If you make frequent international money payments or transfers, Skrill’s easy-to-use platform might be right for your needs.
Skrill is an online e-commerce and money transfer service that’s quick and easy to use. Like PayPal, it allows active users to transfer funds among Skrill accounts — or wallets — with no transfer fee. Users can quickly create an account to make payments and money transfers between 40 different currencies.
What is Skrill?
Skrill is an e-commerce service that allows you to send international money transfers and payments quickly with low fees. It’s rated as one of the fastest-growing money transfer services operating within Europe. Based in London, the company serves more than 30 countries and nearly 120,000 users.
Skrill also runs the online gambling and gaming casino Skrill Showcase. It offers regular bonuses for referrals and brand loyalty, including the unique ability to hold a multicurrency account.
See how other services compare to Skrill
How can I send a transfer through Skrill?
After creating an account, you import money to your Skrill wallet using your bank account, credit card or debit card. You can then transfer money to another Skrill user directly into their Skrill wallet for a flat fee that can average 2% of your transaction.
What much can I send with Skrill?
Skrill doesn’t limit how little you can send through its services. However, the amount withdrawn for your transfer is required to at least cover Skrill’s transfer fee. Fees range from 5.5 euros if withdrawing to a bank account to 7% of your transfer if withdrawing directly as a Visa credit.
How much you can send will depend on the method you’re using to deposit funds into your Skrill account and the status of your identity verification. If you deposit money into your Skrill wallet with a verified credit card and complete Skrill’s ID verification process, your monthly transfer limit can be as high as $25,000. But if you make a deposit using an unverified credit card and do not completed the ID verification process, your monthly transfer limit is capped at $135.
You can increase your limits through Skrill’s VIP program.
How do I satisfy Skrill’s identity verification process?
Once you begin using your Skrill account to make transactions, you are given the option to verify your identity by uploading a clear, readable, valid and unaltered scanned color copy or photo of such government-issued ID as your driver’s license or passport photo page.
How much does it cost to send money with Skrill?
The fees for sending money with Skrill depend on where and how you are transferring money into your Skrill wallet.
In general, depositing funds into your Skrill wallet with a bank wire transfer is free, and it’s always free to receive money to your Skrill wallet. Other methods of depositing money carry fees.
Sending money to an email address or another Skrill wallet carries a fee of 1.9% of the amount sent, with the charge capped at the equivalent of 20 euros. You’ll also pay a currency conversion fee of 3.99% on Skrill’s wholesale exchange rate.
What types of transfers can I send through Skrill?
You can schedule recurring payments and perform one-off transfers. They also offer separate benefits for business and personal accounts depending on your transfer needs.
Pros and cons
- Simple, convenient setup. Creating an account takes less than five minutes, and sending money is a simple process.
- High transfer limits. With verified ID and payment, you can send up to $25,000 a month — which is higher than competing services.
- No minimums on withdrawals. Withdraw as little as you’d like to your bank account.
- High fees. When sending money internationally, you’ll pay 3.99% above Skrill’s wholesale exchange rates, which is higher than many money transfer specialists.
- Requires government-issued ID. This requirement could deter users without it.
What other products does Skrill offer?
Though Skrill’s main business is money transfers, Skrill also operates the sports gambling and betting site Skrill Showcase. You can play games and bet on sports using funds from your Skrill wallet.
Skrill offers money transfers with no minimum withdrawals, high maximum transfers and an intuitive system. However, with relatively higher fees on currency conversions, you may want to compare the fees, rates and transfer options of other money transfer specialists to find one better suited for your needs.