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Skrill Money Transfer: Review & Comprehensive Guide

Updated on September 11, 2023 01:47 am
Skrill

In an era where financial transactions are increasingly conducted online, the need for fast, secure, and versatile money transfer services has never been greater. Enter Skrill, a leading digital wallet and payment platform that has gained prominence for its simplicity and global reach. 

Skrill Money Transfer has become a remittance staple, offering a multitude of advantages to its users. Whether you're sending funds to family overseas, purchasing goods online, or conducting cross-border business transactions, Skrill's versatile platform promises to simplify and expedite your financial dealings.

This comprehensive review and guide will take you on a journey through the intricacies of Skrill's money transfer service, equipping you with the knowledge you need to decide if Skrill is the right solution for your financial needs. We'll explore the ins and outs, provide step-by-step instructions, and weigh the pros and cons so you can make an informed choice as to whether Skrill is the right choice for you. 

What is Skrill? 

Skrill Money Transfer is a digital wallet and online money transfer service that allows users to send and receive money securely and conveniently. Formerly known as Moneybookers, Skrill provides a range of financial services, including international money transfers, online payments, and the ability to hold and manage multiple currencies within your Skrill wallet.

Skrill enables users to send money domestically and internationally. You can transfer funds to other Skrill users, email addresses, bank accounts, or mobile wallets, making it versatile for various transaction types.

Begin your Skrill journey by creating a Skrill login for free on their website or downloading the Skrill app on your personal device. Transferring money with Skrill does require both you and your recipient to have Skrill accounts. The registration process is straightforward, but you will need to verify your identity to ensure security.

Skrill’s international reach allows you to send money to over 40 currencies and access your Skrill wallet worldwide. 

Countries supported by Skrill include: 

  • Australia 
  • Bangladesh
  • Belgium
  • China
  • France
  • Germany 
  • India 
  • Indonesia
  • Italy 
  • Malaysia
  • Mexico
  • Monaco
  • Nepal
  • Pakistan
  • Philippines
  • Portugal
  • Spain
  • Sri Lanka
  • Thailand
  • Ukraine
  • United States
  • Vietnam
  • And more. . . 

How Much Does Skrill Money Transfer Cost? 

The cost of Skrill’s fees can vary based on several factors, including the type of transfer, the destination country, and the funding source you use. Skrill prides itself on transparent pricing. You can review all applicable fees before confirming your transaction, ensuring no surprises.

Skrill offers a variety of ways to send money. Whether you're transferring funds to another Skrill user, sending money to an email address, or making bank transfers, the process is intuitive. You can also choose from payment services such as Rapid, Klarna, and Paysafecash to pay for your transfer. 

It's important to note that fee structures may change over time, so it's best to refer to the official Skrill website or your Skrill account for the most up-to-date fee information.

Here is a breakdown of the different types of Skrill transfer fee you could face: 

Skrill Fees for Global Payment Methods

[From Skrill Money Transfer website] 

Skrill Fees for Sending and Receiving Money

[From Skrill Money Transfer website] 

Skrill Money Transfer does not charge recipients any fee to receive money transfers. 

For a more accurate Skrill fees calculator, you will have to initiate the transfer process. Only then will you get the most accurate exchange rate and transfer fee amount. 

How Much Money Can I Send Using Skrill Money Transfer? 

The maximum amount of money you can send using Skrill Money Transfer depends on several factors, including your Skrill account's verification level, the country you are sending money to and from, and the payment method you are using. Skrill has different verification levels that may increase your transaction limits as you provide more information and undergo identity verification.

Skrill sets transaction limits that operate on rolling time periods, which can be daily, weekly, or monthly. These rolling periods commence from the moment you finalize a transaction and remain in effect until a specific duration, denoted as X, has elapsed.

As opposed to many of the popular remittance services, which operate on USD, Skrill operates on the European Euro. This does pose the question for many customers: Can I use Skrill in the USA? Yes, you can! Skrill proudly allows U.S. consumers to send money overseas to friends and family. 

Here are some general guidelines for sending limits:

  1. Unverified Accounts: For newly registered, unverified accounts, Skrill typically imposes lower transaction limits. These limits can vary by country and may be around €2,500 per transaction.
  2. Verified Accounts: After verifying your identity and account information, your transaction limits are usually increased. However, the specific limits will depend on your country of residence and other factors. In some cases, verified accounts may have limits of up to €50,000 or more per transaction.
  3. VIP Accounts: Skrill offers a VIP program with even higher transaction limits for users who meet specific criteria, such as maintaining a high transaction volume over time.

It's essential to check the specific limits for your Skrill account, which you can find by logging into your Skrill account and visiting the "Account settings" or "Limits" section. Additionally, when you initiate a transfer through Skrill, the platform will inform you of any applicable limits for that particular transaction.

How Long Does Skrill Take to Transfer Money?

It's worth emphasizing that every money transfer is distinct, and the time it takes for funds to reach their destination depends on factors such as the transfer amount and the recipient's country. Skrill, however, takes pride in its commitment to fast and efficient money transfers.

When someone sends you money via Skrill, the funds will be instantly available in your Skrill wallet. 

Regardless, if not sending your funds within a few seconds of confirming your transfer, Skrill aims to complete your transfer within 24-72 hours.

For a detailed overview of your transfer time and fee structure before you commit to the process of registering with Skrill, you can visit the homepage where you will find the calculator tool. Enter the basic details of what your transfer will look like and your estimate will be given to you in seconds.

If you're a first-time user, you might also spot a Skrill promotional code in this section, as shown in the image below.

Is Skrill Safe? 

Skrill places a strong emphasis on security, employing encryption to protect users' personal and financial information. Skrill employs robust encryption protocols to safeguard your personal and financial information during transactions. Furthermore, Skrill takes proactive measures to detect and prevent fraudulent activities, ensuring the safety of your transfers.

Enhance the security of your Skrill account at any time by activating Two-Factor Authentication. This additional layer of security measures  adds an extra shield against unauthorized access.

While Skrill has indeed introduced these security measures, it remains crucial for users to take additional precautions to bolster their own security.

How to Send Money With Skrill? 

Now for the biggest question you must have: how does Skrill work?

Sending money with Skrill is a straightforward process. Skrill is designed to make online transfers and payments convenient and secure. 

If you don't already have one, you'll need to create a free Skrill account. Visit the Skrill website or download the mobile app and sign up. You'll need to provide personal information and complete the verification process, which may include submitting identification documents.

Once your account is set up, you can add funds to your Skrill wallet. You can do this by linking your credit/debit card or bank account to your Skrill account and transferring money into it. Your Skrill wallet acts as the source of funds for your transfers.

We will walk you through three different ways you can send money so you can choose which process is the best for you. Here's how Skrill works and how to send money using the platform:

How to Transfer Money to a Bank Account 

  1. Access your account and navigate to the 'Send' section.
  2. Select the Money Transfer option that indicates a bank account transfer.
  3. Indicate the destination country and the desired currency you recipient will receive.
  4. Enter the amount you intend to send. 
  5. Choose your preferred payment method.
  6. Provide your personal information as required. 
  7. Enter the recipient's details–including their name, email address, bank account information, or mobile wallet details–and validate the transfer amount.
  8. Review the transaction details, including the transfer amount, fees, and exchange rates. Skrill will display the total cost of the transfer, so you know exactly how much will be deducted from your Skrill wallet. If you agree with the terms, confirm the transfer.

How to Send Money to a Mobile Wallet 

  1. Access your account and navigate to the 'Send' section.
  2. Select the Money Transfer option that indicates sending money to a mobile
  3. Indicate the destination country and the desired currency you recipient will receive.
  4. Enter the amount you intend to send. 
  5. Choose your preferred payment method.
  6. Provide your personal information as required. 
  7. Enter the recipient's details–including their name, email address, bank account information, or mobile wallet details–and validate the transfer amount.
  8. Review the transaction details, including the transfer amount, fees, and exchange rates. Skrill will display the total cost of the transfer, so you know exactly how much will be deducted from your Skrill wallet. If you agree with the terms, confirm the transfer.

How to Send Money by Mobile Number or Email 

  1. Access your account and navigate to the 'Send' section.
  2. Select the “Send to mobile number or email” option. 
  3. Enter your recipient’s number or email.
  4. Enter the amount you intend to send.
  5. If you wish to send your recipient a message along with their money transfer, you can enter the message at this stage. 
  6. Review the transaction details, including the transfer amount, fees, and exchange rates. Skrill will display the total cost of the transfer, so you know exactly how much will be deducted from your Skrill wallet. If you agree with the terms, confirm the transfer.

If you're receiving a transfer, Skrill will notify you when the funds are available in your account. 

How to Contact Skrill? 

Skrill offers customer support through email, live chat, and phone. Their support team is available to assist with any issues or inquiries.

 

Skrill's customer service department phone number: 1-855-719-2087*

*Local charges apply 

Pros of Skrill Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the Skrill money transfer service are:

  • Global Reach. Skrill facilitates international money transfers to a wide range of countries and currencies, making it suitable for cross-border transactions.
  • User-Friendly. Skrill's platform is designed to be easy to use, with a straightforward interface that allows for quick and hassle-free money transfers. This also includes their thorough transfer calculation tool which allows users to get a detailed view of what their transfer will look like before they commit to the process. 
  • Refer-a-Friend Program. Skrill allows you to earn referral credits for sharing their service with your friends. Additionally, your referred friends receive a discount on their initial money transfer as a bonus.
  • Security Measures. Skrill employs robust security features, including encryption and optional two-factor authentication (2FA), to help protect user accounts and transactions.
  • Transparent Fees. Skrill is known for its transparent fee structure, allowing users to see the cost of a transfer, including fees and exchange rates, before confirming the transaction.

Cons of Skrill Money Transfer Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the Skrill service are:

  • Limited In-Person Use. Skrill is primarily an online platform, so it may not be as convenient for users who prefer in-person banking or cash transactions.
  • Not Available Everywhere. Skrill’s competitors have a larger global reach, some going so far as to having 200 countries under their servicing belt. Skrill's availability varies by country, and it may not be accessible in all regions, limiting its usability for some users.
  • Withdrawal Times. The time it takes to withdraw funds from a Skrill wallet to a bank account can vary, and in some cases, it may take several business days.

Skrill Money Transfer Service: Best Feature

Skrill's standout feature is undoubtedly its Refer-a-Friend program, which allows users to benefit in multiple ways. By sharing Skrill's services with friends, you not only earn valuable referral credits, but your referred friends also enjoy discounts on their initial money transfers as an enticing bonus. 

To participate in this program, you typically need to reside in a participating country and have conducted at least one international money transfer above the minimum transfer amount. 

The program allows you to utilize up to 5 referral credits in a single Skrill Money Transfer transaction, with the maximum credit applicable specified on their website. Any earned credit is seamlessly added to your account upon making an eligible transaction, and if you hold excess referral credit, it's conveniently applied to your next international Skrill Money Transfer, enhancing your overall savings and convenience.

Skrill Money Transfer Service Alternatives

If you’re looking for an alternative to Skrill’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

Skrill Reviews

Need more assurance about Skrill? Is Skrill legit? Let’s see what users of Skrill have to say. Sourced from multiple platforms, customer reviews of Skrill are: 

Skrill scores a “Great” status on TrustPilot with a TrustScore of 3.8 out of 5. 

I'm really happy with the fastest payment method in a few seconds. Every time I experience Skrill I get confident that everything will be as smooth as expected.” - Md. Kutubuddin on TrustPilot 

Skrill actually makes it easier to transfer the funds throughout the world and their transaction fee is comparatively low. I am really happy with their customer support as well. I can make the payments instantly and receive the funds from anywhere in [the] world within 24 hrs. I would really suggest this app to everyone.” - Kanishka T. on G2.com

Skrill has made moving money across the globe a lot [faster] and instantaneous. Transferring money from my Skrill wallet to my mobile money wallet takes a fraction of a second.” - Oketch Esdon on TrustPilot 

Negative reviews pertain to issues with identity verification and transfer cancellations/delays as a result. 

To see even more trusted reviews from users of Xe, check out CompareRemit’s review page.  

Do We Recommend Skrill Money Transfer?

Skrill is a versatile and convenient money transfer platform that can meet various needs, from sending money to friends and family to making online purchases. Its transparent pricing, security features, and global reach make it a viable choice for many users looking for a hassle-free remittance service.

We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.

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Everything You Need to Know About Paycard

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