Skrill Review

Skrill is a low cost international payment processing platform. Online payment gateways are one of the most important technologies ever created in this Tech Age. In the past, using traditional banking services for money transfers or shopping online wasn’t too reliable, secure, and efficient. Online payment gateways are now prevalent as they play a vital part by offering more secure, reliable, and speedy global financial transactional services.

In recent times, there are more than a handful of popular and efficient online payment gateways in the fintech industry, and choosing the right payment processor to use can be hectic. In this article, I’ll present to you some key information about one of the pioneers and unique online payment services providers in the fintech space; Skrill. Its similarity to Paypal isn’t far-fetched.

Skrill was founded few years after the launching of Paypal but Skrill now has almost a similar market share. Skrill often charges just 2.5% when loading funds via the use of cards like Mastercard and Visa. The company has managed to operate all over the world offering quality services.

What is Skrill?

Skrill (formerly known as Moneybookers) was established in 2001 as a digital wallet service provider with a variety of money transfer and online payment services. Now, Skrill is being operated in more than 120 countries; supporting 40 different currencies. Through the use of bank transfer, debit and credit cards, or any alternate payment method; users can deposit funds into their skrill’s digital wallet, and then that amount can be used to pay for online shopping, send another skrill user (family member, friend, or anyone), payment to online merchants, funding of accounts on gambling sites like bet365 or conversion of funds into cryptocurrencies. 

Skrill also offers a cross-border payment service called, Skrill Money Transfer via its remittance service. This service provides feasibility as customers can send money to a foreign bank by using their bank card. In collaboration with prepaid payment providers Paysafecard and Neteller, Skrill was also attained by Paysafe Group.

The digital multi-currency wallet provider company, Skrill is being operated from its headquarter located in London, United Kingdom. Skrill is available for any internet user across the mentioned countries having more than 18 years of age with a registered email address. In June 2018, Skrill started to allow its customers to buy cryptocurrency using the fiat currency they have in their wallets. As of 2018, the company had a workforce of more than 500+ employees with a revenue of $331 million (2014 stats).

Key Features of Skrill

Here are some key features of Skrill, defining how effective and productive it will be for your banking needs:

•    Accessible and secured platform

It’s quite easy to use Skrill, just open an account on the Skrill website and then start to avail services. Users can operate their accounts using Skrill’s mobile app. Moreover, Skrill has the highest level of transparency and security, and every information of the customers is kept confidential and each transaction is monitored occurring on the platform by the system.

•    Quite simple and easy to use

The platform is so user-friendly that users can perform every kind of transaction like a credit card, cash, or email transaction so easily and efficiently in almost 40 currencies.

•    Supporting additional (local) payment methods

With 80 direct bank connections, there are 20 more payment methods have been integrated with the parent payment system.

•    Supporting recurring payments

Skrill also supporting a recurring payment system which makes it a unique platform.

•    Associated with multiple e-commerce platforms

It has been integrated with many e-commerce platforms like Magento, Shopify, WooCommerce, PrestaShop, Plentymarkets, Shopware, ShopFactory, and many more.

•    Perform transactions to a variety of individuals

Skrill offers a unique bulk feature of sending money to a lot of people by clicking on a button just once and payment will be sent to all of them. It would be more helpful for those who are working with many merchants, suppliers, or manufacturers.

 

Account Opening and Registration

It’s a very easy process to open a Skrill account. Just go to the Skrill website’s homepage. You can also open a Skrill account using their mobile app which is available on both Android and iOS devices. Here are the steps for how to open a new skrill account

1. Click on the “Register” button to proceed with the account creation process. 
2. Enter your personal information. You are required to provide your full name, residential address, email address and create a strong password to keep your account well-secured.
3. Click on the “Register Now” button. 
4. Enter your residential country and local currency to be used; always enter local currency as you’ll avoid extra charges in that case. For Nigerians use USD.
5. Provide your preferred payment method.

 That’s it, Congratulations, your skrill account has been opened.

Skrill – a cryptocurrency supporting platform

Skrill is also offering its user the opportunity to buy and sell cryptocurrency as it’s competing with PayPal and spreading its standards and qualities. However, there is still a problem of lack of interchangeability between crypto and fiat on the platform. But it’s in progress and hopefully, it will be resolved so soon.

Skrill Pricing plans and fees

Before using Skrill, you must have a clear knowledge of the fees and expenses as there is no clear information provided on the platform. So, before performing any transaction, you must contact the sales teams for better understanding as Skrill has not mentioned its fees on the website. Moreover; sometimes some hidden charges are implemented, you’ll have to analyze properly to proceed with any step. Currency conversion charges for Skrill 3.99%; which means when you will receive the payment from a foreign country, then to convert that currency into local currency, you’ll be charged 3.99%. Transactions performed with a digital wallet are charged 1.9% + €0.29. and for quick checkouts on an e-commerce store will be charged by 1.9% + €0.29.

Technical Specifications

Devices Supported         Customer Types             Support Types

Web-based                         Small business              Phone

iOS                                          Medium business                 Online

Android                                 Enterprise                      Email

Desktop                                 Private                              Mail

Depositing and Withdrawing Funds from Skrill Account

Charges are implemented when you deposit or withdraw funds from your account. 2.5% fee is charged upon depositing money into your Skrill account using a debit or credit card, it is noted that it’s just a fee charged by Skrill. If you are using any bank to transfer money from that bank to Skrill then that bank can also charge a particular amount. So, before performing a transaction; check fees or charges on both platforms to avoid any hidden or unknown fees.

Following methods are accepted by Skrill to deposit money in a user’s account:

• Bank Transfer

• Klarna

• Debit/Credit Card

• Bitcoin and Bitcoin Cash

• Trustly

• Paysafecard

• Neteller

A specific fee is also charged when money is withdrawn from an account that is equivalent to 5.50 euros. If you are planning to withdraw money using a debit or credit card then a 7.5% fee will be charged on that transaction amount.

How to Verify My Skrill Account

After creating a Skrill account, KYC verification is used to confirm that the user has provided real information about his/her name and location. You wil be required to verify your identity and address used on your Skrill account otherwise you will be restricted from using the platform.

In order to verify your Skrill account, you will be required to submit a document to verify your identity which include a

• International passport
• National ID card. 

You will also be required to submit any of the following documents for address verification;

• Utility bill
• Bank statement
• Credit Card Statement

The Skrill account verification process is semi-automated for data collected after which documents are reviewed manually within two working days.

How to transfer money using Skrill?

If you want to send money to another country then Skrill Money Transfer is a way to send money from a credit or debit card or bank account; to the account of that particular country. For this purpose, you don’t need to have a Skrill account as Skrill Money Transfer provides you a quicker and cheaper method than the regular Skrill platform to send money outside of a country. There is no fee is charged while you are sending money abroad in a bank account by using Skrill Money Transfer. As, it’s a quick and fast service, so, the amount is sent on the same day. But depending upon the location where to send the money, funds can also take up to 5 days to deliver.

Following countries are allowed to use Skrill Money Transfer to send money to a foreign country:

Belgium, Switzerland, Andorra, Canada, Bulgaria, Australia, Bahrain,  Austria, Germany, Finland, Colombia, Estonia, Cyprus, Spain, Czech Republic, Denmark, Croatia, Hong Kong, Iceland, France, Ireland, United Kingdom, India, Greece, Hungary, Turkey, Thailand, South Africa, Tunisia, United Arab Emirates, Taiwan, Nigeria, etc.

Here are some key stats and information about Skrill in tabular form

Account setup	Free
Account Maintenance	Free
Fraud Screening	Free
Skrill Digital Wallet	1.90% + EUR 0.29*
Skrill Quick Checkout	1.90% + EUR 0.29*
Refund	0.49€ per transaction
Withdrawal	4.00€ per withdrawal
Chargeback Fee	25.00€
Minimum Fee	Fees apply if you pay less than 10€/month in processing fees.

 

Skrill Pros & Cons

PROS

• Easy to use, efficient, and user-friendly app and website

• Giving both business and personal options.

• Having the ability to work with both gambling and forex accounts.

• Users are offered a prepaid card powered by MasterCard.

• Efficient money transfer to a phone number or an email address connected with your bank account

• Providing options to buy or sell cryptocurrency

CONS

• There is a complex fee structure

• High currency exchange fees

• Not offering global services, still in limited countries

Conclusion

Skrill is considered one of the best digital payment service providers but with some limited information regarding online fees and features; it’s not suitable to use without knowing proper information from the sales team. More importantly, it’s feasible to use Europeans due to dedicated customer support but US merchants should avoid this or use it after having confirmation in every way regarding fees, required time, and the location where to send the money.

Skrill FAQs

Is Skrill regulated?

Yes, Skrill is regulated by Financial Conduct Authority in the United Kingdom and as it is operated by Paysafe Payment Solutions Limited, so, it is also regulated in Ireland, Central Bank of Ireland.

Is Skrill Safe?

As the company is fully regulated in its all-operating countries. Moreover, being a transparent and secured platform, it is a safe money transfer and payment platform.

Is Skrill available for Nigerian customers?

Yes, Skrill has always been available to Nigerians.

What Cards can be used on Skrill?

Mastercard and Visa can be used on Skrill. However, funds loaded onto Skrill using Mastercard aren't made available for gambling.

Where can Skrill be used?

Skrill can be used domestically and internationally. Most Forex and gambling sites have Skrill as a payment option worldwide.