Skrill.com Review 2020 – Pros & Cons of Banking with SKRILL
- Opening an account quickly and easily
- Bitcoin payments accepted
- Payment worldwide and only possible with e-mail address
- Skrill credit card allows payment even at merchants that do not support Skrill payment
- Support sometimes slow or not very helpful
- Problems with deposits on gambling sites possible
- High payout fees to Visa cards
- Prepaid cards only available in Europe (EEA)
About the Company – Facts Overview:
- Founded in 2001 in Great Britain/London
- Regulated and licensed by FCA
- Part of the exchange-traded Paysafe Group
- Over 500 employees from 30 nations
- Payment interface between customer and merchant (online)
- Contact by email: email@example.com by phone: +44 (0) 203 608 1405
Skrill used to be called Moneybookers, many will still know it by that name. Since 2013 Skrill is used as a brand name and online payments are processed under this name.
Similar to its competitor PayPal, an e-mail address is sufficient to make payments, and in certain mobile networks money can also be sent and received via mobile phone numbers. This means that no sensitive account or card data needs to be entered when paying. The Paysafecard has also been part of Skrill since 2013 – but in Germany, both payment methods cannot be combined.
The experience with Skrill is mainly positive, but depending on the customers’ demands, there are also points that are evaluated negatively. We will first explain what Skrill is and what services it offers. Then you will learn more about fees and security.
So What exactly is Skrill? – Explanation for Beginners
Skrill is an international payment provider for online payments. It can be seen as a separate account or purse. Many online merchants offer a payment interface to Skrill. This allows funds to be transferred from customers to merchants in real time. Transactions between Skrill accounts are also possible in real time.
The payment provider Skrill (formerly Moneybookers) was founded in London in 2001 and has been part of the listed Paysafe Group since 2015. The company is based in the UK, where it is also strictly regulated and licensed by the Financial Conduct Authority (FCA).
Security of Client Funds
As mentioned above, Skrill is regulated by FCA and licensed as an electronic payment provider. The provider is obliged by the regulation to keep customer funds in liquid escrow accounts. Large and well-known banks in Great Britain are used for this purpose.
The user always has direct access to his money. The Skrill account is also protected by various measures. The user can also activate additional collateral on request. For example, 2-factor authentication can be used. In general, transactions are only possible with your personal access data. The account is protected by various security questions, pins or codes. Your transactions can be tracked transparently in the dashboard. In case of difficulties, customer support is at your disposal.
In summary, the financial service provider offers the necessary security for a professional payment provider. Customer funds are well protected and payment traffic is very smooth.
How does Skrill work? Instructions
Opening an account with Skrill Limited is very easy. Enter your correct email address and choose a secure password. You will then need to provide additional personal information to complete the process. The account must be verified with an identity card and proof of residence. You can upload a picture of this on the Skrill homepage.
The verification process only takes a few hours and your account is fully operational. If an account is not verified, many features are not available or strict limits are imposed.
In addition to entering data, the telephone must also be verified. The phone is an additional security for your account. For example, you will receive direct notifications of a bank transfer or an account login. 2-factor authentication can also be activated in this way.
Increase Skrill Limits for Full Verification
By correctly verifying your account, you will increase the limits. However, the account is already functional without verification. For a complete payment transaction the FinTech provider has to verify your identity, because the company is strictly regulated and licensed. Account activation, for example, also works very easily via an app.
Upload the required documents and get an increase in limits. This process only takes a few hours and is completed for you in just a few minutes. Identity verification is particularly important in order to be able to use all of the payment provider’s functions.
Full account verification:
- Front and back of a driver’s license
- Photo of a passport
- Upload copy/picture of identity card
- Upload copy/image of proof of residence
- Picture of your own face
Top up your Credit – Your first Deposit
To top up the credit at the FinTech company you can use different methods, which I introduce to you in the following points. Some methods work in real time. The payment provider Skrill does not charge any fees! However, if fees are charged, they are not indicated by Skrill and are particularly transparent.
In general, you should first fully verify your account before you fund it. This will help to avoid later difficulties. There are limits for some deposit methods. (Bank transfer no limit)
These deposit methods are possible (limits + fees):
|Bitcoin & Bitcoin Cash||€500||1%|
The limits can increase with a VIP account.
Skrill supports the following currencies: USD, AUD, EUR, BDT, INR, IDR, KES, MYR, NPR, PKR, PHP, PLN, LKR, THB, GBP, VND, ZAR.
After registering, the user must specify the basic currency of his account, which cannot be changed from then on. However, it is possible to create secondary accounts within his account, in which other currencies can be held. The conversion to other currencies is expensive, the fee is 3.99% of the current market exchange rate.
Skrill Prepaid MasterCard
Skrill customers can order a prepaid MasterCard debit card that costs an annual fee of €10. For ATM withdrawals the service charges 1.75%. The card is linked to your Skrill account and can access the available credit. So you can pay with Skrill even if the merchant does not offer payment via Skrill. Unfortunately, the card is only available to customers who are residents of the EEA (European Economic Area).
Experience and Test of Payout at Skrill
To withdraw funds from the Skrill account, you can use the bank transfer or pay the money to the credit card. Based on my experience and tests, the payment will be released within 24 hours (working days) and sent. The money was then on my bank account after a maximum of 3 days.
You can access your account balance at any time. When paying by bank transfer or credit card there are small fees. Bank transfers take 2 to 5 days.
Send and receive Money with Skrill – it couldn’t be easier!
Sending and receiving money with Skrill is very easy. For example, you can send money directly to friends or merchants in seconds, all you need is the recipient’s email address. In my experience, sending and receiving money works almost in real time.
When receiving and sending money there are no limits for the amounts. Please note that your account must be verified.
Send and receive money in a few seconds:
- To friends or relatives
- Send money: 1.45% or min. €0.50 fees
- Receive money: Free of charge
- Simple sending via email address
At present, many traders in the trading and casino sector use the payment provider Skrill, but also traders in the food industry already accept Skrill. Currently the brand is growing strongly and more and more retailers are willing to include the provider in their program.
Skrill is popular with:
- Online casinos
- Forex brokers
- CFD Brokers
- Food retailers or ordering service
- Gaming providers
For example, it is also possible to pay with Skrill at Amazon. The Mastercard can be used for this. In summary, Skrill is one of the few solutions to pay quickly and easily online. The provider offers all the necessary prerequisites for smooth payment transactions.
Benefit from better conditions as a Skrill VIP
Skrill also offers VIP accounts for users who reach a certain sales volume. From my experience, this is quickly achieved as soon as you are a little active. The VIP program offers many new benefits that can save you money. The sales volume must always be reached in one quarter.
The VIP levels:
- Bronze (6.000€ turnover)
- Silver (15.000€ turnover)
- Gold (45.000€ turnover)
- Diamond (90.000€ turnover)
The VIP program offers several advantages with the conditions, which I will briefly explain to you. Click on the button below to go directly to the VIP conditions!
- Multi-currency accounts
- Personal advisor
- Preferred bank deposit
- VIP Support around the clock
- No transfer fees
- Higher limits for the Mastercard
- Lower fees
Buy and sell Cryptocurrencies at Skrill
Skrill now enables you to buy or sell cryptocurrencies within seconds using your own Exchange cryptocurrency. With over 100 payment methods and Fiat-Money you can invest directly in cryptocurrencies.
In 1-2 seconds the purchased cryptocurrency appears on your account. Note that the service is not available in all countries!
From my experience this is a very new service from Skrill. The payment service provider is one of the few that works smoothly. Sending cryptocurrencies to an external wallet is not a problem. In summary I find this new function a good progress into the future.
Support and Service
The support and customer service is the last point in this field report that needs to be reviewed. For customers of a bank it is very important to get good support.
Skrill offers support by phone, chat or email. There is also a large FAQ with the most frequently asked questions on the website. However, chat support is not available for every customer. VIP customers, for example, get special support that points out bonus offers or fee savings. The VIP customer is assigned a direct contact person.
There is email support and telephone support for each customer. There are several hotlines which are available 24 hours a day. From my experience, the answer via email support takes a maximum of one day. In summary one can speak here of a good support, which responds fast to the desires of the customers. I have contacted the support several times in the past and my requests have always been solved quickly.
- Support by phone, email or chat
- 24 hours telephone hotline
- VIP support with own contact person
- Large FAQ with instructions
Conclusion on the Experiences and Tests of Skrill
Our conclusion and experiences with Skrill so far are very positive. The provider offes a universal online wallet that allows you to send money around the world in seconds. The provider works reliably and you always have full control over your transactions and funds.
If you are looking for a wallet or a separate online account, you should create a Skrill account. With low fees compared to other providers and its own Mastercard, Skrill is a top provider!
Make sure that Skrill verifies your complete identity. So you can use all the features and difficulties will be avoided. On the Internet you often read criticism, but this is due to a lack of verification.
Unfortunately Skrill isn’t very useful for digital nomads since you need a European residential address in order to get the Mastercard. For money sending or as payment method for certain online services it can be a choice, though. Without the card the possibilities are very limited and you are probably better off with another virtual bank, depending on what you need such a financial service provider for.