Skrill, originally known as Moneybookers, is a UK-based online wallet service that facilitates convenient digital payments for personal and business use. This in-depth article offers a comprehensive review of Skrill’s services, pricing, comparisons with similar platforms, and customer reviews.
Headline numbers
- Over 40 million customers worldwide.
- Accessible in more than 200 countries and 40 different currencies.
- Supports over 100 deposit methods.
- Present in the market for more than 20 years.
Skrill fees and charges
| Detail | Skrill Wallet | Skrill Prepaid Mastercard | Skrill Rapid Transfer | Skrill Payment Processing | Skrill Digital Wallet for Casinos | Skrill Money Transfer | Skrill Virtual Prepaid Card |
|---|---|---|---|---|---|---|---|
| Product name | Skrill Wallet | Skrill Prepaid Mastercard | Skrill Rapid Transfer | Skrill Payment Processing | Skrill Wallet for Casinos | Skrill Money Transfer | Skrill Virtual Prepaid Card |
| Contract length | No Contract | No Contract | No Contract | 12 Months | 12 Months | No Contract | No Contract |
| Terminal cost | N/A | N/A | N/A | £250 | £250 | N/A | N/A |
| Consumer card fees | 1.45% | £10 Annual Fee | From 1% | From 1.5% | £From 1.5% | From 1.5% | £0.02 |
| Business card fees | N/A | N/A | N/A | From 1.5% | From 1.5% | N/A | N/A |
| Card not present (CNP) fees | N/A | N/A | N/A | From 1.5% | From 1.5% | N/A | N/A |
| Minimum monthly charge | None | None | None | £20 | £20 | None | None |
| Refund fees | £5 | £6 | £0.01 | £3 | £3 | £3 | £3 |
| Chargebacks | £15 | £15 | £15 | £15 | £15 | £15 | £15 |
| Replacement device | N/A | £10 | N/A | N/A | N/A | N/A | N/A |
| PCI compliance | Compliant | Compliant | Compliant | Compliant | Compliant | Compliant | Compliant |
| Early termination | N/A | N/A | N/A | £150 | £150 | N/A | N/A |
Note: The above are typical fees as of June 2023. Fees can vary based on specific agreements or specific country regulations. Please check with Skrill for the most accurate and current information.
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Company information
| Detail | Information |
|---|---|
| Founded (date, location) | 2001, London, United Kingdom |
| Website URL | www.skrill.com |
| Phone number | +44 203 308 2520 |
| FSCS protected? | No |
| FCA regulated? | Yes |
Pros and cons of Skrill
Pros
- Broad international coverage with over 200 countries and 40 currencies.
- Multiple deposit and withdrawal methods.
- Competitive fees for international transfers.
- Advanced security measures, including 2-factor authentication.
Cons
- Not covered by the Financial Services Compensation Scheme (FSCS).
- Some users report long processing times for account verification.
- Fees can accumulate with inactive accounts.
- Customer service may be less responsive than some competitors.
Skrill products and services
Skrill Wallet
Enables customers to send and receive payments worldwide in 40 different currencies. You can upload funds using a variety of methods, including credit/debit cards, bank transfers, and other local payment methods depending on your location. Skrill charges a fee of 1.45% for transfers. Receiving money into your Skrill account is free.
Skrill Prepaid Mastercard
Allows you to access your Skrill funds instantly, wherever Mastercard is accepted. Available to residents of authorised European Economic Area (EEA) countries. There is a £10 annual fee for the card, with a foreign transaction fee of 3.99%. See prepaid cards.
Skrill Knect
Skrill’s loyalty programme which allows users to earn points when they transact using their Skrill wallet or prepaid Mastercard. Points can be exchanged for a variety of rewards, including cash vouchers, gift cards, and bonuses.
Skrill for Business
Offers a comprehensive payment solution for online businesses, including an integrated payment gateway, quick checkout capability, and fraud and risk management. Fees are negotiated on a per-business basis.
Skrill Rapid Transfer
This instant banking solution allows businesses to accept payments directly from their website or app without customers leaving the site. It supports over 170 banks worldwide and charges a fee starting from 1% per transaction.
Skrill Payment Processing
This service enables businesses to accept payments in numerous currencies and from various methods, including cards, wallets, and local payment options, boosting the potential for international growth.
Skrill Digital Wallet Integration for Online Casinos
This service is tailored for the online gambling industry, enabling easy and secure deposits and withdrawals for customers. It supports multiple currencies and payment methods.
Skrill Money Transfer for Business
Ideal for small businesses and freelancers, this service facilitates low-cost international money transfers. Fees vary depending on the countries and currencies involved.
Skrill Virtual Prepaid Card
This digital card can be used for online purchases where Mastercard is accepted. It offers an additional layer of security for business transactions since it isn’t linked to a physical card.
Skrill reviews
| Review Platform | Rating |
|---|---|
| TrustPilot | 3.2/5 |
| Google Reviews | 3.6/5 |
| Reviews.io | 2.7/5 |
| Average | 3.16/5 |
Alternatives to Skrill
- PayPal: A widely-used payment platform with a broad international reach. May offer more intuitive user interface but with potentially higher fees.
- Wise: Previously known as Transferwise, this is a good alternative for international transfers due to its use of real exchange rates and transparent fee structure.
- Revolut: A fintech company that offers multi-currency accounts, low-cost international transfers, and a prepaid debit card.
Additional considerations
Before choosing a digital wallet like Skrill, consider the following:
- Understand the fee structure thoroughly, especially for international transactions.
- Check the availability of customer service in your location.
- If you are a business, consider the integration of the platform with your existing infrastructure.
Skrill company history
Founded in London in 2001 under the name Moneybookers, Skrill has grown to become one of the world’s leading digital payment companies.
In 2010, Moneybookers was rebranded as Skrill, offering an enhanced suite of payment and money transfer services. The company was acquired by Paysafe Group, a global provider of end-to-end payment solutions, in 2015.
FAQ
Yes, Skrill is regulated by the Financial Conduct Authority (FCA) and utilises advanced encryption technologies to ensure the safety of transactions.
Skrill offers various payment solutions tailored for businesses such as a payment gateway, quick checkout capability, and fraud and risk management.
Yes, there are transaction fees, currency conversion fees, and potentially other charges depending on your usage. Contact Skrill’s business team for a detailed fee structure.
Yes, Skrill offers easy integration with popular e-commerce platforms such as Shopify, WooCommerce, and BigCommerce.
Reviews about Skrill’s customer service are mixed. Some users find it responsive, while others have reported long waiting times.
Skrill supports over 40 different currencies, making it suitable for international businesses.
In the event of a disputed transaction, Skrill’s customer service will guide both parties through the process of investigation and resolution.
Yes, Skrill has a mobile app available for both iOS and Android devices, which allows you to manage your account and transactions on the go.
Skrill Knect is Skrill’s loyalty programme. It allows users to earn points when they transact using their Skrill wallet or prepaid Mastercard, which can be exchanged for a variety of rewards.
Yes, you can hold multiple currencies in your Skrill account, which can be beneficial for businesses dealing with international customers.
Yes, Skrill offers a Prepaid Mastercard for customers residing in authorised EEA countries.
The transaction limits depend on your account status. Skrill’s VIP program offers higher limits, among other benefits.
The majority of Skrill transactions are processed instantly. However, bank transfers may take 2-5 business days to process.
Yes, Skrill allows users to buy and sell a range of cryptocurrencies directly from their account.
The Skrill Prepaid Mastercard has a £10 annual fee. Other fees, like those for ATM withdrawals and foreign transactions, can apply.
Skrill’s fees are outlined in its terms and conditions. However, be aware that inactivity for over 12 months can result in a service fee.
Yes, but the recipient will need to create a Skrill account to retrieve the funds.
Skrill provides two-factor authentication (2FA) to add an extra layer of security to your account.
Skrill has robust anti-fraud measures in place and is compliant with Payment Card Industry Data Security Standards (PCI-DSS Level 1).
Yes, you can withdraw funds from your Skrill account to your personal or business bank account. Fees may apply.