Skrill payments and transfers review

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.

Is Skrill safe?

Skrill is licensed and regulated by many different countries and federal organisations, including the Electronic Money Regulations 2011 and the Financial Conduct Authority. 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 24 June 2020.

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, a lack of customer service and customers having to pay high fees to withdraw money from their accounts.

Make sure you 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. And keep an eye on its social media pages to see what customers are saying on there.

Skrill fees and exchange rates explained

Skrill’s fees aren’t exactly clear, but this is what we found on its website on 5 June 2020.

• Deposit funds: One-time fee of 20% for first deposit. All subsequent transactions will incur a 1.45% fee.
• Withdraw funds: 3.99% foreign exchange fee
• Send money abroad: Free
• 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.

Skrill limits

Skrill limits UK 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 says it reserves the right to vary transaction limits at its discretion. The standard maximum transfer amount for UK customers is £12,240.

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What types of transfers does Skrill support?

Depositing funds

Skill allows deposits in the following ways:

• ACH transfer (Automated Clearing House)
• Bank account wire transfer
• Mastercard or Visa credit card
• Paysafe card

If this is the first time you’ve made a deposit to your Skrill account, you’ll have to pay a higher one-time fee of 20%. All subsequent transactions will incur a 1.45% fee.

Withdrawing funds

There is only one way to withdraw funds – into a bank account via a wire transfer. You’ll have to pay an additional 3.99% foreign exchange fee when you withdraw the money, and also the money may take up to 5 business days to arrive.

In addition, because Skrill relies on wire transfers instead of ACH transfer for withdrawing, be aware that your bank may charge an incoming wire transfer fee. Contact your bank directly to find out if this fee will apply to you.

How do I send money through Skrill?

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

• Your full name and personal contact information, including your phone number and email address
• Your passport number or driving licence and proof of residence

The steps to send money through Skrill are:

1. Confirm your email address and identity
2. Enter banking or credit card information
3. Deposit funds into your Skrill account
4. Enter recipient information and transfer details
5. Track the progress of your initial deposit and any money transfers through your Skrill account

Your recipient will typically receive the funds in 2 to 5 business days.

Is there a Skrill app?

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

Bottom line

As Skrill continues to expand into different countries, expect more nations 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. And if you can send the money through Skrill, read up on its 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.

Frequently asked questions