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Skrill review
Last updated:
USD 60
Min. Transfer Amount
USD 4,500
Max. Transfer Amount
1 day
Transfer Speed
Details
| Product Name | Skrill International Money Transfers |
|---|---|
| Min. Transfer Amount | USD 60 |
| Max. Transfer Amount | USD 4,500 |
| Transfer Methods | Online, Bank Account to Bank Account |
| Transfer Options | Regular payments, One off payments |
| Transfer Speed Minimum transfer time | 1 day |
| Customer Service | Phone, Email |
| Available Currencies | AUD, BDT, EUR, GBP, IDR, INR, KES, LKR, MXN, MYR, NPR, PHP, PKR, PLN, SGD, THB, VND |
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.
What's in this review?
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.
- No minimum transfer limit. This makes Skrill handy for smaller transfers.\
- Services many countries. Though it’s not available in all countries, Skrill offers its transfers worldwide.
What should I watch out for with Skrill?
- High fees. Convenience comes at a price, with lots of fees, including a currency conversion fee of 3.99%, which is higher than many other online transfer services.
- 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.
- SGD not supported. While we can still use Skrill in Singapore, your money will be converted into USD, which will cost more.
- 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 the Financial Conduct Authority under the Electronic Money Regulations 2011 in United Kingdom. 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 21 August 2020.
| Trustpilot | 4.4 out of 5 — based on 13,796 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 fees and exchange rates explained
These are the fees chargeable by Skrill:
- Deposit funds: 2.5%
- Withdraw funds: S$8.34 (€5.50)
- Send money, receive money: Both free
- Domestic transfer. Up to 2%
- 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 (or equivalent) fee every month until you start using your account again.
Also, know that while you can use Skrill in Singapore, all your transfers have to be in USD. This means that you’re going to be copping the 3.99% currency conversion fee before you send your money anywhere.
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
Skill allows deposits in the following ways:
- Bank transfer
- Bitcoin
- Bank transfer via FAST
- Neteller
- Mastercard or Visa credit card
- JCB credit cards
- Diners credit cards
- American Express credit cards
- Paysafe card
- Paysafe cash
- Rapid Transfer
- Trustly
You’re also able to buy and sell cryptocurrency with your Skrill account. While this isn’t available in all countries just yet, you can use it in Singapore.
Withdrawing funds
There is only one way for Singapore residents to withdraw funds:
- Bank transfer
- Visa credit cards
- SWIFT
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.
- Photo ID and proof of residence.
You can start transfers after you’ve created your account.
- Confirm your email address.
- Enter banking or credit card information.
- Deposit funds into your Skrill account.
- Track the progress of your initial deposit and any money transfers through your Skrill account.
Your recipient will typically receive your 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 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 21 August 2020 | |
|---|---|
| Google Play Store | 4 out of 5, based on 87,000 customer reviews |
| Apple App Store | 4.5 out of 5, based on 3,800 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
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.
Bottom line
Skrill’s introduction of international money transfers through its service to the Singapore market has certainly extended its global reach. As Skrill continues to expand, 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 to 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:
- Under the Transactions section of your account, tap the pending transaction you want to cancel.
- Tap Cancel Transaction on the popup window.
- 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:
- Log in to your account and withdraw all of your funds.
- Go to Settings.
- 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