- 200 countries
- No, only transaction fees
Currencies:
- 40 currencies
cryptocurrencies:
- Yes (deposit)
Summary of Skrill
Skrill Wallet offers personal and corporate accounts to make/accept payments. An account owner can upload and withdraw money using various payment options, including cards and electronic payment systems. It is a multicurrency wallet that has no restrictions on holding the funds. Corporate account type allows you to connect the system to an online store and accept payments from the customers. Integration with the carts/baskets is available and there is a ready-made payment page. The system offers a flexible and easy to set up API. Skrill offers a user-friendly mobile app, which allows the users to manage their accounts and perform all transactions. There is a loyalty program that allows users to earn points for transactions and exchange them for real money.
💼 Main types of accounts: | Individual and corporate |
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💱 Multi-currency account: | Yes, 40 currencies |
☂ Deposit insurance: | Depend on the transaction type and region |
👛️ Savings options: | Basic reporting |
➕ Additional features: | Currency converter, internal bonuses |
👍 Advantages of trading with Skrill:
- Free registration, no subscription fee, now transaction fee for individuals;
- In addition to personal account, a corporate account is available to allow businesses to accept payments;
- Skrill system is available all around the world; the payments are instant or nearly instant;
- The platform has an intuitive mobile app with user-friendly interface and high usability;
- There are standard instruments for managing finance, and sales statistics for corporate accounts;
- Skrill accounts can be easily integrated with third-party websites, services and apps;
- Skrill Wallet supports 40 currencies and has a built-in converter.
👎 Disadvantages of Skrill:
- The fees for some transactions are higher than the average in the market. For example, there is a fixed USD 5.50 fee for withdrawals of USD in the U.S. For some regions, the fees are even higher.
- Only basic statistics is available in the app; there are no advanced functions for managing financial flows, tracking expenses, and increasing capital.
- The platform uses standard user verification mechanisms with identity verification. However, often the verification is delayed for a long time.
Analysis of the main features of Skrill
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Expert Review of Skrill
Skrill payment system (Skrill Money Transfer) was created in 2001 as an alternative to PayPal. In terms of the number of users and global coverage, Skrill cannot compare to its key competitor, but these systems really have slightly different profiles. Skrill was initially positioned as a simple solution with basic functionality of online banking. In the beginning, it had nothing but a multicurrency wallet and international transfers.
Today, the system offers a lot more features, but it still remains very simple from the point of view of understanding and using. This is seen clearly from the minimalistic interface of the app, which has fewer menu tabs than any competitor. This allows Skrill clients to understand how the app works literally within seconds. You can replenish the wallet in any convenient way; withdrawal to debit/credit cards, bank accounts, accounts in other payment systems is available.
Subscription fee is not charged, and the international transfers are free, with some exceptions. The platform is beneficial for individuals from the point of view of commissions and fees, although it is true not for all the regions, as the fees differ strongly depending on the region, as well as available features. As for the corporate account, Skrill allows online stores and services to accept payments. There are no limitations, and the fees are average and lower than average.
Data aggregation is performed in the application, as is the management. There are no detailed statistics and no additional features like automation of business processes and reporting. Therefore, large businesses do not usually use Skrill. However, companies with a small turnover can connect the platform due to its simplicity, stability and good optimization.
Dynamics of Skrill’s popularity among
Traders Union’s traders, according to 2023 data
Investment programs, available markets, and products of Skrill
Detailed analysis of What is Skrill provides a clear idea that it is a universal payment system with features of a multicurrency wallet. It is not an online bank app, and therefore Skrill does not offer the features that are typical of such apps. Skrill does not offer investment programs and special features for growing your capital.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Skrill Money Transfer Terms & Conditions
Skrill Wallet can be replenished in any convenient way, including direct transfers from debit/credit cards and bank accounts, electronic payment systems. It is also possible to replenish the wallet using cryptocurrency wallets with a conversion into one of the 40 supported currencies.
Skrill allows you to hold money in the account in all supported currencies; also transfers in these currencies, including international ones, are available. Individuals are not charged with a fee on traditional transfers, but it can be charged for conversion and in some special cases. Conversion can be performed in the app or it will be done automatically during the transfer.
Skrill awards bonuses inside the system to the users practically for all transactions (including transfers, acceptance of payments, conversion). Using a special menu, these bonuses can be exchanged for real money. Note that some services (this can be seen frequently on online casinos and at Forex brokers) provide additional discounts and increase the deposit if a client uses Skrill.
Users all around the world can open accounts of both types – individual and corporate. On a corporate account, all business features are available by default. In particular, a corporate user can connect the Rapid Transfer service. These are instant transactions with over 3,000 banks from around the world. Customers of a business need not register on Skrill or even on the website of an online store.
User data security system complies with the PCI DSS standard, and a business owner doesn’t need to pay additionally for 3-D Secure. The operator of initiation of payments is certified in PSD2, which means that there is no doubt about reliability and security of the service.
💼 Main types of accounts: | Individual and corporate |
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💱 Multi-currency account: | Yes, 40 currencies |
Deposit terms and conditions: | All main methods are available |
Loan terms and conditions: | No rates and no subscription fee, there are transaction fees |
☂ Deposit insurance: | Depend on the transaction type and region |
👛️ Savings options: | Basic reporting |
Types of payment: | Debit and credit cards, electronic payment systems, bank accounts, cryptocurrency wallets |
➕ Additional features: | Currency converter, internal bonuses |
Comparison of Skrill with other e-payment systems
Skrill | Advcash | Payeer | Payoneer | Stripe | Square | |
Supported Countries | 200 countries | 150 countries | 127 countries | All countries | 48 | Most countries (including 8 countries for hardware solutions) |
Supported Currencies | 40 currencies | 9 currencies (USD, EUR, GBP, RUB, BRL, TRY, UAH, KZT, VND) | 3 fiat currencies (USD, EUR, and RUB) and most cryptocurrencies | 7 currencies – USD, CAD, EUR, GBP, MXN, AUD, JPY | 135 | All currencies (for hardware solutions, when paying offline, only the currency of the country where the solution is registered) |
Support for cryptocurrencies | Yes (deposit) | Yes | Yes | No | No | No |
Subscription fee | No, only transaction fees | No, only transaction fees | No, transaction fees only | No, only transaction fees | 2.9% + 30 cents per account | 2.9% + 30 cents for accounts |
Payment acceptance equipment | No, only online | No, only software | No, online only | No, only online | No, just the software | Yes, own devices |
Skrill Commissions & Fees
The commissions of Skrill (Skrill Money Transfer) depend on the account type: there are different fees for individuals and legal entities. The fees also depend on the country a user is a resident of.
For example, US clients are not charged with fees for international transfers in one currency. If it is required to convert currency for the transfer, the fee is up to 4.99% per transaction depending on the currency.
Receipt and transfer of funds by the users inside the system are free. Deposit is free nearly for all options with a couple of exceptions. For example the fee for using PaysafeCash is 2.50%. The fee for withdrawal to a bank account is fixed at USD 5.
Conversion inside the wallet is performed at the market rate; the system charges an additional fee of 3.99% for this. All other features are provided for free. The platform does not have a rate or subscription fee. However, if an account is inactive, with no transaction in the past 12 months, a USD 5 fee is charged monthly after that.
Note that the above fees are applicable to the US. They are used as an example and the fees in other regions are different. For example, users in the UK will pay a 1.25% fee on the deposits from Visa/MC cards. This fee is not charged in the US.
The Traders Union also compared Skrill’s fees with similar types of fees on other e-payment systems.
FastSpring | Skrill | 2Checkout | |
Payment commission | 5.9% + $0.95 | Depend on the transaction type and region | 3.5% + 0.35$, 4.5% + 0.45$ or 6% + 0.60$ per transaction |
Deposit commission | 2% (max $20) | Depend on the transaction type and region | Depending on the payment method |
Withdrawal commission | $5 | Depend on the transaction type and region | Depending on the payment method |
Commission for international transfers | 8.9% | Depend on the transaction type and region | Depending on the payment method |
Let’s sum up the available information about this system. It offers a quick and convenient option of international transfers for individuals and legal entities. The transaction fees are charged in case a conversion is required. Skrill Wallet supports 40 currencies; they can be held in the wallet and used for transactions. Skrill offers businesses a corporate account to accept payments from around the world. Data aggregation and account management can be done in the app. The app is simple and user-friendly, with a minimalistic interface. The payment system does not offer extended online banking services. The subscription fee is not charged, only transaction fees, which differ based on the region, but are average or lower than average in the market.
Detailed review of Skrill
The wallet offers many user-friendly solutions. For example, there is the 1-Tap feature, which allows you not to enter data for verification when paying for goods every time, instead confirming payment in one tap on the screen. It is not an original feature; many other payment systems (for example OneTouch by PayPal) also offer similar options. Nonetheless, this speaks for high usability of the wallet and its focus on modern standards of providing online banking services.
There are also convenient and functional solutions for corporate accounts. For example, a client can quickly connect the cart with a payment page to their online store or service. This means that a business doesn’t need to have its own payment mechanism or connect additional micro services. Several dozens of cards, which global brands use, are offered, for example Shopify, WooCommerce, OpenCart, Volusion and BigCommerce.
The other important benefit of Skrill Money Transfer for business is the possibility to accept payments through regional systems; at the moment there are over 100 of them. Factually, the platform ensures worldwide coverage with minimum exceptions.
Skrill's success by the numbers:
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200 countries, where the system is available;
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40 currencies available in the wallet;
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3,000 partner banks around the world;
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100 local payment methods;
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36 million active users;
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156,000 corporate accounts;
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0 – cost of using the system.
The currency coverage of the platform is competitive, although it is not close to the position of PayPal. Skrill continuously works on improvement of the wallet and the transfer system, adding new features and keeping up with time.
Useful features of Skrill:
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Transfers between the users of the system are instant regardless of where they are located physically. A phone number or email can be used to make the transfer.
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International transfers to debit/credit cards, bank accounts and accounts in other systems are also instant or almost instant. In the majority of regions, no fees are charged on such transfers.
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Multicurrency Skrill Wallet allows you to hold funds in 40 currencies. Transfers in all supported currencies are available, although a fee may be charged for them.
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Integrated converter allows users to exchange currencies at the market exchange rate. Automatic conversion during transfers is available.
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Transaction statistics are transparent and available in the app as simple reports. Aggregated data is sufficient for the convenience of personal finance management.
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The system awards points for all transactions. Upon reaching a certain point, all accumulated points can be turned into real money.
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Corporate account allows you to accept payments in online stores and online services all around the world. Payments are accepted from debit/credit cards, bank accounts, and other electronic wallets.
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A shopping cart with a payment system can be connected to an online store. Several dozens of carts are available, including Shopify, WooCommerce, OpenCart and others.
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Basic reporting and analysis allows you to monitor current profitability of business. Payment data is displayed in a visual form in the mobile application.
Skrill (Skrill Money Transfer) offers its users all required features for convenient use of the platform by individuals and legal entities.
Advantages of Skrill’s payment system:
Account opening is free. There are no rates and no subscription fee, only transaction fees.
Two account types – for private use and for business; there are all standard online banking options.
Account is managed via an app with a simple, user-friendly interface.
In the majority of cases, users can make international transfers instantly and without fees (depending on the region).
The platform has a 100% transparent price list; all fees are specified in the corresponding section of the website.
The platform has top security standards, and has never been hacked.
Individual accounts are awarded bonuses for transactions, which can be exchanged for real money.
The system operates in the majority of countries; there are no limits and regional restrictions.
Corporate account can be connected to accept payments to an online store or online service.
Payments are accepted in 40 currencies; there is a built-in currency conversion service.
Corporate account can select and add a shopping cart with a payment page.
Very simple API, no issues with integration regardless of the technology stack.
Cryptocurrencies can be transferred to Skrill Wallet; they are automatically converted in the chosen currency.
Multi-level verification and account verification for protection against fakes and scammers.
Multilingual customer support, available 24/7.
Skrill has all the advantages of a modern-day payment system, competing successfully with the leaders of the segment. All features are implemented at a high level and are perfectly optimized to meet the everyday needs of users.
Types of accounts in the Skrill payment system
The payment system offers two account types: individual and corporate. An individual account is for individuals, who plan to use the wallet for transfers inside the country, international transfers, payment of purchases in online stores, subscribing to online services. This account type gives access to all features of the platform, including the multicurrency wallet, currency converter, and bonus system.
A corporate account is for legal entities, businesses. It allows you to integrate the system for accepting payments in an online store or an online service. Payments are accepted in all currencies (but can be held only in supported currencies) and even cryptocurrencies. A business owner can use his own shopping cart mechanism or integrate one of the offered carts for free. The system has a simple, trouble-free and adaptive API.
Banking features
Skrill Wallet is a modern payment system that meets the standards of functionality, reliability and security. It provides online banking opportunities at a level that is sufficient to the absolute majority of individuals who pay for goods online and businesses, who accept payments online. The platform does not provide expanded features like savings pots or accounting automation.
Social programs of Skrill
Skrill is a standard payment system with a mission to make international financial interactions between individuals and legal entities as easy as possible. The platform does not have global public goals; it does not implement social programs. However, many business partners of Skrill do implement such programs.
How to open an account at Skrill
Access the official website of the payment system. The region and language will be chosen automatically. If that didn’t happen, select them manually in the top right corner. Next to the choice of the region and language, click Register. In the new window, enter your First Name, Last Name, Country and preferred Currency. Provide your email and come up with a password for the account.
After that, you will be given access to your Personal Account. You can explore its features, but the wallet feature will not be available. In order to get access to all features of the platform, you need to complete registration. In the corresponding menu of the Personal Account, provide your postal address with the postcode, date of birth and phone number (for some countries you also need to specify nationality).
A confirmation code will be sent to your email and phone, which you have to enter in your Personal Account within 15 minutes. If you enter the code correctly, the registration will be successfully completed. After that, the system will ask you to come up with a PIN for authentication and transactions. In the Settings, you can find Security, where it is recommended to activate additional account security features to protect the account against unauthorized access.
At this stage, you can use all the features of a payment system, but with some restrictions. In order to remove those, you need to pass verification. In order to do that, go to the Settings and select Verification. Upload a scanned copy of your identification document. Verification of the document will take some time. Note that all of the above actions can also be taken in the Skrill app.
Technical support
At the bottom of the website, there is a Support section. It features detailed explanations of main questions categorized by topics; there is a search option by key words. If a user fails to find a solution to his problem, he can send a request in the form of a ticket to the email or call customer support. You can find the email and the contact number on the website or in the app.
Disclaimer:
Your capital is at risk. Via Skrill's secure website. Your capital is at risk.
FAQs
Does the Skrill payment system work officially?
Yes. The payment system is officially registered and licensed for financial activities.
Is it possible to withdraw money to a bank card from a Skrill account?
Skrill customers can withdraw money to debit and credit cards of any bank.
Can I buy cryptocurrency through Skrill?
By means of the Skrill wallet, you can replenish your account on a cryptocurrency exchange and buy cryptocurrency.
Does Skrill have a mobile app?
Yes. The Skrill payment system offers a convenient mobile application for money transfers.
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