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Online payments and debit card, is it safe? Pros cons

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Skrill is an online electronic wallet service that allows you to transfer funds both nationally and internationally. The platform is often considered the closest competitor to disadvantage the PayPal electronic wallet. However, as is the case with any online money transfer service, you must have a complete understanding of how the rate system works.

As such, we have created the definitive Skrill guide. We will analyze everything you need to know, such as deposit methods, security, compatibility with mobile devices and, of course, fees.

At the end of reading our review from beginning to end, you will have all the necessary information to assess whether Skrill is suitable for your individual needs.

Let's start by discovering who Skrill is.

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Who is Skrill?

Launched in 2001, Skrill became one of the first online electronic wallets to facilitate Internet payments to the Internet. The general objective of using Skrill is to transfer funds online to another Skrill user. As we will see later, the Skrill platform now offers a range of additional services, such as withdrawals from bank accounts and prepaid debit cards.

Formally known as Moneybookers, the company changed its name to Skrill in 2011. The company it was bought by Paysafe Group in 2015, along with its rival e-wallet Neteller. In terms of its customer base, Skrill says it now has more than 40 million users worldwide. Not only this, but the platform supports 200 countries and more than 40 currencies.

In addition to its more traditional money transfer service, Skrill is now accepted in a large number of online merchants. Recent estimates place the number of merchants at more than 120,000 worldwide, with the Skrill payment gateway used by people like eBay and Facebook. Although Skrill offers its payment gateway services to a wide range of industries, one of its main markets is that of online bookmakers and forex brokers.

Skrill

One of the key reasons for this is that PayPal often prohibits online casinos that do not have a long history in the online gaming industry and, therefore, the threshold with Skrill is much lower.

Now that you have a better understanding of who Skrill is, let's take a look at how you can start with Skrill.

How do I start with Skrill?

Here is a breakdown of the main steps you should follow to start using Skrill.

To open an account

First, you must open an account with Skrill. Simply head to the official page by clicking on this link , and then click on the "Register" button. You will find it in the upper right of the screen.

Next, you must enter your full name, email address and then choose a secure password. Read and accept the terms and conditions, before clicking on the "Register now" button.

On the next page, you must enter your country of residence and your preferred currency. Be sure to choose your national currency to avoid any exchange rate.

On the next page, you must choose the payment method you want to use to deposit funds. Once you do, you will be asked to enter more personal information.

At this time, you do not need to verify your identity, as long as it is within the limits of your account. However, to increase these limits, you must upload some identification.

Register in Skrill

Verify your identity

To verify your identity and, therefore, increase your account limits, go to the configuration page, which you can access through the bar on the left side. Then click on "Verification."

To confirm your identity, you must upload a copy of your government-issued identification. This can be a passport or driving license, or in some cases, a national identification card.

If you decide to do this through your desktop computer, you can upload the document directly from your device. You should also upload a selfie from you with a handwritten note with the current date. Alternatively, if you decide to verify your identity through your mobile application, you can use your smartphone's camera to take a picture of your identification.

What payment methods does Skrill support?

Once you have set up your new Skrill account, you will be presented with a variety of payment options. This includes a traditional bank transfer, debit / credit card and a number of alternative methods such as Bitcoin or Paysafecard.

Here is the complete list of supported deposit options.

  • wire transfer
  • Debit Credit Card
  • Neteller
  • Bitcoin and Bitcoin Cash
  • Paysafecard
  • With trust
  • Klarna

Regarding a bank transfer, you will be presented with the details of the local bank account to which you need to transfer the funds. You will also be shown a unique customer reference number.

It is imperative that you enter the customer reference number when making the bank transfer, or SKrill may have trouble linking the transfer to your account. In the vast majority of cases, the bank transfer deposit will appear in your Skrill account within 2-3 business days.

Alternatively, if you are from the United Kingdom, you can make a quick bank transfer through Skrill. This allows you to deposit funds instantly, through the faster Payments network.

The other option you have available is a deposit by credit or debit card. This is by far the easiest option, as the funds will be credited to your Skrill account instantly.

If none of the above is sufficient, you can make a deposit with one of the alternative payment methods listed above.

Skrill Deposits

What fees does Skrill charge?

One of the most important factors that will determine if Skrill is right for your needs are the rates. This not only comes in the form of transfer fees, but also the costs associated with the deposit and withdrawal of funds, as well as currency exchange rates. We have broken down the rates in more detail below.

Deposit fees

Regardless of the payment method you use to deposit funds into your Skrill account, you will be charged a fee. For the benefit of simplicity, all payment methods carry a 1% fee. As such, if you deposit £ 500 in your account, you would be charged a fee of £ 5.

This amount is deducted from the gross amount you deposit. With the same example as the previous one, you would receive £ 495 of your £ 500 deposit.

Withdrawal Rates

One of the best things about Skrill is that you have the option to withdraw funds to your chosen payment method.

If you choose to withdraw funds to your bank account, you will pay the equivalent in local currency of EUR 5.50. At the time of writing, this equals £ 4.82.

Compared to PayPal, this is really very expensive. If you are from the United Kingdom and withdraw funds from your PayPal account to your UK bank account, then this process is not only instant, but it is free.

If you wish to withdraw funds from your Skrill account to your Visa debit / credit card, Skrill will charge you an appetizing 7.5%. This means that a withdrawal of £ 100 would result in a fee of £ 7.50.

Transfer fees

When it comes to transferring money, Skrill will charge you 1.45% of the transfer amount. So, if I had to transfer £ 400, I would end up paying £ 5.80 in fees. Compared to the rival electronic PayPal wallet, it is actually much cheaper, since PayPal averages 2.90% (although this will vary depending on where you live).

However, it is important to keep in mind that if you are transferring funds to a person to use a different currency, then you will have to pay the exchange rates. Unfortunately, this is where things can start to get a little expensive.

Skrill Fees

Skrill charges an additional 3.99% in addition to the current average market rate. By adding that to the transfer rate of 1.45% mentioned above, you could end up paying up to 5.44%.

On the other hand, Skrill never charges you for receiving money, which is definitely a point in favor. On the contrary, PayPal's tastes will charge you a variable rate when receiving funds, unless you are from the United Kingdom and the person sending the funds is also from the United Kingdom.

So, now that you better understand the rates charged, in the next part of our Skrill review we will see how secure the electronic wallet is.

Is Skrill safe?

If you are not familiar with the operation of electronic wallets, you may be interested in security. However, electronic wallets established as Skrill are extremely safe to use. First, the platform is authorized by the Financial Conduct Authority of the United Kingdom under the Electronic Money Regulations 2011. This ensures that your funds are kept safe.

When it comes to keeping your account secure, it is highly recommended to configure two-factor authentication. This is where you will need your mobile phone every time you want to log in or withdraw funds. Without it, nobody can access your account.

You will also be asked to choose a 6-digit PIN number, which will also be required when performing key account functions.

When you enter confidential financial information (such as your debit / credit card details) on the Skrill website, the platform uses advanced encryption security. This means that even if the data were intercepted, nobody could read it.

What you should be more aware of is "phishing emails". This is where the scammers will impersonate Skrill by sending you an email. They expect you to reply to the email with their login credentials, so they can then access your Skrill account. However, Skrill will never contact you by email to request your account passwords, so be sure to do so with caution.

In short, Skrill is a very secure electronic wallet platform to use.

Skrill customer service

If you need help with your Skrill account, it is always worth checking out its extensive frequently asked questions section first. We found that most account inquiries can be resolved by reading the many help guides offered. However, if you need to speak directly with the Skrill team, a couple of options are available.

You can contact Skrill by phone, and the platform offers several local toll numbers, including those in the United Kingdom and the US. UU. Before calling them, be sure to write down your customer reference number so that the support agent can open your account. You will find it in the upper right of the screen.

Customer Support

Alternatively, you can send a direct message to the support team through your Skrill account. The team usually responds within 24 hours, although if you need instant assistance, it would be better to contact them by phone.

If you are a Skrill VIP member, you will have access to 24/7 support through a dedicated phone number. This will avoid having to endure for long periods.

Unfortunately, Skrill does not offer a live chat service.

Skrill mobile application

Skrill now offers a complete mobile application that you can download directly to your phone. The application is compatible with Android and iOS devices, however, Blackberry and Windows are not compatible. The application allows you to access all the same account functions that you will find through the main Skrill website.

This includes the ability to verify balances, transfer funds, deposit and withdraw money, buy and sell crypto, and more. When we tested the application ourselves, we discovered that the overall design was very easy to use. There were no problems navigating from one section to another, and we were able to transfer money easily.

The general consensus in the public domain is that the application works flawlessly. Some users have complained about server problems when using the application through Android devices, however, these are few and far between.

The application also facilitates the verification of your identity, since it is not necessary to load a selfie with a piece of paper with the current date.

Skrill prepaid debit card

Skrill also allows you to obtain a prepaid debit card issued by MasterCard. The card is linked directly to your main Skrill account, which gives you more options when you spend your balance. For example, you can use the Skrill prepaid debit card when making purchases at the store, free of charge.

You can also withdraw cash from an ATM, although you will be charged a 1.75% fee for this. On the other hand, the rates remain the same regardless of where you are, which makes the Skrill prepaid card useful when traveling abroad. The Skrill prepaid card comes with a fee of 10 euros, which you must pay each year.

However, this actually makes it much cheaper to withdraw money from your Skrill account, especially when considering the 7.5% fee charged for withdrawing funds to a Visa debit / credit card.

Skrill Card

Buy Crypto through your Skrill account

Skrill recently entered the cryptocurrency space by allowing registered users to buy and sell coins through their account.

It is important to keep in mind that when you buy cryptocurrencies from Skrill, you are not really buying the underlying asset. Instead, you are buying CFD-like (Contract for difference) products.

Skrill Crypto

This means that it only speculates if the price of the cryptocurrency will increase or decrease. As a result, you cannot withdraw coins to an external wallet outside the Skrill website.

However, Skrill currently supports eight different cryptocurrencies, which we list below.

  • Bitcoin
  • Ethereum
  • Ethereum Classic
  • Bitcoin Cash
  • Litecoin
  • Wave
  • Star Lumens
  • 0x

In terms of rates, if you are buying or selling cryptocurrencies with the USD or the EUR, you will pay 1.5% at each end of the transaction. If you are using an alternative currency such as GBP, this rate increases to 3%. These rates are not only quite expensive, but Skrill does not make clear how their live price feeds matter.

Skrill Review: The Verdict?

In short, Skrill is a really useful tool for sending and receiving money online. No matter where the other person is, you can transfer funds easily. We really like that the platform supports a significant amount of deposit methods, such as a bank transfer and a debit / credit card, as well as alternative options such as Paysafecard.

While transfer rates of 1.45% are quite competitive, things can be a bit expensive when you need to transfer funds using a secondary currency. This is also the case if you need to withdraw funds to a Visa card, with rates that amount to a huge 7.5%

However, a simple solution in this regard is to obtain the Skrill prepaid card. In this way, you can withdraw your Skrill funds through your local ATM at a rate of only 1.75%. This is especially useful if you want to use your card in another country.

Visit Skrill

Skrill

Skrill Review

Pros

  • Simple and easy to use
  • Support many countries
  • High limits
  • Offer physical or virtual card
  • Cryptocurrency support

Cons

  • The rates are high
  • Requires government issued identification

4,891

Disclaimer: The opinions expressed herein are only those of the author, not those of any bank or credit card issuer and have not been reviewed, approved or endorsed by any of these entities.

Disclaimer: The answers below are not provided or commissioned by the bank advertiser. The responses have not been reviewed, approved or supported by the bank advertiser. It is not the responsibility of the bank advertiser to ensure that all publications and / or questions are answered.

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