Review: Skrill online payments and money transfers

This easy and convenient payment service comes with high fees for sending and withdrawing money.

1 day

Transfer Speed

USD 60

Min. Transfer Amount

USD 4,500

Max. Transfer Amount

Details

Min. Transfer AmountUSD 60
Max. Transfer AmountUSD 4,500
Transfer MethodsOnline, Bank Account to Bank Account
Transfer Speed
Minimum transfer time
1 day
Available CurrenciesAUD, BDT, EUR, GBP, HKD, IDR, INR, KES, LKR, MXN, MYR, NPR, PHP, PKR, PLN, THB, 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 consider 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.
  • Free money transfer. No fee when you use Skrill Money Transfer to send money to an international bank account.
  • Cryptocurrency. You may trade some major cryptocurrencies using Skrill as a HK user but you’ll need to buy with USD.

What should I watch out for with Skrill?

  • High fees and a confusing fee structure. Though international money transfer is free for both the sender and recipient, other services have high fees. Skrill adds a fee of 3.99% to its wholesale exchange rates for transactions involving conversion.
  • 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.
  • Inactivity fee: Your Skrill account is free for personal use as long as you log in or make a transaction at least every 12 months. Otherwise a service fee of EUR 5.00 (or equivalent) will be deducted monthly from your account.
  • Poor reviews. Nearly 18% of reviews for Skrill were Bad on TrustPilot when we checked.
  • Limited currency and country support. For example, you can’t use Skrill to send money to Singapore, Japan or New Zealand. Your international options are mostly limited to countries that support the Euro

Is Skrill safe?

Skrill is licensed and regulated by many different countries and federal organizations, including the Electronic Money Regulations 2011, the Financial Conduct Authority and in nearly all US states that regulate money transfers. 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.

However, last time when we checked on 1 Feb, 2021, Skrill was not on the Hong Kong Customs and Excise Department’s Money Service Operators licensee list.

Skrill reviews

What Skrill’s reviews look like, accurate as of 1 Feb, 2021.

Trustpilot4.4 out of 5 — based on 14,519 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

In a nutshell, here are the fees you may face when you use Skrill:

  • International transfer: free
  • Depositing funds to your Skrill account: 2.5%
  • Send money between Skrill accounts: 1.45%
  • Withdraw funds from your Skrill account: HKD 51.73 (EUR 5.50)
  • International transfer exchange rate markup: up to 4.99% per transaction
  • Transactions involving currency conversion Skrill: 3.99% + on wholesale exchange rate
  • Inactivity fee: EUR 5.00/month if you don’t make a transaction at least every 12 months

Skrill limits

Thea minimum limit for international money transfer is 0.06 HKD. The maximum limit is based on the status of your account. The maximum amount you can send per month is 25,000 USD (circa somewhat 190,000 HKD).

Calculate what your transfer could look like with Skrill

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day HKD 0.00 0.178 AUD
1,785
Skrill能令你輕鬆匯款至多個熱門目的地,可是要留意其加上的手續費。 Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. 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.

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 only accept cards:

  • Credit cards – American Express, Diners Club, Visa, Mastercard etc.

Withdrawing funds

There is only one way:

  • SWIFT withdrawal

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 photo ID like HKID and proof of residence

The steps to send money through Skrill are:

  1. Confirm your email address and identity
  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 account. 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 September 30, 2020
Google Play Store3.7 out of 5, based on 91,041 customer reviews
Apple App Store4.5 out of 5, based on 4,178 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
USD 60 1 day HKD 0.00 0.101 GBP
1,009
Skrill能令你輕鬆匯款至多個熱門目的地,可是要留意其加上的手續費。 Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
SGD 1 1 day HKD 50.00 0.101 GBP
1,008
你首兩次港幣$15,000或以下的匯款,手續費全免。Pay no fees on your first two transfers, up to HK$15,000.
象徵式收費以及中間價匯率,可匯款至高達30多個國家。 SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
USD 10 1 - 2 days HKD 25.00 0.1 GBP
1,000
新客戶可享有首三個月無限次免手續費匯款。New customers get 3 months of unlimited free transfers.
可用15+種貨幣匯款,享有超越銀行的匯率以及快速轉賬時間。 CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
USD 10 Within an hour HKD 90.00 0.101 GBP
1,004
以透明的匯率,低收費及低最低金額的網上服務作匯款。 Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 50 Within an hour HKD 35.00 0.101 GBP
1,009
獨家優惠:使用代碼FINDER10,你的頭一次匯款即能享有$10美元折扣。Use code FINDER10 to receive US$10 off your first transaction.
InstaReM 提供簡單的匯款服務,大部分的匯款劃一收取0.5%的手續費。InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
USD 2,000 1 day HKD 0.00 0.1 GBP
998
TorFX保證提供最佳的匯率。需受條款約束。TorFX guarantees to match any competitor's exchange rate.
以30種貨幣匯款到全球。登記後,將會有一個客戶經理提供支持和引導。 TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
GBP 5,000 1 - 2 days HKD 0.00 0.1 GBP
998
可匯款至20+個國家,無手續費。 CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. 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 has certainly extended its global reach. As Skrill continues to expands, 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

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