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Spotlight On: Skrill Money Transfer

Updated on June 23, 2020 05:01 pm
Skrill

In this blog, we are going to learn how to send money through Skrill, the Skrill Money Transfer fees and exchange rates, and if they are reliable.

Skrill was first launched in 2001 as an e-commerce payment gateway for gambling and forex brokers under the brand name Moneybookers. The company was rebranded to Skrill in 2011 and has further expanded its online service that allows users to send money around the world through Skrill Money Transfer. 

Skrill was bought by the Paysafe Group in 2015, a multinational company that provides online payment services. The group is also a parent company of Skrill wallet rival, Neteller (digital wallet). Paysafe Group offers services under the brand name Paysafe and its subsidiary brands. 

Skrill Money Transfer

Skrill Money Transfer is easy to use and also quick and secure in sending money abroad. The service is for free when it is sent to a third-party mobile wallet or bank account in different multiple currencies.

Skrill money transfer provides users to fund the payment through various mediums of exchange such as credit card, debit card, SOFORT, and bank transfer. It supports multiple deposit methods such as: 

  • Local payment methods include Bank transfer, Fast Bank Transfer, Paysafecash, Rapid Transfer, and Trustly
  • Global payment methods include credit card payments of AMEX, Diners, JCB, MasterCard, and Visa

The service is available for both existing 40 million users and non-existing customers all around the world. Needless to say that the availability of the different modes of payment depends on the location and the currency that is being used.

Your recipient can receive the money in multiple ways. Although Skrill is an online focus money transfer service provider, they have partnered with leading mobile money wallet providers so recipients can get money in local currency and withdraw money at nearby money agents.

How to send money using Skrill Money Transfer?

  • Log in and select 'Send Money'
  • Select the country and currency
  • Enter the  amount
  • Select a payment method
  • Enter your personal and the recipient's details
  • Pay for your transfer
  • Confirm and send

Payment information includes email address, password, and personal information (first and last name, date of birth, and contact details)

Details of the recipient include the recipient's full name, address, bank code or BIC (Business Identifier Code), IBAN (International Bank Account Number), and bank account number and country. If your recipient does not have a bank account, you can send money to their email address. 

Related Article: Moving To India? Besides moving your money, here's what else you need to do.

To send money to an email address, bank account, or Mobile, select your preferred money transfer option after logging in.

Skrill Exchange Rates 

Skrill offers interbank exchange rates, which is the rate you see on Google or XE.com with no hidden markup. Skrill often offers the best exchange rate compared to its competitors. 

Exchange Rate


 

Although the difference may not seem much, it is important to remember that most money transfer service providers charge a transfer fee to make up for the loss on the exchange rate margin, unlike Skrill.

Skrill Transfer Fees 

International Transfer: Zero fees when you use Skrill Money Transfer to send money to an international bank account

Domestic Transfer: Up to 2% Domestic fee per transaction when you transfer money domestically. This fee will be charged when the transfer begins and ends in the same country.

Fees to receive money via Skrill

FREE! Skrill Money Transfer does not charge recipients any fee to receive. There is an exception for a foreign transaction fee by the card issuer.

The zero fees are also applicable to all transfers even when you pay using a debit card or credit card instead of from your bank account. However, your payment method may impact the speed of delivery and can take up to 3-5 business days. Usually, the speed of delivery is quick, and your recipient gets the money on the same business day. 

In the case of Skrill crypto service, if your Skrill Account is denominated in a currency other than Euro, there will be a foreign exchange currency conversion fee of 1.5% to convert your currency for your Cryptocurrency Transactions.

Fees for Domestic Transfer

In the case of Skrill crypto service, if your Skrill Account is denominated in a currency other than Euro, there will be a foreign exchange currency conversion fee of 1.5% to convert your currency for your Cryptocurrency Transactions.

Fees for Domestic Transfer

There will be a fee per transaction which is up to 2%. This fee will be charged when the transfer is within the same country.

Skrill Money App

Skrill app allows you to access all of the same account functions as you will find on their main Skrill website. Their Mobile app has garnered positive reviews rated 4+ on both iOS and Android.

You get speed, convenience, and simplicity. Choose a recipient, tap, and send in a few seconds. The app makes it easy for you to send money, withdraw money, check your Skrill Account balance, and view the list of your recent transactions anywhere at any time. 

Customer Support

Skrill's Customer service and customer experience are highly rated. It enjoys a score of 4.5 out of 5 on Trustpilot. Verified users have rated it excellent for its exchange rates and fees.

You can contact Skrill customer support by telephone at +1 855 719 2087 or by their email address [email protected]. For a straightforward query, you can refer to their FAQ section.

Skrill Cryptocurrency Trading

Skrill is popular among the crypto enthusiasts. Opening an account in Skrill also gives the opportunity of buying and selling cryptocurrencies. Digital currencies such as Bitcoin, Bitcoin Cash, EOS, Ether, Ethereum Classic, Litecoin, XLM, XRP, and 0x can be converted instantly from 40 fiat currencies. Registered users can build and grow their portfolio through scheduled cryptocurrency purchases. 

Skrill's cryptocurrency trading is a great way to discover investments. The most convenient part of this service is its auto trading function. This function allows the user to specify the price of the cryptocurrency they want to buy. When the price of the selected cryptocurrency reaches the value they set, Skrill will automatically buy or sell it for them. 

Is Skrill safe?

Skrill is FCA authorized and regulated so there is doubt on its reliability and security. You can tell which money companies are safe to use if they are authorized and regulated by the FCA (Financial Conduct Authority)

In conclusion, Skrill is an easy, reliable, and secure service for sending and receiving money online. Their service has wide coverage in different locations that make it convenient for its users to send a money transfer from any location. The most attractive offering of Skrill is the high exchange rate and zero fees. For more on the terms and conditions and coupons check out what is on offer today on CompareRemit. 

 

Still deciding if Skrill's money transfer service is the one for you? Check out our comprehensive review and guide of Skrill Money Transfer to get the full ins and outs of the service and whether or not it is the right choice for your next transfer. 

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