Payment systems are increasingly crucial for online shopping, withdrawal, and transfer. One of these systems is Skrill. It was initially designed to withdraw winnings from online casinos and betting shops, hinted at by its former name, Moneybookers. While the service still supports this area and is still the leader in gambling payments, today, its services include other functionality, as discussed later in the article.
What is Skrill
Skrill is a payment service that may be used as Paypal alternative and serves customers in 200 countries and allows payments in over 40 currencies. It has been operating since 2001 and is owned by the Paysafe Group.
The service has been known worldwide for many years. Freelancers appreciate its cooperation with many sites for remote earnings; investors like it for the opportunity to work with cryptocurrency and gamblers—for its gambling support.
Skrill is regulated by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 and registered with the FCA as a crypto asset firm under the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017, which makes it a legitimate money transfer provider.
Skrill Features
Among Skrill’s features, the following are worth mentioning:
Support for some localized payment methods. For example, more than 100 local payment methods and direct transfers from 3000 banks are supported.
Receive payments from websites, such as withdrawing money from content subscription services or gambling sites. Once the money has been transferred to Skrill, it can be transferred to a bank card.
- Receive money from customers, partners, family or friends.
- Send money to other users with a fee or international transfer to any account – free of charge.
- Making payments to multiple recipients. This allows you to select a group of users and send money to all of them at once. This can be useful if a Skrill customer works with multiple vendors or suppliers.
- Buying and selling cryptocurrency. It is possible to set up automatic conditions for transactions.
- Payment for online purchases. You can link your Skrill profile to various resources and use it as a payment method. Money will be deducted from your deposit or connected bank card.
- One-click purchasing. The system allows users to make purchases in online shops at the click of a button.
- Support of payment templates. The combination of payment templates and one-click payment is essential, particularly for gambling sites` users and other platforms that accept regular payments.
- Microtransactions within apps. Users of mobile apps for gambling sites or online retailers can send small payments within these apps.
- Integration with several e-commerce platforms. For example, Skrill supports Magento, Shopify, WooCommerce, and more.
Advantages and Disadvantages
The advantages of the payment system can be attributed:
- Speed and convenience of money transfers.
- Payment security, which the FCA regulates.
- A wide choice of currencies and countries for sending and receiving payments.
- It is possible to make international transfers using debit and credit cards and transfers to the recipient’s email.
- You may send payments without disclosing personal data to the recipient.
- Convenient service for making personal payments.
- Availability of an application for iOS and Android.
- High withdrawal limits. After the user passes verification, they can send up to $20,000 per month, more than similar services.
- The option to add funds to the balance using a bank card.
There is no minimum withdrawal amount. However, the remaining amount must be enough to pay commissions.
It is also necessary to highlight such disadvantages:
- High commissions (if the user has no VIP status).
- Payment service does not issue and does not send cards to several countries; also, in some countries, it is impossible to withdraw funds from a bank account.
- The system is not well adapted to skrill business account payments.
- The number of available currencies differs for different regions and depends on the sending country.
- You can only transfer funds to a bank account, Paysafecash, Klarna, or debit/credit card.
- The commission fees are included within a non-transparent exchange rate margin.
- Fee for profile inactivity with a balance on it.
- Proof of identity is required, and the verification process itself (verification) is long and complicated.
Working with Online Casinos
Skrill is one of the leading payment systems for working with online casinos, sportsbooks, poker rooms, and other gambling companies. Some gambling sites even offer special bonuses to players who Skrill register as a deposit and withdrawal method.
VIP Program
Skrill offers its users a VIP Club. To become a member, you must make transactions of a certain amount within a calendar quarter. It is essential that you can’t buy VIP status, as the levels are raised automatically after reaching the specified turnover for the quarter.
The following levels are available in the program:
- Silver – transfer of at least €15 thousand per quarter.
- Gold – transfer of at least €45 thousand per quarter.
- Diamond – transfer of at least €90 thousand per quarter.
For the participants of this program, there is no fee for money transfers and no bank charges for withdrawing funds. Currency exchange fees via the Skrill e-wallet are reduced to 2.89%, 2.59%, and 1.99% for Silver, Gold, and Diamond, respectively.
Account Registration and Verification
Signing up for Skrill is free and takes several steps. They involve:
- Filling out profile details.
- Provide address and phone number.
- Linking a bank card.
In the Skrill registration form, you need to specify:
1. First and last name.
2. Country of citizenship.
3. The required currency. Later, it can be changed. Initially, you can select the currency in which the user already has an account or plans to open one.
Only accurate data should be provided; if the original language is not English, it should be transliterated into English. If the user has a travel passport, they can copy everything from it.
Provide Address and Telephone Number
The next step is to enter the official residential registration and phone number. It is worth double-checking the correctness of the entered data, as you will need to confirm it later.
The address must also be entered using English letters. If you need, you may use Google Transliterate for transliteration.
Secure Your Account Even More
After going through the registration process, create a PIN code.
Add Money to Your Account
To deposit your Skrill, you must connect a bank card to your profile in the payment system. It will allow you to fund your Skrill account and withdraw money to your card.
Account Verification
You can start using the service immediately after registering. However, depending on the amount of payments and types of transactions, you may be asked to verify your account.
To do this, you will need:
1. Proof of identity using a passport (foreign or domestic) or driving license.
2. Address confirmation. This requires a document issued within three months, such as a registration certificate. A receipt for payment of utility bills will also be provided at the registration address. The amount of payment can be any.
You must use the Skrill app to send copies of your documents. Please note that only clear copies of documents with legible text are suitable for sending to avoid any difficulties with verification.
Skrill Mastercard
Skrill issues physical cards in partnership with Mastercard. These prepaid cards can be used to pay online and offline, and their functions are the same as those of any other bank card.
This service is available exclusively to residents of approved countries within the European Economic Area (EEA) and the United Kingdom.
The Skrill card can be used for the following types of transactions wherever Mastercard is accepted:
- Payments at physical point-of-sale (POS) terminals.
- Cash withdrawals from ATMs.
- Online payments, including one-time purchases and recurring subscriptions (e.g., weekly, monthly, or yearly).
- Payments through Google Pay or Apple Pay once the Skrill card is added to the digital wallet.
The Skrill virtual card cannot be used for:
- Cashback transactions, where cash is provided over the counter during a purchase.
- Manually entered transactions, where a cashier manually inputs your card details into a POS terminal, such as for mail/phone orders or car rentals.
Fees and Limits
Let’s take a closer look at this platform’s fees and limits. Please note that fees may vary depending on the region.
Commissions
The services and products are the same as the competitors, so users aren’t getting something new and exclusive. That said, commissions and fees are often much higher. This may be because the service is more willing than other payment services to work with high-risk industries, and therefore, high commissions compensate for some of the risks taken.
You should be careful when choosing a method of withdrawing and depositing money. For example, when withdrawing money to a Mastercard bank card from Ukraine, the commission will cost 4.99%, and to Visa – 7.5%. As a rule, when issuing a card in the bank, you can choose which of these two to get. If the user regularly transfers money from the service to the card, they should prefer Mastercard. However, for users from the UK, the fee for both cards will be 1.99%.
For transactions involving currency conversion, Skrill applies its exchange rate, which is determined by the service and fluctuates throughout the day. Additionally, a foreign exchange fee based on your location will be charged, typically 3.99% or 4.99%.
If your Skrill account is in a currency other than Euro, transactions made through the Skrill Cryptocurrency Service will also be subject to currency conversion at the Skrill exchange rate, with a foreign exchange fee of 1.5%.
Limits
The service limits are directly related to your status in the VIP program. The default basic limit for non-verified accounts is set from €0 to €999,99, depending on the region.
Skrill VIP customers benefit from increased transaction limits, which vary based on the chosen payment method. Some Skrill accounts may even have no limits on outgoing transactions, which are offered to customers based on their verification status and account activity.
Transactions at Skrill are limited and determined based on rolling daily, weekly, or monthly periods. These periods start from the date and time a transaction is completed and remain in effect until the specified duration has elapsed.
Depositing and Withdrawing Funds
If you wish to deposit funds into your Skrill account, you can use any bank card. Remember that a fee may apply to card top-ups. If a customer or other person needs to fund their account, they need to know the email or phone number where their account is registered.
Opening both Visa and Mastercard cards with any available bank is best. When you need to make a Skrill deposit from your card, you can use Visa, and when you withdraw money from your card, you can choose Mastercard. This way, you can save on fees and avoid restrictions if region has such.
How to Deposit with PaysafeCard
PaysafeCard is a prepaid voucher that enables online payments without sharing your personal or banking details. It has a 16-digit code, which you can purchase online or at physical stores. There are thousands of locations worldwide where you can buy PaysafeCards and use the store locator to find the nearest one. PaysafeCard is available in certain countries, so make sure to check if it’s one of your deposit options by visiting the Add section of your account.
If it is available click on Skrill PaysafeCard. Then, enter the amount you wish to deposit and, if necessary, adjust the transaction currency if you want the funds added to one of your secondary balances. A transaction summary will then appear on your screen. To finalize the payment, click “Go to PaysafeCard.” You will then be redirected to the PaysafeCard website to complete the transaction.
Please note that the PaysafeCard experience may vary depending on the country. In some regions, you may need to register for a myPaysafe account before using the voucher.
Additionally, your Skrill wallet and myPaysafe account must be registered in the same country. You can only deposit funds into your Skrill wallet using one myPaysafe account/profile; multiple PaysafeCard accounts cannot be used. You are also limited to making one deposit at a time. For a smooth process, ensure your internet connection is stable, avoid using a proxy or VPN, and enable pop-ups in your browser.
How to Withdraw Money
The payment system offers multiple ways to withdraw money from your account:
- Bank transfer.
- Visa.
- Mastercard.
- Mobile wallet.
- Crypto wallet.
- NETELLER.
As mentioned above, some options may be unavailable in several countries, although they may be on the list.
How to Send Money
If a user needs to transfer funds to a customer or another payment service user, they can use one of the several options: transfer Skrill to Skrill within the service, send money to a bank account, request payments via a link, transfer using a mobile number or email, or send funds to a mobile wallet. Certain methods may not be available in your country.
- Skrill – Skrill. Transfer between Skrill profiles. You only need to specify the recipient’s email or phone number. The money will be transferred instantly, and the commission will be lower if you are a True Skriller.
- International Money Transfer. Transfer in any currency using Skrill bank transfer details. Technically, the transfer is free, but a conversion fee is applied.
- You can request payments from anyone, even if they don’t have a Skrill account, by sending them a payment link. They can complete the payment easily without needing to Skrill sign up first.
- The “Send to mobile number or email” option. Input the recipient’s mobile number or email address along with the amount you want to send. You can also include a personal message for the recipient if you’d like.
- The “Send to a mobile wallet” feature operates in a similar way to the previous option.
Cryptocurrencies
With a Skrill account, you can trade cryptocurrencies. This option is suitable for professional traders.
You can buy cryptocurrency with any of the over 40 currencies in Skrill. You can buy, sell, or withdraw money in Bitcoin, Ethereum, Bitcoin Cash, Litecoin, etc.
Cryptocurrency can be easily bought or sold at any time through an instant order. The service frequently expands its range of supported cryptocurrencies and offers competitive rates, often better than the average market prices. To buy cryptocurrency, simply go to the Trade tab within the Crypto section of your Skrill account.
Product Reviews
The vast majority of reviews about the payment system are negative and mainly concern bad Skrill customer service, painful verification and problems with withdrawal, so do not be surprised by the highly emotional expressions of dissatisfied customers.
Many users tell about the circles of hell the payment system makes them go through before giving them their legitimate money.
A common cause of complaints is unjustified blocking and freezing of the account without any clear explanation.
Verification problems arise with many users who accuse the site of cheating.
We came across this positive review from a user. However, it looks a little bit unnatural.
The user positively evaluated the payment system for good support, safety, and loyalty to the gambling sphere.
Conclusion
Despite its rich functionality, debit card support, and other advantages, Skrill offers more commissions than competitors. It stands out from some because it caters to gambling payments, risky investments, and companies from ‘risky’ countries. Also, those wishing to use this service should prepare for a lengthy verification process and be required to provide many documents. In addition, you should study the user agreement so that any non-obvious rules and hidden fees are not an unpleasant surprise.
Otherwise, Skrill is a convenient and secure platform for managing and transferring funds, with a wide range of services including cryptocurrency trading, international money transfers, and payments through various methods. That is why Skrill may be a reliable choice for both personal and business use.
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