Review: Skrill online payments and money transfers
This easy and convenient payment service comes with high fees for sending and withdrawing money.
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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.
What Skrill’s reviews look like, accurate as of 1 Feb, 2021.
|Trustpilot||4.4 out of 5 — based on 14,519 customer reviews|
|BBB rating||B — based on BBB’s internal rating system|
|Monito||8.3 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
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
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.
Skill only accept cards:
- Credit cards – American Express, Diners Club, Visa, Mastercard etc.
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:
- Confirm your email address and identity
- Enter banking or credit card information
- Enter recipient information and transfer details
- Confirm all fees and details, then pay for your transfer.
- 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?
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 Store||3.7 out of 5, based on 91,041 customer reviews|
|Apple App Store||4.5 out of 5, based on 4,178 customer reviews|
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.
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.