Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Review: Skrill online payments and money transfers
This easy and convenient payment service comes with high fees for sending and withdrawing money.
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.
- Limited currency and country support. International options are mostly limited to countries that support the Euro and USD.
- Negative reviews. Nearly 20% of Trustpilot reviews for Skrill were Bad when we checked.
Is Skrill safe?
Skrill is licensed and regulated by many different countries and federal organizations, including monetary authorities in the US, UK and EU. 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 UK 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 and complaints
What Skrill’s reviews look like, accurate as of October 8, 2020.
|Trustpilot||4.4 out of 5 — based on 14,519 customer reviews|
|Monito||8.3 out of 10 — based on staff reviews|
When we checked, 19% 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 limits customers 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.
If a payment is made that exceeds the account limit, Skrill will cancel the payment and notify you immediately so that you may lower the amount in accordance with the limits of your account.
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 allows deposits in the following ways:
- ACH transfer (Automated Clearing House)
- Bank account wire transfer
- Mastercard or Visa credit card
Customers may withdraw funds via local bank transfer or through the SWIFT network.
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 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 September 30, 2020|
|Google Play Store||3.8 out of 5, based on 94,325 customer reviews|
|Apple App Store||4.2 out of 5, based on 658 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?
Check out the table below to quickly see what your transfer could look like with our partners.
Frequently asked questions
What’s the difference between Skrill and PayPal?
How to cancel a Skrill transfer
How do I delete/close my Skrill account?
How do I contact Skrill customer service?
More guides on Finder
Blockchain Lockbox hardware wallet review
Find out what this simple and affordable entry-level hardware wallet can offer.
iRemit international money transfers review
Make simple and small transfers to the Philippines through the IREMITX app.
Nexo review: Is it safe for high interest returns?
Nexo is a cryptocurrency lending and borrowing platform that offers high interest rates on cryptocurrencies, stablecoins and fiat. We review the features available and look at how safe your funds would be on the platform.
AscendEX (BitMax) Cryptocurrency Exchange Review
A complete review of the AscendEX exchange, covering trading and DeFi features, associated fees, regulation and security. Is AscendEX right for you?
Gemini vs Coinbase
We compare these two large cryptocurrency exchanges to see how their fees, features and customer support stack up.
Binance vs Coinbase: Which is best for you?
Binance and Coinbase are two titans of cryptocurrency – let’s see how the two stack up and find out which suits your needs.
Review: Paysera international money transfers
We review Paysera’s fees, rates and more for international payments and transfers.
Wise (TransferWise) promo codes and discounts September 2021
Does Wise offer deals or discounts on money transfers?
Ria Money Transfer promo codes September 2021
How much could you save on your next Ria international money transfer? Check out these promo codes to find out.
Remitly promo codes and discounts September 2021
Don’t pay too much for a money transfer. Check out the latest Remitly promo codes and discounts.
Ask an Expert