Skrill is one of the oldest and most established online payment methods. It was first introduced in 2001 and it was called Moneybooks at the time. The system works similarly to PayPal as an e-wallet in which you can store value and use it to pay for services and goods online.
In this article, we’ll outline the pros and cons of using Skrill as a payment method for online transactions. In general, Skrill is a good payment option with a lot of useful features, but it does have some downsides that users should be aware of.
What is Skrill in The First Place?
Skrill is an online payment method started in the UK in the early 2000s. The company changed its name in 2013 and that’s the name it still uses. In 2015 the company acquired Paysafecard and folded into its services.
Over the years, it has become one of the biggest online wallets. It’s accepted by countless online vendors, financial institutions, and online services and used by both individuals and corporations. Skrill can be used to send and receive funds as well as to store them.
Is it Safe to Use?
Skrill is safe and legal to use. It’s accepted as a payment method by all the traditional financial institutions and it’s easy enough to transfer funds from Skrill to some traditional payment method. Skrill can be used as a payment method for gambling sites based abroad. In fact, the best Skrill casinos are located abroad and used by players from countries that don’t allow gambling.
The payments made with Skrill are pretty much completely safe as they are automated and easy to track. In rare instances, when there’s an issue, Skrill customer support can easily resolve it.
|Depositing Money||$0⁵||Methods include Visa, Mastercard, Paysafecard, Bank Transfer, ACH, and Paysafe Cash.|
|Send Money||$0⁵||To other Skrill users and merchants.|
|Receive Money||$0⁵||From other Skrill users and services.|
|International Transfers||4.99%⁵||The outgoing and incoming currency must be the same.|
|Currency Exchange Rate||3.99%⁵||This fee is charged in addition to the wholesale exchange rate.|
|Skrill Prepaid Card||$10 per Year; $2.50 ATM Fee⁵||You may also be asked to pay $10 if you don’t meet certain requirements|
Additional fees are charged for international payments, and you need to contact Skrill or your bank to figure out what kind of fees apply to your country. There’s also an inactivity fee of $5 that’s paid if you don’t use the account for a year.
There are many advantages that come with using Skrill as a main payment method. We’ll list a few that come up the most with day-to-day users.
Personal and Business Accounts
Skrill offers two sets of services for businesses and individuals. Business accounts have a different fee structure and a more complex safety system and customer support. This allows the users to market Skrill as one of their payment options alongside all the benefits it brings.
Personal accounts are less complicated and have smaller fees, as they are only used to make payments online. It’s allowed to have both accounts using the same email and the same bank accounts. It’s a time-saving feature for small businesses.
Security is one of the most important features users are looking for from a payment method. Skrill provides that feature. It uses two-step authentication as a way to prevent any unwanted transactions.
However, online transactions also depend on how safe the network is, and that’s not something Skrill can guarantee. Instead, users should use a VPN when making online payments.
Skrill issues its own prepaid debit card. These cards can be used to make payments and transfer funds to and from a Skrill account. The cards issued by Skrill are less expensive than those issued by other debit cards and there are no fees when it’s used in relation Skrill account.
Until recently Skrill wasn’t able to offer this service in the US, but now that’s resolved and US users enjoy the benefits Skrill has already provided all over the world.
There are downsides to using Skrill as is the case with any payment method. These can be a deal breaker for some users or they can be a minor inconvenience depending on what you’re looking for, from a digital wallet application.
Verification is Difficult
It takes time and effort to verify a Skrill account and a lot of users don’t like it. These measures are put in place to keep the users safe and to make sure that no one is trying to scam you by setting up an account in your name. Arm yourself with patience if you want to use Skrill for the first time.
To complete the verification process, you will need to submit a picture ID, such as a driver’s license or a passport, along with a utility bill, which serves as proof of address.
Customer support provided by Skrill isn’t as good as one might expect from an e-wallet of that size. It uses a chatbot called Sofia and a user can’t get to an actual person until the bot sorts out the complaint. The technology is not there yet, and the process can be quite difficult.
It’s a frustrating process especially if you’re contacting Skrill because you’re dealing with an urgent issue that needs to be resolved. It’s not possible to email or call customer support as is the case with most other customer support services.
Not All Features Are Available Everywhere
Skrill is available in dozens of countries. That’s still a large network but it’s still smaller than some of the competitors. There are also some countries that allow Skrill but all of its features since local regulations don’t allow for it.
In most cases, users are allowed to send money using Skrill, but they may not be able to withdraw the funds from Skrill to their bank or card.
Skrill is available as a website and as an app. The app can be used on any mobile device using both Android and Apple operating systems. All of the features that Skrill offers in a desktop version are available in an app. It’s also equally safe and easy to use as the site.
The Skrill app takes just a few seconds to download and set up if you already have a Skrill account. It’s also possible to set up the Skrill account for the first time using only the app. The two-step verification process is also in place for the app.
Skrill is one of the most popular e-wallets out there. It’s been around for over 20 years and it’s reliable and easy to use. Skrill allows for both business and personal accounts. The fees for withdrawing and sending funds with Skrill are somewhat lower than with most other e-wallets. It can be used via an app or a website.
Skrill is available in a few dozen countries, but not all features are available in every country. Customer support is also one of the weakest points of Skrill since it relies on a chatbot rather than on real staff.