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Review: Skrill online payments and money transfers

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

To transfer money with this e-commerce site, you need to create a free Skrill account and deposit funds into your Skrill wallet using an electronic transfer or a credit or debit card. You can withdraw your funds to a bank account or send money to other Skrill users’ wallets.

Skrill can convert your money into 40 different currencies and offers a high maximum transfer amount.

EUR 50

Minimum Transfer

1 day

Transfer Time

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.
  • Skrill card. Withdraw cash at ATMs and pay online and in-store with your Skrill balance.

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. Be sure to double check fees and exchange rates before sending your transfer.
  • Potential inactivity feeIf you don’t use or log into Skrill at least annually and keep some money in it, you’ll be charged a monthly €5 fee until you do so.
  • Negative reviews. 17% of Trustpilot reviews for Skrill were Bad when we checked.

Is Skrill safe?

Skrill is licensed and regulated by many different countries, 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.

Skrill reviews

What Skrill’s reviews look like, accurate as of 20 July 2020.

Trustpilot4.5 out of 5 — based on 13,434 customer reviews
BBB ratingB — based on BBB’s internal rating system
Monito8.3 out of 10 — based on staff reviews

When we checked, 17% 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

Skrill’s fees aren’t exactly clear, but this is what we found on its website on 20 July 2020.

  • Deposit funds: Free (1% fee when paying with Bitcoin, Neteller or a Paysafe card)
  • Withdraw funds:Up to 7.5%
  • Send money, receive money: Both 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 fee every month until you start using your account again.

Skrill limits

Skrill limits customers in Ireland 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.

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

Skrill allows deposits in the following ways:

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

Withdrawing funds

There is only one way to withdraw funds – into a bank account via a wire transfer. You’ll have to pay an additional 3.99% foreign exchange fee when you withdraw money, and also the money may take up to five business days to arrive.

In addition, 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 passport number or driver’s licence 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 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 20 July 2020
Google Play Store3.8 out of 5, based on 83,752 customer reviews
Apple App Store4.5 out of 5, based on 3,500 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?

Name Product Minimum Transfer Transfer Time Transfer Fee
Azimo - Ireland
GBP 10
Instant
Varies
TransferWise - Ireland
EUR 1
1-2 days
Varies
Remitly - Ireland
Remitly - Ireland
EUR 0
1-5 days
EUR 2.99
Skrill - Ireland
EUR 50
1 day
None
XE Money Transfers - Ireland
EUR 1
Same day
EUR 0
WorldRemit - Ireland
EUR 1
Same day
Varies
CurrencyFair - Ireland
EUR 5
1-2 days
Varies
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Compare up to 4 providers

Bottom line

As Skrill continues to expand into different countries, 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 do I 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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