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?
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.
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
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.
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.
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.
|Languages||7 main European languages||Almost all languages|
|Multiple currencies on one account||Only for VIP accounts||unlimited|
|Required verification||Withdrawal for low amounts||Increase account balance for low amounts|
|Verification process||1 day||2 days|
|Allowed number of accounts per user||1||2|
|Charges fees for||transfer funds||Receiving funds|
|Increase balance fee||0-7 percent of the whole amount||Free|
|Merchant transaction fee||2.99 percent + fixed fee||4.5 percent + fixed fee|
|Currency exchange fee||2.99 – 3.99||Free|
|Outbound transaction fee||Free||0.5 – 7.4|
|Inactive account fee||After 12 months, €1 per month||Free|
|Supported by merchants||Few merchants support it for now||Is widely supported|
|Offers MasterCards to||All customers||Only American customers|
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|
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.
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.