With the information shared below, you can now decide whether Skrill is suitable for you or not.
Perhaps, I have no idea of what you have heard about Skrill. But what I know is this. You need an online payment service that is not just easy to use, but safe for the exact use cases you have in mind now.
And that’s why you are asking this question – is Skrill safe for online money transfers? You’ll find out in this detailed Skrill review.
What is Skrill?
Skrill is an online payment platform that provides users with a digital wallet, and other money transfer services. Founded in 2001, Skrill has been in the online payment services market since that time.
The company is now operating across 120 different countries. Skrill’s platform is now used to send and receive money in 40 different currencies. To make these things possible, Skrill is supported through the work of over 2000 employees.
Probably, there is one specific use case you have in mind for considering Skrill as an online payment service provider.
The fact remains that this platform can be used for different things and in varying contexts. Let’s look into the core use cases. From here, it will become easier to decide whether Skrill will work for you or not.
Skrill Payment Gateway Review: The Core Use Cases
International Money Transfer
Here is the first thing that Skrill is known for. Through this platform, you can send money into the recipient accounts across 120 supported countries. The best part is that this company promises to help you do that 100% free. Depending on your option, you can use either your bank account or card to make the transfer.
It doesn’t matter whether you have a local or international bank account in your country. You can always initiate a Skrill money transfer from that account you have now.
Like other online money transfer service providers, you may decide to do your transfers inside the Skrill mobile app or the main website. Creating an account is quick and easy. And there are no fees required for you to get started.
When you make a transfer from this platform, it doesn’t take more than an hour to hit the destination bank account. Skrill claims you can have your money sent and received within minutes.
Which other online money transfer platform do you know that works that way?
Receive Money From Abroad
Receive Money From A Skrill Customer – Skrill to Skrill money transfer is seamless and easy. The best part is that you don’t have to pay any fees for this. Surprisingly, you may find out someday that thousands of other people in your country are already using Skrill to send and receive money.
Receive Money Through A Merchant Website – From sports betting to forex trading, hospitality, and eCommerce, Skrill online payment systems are integrated with a wide range of partner or merchant websites. If you use any of those merchants or partner services, you can also receive money via Skrill.
Withdrawing Money From Skrill
Receiving money into your Skrill wallet is one thing. Using the money or getting physical cash is an entirely different thing. Interestingly, seamless withdrawal is another thing you can use Skrill to do.
Regardless of your country, you can choose from the available Skrill withdrawal option already working for other people in your country. Below are the main withdrawal options to consider when you need money.
Skrill Bank Withdrawal – The first option is to move your money from the wallet into a bank account. For this, you’ll need to enter your bank account details first. After submitting your bank details, they will be reviewed and approved. When it is approved, you’ll get a notification email. Most times, review and approval will take less than one hour.
Depending on your country, the Skrill withdrawal limit will be made visible when you try to initiate a bank withdrawal.
Assuming the currency you want to withdraw is different from your account currency, additional forex exchange fees may apply. Please note Skrill withdrawal fees often varies from one country to the other.
Like the limit, withdrawal fees will be made visible at the point of initiating the transaction.
Skrill Visa Withdrawal Method – You can also withdraw your money to a personal Visa card account. This option works for both Visa debit and credit cards. However, you should bear in mind that this option is not available to Skrill users in every country where the company operates. You have to go check the withdrawal page, enter your country and find out if it is available or not.
Skrill MasterCard Withdrawal – If you don’t have a Visa card, you may want to use the Skrill MasterCard withdrawal method. The same process applies here.
But there is one caveat. This option is available to users in Russia, and Ukraine only. With MasterCard issued debit or credit card, you’ll be able to withdraw your money within three days or less.
Skrill Mobile Wallet Withdrawal – What is the Skrill mobile wallet withdrawal method?
Assuming you have a mobile wallet that supports local and international money transfers within your country, you can use it to withdraw the money in your Skrill account.
The cool benefit is that mobile wallet withdrawal is among the fastest method you’ll experience online. Moreover, you can have the money arrive in your local currency. Remember, Skrill supports over 40 different currencies around the world. But the service is available to users in the following countries only.
- Philippines
- Nepal
- Sri Lanka
- Vietnam
- Pakistan
- Ghana
- Kenya
- Armenia
Before initiating the transaction, make sure your account is verified. And then, you need to have your PIN ready to confirm the withdrawal transaction. You can find out the Skrill mobile wallet withdrawal limit at the point of initiating the transaction.
Skrill Crypto Withdrawal Method – Unlike many other online money transfer services, converting your money into cryptocurrency is an easy thing to do on Skrill. That means you can have your money moved into a crypto address without any traditional regulatory protocol. The benefit of withdrawing through crypto is the exceptional speed of operation. But there are a few things you have to note.
First, money withdrawn through a crypto wallet cannot be reversed. Based on this fact, it is your responsibility to reconfirm the receiving address before you click send.
Secondly, money sent or received through MasterCard cannot be withdrawn via this method. Even when the money is coming from other Skrill users, the same rule applies.
And thirdly, you can only send to Bitcoin and Ethereum addresses at the moment. Some other cryptocurrency addresses could be added later. But this is what they have at the moment. Moreover, you should create a free account to check if this is available to users in your country or not.
Skrill Neteller Withdrawal Method – Neteller is a digital payment wallet used to transfer money between users and other compatible wallets. At the time of this writing, it is one of the best Skrill withdrawal methods available to different segments of users. Just go to the withdrawal section and initiate the transaction.
Have your PIN ready, and then reconfirm the transaction details before you hit send.
Depending on the method you choose, most withdrawals will arrive in your account within 1 – 5 business days. Most times, transaction completion time will be determined by the sending and receiving countries. But if you are using Skrill mobile wallet withdrawal, cards or crypto, the completion often happens within minutes.
Finally, the withdrawal limit will also vary based on the countries involved and the chosen method.
Skrill Money Transfer Fees
In some cases, Skrill money transfer fees will be cheaper than what is obtainable from other platforms.
Below is what the fees look like at the time of this writing.
Fund Deposits – from free to 5% depending on the chosen method. You can use MasterCard, Visa, JCB, and Diner’s Club to make your deposits.
Skrill Withdrawal Fees – expect to pay 2 – 4.99% for most of the withdrawal options on the platform.
International Money Transfer – from free to 1% only.
Currency Conversion Fees – you’ll be charged 3.99% for converting from one currency to another.
Skrill Prepaid Card Issuance – EUR10
Annual Card Fee – EUR10
ATM Transaction Fee – 1.7%.
POS Transactions – 100% free.
Skrill Virtual Card – EUR2.5.
These are the major fees you’ll pay for using the services provided by Skrill. Please note that these fees are subject to change from time to time.
Besides, it is also worth noting that you can see most of the current Skrill fees at the time of initiating any transaction.
Making Payment With Skrill
Perhaps, how you make the payment will be dependent on the acceptable methods on the merchant website or recipient’s country. In terms of making payment, below are some of the things you can do with Skrill.
Forex Trading Platform Transfers – Are you interested in finding the best online payment platform for forex trading? Look no further. Skrill has got you covered on this. For over 20 years now, Skrill has been supporting forex traders across some of its operating countries.
Online Sports Betting – Irrespective of where you look, it is never an easy thing to find online payment platforms that support gambling. But in this case, Skrill is different.
As a company operating under UK laws and regulated by the Financial Conduct Authority, it is possible to use Skrill for online sports betting. Interestingly, the UK is one of the countries where gambling and online sports betting is legal.
Gaming – Besides normal betting, you can also use Skrill for online gaming. Some of the gaming companies supported include Game Force, Big Point, Webzen, and Kinguin.
How Safe Is Skrill Online Payment Gateway?
Skrill is safe for online payments. As noted earlier, it is a UK-registered and regulated company. Moreover, Skrill has been delivering the same services to millions of users across 120 countries since 2001.
Even now you are busy reading this post, some people are probably using Skrill to send and receive money. If you feel there is something to be worried about, you can create a free account and then test the system with a small amount of money.
Unlike some other platforms, Skrill promises its users a free online money transfer. But then, you have to find out if your country is supported or not.
Skrill Review: The Frequently Asked Questions
Is Skrill completely free?
No, Skrill is not completely free. You’ll find some free online money transfer services on the platform. However, you need to pay for some other types of transactions. For example, using the Skrill virtual card and MasterCard attracts some fees.
Who regulates Skrill?
Skrill is regulated by the Financial Conduct Authority in the UK. It is the leading authority in charge of financial services regulations within the UK. This agency also oversees the inflow and outflow of money between the UK and other countries.
How much can you withdraw from Skrill?
Skrill withdrawal method often varies based on factors like sending country, receiving country, and the chosen withdrawal method.
But then, you’ll always see the withdrawal limit at the point of initiating the transaction. For example, bank withdrawal limit and mobile wallet withdrawal are not the same.
Can you withdraw from ATM with a Skrill card?
You can use Skrill Visa prepaid card to make ATM withdrawals. For this, Skrill will not charge you any fees. However, the bank that facilitates the withdrawal within your location is likely to charge you some fees. Such service fees don’t go directly to Skrill.
How long does it take to withdraw from Skrill to a bank account?
Most withdrawals will arrive within 2 – 5 business days. But it is dependent on the method you choose. For example, if you choose a mobile wallet or crypto withdrawal option, it will be available in the bank account within an hour or less.
Conclusion
Through this detailed Skrill review, I have shared most of the core features and use cases. With a clear understanding of how these systems work, you’ll be in a better position to choose the best suitable solution for your current needs.
Perhaps, what seems perfect for one person might not be the same for another.
The safety of using this platform for online payments is not questionable. In other words, Skrill is safe for the exact types of transactions you may have in mind at the moment.
If you have other questions, you can contact the company directly to get clarifications. Alternatively, you may want to create a free account to start testing the platform with smaller amounts. Considering how long it has been in the market, Skrill is one of the best online money transfer services you’ll find today.
