What Do You Need to Know About The Skrill Payment System?

Using the Skrill payment service, users can transfer funds online anywhere in the world, make online payments, easily top up their wallets, and withdraw funds to a bank card. Skrill money is used by both individuals and organizations - banks, insurance and brokerage companies, online store owners, and others.

Due to its versatility and ease of use, the platform is popular among gamers, freelancers, and remote workers who receive payments from foreign customers. The payment service was also highly appreciated by traders. The system allows them to quickly make transactions on financial markets and purchase cryptocurrency. In this article, you will learn about the features of using the Skrill system that will allow you to manage your finance wisely.

What Is Skrill?

Skrill is an electronic payment system; until 2011, the service was called Moneybookers. The platform was founded by the English concern Gatcombe Park Ventures to simplify international payments and transfers.

The official opening of the service took place on April 1, 2002. Now the transfer system is available in more than 200 countries, supports over 40 currencies, and about 100 types of payments are available to its users. The headquarters of Skrill Limited is located in London, the payment system is a partner of the international financial holding GLOBAL PARK SOLUTION.

Using the Skrill electronic payment service, you can quickly receive and send money transfers to any country (for example, from the USA to Poland), make purchases on the Internet, pay for participation in games, buy and sell cryptocurrencies, including Bitcoin and Ethereum, make operations on stock and financial markets and much more. To gain access to all the features of the service, you need to register an account and go through the verification procedure.

Depositing And Withdrawing Funds In The Skrill System

You can top up your account in the Skrill payment system in several ways:

• Transferring funds from a bank card - replenishment fee is 1%, and funds are credited instantly;
• By transfer from a bank account - the crediting period is up to 5 working days, commission 1%;
• From a Neteller account - instant deposit, commission 1%;
• Depositing from a Bitcoin (BTC) or Bitcoin Cash (BCH) wallet - immediate deposit, commission 1%;
• Through the Trusty service - instant receipt of funds, commission 1%;
• Cryptocurrency is credited to your Skrill account through the BitPay wallet.

In total, the service supports more than 100 methods of replenishing your account.

Users can use Visa and Mastercard cards to withdraw funds from their Skrill account. It is also possible to send funds from your Skrill account to your bank account. The term for crediting funds to the card is about 5 business days. The fee for withdrawing money from Skrill is 7% of the amount for Mastercard and 7.5% of the withdrawal amount for Visa card users.

There are also other withdrawal methods, you can choose the option that is convenient for you.

In general, Skrill supports more than 40 currencies, the base currencies for the service are USD and EUR. Users who have passed the verification procedure on the Skrill platform can buy and sell cryptocurrency, as well as manage their investment portfolio.

Skrill Transaction And Exchange Fees

Skrill has certain rates for users who conduct transactions that involve sending funds:

• Skrill payment system users pay a fee of 1% for international transfers using a debit card and 99% of the transfer amount when using a credit card.
• When sending a transfer in one currency, a commission fee of up to 4.99% of the transfer amount is charged.
• If the deposit is made in another currency, the service charges a 4.99% currency exchange fee.
• When transferring to other Skriller users, a commission of 2.99% of the transaction amount is paid.
• The commission fee for transfers within one country is up to 2% of the amount.
• There is no commission for recipients of funds.

Skrill Payment Cards

Service users living in European countries can order a Mastercard debit payment card linked to their wallet. You can use your card to pay for purchases in stores or withdraw cash from an ATM.

The card maintenance fee is 10 euros per year. When withdrawing cash, a fee of 1.75% of the amount is charged. The card cannot be used for gambling.

In addition to the physical card, users can register a virtual card of the Skrill payment service and use it to make purchases on the Internet. The virtual card is available in the following currencies - dollar, euro, British pound, and Polish zloty. You can order the issue in the “Skrill Cards” section in your account settings.

The limit on purchases with a Skrill plastic card is $3,000 per day, and you can make no more than 70 transactions. The limit on virtual cards is higher - you can spend up to $7,000 per day.

Pros And Cons of Skrill

We looked at the main features of the Skrill payment system. It's time to evaluate the pros and cons.

Skrill benefits:

• Suitable for both legal entities and individuals;
• You can manage your finances from a computer or smartphone via a mobile application;
• Favorable rates - free account opening, 1% commission for replenishment, minimum commissions for transfers within the Skrill system - 1.45%;
• It is easy to receive funds from users living in other countries;
• Wide functionality - money transfers, payment for purchases, replenishing accounts in online casinos, poker clubs, and bookmaker accounts;
• Security of money transfers and storage of funds in service accounts;
• Quick purchase of 9 cryptocurrencies and investment portfolio management in your personal account;
• Responsive technical support - you can ask a question in the chat on the website or get the necessary information by phone;
• Quick access to your account via the website or mobile application.

Disadvantages of Skrill:

• To gain access to all functions, account verification is required;
• The issuance of plastic cards is available only to residents from European countries;
• Long processing time for withdrawal applications - up to 5-7 working days;
• There are not enough methods for direct withdrawal of funds from the account;
• Account inactivity fees may apply.

Wrapping It Up!

As of 2024, the audience of the Skrill payment system exceeded 36 million users worldwide. Clients highly appreciated the system’s favorable tariffs, affordable fees for transfers, deposits, and withdrawals, and ease of use of the platform for finance managing and investing. You can learn more about Skrill, as well as other payment systems, currency volatility, and cryptocurrencies on the Rates.fm platform.