Skrill is a business entity that uses the Internet as a tool for financial transactions. Its services include alternative solutions for companies and individuals to conduct transactions, use electronic checks, credit cards and mobile payments, and other commercial methods, such as paper checks and bank transfers. Simply put, this service is a digital wallet that allows you to receive and transfer funds online with high security.

Skrill is one of the most influential companies in providing electronic money transfer services after PayPal. The main feature that these types of companies have for their customers is the high level of security which reduces the risks of fraud and money laundering.

The security measures that this company has taken to enhance security include authentication at the time of the transaction. Over time, the Skrill network is growing, the company now has about 36 million customers.

This service began its work in the United Kingdom in 2001 under the name of Moneybookers, which allowed it to provide wire transfer services with support for 40 different currencies.

Here are some of the cases in which Skrill can be helpful:

  • Transfer money to others via email with a credit card or bank account
  • Online payments
  • Collect capital through email

How does Skrill work?

This service provides international transfer through a Skrill prepaid MasterCard. The company charges a 1% fee of any transaction up to €10. The company will be able to transfer funds through various channels, including MasterCard, American Express, Visa, and Discovery.

What are Skrill services?

VIP services

Customers who transfer more than € 2,000 a month will have the chance to become a VIP customer. Membership in this category has benefits including the following:

  • 100% Guaranteed security of your credits
  • A personal account management
  • Increase account balance or withdraw money without fee
  • Get points for each transaction that generates special offers (such as receiving cash prizes)

Skrill prepaid MasterCard

Skrill prepaid MasterCard is the trump card that gives you discounts, including a 30% return on the purchase from certain well-known brands. With one of these cards, the monthly fee related to using a card abroad will be removed and you will also have access to 4 different currencies which include euros, US dollars, zloty (Poland) and pounds.

Customer services

When it comes to providing financial services, the approach to dealing with customers becomes an important aspect. In this regard, this service helps its customers 24 hours a day and 7 days a week. In addition, they have supporters who speak 12 different languages, and customers can get directions, no matter what language they speak. You can contact the support team via fax, email, phone and mail.

Advantages of using Skrill

  • Fast transaction processing
  • Secure

Registering and making digital wallets to send and receive money on Skrill is free. This company works instantly. this means that you do not need to wait for your credit transfer to be completed.

One of the most important benefits of using these Services is that you do not need to pay a fee for withdrawals from your account. Additionally, if the money is sent, the receiver will receive the money in their account instantly. Supporting more than 40 currencies, you can easily use different currencies such as Canadian Dollars, Australian Dollars, US Dollars, Danish Krone and Norwegian Krone.

Disadvantages of using Skrill

When you convert a currency into another currency, you may be charged a hidden cost. For example, you might notice that the conversion rate in this service is higher than other services and makes it expensive for you to use this service.

trustpilot skrill

In addition, some users reported that because of the large amount of money transferred through Skrill, this service provider closed their accounts.
Furthermore, on the Trustpilot.com website which aims at reviewing different website, many customers have had complaints about the services it offers.

Skrill vs. PayPal

The following table summarizes two different service providers, Skrill and PayPal, from a variety of points.

skrill

Note that the following table uses the term “Merchant” to mean individuals or companies that sell their products or services to customers on the Internet and through a single payment service provider.

SkrillPayPal
Languages
7 main European languagesAlmost all languages
Currencies4020
Multiple currencies on one accountOnly for VIP accountsunlimited
Required verificationWithdrawal for low amountsIncrease account balance for low amounts
Verification process1 day2 days
Allowed number of accounts per user12
Charges fees fortransfer fundsReceiving funds
Increase balance fee0-7 percent of the whole amountFree
Merchant transaction fee2.99 percent + fixed fee4.5 percent + fixed fee
Currency exchange fee2.99 – 3.99Free
Outbound transaction feeFree 0.5 – 7.4
Inactive account feeAfter 12 months, €1 per monthFree
Supported by merchantsFew merchants support it for nowIs widely supported
Offers MasterCards toAll customersOnly American customers

Skrill fees

Before I go on to give you some details on the fees of this service, I must remind you a point which is mentioned on the official website of Skrill.

Your credit card may charge you for some services, which is out of our control, and Skrill does not take any benefits from that.

But in the table below we show Skrill fees for various transactions.

Top up account
Bitcoin1 percent
Neteller3 percent
SwiftFree
Visa1.9 percent
Withdrawal
Visa7.5 percent
Swift5.5 Euros
Money transfer
ReceivingFree
Sending1.45 percent

Currency exchange

In the case of transactions involving a currency conversion, Skrill adds 3.99% of the total cost to the total conversion rate. The conversion rate is variable and applies instantly to you without your notice.

Activity fee

Maintenance of Skrill Account for personal use is not costly until you make at least 1 transaction every 12 months.

Otherwise, you will be charged $ 3 a month as a service fee from your account.

Leila

Author Leila

Leila is a technology enthusiast and an avid blogger who holds a Master's degree in English literature. If she is not writing blog posts, you can find her cozying up in bed with an e-book or watching a movie.

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