The company first launched in the United Kingdom in 2001, and was first known as Moneybookers. Moneybookers quickly became one of the fastest-growing e-commerce sites in the industry, reaching more than 25 million people during its first ten years. Around 2009, they began partnering with merchant sites such as E-Bay, making it easier for buyers and sellers to transfer funds.
Moneybookers began rebranding themselves as Skrill in 2010-a move that was fully completed in 2013. After becoming Skrill, the company also acquired the single-click payment source called 1-tap, along with a leading prepaid virtual “card” known as Paysafecard.
How it Works
To use Skrill, you will first need to register for an online account. Registration is free, and will only take about a minute or so. Once you have created an account, you are then free to deposit funds, make withdrawals, shop online, or even transfer money to online casinos (provided you are legally able to do so.)
When depositing funds, you have several options. First, you may use the wire transfer method. This involves providing some information about your bank account and waiting for verification-a process that can take up to five business days. There are no fees associated with using the wire transfer method, so it nonetheless remains a popular option for those who have taken the time to establish their accounts.
For more immediate access, you can deposit funds by using a major debit or credit card. This option does come with a 1.9% transaction fee. You will also need to verify your card, but this process will only take a few minutes. This is a one-time requirement only, meaning that once you have verified your card you will not have to do it again. Some credit card companies may also charge a cash advance fee which is above and beyond what Skrill charges.
Skill is available in 40 different currencies, including the Euro, U.S. Dollar, and Pound Sterling. For currency conversions, Skrill charges a 3.99% fee on wholesale exchange rates. From their own website, Skrill notes that "exchange rates vary and will be applied immediately without notice to you". So it is always a good idea to check exchange rates beforehand when using Skrill for currency conversions.
Withdrawals from Skrill
To withdraw funds from Skrill, a wire transfer to your bank account will allow you to avoid fees. If you would rather transfer those funds to a Paysafecard, Skrill will charge you a 7.5% fee. There may be other fees associated with withdrawing funds to a credit card or having Skrill send you a check or money order.
While some fees are associated with withdrawals, it is free to send money to another account holder or pay an online merchant. The exception would be if the transaction involves a currency conversion.
Transferring Funds to and from Gaming Sites
After logging into a gaming site, you will need to verify that they accept Skrill. Some of the older, more established platforms may still list them as Moneybookers, so you should check this as well if you do not see Skrill listed. After choosing Skrill, enter the email address associated with your e-commerce account as well as the amount of money you are wanting to play with. Keep in mind where the platform is located so that you can calculate currency exchange rates accordingly.
You will perform a similar process when transferring funds from a casino back to your Skrill account. In most cases, withdrawals will take only a couple of hours. However, during bank holidays or when transferring larger sums of money, funds might not be available for up to 24 hours.
Those who use Skrill for online gaming or shopping are normally pleased with its user-friendly interface and easy setup. Anyone can register for an account, and there are separate types for personal and business use. Skrill is committed to customer service, providing round-the-clock support via live agents who are fluent in 12 different languages.
Disadvantages of Skrill
One of the downsides to using Skrill involves their fees. It seems as though every transaction has its own fee, and some can even be subject to multiple fees. In addition, Skrill charges the equivalent of $3 USD per month for inactive accounts. And although Skrill does accept U.S. Dollars, those in the United States are unable to use the service for online gaming.
Skrill continues to be a popular form of payment for people across the globe. Many feel that the convenience and security provided by Skrill make paying their fees worthwhile. This can be a great option for online gamers who play responsibly and take the necessary steps to keep up with all of their transactions.