Review: Skrill Payments and Money Transfers | Finder Canada

Skrill payments and transfers review

Last updated:  

Skrill's money transfer service offers transfers to many popular destinations, but keep an eye out for bad reviews.

  • Receiving money is free with Skrill.
  • Transfers may not use the mid-market rate.

CAD 80

Min. Transfer Amount

CAD 15,000

Max. Transfer Amount

1 day

Transfer Speed

Details

Product NameSkrill International Money Transfers
Min. Transfer AmountCAD 80
Max. Transfer AmountCAD 15,000
Transfer MethodsOnline, Bank Account to Bank Account
Transfer OptionsRegular payments, One off payments
Transfer Speed
Minimum transfer time
1 day
Customer ServicePhone, Email
Available CurrenciesAUD, BDT, CAD, EUR, GBP, IDR, INR, KES, LKR, MXN, MYR, NPR, PHP, PKR, PLN, THB, USD, VND

What is Skrill?

Skrill, formerly known as Moneybookers, is an online e-commerce service that lets you send money both domestically and internationally between a variety of currencies. Money sent through Skrill can be delivered directly to bank accounts or held in a third party mobile wallet, depending on what the customer wants.

Why should I use Skrill?

  • Diverse sending options. Send through both Skrill money transfer and Skrill-to-Skrill to reach a global network.
  • Receiving money is free. Recipients never pay fees to receive money.
  • Skrill wallet. Send money from your Skrill wallet internationally, to another Skrill account or directly to your bank account. Make online purchases or withdraw cash from your bank account for in-store purchases.

What should I watch out for with Skrill?

  • CAD not supported. While you can still use Skrill in Canada, your money will be converted into USD, which costs more.
  • Doesn’t use the mid-market rate. Skrill reserves the right to add a margin markup on top of the mid-market rate. Be sure to double check fees and exchange rates before sending your transfer.
  • Limited currency and country support. When sending money transfers through Skrill from the US, your international options are mostly limited to countries that support the Euro.
  • Negative reviews. Nearly 20% of Trustpilot reviews for Skrill were Bad when we checked.

Is Skrill safe?

Skrill is licensed and regulated by many different countries and federal organizations, including the Electronic Money Regulations 2011 and the Financial Conduct Authority in the UK. Specific features of these regulations require Skrill to:

  • Maintain set amounts of capital and liquidity. Skrill is required to maintain a minimum of €350,000 of its own funds at all times.
  • Practice safe float management. In order to protect customers’ money, Skrill must follow EU Electronic Money Directive protocols to protect customers in the event that the company encounters an insolvency event. In short, this means your money is protected even if Skrill goes bankrupt.
  • Pass FCA vetting The Financial Conduct Authority performs a test on each member of Skrill Limited senior management to test for honesty, integrity, reputation, competence, financial soundness and capability.
  • Monitor and vet all transactions. To prevent financial crime, Skrill must follow legal requirements to check the identity of customers and monitor transactions to detect money laundering and fraud.

Skrill reviews

What Skrill’s reviews look like, accurate as of June 27, 2020.

Trustpilot4.5 out of 5 — based on 12,892 customer reviews
BBB ratingB — based on BBB’s internal rating system
Monito8.3 out of 10 — based on staff reviews

When we checked, 18% of Skrill’s reviews on Trustpilot were Bad, which is Trustpilot’s name for 1-star reviews. This is something to keep in mind before using the service. A lot of the Bad reviews focus on customers losing money during transfers, and customers having to pay high fees to withdraw money from their accounts. Be sure to read up on Skrill’s fees and exchange rates before sending a transfer to make sure you understand exactly what you’ll be paying and when fees will be charged.

Skrill fees and exchange rates explained

Canadian residents don’t face a fee for sending international money transfers or receiving funds. However, there are fees for other types of transactions.

  • Deposit funds: 2.50%
  • Withdraw funds: $8.45
  • Send money: Free (international), up to 2% (domestic) and 1.45% (to other Skrill accounts)
  • Receive money: Free
  • Currency conversion: 3.99% above the mid-market rate, or higher. This fee is applied without notice to you, which means that although it may appear you are getting the mid-market rate for your transfer, you probably aren’t.

One additional fee to watch out for when opening a Skrill account is the Stay Active Fee. If you don’t login and make at least one transaction every 12 months you’ll face a €5 (or equivalent) fee every month until you start using your account again.

Skrill limits

Skrill limits Canadian customers based on the status of your account, selected payment method and the country you’re sending to. It is unclear whether Skrill will allow you to raise these limits, as Skrill reserves the right to vary transaction limits at its discretion.

Skrill doesn’t have a minimum transfer amount. Maximum transfer amounts can vary between $135 and $25,000 a month, depending on the verification of your account.

What types of transfers does Skrill support?

Whether you are trying to deposit money into your account or withdraw money after receiving it, Skrill has a few options for you to choose from.

Depositing funds

Skill allows deposits in the following ways:

  • ACH transfer (Automated Clearing House)
  • Bank transfer
  • Mastercard or Visa credit card
  • Paysafe card

There are no Skrill fees for Canadian residents to deposit funds, but your credit card or bank account may charge its own fees.

Withdrawing funds

There is only one way for Canadian residents to withdraw funds:

  • Bank account via wire transfer

Because Skrill relies on wire transfers instead of ACH transfer for withdrawing, be aware that your bank may charge an incoming wire transfer fee. Contact your bank directly to find out if this fee will apply to you.

How do I send money through Skrill?

To send money through Skrill you will need to sign up for a free Skrill account. To do this, you’ll need to provide:

  • Your full name and personal contact information, including your phone number and email address
  • Your Social Insurance Number (SIN) or photo ID and proof of residence

The steps to send money through Skrill are:

  1. Confirm your email address and identity by entering your SIN
  2. Enter banking or credit card information
  3. Enter recipient information and transfer details
  4. Confirm all fees and details, then pay for your transfer.
  5. Track the progress of your initial deposit and any money transfers through your Skrill account

Your recipient will typically receive the funds in 2 to 5 business days.

Is there a Skrill app?

Skrill app screenshot

Yes, Skrill has an app on both Google Play and the App Store. The app makes it possible to:

  • Manage your Skrill Visa card. Check your balance and add more money to your account on the go.
  • Log in using biometrics. Both face and fingerprint recognition can be used to log in.
  • Check exchange rates on the go. Current currency exchange rates and fees can be found in the app.
  • Send and receive money. Transfer money to friends and family with just a few taps.
  • Track your transfer. Real-time notifications on your transaction are available through the Skrill mobile app.
Reviews accurate as of June 27, 2020
Google Play Store3.9 out of 5, based on 81,193 customer reviews
Apple App Store4.3 out of 5, based on 784 customer reviews

More on the best money transfer apps

What else can I use Skrill for?

Skrill offers both personal and business services. Skrill’s business services include merchant accounts that can:

  • Accept credit card payments
  • Handle international transactions
  • Create payment corridors in local currencies worldwide

How does Skrill compare to other money transfer services?

Enter the amount you want to send and select the destination country, then click Calculate to quickly see what your transfer could look like with our partners.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.796 USD
3,981
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
USD 150 1 day CAD 15.00 0.792 USD
3,949
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.797 USD
3,982
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.8 USD
3,965
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Bottom line

Skrill’s introduction of international money transfers through its service to the Canadian market has certainly extended its global reach. Expect more countries and currencies to become available for international transfers. If the country you want to send to isn’t supported by Skrill, head over to our international money transfers guide to find a money transfer service that works for you.

Frequently asked questions

What’s the difference between Skrill and PayPal?

Skrill and PayPal are both large e-commerce focused payment services. There are many differences between the platforms, including:

  • How much you’ll pay
  • Countries you can use it in
  • Currencies you can send to or receive
  • What you can use it for
  • Buyer protections
  • Cashback and loyalty programs

To learn more about PayPal and decide for yourself which option is the better choice, read our PayPal review.

How to cancel a Skrill transfer

You will only be able to cancel a Skrill transaction if it hasn’t processed yet. If the status of the transaction is marked as pending, then follow these steps to cancel:

  1. Under the Transactions section of your account, tap the pending transaction you want to cancel.
  2. Tap Cancel Transaction on the popup window.
  3. Confirm the cancellation by tapping Yes, Cancel.

Funds should automatically be returned to your account after you successfully cancel the transaction.

How do I delete/close my Skrill account?

Follow these steps to close your Skrill account for free:

  1. Log in to your account and withdraw all of your funds.
  2. Go to Settings.
  3. Navigate to Account Settings and tap Close Account.

Note: Any funds not withdrawn before closing your account will be forfeited to Skrill.

How do I contact Skrill customer service?

Skrill customer service can be reached through email: help@skrill.com

Ask an expert

You must be logged in to post a comment.

Go to site