Skrill

Skrill eWallet Review

Until recently, Skrill was known as the rival of competitor e-wallet, Neteller. However, back in 2015, Neteller’s parent company, Paysafe Group Plc acquired the Skrill Group. Skrill acts under the FCA e-money register, securely through no. 900001, and key features of their regulation involve reducing financial crime and money laundering.

Skrill offers introductory free money transfers and allows customers to create accounts, make payments and withdraw funds through ATMs. The business is geared toward the online trading industry, as well as online betting and casinos. Skrill is presently sporting several big name partnerships and you will regularly see their name under the list of banking options on many online services.

Beyond payment solutions, Skrill looks to provide a platform for its customers to encourage loyalty and growth. VIP programmes, prepaid Mastercards and exclusive offers entice new waves of interest and continue to keep the e-wallet in fashion.

How To Sign Up

To set yourself up on Skrill you’ll need to complete a quick registration form and choose the currency you prefer to bank in. We recommend choosing the one that is suited to your local banks, as conversion fees are a factor when using e-wallets in general.

After completing this stage you will have access to an account portal. From here you’ll be asked to undertake several security procedures in order to validify your account and protect against fraud. Skrill uses a two-factor authentication process, which involves confirmation of a valid email and phone number, plus the addition of a 6 digit code to your account.  

After following these guidelines you’ll want to upload money into your account in order to get started with the service. To do this, simply click the Upload button located underneath your balance total (see below). 

Payment Solutions & Fees

Skrill will allow its customers to align their account with several payment methods. Choose from Bitcoin, Instant Bank Transfers, Fast Bank Transfer, PaySafeCard, Neteller, Credit / Debit cards or a manual bank transfer.

Each of these options is shown with the relevant accompanying fee, which ranges from free to 7.5%, and the maximum upload amount for a single action. A manual bank transfer is the only free and unlimited option here, however you should expect a 3 – 5 day delay in the process.

Once you have completed the process of funding, you will be able to send money and align your Skrill account with website payment options whenever you see their logo. From your customer portal, you will be able to view all transactions (up to 180 days), manage your account settings, personal information, and look through your limits and verifications.

Sending money to an email address or another Skrill wallet will cost you 1.9% of the amount (charges capped at €20). Withdrawing funds will incur a 7.50% charge for Visa cards, and a £4.76 fee for local bank transfer and SWIFT payments. However, receiving money is free and so too is using your Skrill wallet to pay an online retailer that accepts them.

Currency conversion rates are 3.99% added to fluctuating wholesale rates (and you won’t be notified of this).

Logins must occur or a transaction made every 12 months in order to keep the account active. If not, a £3.00 service fee will be deducted from your balance.

Access your account through online login directly with Skrill and download their mobile app (Apple and Android) for payment solutions on the move.

Feature Services

Aside from offering a standard service, Skrill is setup to manage clients through a specialised VIP Programme. This tiered VIP club has been created to give loyal customers the opportunity to take advantage of lower fees, special promotions and increased security measures.

To become a VIP member, you simply need to use your Skrill wallet. A minimum transaction per quarter (approximately  is then necessary to advance through each level.

VIP Programme Levels

  • BRONZE – (Transactions of over €6,000 per quarter) If you meet the initial requirements for a Bronze Account, you will be entitled to dedicated 24/7 VIP care. You can also maintain your account with better value as fees to send money are reduced to 1% and capped at €10.00. A lower card upload fee of 1.25%-2.5% can be enjoyed with fx rates reduced to a 3.79% fee. Bank withdrawals will now be charged at a set rate of €5.50.
  • SILVER – (Transactions of over €15,000 per quarter) As a Silver Account holder, you will be able to run 1 additional account, experience priority bank uploads and send money with a fee cap of €2.00. Card uploads and bank withdrawals are now free, and Skrill wallet fx rates are reduced to 2.89%.
  • GOLD – (Transactions of up to €45,000 per quarter) Gold Account holders may run a total of 3 multi-currency accounts under the same name with the aid of a personal account manager for guidance. Other benefits include those experienced under the Silver rating, with the exception of fx rate fees which are now reduced to 2.59%.
  • DIAMOND – (Transactions of up to €90,000 per quarter) If you reach peak VIP status, a Diamond Account holder will be able to manage up to 4 multi-currency accounts. Along with the full range of benefits eligible from the programme, Diamond Account holders are able to realise lower fx fees of just 1.99%.

As well as enjoying the VIP programme’s full possibilities, Skrill offer a prepaid card options to their customers.

The Skrill Prepaid Mastercard* helps you to enjoy instant access to your account balance and is useable wherever you see the Mastercard sign instore or online. You may even withdraw funds through designated ATMs and enjoy the card worldwide. The Skrill Prepaid MasterCard may be ordered instantly through your account (with balances over €10) and may be activated through login and process completion. Available in GBP, EUR, USD, or PLN.

This card must be maintained with an annual €10 fee, and will incur a 2.49% fx fee and 1.75% ATM fee (variable according to location, base currency and independent ATM charges).

*Only available to residents of authorised European Economic Area countries .

Support

As discussed, anyone participating in the VIP scheme will experience improved 24/7 customer service assistance and those eligible will be assigned a personal account manager. To guide all Skrill customers, the company provide a concise help library on their website with a search box for instant answers. Popular browsing topics include Account, Prepaid Card, Security, Payments and a list of frequently asked questions.