Skrill is an e-wallet solution which is the online industry, most specifically in the world of gambling and trading. It was first known as Moneybookers before it became known as Skrill in 2013. It was established last 2001 in the United Kingdom, but it was on April 2002 when the actual payment system was launched.

Skrill offers a wide array of services to their clients, in which most of these services are online based such as online payment processing and banking.   It is a safe and convenient e-commerce and money service transfer which is mainly used by traders and gamblers.

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  • Regulator – FCA
  • Available since – 2014
  • Minimum Amount Transfer – 0
  • Mobile Banking – Yes

AssetMagnate Rating: 

Registration 

In order to open a Skrill e-wallet account, the client has to sign up for a free Skrill account before the client can load his e-wallet. The client needs to provide the following:

  1. Full name 
  2. Contact information (email address and phone number)
  3. SocialSecrutyNumber or photo I.D.
  4. Proof of Residence 

After successful registration, the client will have access to a portal wherein he will undertake several security procedures in order to validate the account. 

Once the sign up is successful, the client can start loading and using his Skrill e-wallet in transferring money for whatever purpose it may be. 

Only clients with a fully verified Skrill account can maximize the benefits of using Skrill. 

Documents for Verification 

In order to verify a Skrill account, the client needs to submit a clear and legible copy of the following documents. 

  1. Front and backside of I.D. card 
  2. A picture of yourself holding the I.D. or passport near your face 
  3. Proof of billing or a bank statement within the last three months which reflects your name and a dress

Minimum and Maximum Transfer

There is no minimum amount required in transferring funds. On the other hand, the maximum amount allowable for transfer depends on the verification on the account. If the client has provided his Social Security Number, he is eligible to transfer any amount he wishes to transfer. 

Security 

Skrill makes use of Two Step Authentication (2FA), an in-house security authentication in order to protect their clients. In here, you will receive a one-time use code in your smartphone or tablet every time you log in with your Skrill account. The code changes every 30 seconds in order to ensure that it is you alone who can access your account. 

Fees

A 3.99% currency conversion is applied with Skrill. A transaction fee is so deducted which is 1.9% of the total amount. Furthermore, a withdraw fee is also charged which greatly depends on the payment method. The withdrawal fee can go as high as 7.5% of the total amount. These fees are automatically deducted from the receiver. 

Loading fund fees are also applicable and these fees depend on the method used. Bank transfer is free of charge, ACH charges 6%, credit card charges 2.9% and PaySafe card charges 7.5%. 

Transfer Types Supported

Skrill offer options where clients can withdraw money or load their wallet. 

A client can load up his e-wallet from his bank account, credit or debit card, SWIFT account or from other e-wallets. 

The recipient can withdraw funds from Skrill to a bank account through wire transfer, credit card balance or SWIFT account.

VIP Program Levels 

  1. Bronze – This is for clients whose transaction is beyond €6,000 per quarter. A bronze VIP client is entitled to a 24/7 VIP care, 1% reduced transfer fee, lower card upload fee and bank withdrawal fixed fee.
  2. Silver – This is for clients whose transaction is beyond €15,000 per quarter. A bronze VIP client is entitled to run 1 additional account, priority bank uploads, 2% reduced transfer fee, lower card upload fee and free of charge bank transfer fee. 
  3. Gold – This is for clients whose transaction is beyond €45,000 per quarter. A bronze VIP client is entitled to run 3 multi-currency accounts under the same name, personal account manager, reduced transfer fee and lower card upload fee. 
  4. Diamond – This is for clients whose transaction is beyond €90,000 per quarter. A bronze VIP client is entitled to run 4 multi-currency accounts, reduced transfer fee, and lower card upload fee. 

Mastercard

Skrill provides a Mastercard to their clients which exactly works like any other prepaid Mastercard. The Skrill MasterCard gives access to the Skrill funds of a client easier and more convenient wherever he is without the worries of spending so much. The prepaid balance of the Skrill MasterCard and the e-wallet is the same. Furthermore, Skrill MasterCard fees are very low and VIP clients may use the card without any fee.

Mobile Application

The advent of mobile phones has changed the way of man’s life in so many ways, including the banking and finance industry. With these, Skrill also offers their clients a mobile application which was launched before 2013 ended. Through the Skrill app, clients can already manage their account and send or receive money wherever they are. The app also enables them to check their account balance or submit their verification documents. The Skrill mobile app is downloadable for free at the Google Play Store or Apple app store.

Customer Support

It is noticeable from the website that their customer support is not that good. This means that they have to improve it as soon as they can in order.to gain more clients and deliver the quality service that their clients deserve.

Pros

  • Intuitive system 
  • Services in many countries 
  • No minimum transfer amount 
  • High maximum transfer amount 

Cons

  • High fees
  • Account stability issue 

Conclusion

Skrill is a must try for those who wish to have a safe and secured e-wallet. With years in the industry, it can be said that they are worth the try and they wouldn’t last that long if they are not trusted and efficient. Skrill has truly made the lives of their clients easier and more convenient.