Our Verdict
There’s not that much going for Skrill until you become a True or VIP Skriller – Skrill’s top two tiers. Until then, you’ll be charged for moving money from your Skrill account to a bank account, paying an application fee for the physical prepaid card and a fee every time you withdraw cash. Once verified, some fees are waived and you’ll also have access to other perks.
Sadly, Skrill adds a hefty markup of up to 3.99% when converting your dollars for overseas transfers. On top of this, US customers have no access to instant transfer support so check the rates and fees carefully before going ahead. Inactivity can also cost you $5 every month but avoid this by making at least one transaction every 12 months. Finally, a host of bad reviews might make you look elsewhere.
Why should I consider Skrill?
- 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.
- Varied payment methods. International transfers are available using debit and credit cards.
- Daily exchange rate alerts. You can sign up for daily alerts on Skrill’s FX rate.
What to be aware of
- High fees. Convenience comes at a price, with lots of fees, including ain international transfer exchange rate mark-up of up to 4.99%.
- 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 annually, you’ll be charged a monthly €5 fee (or equivalent in your local currency) until you do so.
- Requires government-issued ID. This requirement could deter users without one.
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.
Send money to domestic users or convert money to more than 40 currencies globally from your online account or the Skrill mobile app. 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.
Highlights
- 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 type 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 New Zealand then you can only send to a bank account, but you can pay with a debit or credit card. Just remember, you will be charged a $5 fee for using your credit card.
It’s also important to note that you cannot use your existing Skrill wallet balance for a Skrill money transfer.
How much will I pay?
Fees
If the retailer accepts Skrill payments, the transfer will be free. Most other transfers, however, do 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.
- Debit card deposits. Up to 1%
- Credit card deposits. Up to 2.99%
- International transfer in the same send and receive currency. Up to 4.99%
- International transfer exchange rate mark-up. Up to 4.99%
- Domestic Transfer. Up to 2%
- Sending money to other Skrill account holders. 2.99%
You will be able to see the applicable fees before you complete your transfer. But you may be pleased to read that Skrill does sometimes give new customers discounts. So at the time of writing, if you were to send $1,000 from New Zealand to the UK, you could benefit from a $15 fee discount as part of Skrill’s trial offer.
Exchange rates
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 and proof of residence.
Once your account has been created you can start making transfers by completing the following steps:
Bottom line
While Skrill offers an easy-to-use platform, you may find that its fees outweigh its benefits. In addition to this, its services are relatively restricted for New Zealanders. Therefore, you may want to compare the fees, rates and transfer options of other money transfer specialists to find one that suits your needs.
See how other services compare to Skrill
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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