Review: Skrill online payments and money transfers March 2023
This easy and convenient service is free for international money transfer. However, there are a few things you need to pay attention before you decide to go for it.
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?
- Free money transfer. No fee when you use Skrill Money Transfer to send money to an international bank account. Recipients never pay fees to receive money.
- Cryptocurrency. You may trade some major cryptocurrencies using Skrill as a HK user but you’ll need to buy with USD.
- Intuitive system. Skrill is a simple platform that’s easy to use for people new to money transfers.
- No minimum transfer limit. This makes Skrill handy for smaller transfers.
- Daily exchange rate alerts. You can sign up for daily alerts on Skrill’s FX rate.
What should I watch out for with Skrill?
- Doesn’t use the mid-market rate. Skrill reserves the right to add a margin markup on top of the mid-market rate up to 4.99%. Be sure to double check fees and exchange rates before sending your transfer.
- 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.
- Cannot use Skrill wallet balance. You are not able to pay for your transfer using your existing Skrill wallet balance.
- Potential inactivity fee. If you don’t use or log in to Skrill at least once every 6 months, you’ll be charged a monthly €5 fee (or equivalent in your local currency) until you do so.
- Poor reviews. 20% of reviews for Skrill were Bad on TrustPilot when we checked. It has an overall score of 3.9 / 5.0.
How does Skrill work?
Skrill is a convenient ecommerce and money transfer service. Like PayPal, Skrill’s platform is designed to be easily understood by people new to money transfers and digital wallets.
If you need help with your transfer, you can contact customer service using their 24/7 helpline or check out the interactive FAQ online. Just be aware of the many fees.
- Don’t have your friend’s bank account details? Easily send money using just their email address.
- Pay for your goods online – without pulling out your wallet – with any retailer that offers Skrill at the checkout.
- Earn referral credits through the Skrill Money Transfer Refer-a-Friend programme.
- Buy and sell cryptocurrencies using your Skrill wallet.
What types of transfers does Skrill support?
Skrill mainly supports bank account money transfers, although in certain countries you can transfer to a mobile wallet.
How you pay for your transfer will depend on which country you are sending from. If you are sending from Hong Kong then you can only pay by either credit card or debit card. Just remember, you will be charged a fee of 1.99% for using your credit card (e.g. For a transfer of HKD$1000, the fee is HK$19.90).
Recipients in most supported countries can only receive the money via bank transfer, though the countries below can also receive the money in an alternative method:
- Kenya (M-Pesa)
- The Philippines (GCASH)
- Nepal (eSewa)
- Sri Lanka (eZ Cash)
It’s also important to note that you cannot use your existing Skrill wallet balance for a Skrill money transfer.
Skrill fees and exchange rates explained
Most other transfers come with a fee, although there’s no cost to receive money. When making a money transfer, here are some of the fees you can expect to pay.
- Open an account: free
- International money transfer: free
- Send money by credit card: 1.99%
- Send money by debit card: free
- International transfer exchange rate markup: up to 4.99% per transaction
- Inactivity fee: EUR 5.00/month if you don’t make a transaction at least every 6 months
- Sending money to other Skrill account holders (Skrill to Skrill). 2.99%
Skrill’s exchange rates can be higher than competing services. It adds up to 4.99% as what it calls an “international transfer exchange rate mark-up”. For comparison, Wise offers the mid-market rate for all international transfers and PayPal typically charges fees of up to 2.5% above the mid-market rate.
Minimum and maximum transfer amounts
Skrill does not have a minimum transfer amount.
Maximum transfer limits do apply but vary depending on the verification status of your Skrill account, your selected payment method, your country of residence and which country your recipient is in.
How do I send money with Skrill
Sending money through Skrill is fast and easy. You will first need to sign up for a free Skrill account. To sign up for an account, you will need to provide:
- Your full name and personal contact information, including your phone number and email address.
- Photo ID like HKID and proof of residence.
Once your account has been created you can start making transfers by completing the following steps:
Calculate what your transfer could look like with Skrill
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 6 July, 2022, Skrill was not on the Hong Kong Customs and Excise Department’s Money Service Operators licensee list.
What Skrill’s reviews look like, accurate as of 6 July, 2022.
|Trustpilot||3.9 out of 5 — based on 20,460 customer reviews|
|BBB rating||B — based on BBB’s internal rating system|
|Monito||8.4 out of 10 — based on staff reviews|
When we checked, 20% 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.
Is there a Skrill app?
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 06 July, 2022|
|Google Play Store||4.3 out of 5, based on 154,079 customer reviews|
|Apple App Store||4.5 out of 5, based on 9,106 customer reviews|
More on the best money transfer apps
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.
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.