Skrill is a leading online payment company and e-wallet (electronic wallet) service which let’s people receive and send money to many countries worldwide.
However, the main benefit of using it is that it’s a very fast and cheap way to transfer money, due to the fact that Skrill can offer competitive pricing and fees.
Many people are now using Skill Money Transfer to send and receive money internationally. This has led it to become a very popular option in the transfer market.
But in order to understand exactly what is Skrill Money Transfer, we’ve taken a closer look at it for you and put together this guide.
Keep reading to know how it works, the pricing and why it could be beneficial for you.
Let’s get started!
Skrill first launched as an e-commerce business in the United Kingdom 2001. However it was previously known as Moneybookers and then a rebranding changed the company name to Skrill in 2013.
Besides this Skrill Limited also belongs to the Paysafe Group which bought completed a takeover in 2015. Interestingly, the Paysafe Group also took over and now owns Skrill’s former e-wallet rival Neteller.
The Moneybooker was created in order to act as a payment gateway for the online gambling industry. Yet over the years it has expanded to allow people to make online international and domestic money transfers easily and securely.
The company has done well because they now have millions of customers using their service and many online brokers now accept Skrill as a payment method.
Skrill is operated and owned by Skrill Limited, which is a company based in the United Kingdom and is officially registered as a Money Service Business there.
The company is fully regulated by the FCA (Financial Conduct Authority) which means it’s authorised to operate throughout the UK and the EEA (European Economic Area).
Additionally, the Moneybooker is also regulated by other financial authorities worldwide, including the United States Department of Treasure’s Financial Crimes Enforcement Network (which is also known as FinCEN).
All these regulations mean that Skrill is officially licenced and that they must follow rules put in place by the authorities to keep all payments secure. You can be reassured that they’re not a scam company.
How Does Skrill Work?
Skrill works by acting an online transfer service which lets you receive and send money all around the world. This service is called Skrill Money Transfer and to access it you just need to open an account.
With Skrill Money Transfer you can send money internationally and you can fund the payment using a range of methods.
This includes credit/debit cards and bank/wire transfers. However, the payment methods available can change depending on your location and selected currency.
The person you’re sending the money to can select whether to receive the funds straight into their bank accounts or into a mobile wallet.
To get started with the transfer you just need the recipient’s personal info such as their name, address and bank account details. If you don’t have their account details you can also send the money directly to their email address.
This helps to simplify the process of sending money abroad. Once you have this you’ll be able to start the transfer steps.
Making a Skrill Money Transfer
Every transfer can be completed directly from your Skrill account, which can be accessed either online or via mobile app.
When you’re logged into your account, just click on the ‘Send’ /’Send Money‘ button in the menu tab to get started with the transfer process:
- Then enter the recipient’s email address and the payment information.
- Choose your currency details and select the payment amount.
- Finally confirm and send the transaction.
Opening a Skrill Account
Opening a Skrill account just takes a few minutes of your time. You simply need to register for a new account and provide a few personal details.
For example, you’ll have to provide your name, email address, country of residence and select the currency to run your account in. Finally you just need to set up a password to keep your account secure.
Once this is done you’ll be able to log in to your account and can start sending, receiving and paying money online.
If you wish to fund your account in order to start transferring money you will need to go to the ‘deposit‘ section of your account.
From there just select the payment method that you want to use in order to deposit (bank transfer/credit card) and follow the steps shown on the screen
What are the benefits of using Skrill?
It’s good to know why using a product will benefit you. So let’s take a quick look now at some of Skrill’s advantages:
- Security– Skrill uses encryption technology to keep all your payments and personal info secure. Besides this they have an anti-fraud team that protects and monitors every transaction.
- Low cost– with Skrill Money Transfer it is completely free to make international money transfers and it is free to receive a money transfer as well.
- Flexibility– because Skrill is completely online and e-wallet, you can access your account and make transfers from any location you want. This is a great option if you’re looking for a service that offers flexibility. All you need is a data/internet connection.
- Speed– Of course it can vary depending on the payment method selected, but most transfers sent via Skrill are completed very quickly. In fact the money normally arrives within the same business day that it has been sent
- Zero Transfer Fees– the Moneybooker is one of the cheapest money transfer services available because they don’t charge transfer fees. This applies to whether you transfer money to an overseas bank account or mobile money account. No transfer fees are applied, saving you money.
Although Skrill money transfer is cheap to use, there are some fees that you should know about when using the service.
These are some examples of the fees that could come up when using Skrill:
Withdrawal Fees– there’s a fee charged if you want to withdraw money from your Skrill account and have it sent to another payment method of yours.
For example, if you wish to withdraw money from your Skrill account to your bank account.
- the withdrawal fee to a bank account is £4.59 / €5.50 (or the local currency equivalent)
- if you make a withdrawal using a global payment method like Swift, the fee is £4,59 / €5.50
- if you withdraw to credit card (Visa) the withdrawal amount is set at 7.50%
Deposit Fees– Making a deposit to your Skrill account is free for most payment methods including credit/debit card and bank transfer.
However, if you choose to make the deposit using Neteller (the other e-wallet) or using a crypto like Bitcoin a fee of 1.00%. will be charged.
Transfer Fees– There are no transfer fees charged for making international transfers with Skill.
Skrill Money Transfer also does not apply a fee when you receive money. That’s completely free.
However all domestic transfers (within the same country) made with Skrill will be charged a fee of up to 2%.
Account Inactivity Fees– It is free to use your Skrill account with zero admin fees.
However, if you do not log into your account for more than 12 months, a 5 euro (or the local currency equivalent) inactivity fee will be charged and deducted each month from any remaining funds left in your account.
Currency Conversion Fees– For any money transfers that involve a currency conversion, Skrill will charge a 3.99% fee to their wholesale exchange rates which can vary.
In regard to this list of fees, we would advise you to always check the full fee overview on the Skrill homepage to make sure that all the fees are up to date.
Is Skrill Safe for Forex?
Skrill is a fully regulated company and authorised to operate as a money transfer business. So you can be assured that you are dealing with a legal company that has to follow strict financial rules put in place to protect customers.
Currently they are regulated by both the Financial Conduct Authority and FinCEN (in the USA).
Besides that, Skrill also uses the latest encryption technology to keep your information and transactions safe from online hackers.
So using Skrill is safe and secure and its payment method is accepted by all forex brokers in UK >> https://tradingonlineguide.com/best-trading-platform-uk/