Skrill Reviews 2020 [All You Need to Know]
Skrill is an online payment and money transfer platform founded in 2001. It was founded by Daniel Klein and Benjamin Kullmann and was originally known as Moneybookers. It is based in the UK and its headquarters are in London. It also has international offices in the United States. Skrill allows people to make payments and sent money across the borders at low costs.
How Skrill Works
You can access Skrill services through the web or download Skrill App on iOS or Android. To get started, you need to sign up for a Skrill account. Enter your details like the First and Last name, country, currency and email address. Then set a password and the click “Register now”. You can then login and you will be requested to set a security Pin.
Once you have set up the account, the next thing is to fund in. you must fund you account for verification. You can fund the account using any of the following means:
- Bank transfer
- Debit or credit card
- Trustly
- Klarna
- Neteller
- Paysafecard
- Bitcoin cash
Types of Accounts You can Open on Skrill
You can open a personal or a business account on Skrill. This is what you need:
Personal Accounts
You can open a personal account for your personal transactions. To open Skrill personal account, you will need to have a National ID, a driver licenses or passport ad proof of address. You can use a utility bill or a bank statement as a proof of address.
You can receive funds from your friends and relatives through direct deposit to your bank. You can share your email address without the need to provide bank details. Also, you can get paid through mobile wallets that have partnered with Skrill. In this case, you would need to provide the mobile number you have registered with your phone number.
Business Account
You can sign up for a business account for the operations of a business registered under your name. To open a Skrill business account, you will need to proof of company address, certificate of incorporation. For companies, you need to provide a list of shareholders and business parents of the business. Your documents will be verified within a very short time and get approval if you meet the requirements.
Funds can be deposited into a business account by just sharing an email address. Merchants cans get paid through bank transfers, credit or debit card or Skrill wallet.
Skrill Fees
Opening and closing a krill account is free. Some o the fees you can expect in Skrill include:
Currency Conversion
Skrill adds a small margin fee on top of the mid market and interbank rates. Skrill charges a 3.99% margin above the mid market rates. on top of that, you will pay additional 1.45% transfer fees totaling to 5.44%.
Withdrawal Fees
These are the charges you can expect when you withdrawal using the following methods.
- VISA – 7.5%
- Mobile wallet – 1.45%
- MasterCard AT withdrawal – 1.75%
- Bank account 5.50 euros
Deposit Fees
Deposits using any method attracts 1% fee. The amount is deducted from the amount you deposit.
Other fees you need to check out for include Stay Active Fee. This is a fee that you are charged when you fail to use your account for 12 months. For every month that you do not use the account, you will be charged 5 euros. You need to login and make transactions to keep your account active.
Skrill Mobile App
You can download Skrill App available for Apple and Android. You can use the app to:
- Sign up for an account
- Send and receive money
- Currency exchanges
- Manage Skrill Visa card
- Track the progress of your transfers
Skrill Customer Service
You can reach Skrill customer service through the phone, email or a form on their website. The following are their contact details:
Email: help@skrill.com
+44 203 308 2520 for international customers
+44 203 308 2519 UK customers
Skrill Prepaid MasterCard
Skrill provides a prepaid MasterCard. To hold the card, you need to pay 10 euros annually. ARM withdraws with the card attract a fee of 1.75%. However, you are not charged when you use the card to make payments locally and abroad. Your merchant can levy a fee though.
Skrill Transfer Speed
Skrill has higher charges but it boasts itself to have fast transfers. International money transfers through bank transfers take between 2 and 3 business days. On the other hand, domestic payments are instant although sometimes it varies by countries.
When there is a failed transfer, Skrill will make a refund very fast. Withdrawals using Visa reflect in your bank account after 1-5 days.
Is Skrill Secure?
Skrill is very secure and it upholds utmost integrity. However, this does not mean you cannot get scammed. You too need to take precautionary measures. Skrill uses two-factor authentication to ensure the safety of their customers’ money.
Skrill is regulated by Financial Conduct Authority (FCA) in the European Economic Area and Financial Crimes Enforcement Network (FinCEN) in the U.S.
Skrill Pros
- Fast money transfers
- Personal and business accounts
- Prepaid MasterCard debit card
- Available in over 200 counties
- You can work with Forex and trade in cryptocurrencies
Skrill Cons
- High currency exchange rates
- Maintenance fees