Skrill is a digital wallet that operates in more than 120 countries in 40 currencies including cryptos. Its services include multi-currency account, money transfers between users, international money transfers, Skrill virtual card and plastic card, cryptocurrency trading and online payment gateway for businesses.

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Skrill Services and Products

When you sign up for the Skrill service, you can open a Skrill personal account or Skrill business account. These accounts come with the following products and service:

  • Skrill Money Transfer. The Skrill Money Transfer service allows you to send money to your own or someone else’s bank account, mobile wallet, or credit/debit card. You can also receive money with Skrill directly into your bank account, Skrill wallet, or mobile wallet.
  • Skrill Rapid Transfer service. The Skrill rapid transfer is an instant solution that supports more than 3000 banks worldwide to enable customers pay directly from their bank account without leaving your website.
  • Skrill Virtual Card. Skrill offers a Virtual Prepaid MasterCard that you can use to make online purchases anywhere MasterCard is accepted. Where the Virtual card is not accepted such as at ATM terminals for cash withdrawals, for booking flights or hotel rooms, you can use your physical Skrill Prepaid card.
  • Skrill Crypto. Skrill offers a crypto service enabling you to buy and sell a wide range of cryptocurrencies in your local fiat currency (the service is available in select countries). The minimum amount of cryptocurrency you can buy or sell depends on the relevant cryptocurrency while the maximum amount depends on the transaction limits associated with your account.
  • Skrill Payment Gateway. The Skrill payment gateway enables you to accept or receive credit card payments from your customers. Skrill offers lower transaction fees than other payment gateway providers. Using Skrill for your shopping cart also enables you to access and manage transactions in more than 40 currencies. It also supports over 100 local payment options.

How Skrill Works: How to Open Skrill Account

Opening a Skrill account is easy. You need to go to Skrill website and click on “Register” in the upper right corner. Next, enter your personal information as it appears on your official documents such as Passport, ID card or Driver’s license. After registration, you need to verify your identity to enjoy all the benefits. You can verify your identity by depositing a small amount into your account, linking to Facebook account, verify your address, etc. The 3 types of Skrill accounts according to verification status are Skriller, True Skriller, and VIP Skriller.

Go to Skrill website

How to Deposit into Skrill Account

There are a number of methods you can use to deposit money to your Skrill account such as debit/credit card, bank transfer, Paysafecard, etc. We will look at depositing using credit/debit card. First, login to your Skrill account and from the deposit section, select “Credit” or “Debit card”. Then, click “Add a card” and enter your card details to register your credit/debit card. Next is to enter the amount you want to deposit and choose the purpose of deposit. Lastly, review and confirm your deposit.

How to Withdraw Money from Skrill

Skrill offers several options to withdraw money from your account; Visa withdrawal, bank transfer, mobile wallet, Mastercard withdrawal, withdrawal to a crypto wallet, withdrawal to Neteller or Skrill withdrawal to Mpesa. To withdraw from Skrill to your bank account, go to the “Withdraw” section and click on “Withdraw Now” under Bank Account. Choose a bank account or click “Add a Bank Account” if you haven’t registered a bank and click “Next”. Enter the amount and click “Next” to go to the withdrawal summary page. Lastly, click “Confirm” to complete your withdrawal.

Skrill Crypto

You are able to sell and buy cryptocurrency from your balance in local fiat currency (EUR, USD, etc.). You don’t need an additional wallet for this, you will buy and sell cryptos using your existing account. convert and withdraw their fiat balance to an external cryptocurrency wallet by entering an address. Since early this year, you are able to convert and withdraw your fiat balance to an external cryptocurrency.

Skrill partners with cryptocurrency exchanges in order to provide the cryptocurrency service. Skrill supported cryptocurrency include Bitcoin, Ethereum, Litecoin and many more.

Skrill Crypto Fees

SkrillerTrue SkrillerSilver VIPGold / Diamond VIP
Crypto Buy/Sell Transactions up to €19.99€0.99€0.70€0.50€0.50
Crypto Buy/Sell Transactions between €20 – €99.99€1.99€1.70€1.50€1.50
Crypto Buy/Sell Transactions above €1001.90%1.70%1.40%1.30%

Skrill Supported Countries

Skrill is available to customers in almost all countries of the world except countries that have been sanctioned by the World Bank or the UN. Countries not supported by Skrill include Afghanistan, Angola, Benin, Antarctica, Cape Verde, Barbados, Samoa, Burundi, Crimea, Papua New Guinea, Eritrea, French Guyana, North Korea, Suriname, Togo, Solomon Islands, Vanuatu, North and South Sudan, Iraq, Iran, Mauritania, Japan, Namibia, Niger, Mali, Kiribati, Faroe Islands, Gambia, Syria, Greenland, Marshall Islands, Macao, Cuba, Comoros, Djibouti, Equatorial Guinea, Bhutan, and Fiji.

Skrill Supported Currencies

Skrill supports over 40 world currencies including Australian dollar (AUD), Euro (EUR), Canadian dollar (CAD), Indian rupee (INR), Croatian kuna (HRK), United States dollar (USD), Japanese yen (JPY), Danish krone (DKK), Pound sterling (GBP), Polish zloty (PLN), Israeli new shekel (ILS), New Zealand dollar (NZD), Romanian new leu (RON), Singapore dollar (SGD), South African rand (ZAR), Swedish krona/kronor (SEK), etc. Skrill also supports several cryptocurrencies including Bitcoin, Litecoin, Ether, Bitcoin Cash, Ethereum Classic, XRP, and Ox. Skrill offers a debit card that can be linked directly to your Skrill account, making it possible to instantly access money in your account without waiting for a transfer.

Skrill Supported Payment Methods

Skrill offers businesses a wide variety of payment methods that they can make available to their customers. Different payment methods offer flexibility when it comes to making payments. Payment methods supported by Skrill include bank transfer, debit or credit card, Rapid Transfer, Neteller digital wallet, Klarna, Paysafecard and Paysafecash, and more.

Skrill Limits

Skrill limits are determined by the currency of your Skrill account, VIP status, payment method, and verification status. Unverified Skrill accounts have restrictions on limits. It is advisable that you verify your Skrill account as soon as you create it. In the US, for example, the transfer limits are $2,500 per day, $3,500 per week, and $4,500 per month. The maximum transfer amount is $2,500 per day while the minimum transfer amount is $1.00 per day. However, these amounts vary based on certain currencies. If you want to find out what your Skrill deposit or Skrill withdrawal limits are, follow these steps:

First, login to your Skrill account and click on ‘Deposit’ if you want deposit limits or click on ‘Withdraw’ for withdrawal limits. Next, select your preferred deposit or withdrawal method and confirm your account details. You will see your deposit or withdrawal limits on the next page.

Skrill Fees and Skrill Exchange Rates

Skrill fees and exchange rates will vary depending on your country and currency. To get the exact fee for your currency, country, and payment method, visit Skrill’s website. However, you should expect something like this:

  • Skrill Deposits. Most Skrill deposits cost 1% of the deposited amount but some countries and payment methods attract a 2.5% fee.
  • Skrill MasterCard Fees. The two Skrill prepaid card options are the regular plastic version Skrill Card and the virtual prepaid MasterCard. MasterCard fees are determined by your VIP level and currency. The physical MasterCard application for non-VIP is $10 and free for all VIP levels. It is free to order the virtual card.
  • Skrill Withdrawal Fees. Bank withdrawals for all VIP levels (Silver, Diamond, and Gold) are free. For non-VIP’s, the withdrawal fee by bank transfer is $6.70, 7.5% for credit or debit card withdrawals, and 3.49% for Neteller withdrawals.
  • Skrill to Skrill Transfer Fees. The Skrill True membership gives you access to free PSP Transfers regardless of your VIP level. If you are neither VIP nor Skrill True, you pay a 2.99% fee for your transfer. Skrill True members and members in all VIP levels do not pay any fee.
  • Skrill Exchange Rates. Skrill charges an exchange rate margin (international transfer exchange rate mark-up) for all transfers regardless of the currencies and payment method used. This exchange rate can range as high as 4.49% of the total value. The exchange rate margins for debit and credit card transfers are slightly higher.

Is Skrill Safe? Is Skrill Legit?

Yes. Skrill is registered with the UK’s Financial Conduct Authority and they also have a European e-Money license which allows them to operate everywhere in the world. Additionally, Skrill follows a strict identity verification process during registration. As part of the verification process, you will be required to make a deposit with a bank account, Bitcoin, or debit card. You might also be asked to produce a utility bill or a photo of your government ID. As part of its safety measures, Skrill uses 128-bit encryption and it requires you to utilize 2-factor authentication when logging into your account.

Skrill Customer Reviews

Most Skrill customers are satisfied with its services. They praise its fast and secure transfers, its wide range of supported countries and currencies, and competitive fees and exchange rates. Customers have rated Skrill 4.8 out of 5 stars on Trustpilot. The few complaints are frustrations over the documentation required for Skrill identity verification and the lack of transparency in their exchange rate margins.

Skrill Alternatives

There are several internet payment processors in the market each with outstanding features. The choice you make all depends with your needs. The following are Skrill alternatives:

Final Thoughts on Skrill Review

Skrill’s reliability, speed, and the ability to send and receive over 40 currencies via a digital wallet, accept payments online, buy and sell cryptocurrencies contributes to its high popularity across the world. Though many customers complain about its verification process, it is worth it since it contributes greatly to its safety.

Go to Skrill website

Daisy Neema is a graduate of Chuka University. She is a prolific writer and researcher and has an interest in finance. She also loves writing about businesses and startups.