According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- 200 countries
- No, only transaction fees
Currencies:
- 40 currencies
cryptocurrencies:
- Yes (deposit)
Our Evaluation of Skrill
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Brief Look at 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.
- 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.
- 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.
TU Expert Advice
Author, Financial Expert at Traders Union
Skrill Wallet offers a diverse range of services, including personal and corporate accounts, supporting over 200 countries and 40 currencies. It enables users to make and receive payments through various methods including debit/credit cards, electronic payment systems, and even crypto wallets. With a user-friendly mobile app, the platform provides instant or nearly instant transactions, a loyalty program, and seamless integration with third-party websites, making it a versatile choice for managing finances.
However, Skrill has drawbacks, including high transaction fees depending on the region and a limited set of tools for advanced financial management. The standard verification process can experience delays, which may inconvenience some users. Overall, Skrill is suitable for individuals and small businesses seeking a straightforward, global payment solution, but may not be ideal for those requiring comprehensive financial reporting and quick verification processes.
Skrill Summary
Via Skrill's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Individual and corporate |
|---|---|
| 💱 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 |
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.
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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.
Investment Options
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.
Contacts
| Foundation date | 2001 |
|---|---|
| Regulation | FCA |
| Official site | https://www.skrill.com/ |
Comparison of Skrill with other e-payment systems
| Skrill | Volet.com | Payeer | Payoneer | FastSpring | Stripe | |
| Supported Countries | 200 countries | 150 countries | 127 countries | All countries | 200 | 48 |
| 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 | 20 | 135 |
| 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 | 8.9% or 5.9% +95 cents per transaction | 2.9% + 30 cents per account |
| Payment acceptance equipment | No, only online | No, only software | No, online only | No, only online | No, only software in the form of SaaS | No, just the software |
User Satisfaction i