Skrill – An online payment, money transfer, and cryptocurrency supporting platform
Payment gateways are considered one of the most important and blessing technologies ever created. In past, under traditional banking services; transfer money or make shopping online wasn’t considered so reliable, secure, transparent, and efficient but modern payment gateways are playing a dreamy job by offering better and faster global financial transactions services.
Now-a-days; there are a variety of popular and powerful online payment gateways in the market but it’s quite hard and tough to choose the right one. Here we are presenting you some key information about one of the oldest and unique online payment services providers; Skrill. It is a similar platform to Paypal and was founded after a few years of the launching of Paypal but Skrill has almost a similar market share. It is considered that Skrill often charges a little bit more fees than other of its competitors in the market but even then the company has managed to operate all over the world offering quality services.
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. By using bank transfer, card, 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), transfer merchant, or convert into cryptocurrency. Via its remittance service; Skrill also offering cross-border payment services named, Skrill Money Transfer. This service provides feasibility to customers to send money to a foreign bank by using the bank card. Along with; prepaid payment providers Paysafecard and Neteller, Skrill was also attained by Paysafe Group.
The digital multi-currency wallet provider company, Skill is being operated from its headquarter located in London, United Kindom and it 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 was availing services of more than 500+ employees and having 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
Skrill 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 offering a unique 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 so straightforward and easy process to open a Skrill account. Just go to the Skrill website’s homepage and click on the “Register” button to proceed with the account creation process. Then personal information will be asked and you’ll have to provide your full name, residential address, email address and create a strong password to keep your account well-secured. Now click on “Register Now”. Then your residential country and local currency will be asked to enter; always enter local currency as you’ll avoid extra charges in that case. After that, your preferred payment method will be asked to enter. That’s it, Congratulations, your skrill account has been opened.
Skrill – a cryptocurrency supporting platform
Skrill is also offering opportunities to buy and sell cryptocurrency as it’s competing with PayPal and spreading its standards and qualities. But 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.
Deposit and Withdraw Funds from Skrill Account
Charges are implemented when you deposit or withdraw funds from your Skrill account. 1% fee is charged upon depositing money into your Skrill account, 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:
A specific fee is also charged when money is withdrawn from a Skrill account which is equivalent to 5.50 euros. If you are planning to withdraw money using debit or credit card then a 7.5% fee will be charged on that transaction amount.
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, etc.
Here are some stats and key information about Skrill in tabular form
Skrill Digital Wallet
|1.90% + EUR 0.29*|
Skrill Quick Checkout
|1.90% + EUR 0.29*|
|0.49€ per transaction|
|4.00€ per withdrawal|
|Fees apply if you pay less than 10€/month in processing fees.|
Skrill Pros & Cons
- 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
- There is a complex fee structure
- High currency exchange fees
- Not offering global services, still in limited countries
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.
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.