Skrill is an electronic wallet that in certain sectors (betting, poker and online casinos), is completely essential. Its security, ease of use and the anonymity it provides have made it a benchmark.
It is perfect for all those who like to buy online or who usually pay with a card for their usual purchases in stores and supermarkets.
Learn how Skrill money transfer works. We’ll go over what skrill is all about and how to create an account, Skrill fees and charges, how to buy bitcoin with Skrill and much more. Would you like to know all the information? Keep reading and don’t miss any details.
What is Skrill all about?
Skrill is an online payment processor with a function that is practically identical to others with similar characteristics such as PayPal, Neteller etc.
Formerly known as Moneybookers, it was founded in 2001 and is headquartered in London, with offices throughout Europe and the United States.
After more than 18 years online, it has become one of the most used digital wallets on the Internet, standing out above all in the world of online gambling, casinos and poker.
For example, it is really difficult to find a casino that does not use this wallet as a deposit and withdrawal method.
Among its many virtues, we can highlight the ease of moving money from one site to another, requiring only an email address and a password . This has two obvious advantages, such as anonymity and security.
Both when requesting a withdrawal on any of the pages that we use to earn money online, as well as to make any type of payment or investment, using Skrill allows us not to have to provide data as sensitive as our credit card number or the from our bank account.
How to Create Skrill Account
Once you are clear about what type of account you are going to use, you simply have to access the official website and complete a small form with your name, email and password. From there, you can use the account to receive your payments.
The moment you want to deposit funds or withdraw your earnings, you will have to verify your account by providing the following information:
• Country of residence.
• Currency you want to use (euro, dollar, etc).
• Address, city and postal code.
• Date of birth.
As is evident, it is essential that the information provided is completely real, since at any time they may request a confirmation of identity.
What Money Transfer Options does Skrill offer?
Skrill offers the following options to finance your transfers:
• Wire transfer.
• Credit debit card.
• Bitcoin and Bitcoin Cash.
• PaySafe Card.
With all these payment methods you can:
• Send and receive money internationally , directly to international bank accounts, mobile wallets, and other Skrill accounts.
• Send and receive money locally, to national bank accounts , mobile wallets, or national Skrill accounts.
• Pay for goods and services from various authorized merchants.
How Does Skrill Money Transfer Work?
1. Create a Skrill account . First, visit the official website or download the official APP (available on Android and iOS) write your name, surname, email and password.
2. Verification process . When you create an account with Skrill, you will need to verify it. This verification process may vary slightly depending on where you are, but generally you will need to provide: Personal information, address, date of birth, government issued ID, social security number, etc.
3. Answer the security questions . You may need to answer a series of security questions and provide additional information such as: Color copy of your ID, identity card, driver’s license or passport, photo holding the identity document and a utility bill or bank statement ( not expired) where your address appears.
4. Set up the beneficiary details . After entering the transaction amount and currency, you must provide the beneficiary details such as: Full name and address, bank code, bank country, business identification code (BIC), IBAN (international bank account number) or number account and reason for payment (only if necessary).
5. Click send, pay and wait for confirmation . Finance your transfer with the payment method of your choice (debit / credit card or bank transfer) and wait for the confirmation that indicates “the money is on its way”.
How to Transfer Money from Skrill to PayPal?
Another question that I usually get from many blog readers is whether there is a possibility of transferring funds from Skrill to PayPal directly. The answer is no, but don’t worry, there are other solutions.
In this case, you will need the services of an exchange , that is, a platform that allows you to send and receive money between different wallets and payment gateways. On the Internet you will find many platforms that offer this type of service.
Skrill Fees and Charges for Transactions
One of the great advantages of Skrill over the competition is that the commissions are really attractive.
Contrary to what happens with other processors, your money movements will not be penalized with abusive rates that make you lose much of it along the way. Let’s see what they are depending on what we are going to do.
► If we want to add funds to our account, the commissions to bear in mind are the following:
• Through bank transfer: 1%
• Through card (Visa, MasterCard, American Express, etc.): 1%
• Through PaySafeCard: 1%
• Through earn money pages that pay through Skrill: Free.
► If we want to withdraw money, the commissions are:
• To our bank account (such as N26 , for example): € 5.50
• To our credit card: 7.5%
• Withdrawing money through an ATM: 1.75%
► If we use the Skrill prepaid card, the commissions are:
• Paying in shops, stores or restaurants (online or offline): Free.
• Cash withdrawal at ATMs: 1.75%
• Currency exchange: 3.99%
• Annual fee: 10 euros.
How to buy Bitcoin in Skrill
One of the most recent features that have been added to the platform is the ability to trade cryptocurrencies, something that many users have been wanting for a long time.
Through a very simple and intuitive interface, you can use part of your balance to buy and sell in real time some of the main cryptocurrencies on the market: Bitcoin, Ethereum, Stellar, EOS, XRP, Litecoin, etc.
Can I withdraw Bitcoin from Skrill?
Apart from being able to buy and sell the main cryptocurrencies, another recently added option is the possibility of withdrawing the balance of your account (in euros or dollars) to a Bitcoin or Ethereum wallet.
This is a very useful automatic conversion in the event that instead of speculating on its price, you want to save in BTC or ETH.
If so, remember that the best way to save your cryptocurrencies is through a wallet where you have absolute control of your private keys, such as a Ledger device or directly the corresponding official wallet.
To perform this withdrawal operation, you must go to the “Withdrawal” menu and then click on “Cryptocurrency wallet” → “Withdraw now”.
Is Skrill safe to use?
Yes, it is completely safe. Skrill has done its due diligence to protect your funds and data . It is a service that is based on the same security requirements as your regular banking service and stock exchange websites.
On the other hand, the company uses a two-factor authentication method to keep your money and confidential information safe.
Your personal security PIN , account login, personal data, and transaction details are secured by SSL with a 128-bit encryption method certified by VeriSign.
Lastly, Skrill never shares your bank or card details with merchants and recipients when you initiate a payment.
Skrill Review – User Reviews on Skrill
Skrill has a 4.7 / 5 rating on Trustpilot with over 16,000 reviews, which is considered ‘Excellent’. Most of your clients are pleasantly surprised by the fast and secure currency transfer services .
The vast majority of Skrill customers praise the rates and competitive exchange rate it offers. In addition, it is a company that also stands out for the ease of use of its APP and the web; as well as the speed of delivery of the funds.
Positive Opinions of the Skrill
• Many of its users believe that Skrill offers a fast, reliable, and often better alternative to PayPal for transferring money.
• The mobile applications Skrill have excellent grades in the Apple App Store (4.5 / 5 stars 2,900 ratings) and the Google Play Store (74758 grades 4/5).
• Finally, Skrill Money Transfer has an exceptionally high TrustScore of 9.5 / 10 with over 1200 customer reviews on Monito’s financial website.
Negative Opinions of Skrill
• On the downside, users are of the opinion that currency exchange with Skrill is not cheap and the fee structure appears to be geared towards their convenience.
• Most of the negative reviews revolve around its tedious verification process and unexpected account locks when large amounts were deposited into the digital wallet.
• Some people are also dissatisfied with your customer service response during the transfer process.
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