Skrill online money transfer review February 2018 | finder.com

Review: Skrill online payments and money transfers – February 2018

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

To transfer money with this e-commerce site, you create a free Skrill account and deposit funds into your Skrill wallet using a wire transfer or 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 to 40 currencies and offers a high maximum transfer amount.

Product NameSkrill
Max. Transfer AmountNo limit
Transfer Methods
Online
Transfer Options
Regular paymentsOne off payments
Banking PartnerSkrill
Customer Service
PhoneEmail

Send money to your friend’s digital wallet account

Skrill is a safe, convenient e-commerce and money transfer service. Like PayPal and Circle, Skrill’s platform is designed to be easy to understand by people new to money transfers and digital wallets.

Send money to domestic users or convert money to over 40 currencies globally from your online account or the Skrill mobile app. If you need help with your transfer, contact customer service with their 24/7 helpline or check out the interactive FAQ online. But be aware of the many fees.

Highlights

  • Don’t have your friend’s bank account details? Easily send money with just their email address.
  • Pay for your goods online without pulling out your wallet with any e-retailer that offers Skrill at checkout.

How much will I pay to send money with Skrill?

In addition to Skrill’s currency conversion fee, you’ll pay a transfer fee that’s equal to 1.9% of your total transaction amount, capped at $20. Skrill automatically deducts these fees from the amount your friend or family member receives on the their end. You’ll also pay to withdraw money from your account.

  • 1.9% transaction fee
  • 3.99% currency conversion fee
  • up to 7.5% withdraw fee (varies by payment method)

For example, if you’re transferring $1,000 from your Skrill account to a friend in the UK, Skrill will deduct a transaction fee of 1.9% ($19), along with a 3.99% ($39.90) currency conversion fee. Your friend will receive $941.10.

There are also fees for loading funds to your Skrill account. The price depends on the method you use:

  • Bank transfer: Free
  • ACH: 6%
  • Credit card: 2.9%
  • PaySafe card: 7.5%

Exchange rates

Skrill’s exchange rates can be higher than competing services. It adds 3.99% to what it calls “Skrill’s wholesale exchange rate.” For comparison, TransferWise offers the mid-market rate for most international transfers, and PayPal typically charges fees of up to 2.5% above mid-market rate.

What types of transfers does Skrill support?

Skrill offers one-off transfers. You have options for loading the funds to your Skrill wallet and withdrawing the money, including:

  • Upload methods. Load your Skrill wallet with funds directly from your bank account, a credit or debit card, a SWIFT account or another digital wallet.
  • Withdraw methods. Your recipient can withdraw funds from a Skrill wallet to a bank account via wire transfer, a credit card balance or SWIFT account, depending on their location.

Minimum and maximum transfer amounts

Skrill does not have a minimum transfer amount. Maximum transfer amounts can vary between $135 and $25,000 a month, depending on the verification of your account. You can usually verify your account instantly with your Social Security Number.

Pros and cons

Pros

  • Intuitive system. Skrill is a simple platform that’s easy for people new to money transfers.
  • Services many countries. Though it’s not available in all countries, Skrill offers its transfers worldwide.
  • High limits. With no transfer minimum and up to a $25,000 maximum, few can beat the range of freedom offered by Skrill.

Cons

  • 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.
  • Potential inactivity fee. If you don’t use or log in to Skrill at least annually, you’ll be charged a monthly 2 euro (roughly $2) fee until you do so.
  • Requires government-issued ID. This requirement could deter users without one.

How do I send money through Skrill?

Sending money through Skrill is fast and easy. You will first need to sign up for a free Skrill account before loading funds into your wallet. To sign up for an account, you will provide:

  • Your full name and personal contact information, including your phone number and email address.
  • Your Social Security Number or photo ID and proof of residence.

You can start transfers after you’ve created your account.

  1. Confirm your email address and identity by entering your Social Security Number.
  2. Enter banking or credit card information.
  3. Deposit funds into your Skrill account.
  4. 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.

Bottom line

While Skrill offers an easy-to-use platform, you may find that the high fees outweigh Skrill’s benefits. In that case, you’ll want to compare the fees, rates and transfer options of other money transfer specialists to find one that suits your needs.

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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
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