, you may be subject to fees. The account types include VIP, Skriller, and True Skriller.
TrueSkrillers don’t pay any fees for bank withdrawals or when applying for a prepaid card. Those with a Skriller account incur a $5.50 fee for bank withdrawals and a $10 fee when applying for a prepaid card.
Using the Skrill Visa card comes with a fee of $10 which is charged annually. There’s also a fee of $2.50 when withdrawing cash from ATMs.
The cryptocurrency rates for Skriller and True Skriller accounts are 1.50%. Whereas, VIP accounts get a rate of 1.40%. Over 40 states in the US allow Skrill members to access the cryptocurrency service.
Some of the other fees for US customers include the following:
- Depositing funds – No fee
- Sending funds – No fee
- Receiving funds – No fee (when there’s no currency conversion involved)
- A $5 fee is charged if you don’t log in or make a transaction to your Skrill account at least once every 12 months
What are Skrill’s International Fees
The exact fees vary from country to country. However, Skrill can charge a foreign exchange rate fee of up to 3.99%.
Skrill’s exchange rate is varied as it fluctuates daily. You can use Skrill’s currency converter to get a better idea about the kinds of fees you can expect to be charged when sending/receiving money between different countries.
Here’s a list of international transaction types and the fees charged by Skrill:
- Sending money to another Skrill account – Up to a 2.99% fee
- Transferring funds domestically – Up to a 2% fee
- Using credit cards for international transfers – Up to a 2.99% fee
- Bank/debit card/Sofort/Klarna transfers – Free
Skrill’s Customer Reviews
Some of the main features that customers praise Skrill for are their speed and security when sending and receiving money overseas. Users also like being able to access their digital wallets anywhere at any time and on any Apple or Android device.
The verification process is a common downside that customers have complaints about. Whilst this is an understandable complaint, it’s because Skrill is taking the time to ensure proper verification to maintain a high level of security by only accepting customers who are who they say they are.
Others have also mentioned that their accounts were closed without knowing why. However, after searching through the reviews, it became clear that many of these users were able to get their accounts back after contacting Skrill’s customer service team.
If you don’t feel like Skrill is the best choice for you, one of the best alternatives is Remitly. They offer a range of sending and receiving options and they work across more than 85 countries. Using Remitly also enables you to save a little on fees compared to Skrill.
Other great alternatives to Skrill include the following:
- Revolut – 12+ million users around the world with fantastic mobile banking app features. They offer competitive rates for international money transfers and EU users have access to credit and trading services.
- Wise – Has remarkably cheap international transfer fees. Over half of their transfers take just 20 seconds to arrive and they offer low rates for foreign currency transactions.
See our article Paypal International Fees.
If you need speed, reliability, and security, Skrill is a fantastic worldwide money transfer option to consider. Whilst the verification can take time, it’s a process with an effective security purpose.
One of the main issues is that the fees aren’t always as transparent as they could be which makes some users feel deceived. This is an aspect that Skrill must improve on to keep loyal customers.
All in all, Skrill’s global money transfer system is easy to use and integrate for individuals and businesses who want to send and receive money overseas at competitive rates.
Is Skrill free?
Businesses and individuals can open a Skrill account for free. As you log in or create a transaction at least once every 12 months, you won’t be charged a $5 fee.
How long does Skrill take to verify?
Skrill claims that the verification process takes just five minutes. Many users find that it takes more like 24-48 hours for their accounts to be verified.
How to deposit money into Skrill?
You can deposit money into your Skrill wallet using a debit/credit card or by sending funds from your bank account.
How to receive money on Skrill?
You must be signed up with a Skrill account. The sender also needs the email address or phone number that’s associated with your Skrill account. This is ideal as it means you don’t need to give any sensitive information to someone to receive money.
If someone has sent you a payment via Skrill but you don’t have an account, you’re given 14 days to finish the registration process before the transaction is canceled automatically.
Can you use Skrill everywhere?
Skrill can be used in 131 countries around the world.