What is Skrill?
Skrill is a safe e-commerce and money transfer service. It offers a merchant account for businesses that integrates with local bank accounts and credit card–hosting services. Your business can also pay freelancers and vendors directly into a Skrill wallet at lower fees, depending on the frequency and types of transactions you need.
- Product name. Skrill USA
- Minimum transfer amount. None
- Maximum transfer amount. From $135 to $25,000 monthly, depending on account verification status and origin of funds
- Transfer methods. Online, mobile app
- Delivery speed. 2 to 5 business days
- Available currencies. 40 currencies
- Fees. Standard fee of 2.90% plus $0.29 per payment; lower fees for transactions of $3,000 or more monthly
- Customer service. Phone, email
See how other services compare to Skrill
How are Skrill’s exchange rates?
Whether you use its wallet solution or hosted solution, Skrill’s exchange rates can be higher than competing services. It adds 3.99% to 4.99% to what it calls its “wholesale exchange rate,” depending on the currency.
|Any transfer among USD, GBP, EUR, CAD or PLN||2.99%|
|USD, GBP, EUR, CAD or PLN to any other currency||3.99%|
|All other currencies||4.99%|
What’s the mid-market rate?
The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.
Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.
How much will I pay to use Skrill’s merchant account?
When using Skrill’s merchant account to receive payments from customers, and Skrill’s high currency conversion fees, you’ll pay a transfer fee that’s equal to 2.90% of your total payment received. This is in addition to a high currency conversion fee of 3.99% to 4.99% that Skrill deducts for international payments.
If your business receives more than $3,000 in monthly sales volumes, you’ll pay slightly lower transaction fees.
|Monthly sales volume||Standard fee||Transaction fee|
|Up to $3,000||2.90%||$0.29|
|$100,000 or more||2.60%||$0.29|
And there’s yet more fees you could face with this merchant account.
|Refund fee||$0.49 per refund|
|Sending money fee||1% of your transaction|
|Micropayment fee||5% + $0.05|
What types of payments do Skrill merchants support?
Skrill allows your customers to make payments with credit and debit cards, bank accounts and local payment methods. Its wallet can connect your business to 20 million Skrill users for one-tap micropayments.
With its hosted solution, you can add cards, accept more than 20 local payment methods and integrate with more than 80 banks for direct transfers — all through a single platform.
How do I begin receiving payments through Skrill merchant?
Start the process of opening a Skrill merchant account online with your:
- Personal contact information, including phone number and email address.
- Business information, including your website, industry, number of employees and estimated sales.
Once you’ve filled out the online form, a Skrill merchant representative will look over your info and call you back with details on tailoring the online payment gateway to your business’s specific needs.
Pros and cons
- Intuitive system. Skrill is a simple platform that’s easy for even those new to e-commerce.
- Services many countries. Though it’s not available in all countries, Skrill offers its transfers worldwide.
- Flexible services. Skrill boasts the ability to receive payments from 20 local sites, 80 banks and more.
- High fees. There are so many fees with Skrill, you could lose track of how much you’re paying with each transaction.
- Customer complaints. Users report confusion about fraud prevention, late payments, “hacked” accounts, excessive ID requirements and poor communication.
While Skrill claims to be an easy-to-use platform, many fees, high conversion rates and user complaints could be enough to drive you to another e-commerce provider. But compare the fees, rates and transfer options of other money transfer specialists to find one that suits your needs.