Skrill review in 2024

Trading platform:

  • Skrill Wallet
Regulation:
  • FCA

Skrill review in 2024

Updated:
Updated: October 06, 2023
Via Skrill's secure website.

9.6

/

10

TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

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
Supported Countries:
  • 200 countries
Subscription fee:
  • No, only transaction fees
Supported
Currencies:
  • 40 currencies
Support for
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
💱 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

TU Overall Score

9.60

/10

Ways to accept payments

9.10

/10

Savings options

9.70

/10

Commissions

9.50

/10

Client support

9.30

/10

Ease of opening an account

9.00

/10

Social programs

9.40

/10

Your capital is at risk. 
Via Skrill's secure website.

Geographic Distribution of Skrill

Popularity in

10.3%
IN
India
9.5%
AZ
Azerbaijan
9.4%
DE
Germany
8.2%
NG
Nigeria
8.1%
EG
Egypt
5.6%
US
United States
5.6%
PK
Pakistan
5.2%
DZ
Algeria
4.8%
CO
Colombia
53.3%
Others
Others

Skrill Latest Comments for 2023 i

3 comments
Total score:
6.7 /10

Share your experience

  • Best
  • Last
  • Oldest
Avatar
Avatar
Albert
1 year ago

Convenient payment system, commissions are sometimes very high, but you know for sure that your transfer will come!

Avatar
Avatar
Rodneyrep
1 year ago

Skrill is a good payment system. It is under the regulation of financial authorities, there is no possibility for fraud. I myself work with this system, as a whole it is normal. All payments go through a bank card very quickly.

Avatar
Avatar
Gerardtogy
1 year ago

Fairly fast and affordable payment method. You can pay anywhere. I also use this tool to make international transfers. There are all sorts of bonuses and discounts. Basically like it. The only point is registration, which takes a lot of time.

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.

Anton Kharitonov

Anton Kharitonov

Financial expert and analyst at Traders Union

Dynamics of Skrill’s popularity among
Traders Union’s traders, according to 2023 data

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

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.

Important!

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
💱 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
Your capital is at risk. 
Via Skrill's secure website.

Comparison of Skrill with other e-payment systems

Skrill Advcash Payeer Payoneer Remitly
Supported Countries 200 countries 150 countries 127 countries All countries Most developed countries
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 Most currencies
Support for cryptocurrencies Yes (deposit) Yes Yes No Yes
Subscription fee No, only transaction fees No, only transaction fees No, transaction fees only No, only transaction fees No
Payment acceptance equipment No, only online No, only software No, online only No, only online $2.99 + 0.5% of the amount for the Economy or 1.5% of the amount for the Express option

Skrill Commissions & Fees

Information

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
Conclusion

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:

  • 200 countries, where the system is available;

  • 40 currencies available in the wallet;

  • 3,000 partner banks around the world;

  • 100 local payment methods;

  • 36 million active users;

  • 156,000 corporate accounts;

  • 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:

  • 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.

  • 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.

  • 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.

  • Integrated converter allows users to exchange currencies at the market exchange rate. Automatic conversion during transfers is available.

  • Transaction statistics are transparent and available in the app as simple reports. Aggregated data is sufficient for the convenience of personal finance management.

  • The system awards points for all transactions. Upon reaching a certain point, all accumulated points can be turned into real money.

  • 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.

  • 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.

  • 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:

1

Account opening is free. There are no rates and no subscription fee, only transaction fees.

2

Two account types – for private use and for business; there are all standard online banking options.

3

Account is managed via an app with a simple, user-friendly interface.

4

In the majority of cases, users can make international transfers instantly and without fees (depending on the region).

5

The platform has a 100% transparent price list; all fees are specified in the corresponding section of the website.

6

The platform has top security standards, and has never been hacked.

7

Individual accounts are awarded bonuses for transactions, which can be exchanged for real money.

8

The system operates in the majority of countries; there are no limits and regional restrictions.

9

Corporate account can be connected to accept payments to an online store or online service.

10

Payments are accepted in 40 currencies; there is a built-in currency conversion service.

11

Corporate account can select and add a shopping cart with a payment page.

12

Very simple API, no issues with integration regardless of the technology stack.

13

Cryptocurrencies can be transferred to Skrill Wallet; they are automatically converted in the chosen currency.

14

Multi-level verification and account verification for protection against fakes and scammers.

15

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.

Skrill
How to open an account at Skrill

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.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

Articles that may help you

Payeer review in 2024
For Beginners
Payeer review in 2024
Rinat Gismatullin - January 2023
Best Skrill Forex Brokers in 2024
For Beginners
Best Skrill Forex Brokers in 2024
Peter Emmanuel Chijioke - July 2023
Stripe review in 2024
For Beginners
Stripe review in 2024
Rinat Gismatullin - January 2023
FastSpring review in 2024
For Beginners
FastSpring review in 2024
Rinat Gismatullin - January 2023
2Checkout review in 2024
For Beginners
2Checkout review in 2024
Rinat Gismatullin - January 2023
Advcash review in 2024
For Beginners
Advcash review in 2024
Rinat Gismatullin - January 2023
Neteller review in 2024
For Beginners
Neteller review in 2024
Rinat Gismatullin - October 2022
PayPal review in 2024
For Beginners
PayPal review in 2024
Rinat Gismatullin - January 2023
Klarna review in 2024
For Beginners
Klarna review in 2024
Rinat Gismatullin - January 2023
Payoneer review in 2024
For Beginners
Payoneer review in 2024
Rinat Gismatullin - January 2023
Paysend review in 2024
For Beginners
Paysend review in 2024
Rinat Gismatullin - January 2023
Square review in 2024
For Beginners
Square review in 2024
Rinat Gismatullin - January 2023
Remitly review in 2024
For Beginners
Remitly review in 2024
Rinat Gismatullin - January 2023
TransferGo review in 2024
For Beginners
TransferGo review in 2024
Rinat Gismatullin - January 2023

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.

Traders Union Recommends: Choose the Best!

Logo Advcash
Open an account
Your capital is at risk. 
Via Advcash's secure website.
Logo Payeer
Open an account
Your capital is at risk. 
Via Payeer's secure website.
Logo Skrill
Open an account
Your capital is at risk. 
Via Skrill's secure website.