Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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Skrill payments and transfers review
Skrill's money transfer service offers transfers to many popular destinations, but keep an eye out for bad reviews.
- Receiving money is free with Skrill.
- Transfers may not use the mid-market rate.
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1 day
Transfer Speed
USD 60
Min. Transfer Amount
USD 4,500
Max. Transfer Amount
Details
| Min. Transfer Amount | USD 60 |
|---|---|
| Max. Transfer Amount | USD 4,500 |
| Transfer Methods | Online, Bank Account to Bank Account |
| Transfer Speed Minimum transfer time | 1 day |
| Available Currencies | AUD, BDT, EUR, GBP, IDR, INR, KES, LKR, MXN, MYR, NPR, PHP, PKR, PLN, THB, USD, VND, ZAR |
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 payment methods. Skrill users in South Africa can’t take advantage of the same range of deposit and withdrawal methods available to users in some other countries.
- Potential inactivity fee. As of 10 March 2020, if you don’t use or log in to Skrill at least annually, you’ll be charged a monthly 5 euro fee until you do so.
- Negative reviews. Nearly 18% 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. 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 July 3, 2020.
| Trustpilot | 4.5 out of 5 — based on 13,074 customer reviews |
| BBB rating | B — based on BBB’s internal rating system |
| Monito | 8.3 out of 10 — based on staff reviews |
When we checked, 17% 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
The fees you pay when sending money with Skrill vary depending on the type of transaction you send.
- Deposit funds: Free
- Deposits via Paysafe card, Neteller or bitcoin: 1% fee
- Withdraw funds: Free
- Withdrawals via credit card: 7.5% fee
- Send money, receive money: Both free
- Domestic transfer: a fee of 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.
Skrill limits
Skrill does not have a minimum transfer amount. Maximum transfer amounts can vary depending on the verification of your account but could be up to US$25,000 — check the current exchange rate to find out the maximum limit in ZAR. If the amount you wish to transfer exceeds the applicable transaction limit, Skrill will notify you and withold the transaction until you lower the amount.
It is unclear whether Skrill will allow you to raise these limits, as Skrill reserves the right to vary transaction limits at its discretion.
Calculate what your transfer could look like with Skrill
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:
- ACH transfer (Automated Clearing House)
- Bank account wire transfer
- Mastercard or Visa credit card
- Paysafe card
There are no Skrill fees for depositing funds, but your credit card or bank account may charge its own fees.
Withdrawing funds
There are three ways for SA residents to withdraw funds:
- Bank account via wire transfer
- Visa credit card
- SWIFT transfer
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. Also, note that there is a fee of €5.50 on SWIFT transfers.
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
- Your ID Number or photo ID and proof of residence
The steps to send money through Skrill are:
- Confirm your email address and identity by entering your ID Number
- Enter banking or credit card information
- Enter recipient information and transfer details
- Confirm all fees and details, then pay for your transfer.
- 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?
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 May 18, 2020 | |
|---|---|
| Google Play Store | 3.9 out of 5, based on 81,893 customer reviews |
| Apple App Store | 4.5 out of 5, based on 3,429 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?
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Bottom line
While Skrill offers an easy-to-use platform, you may find that the high fees outweigh Skrill’s benefits. 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 sucessfully 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