Review: Skrill online payments and money transfers
- Number of Currencies
- 27
- Minimum Transfer Amount
- $1
- Fees (Pay by Bank Transfer)
Our verdict
This easy and convenient payment service comes with high fees for sending and withdrawing money.
Skrill is a digital wallet that's a decent choice for sending money to other Skrill users, especially if you're already using its parent company's ecosystem, Paysafe. However, for most international money transfers from Australia, it's not the cheapest option. The main catch is a foreign exchange fee of 4.49%, which can make your transfer much more expensive than it first appears. If you're looking for transparent fees and better exchange rates, you'll likely find a better deal with specialist services like Wise or Remitly.
Pros
-
Receiving money is free
-
Supports conversion into 40+ currencies
Cons
-
Charges a foreign exchange fee of up to 3.99%
-
Pre-funded wallet required before sending
Details
Product details
| Product Name | Skrill |
| Maximum Transfer Amount | Unlimited |
| Number of Currencies | 27 |
Pros
- Send money to over 120 countries
- Receiving money into your Skrill wallet is free
- International bank transfers have no upfront transfer fee
- Supports over 40 currencies
Cons
- High currency conversion markup up to 4.49%
- Monthly inactivity fee if you don't use your account
- Complex fee structure for different payment methods
- Poor customer reviews often cite account holds and verification issues
What is Skrill and how does it work?
Skrill is a digital wallet service that lets you send and receive money, pay for goods online and make international transfers. Founded in 2001 as Moneybookers, it built a reputation in the online gaming space before rebranding to Skrill. It's now owned by Paysafe, the same company behind Neteller and Paysafecard.
To use it, you create a free account and load funds into your Skrill wallet using a bank transfer, debit card or credit card. You can then send this money to another person's bank account overseas or directly to their Skrill wallet.
Skrill fees and exchange rates explained
Skrill's fee structure can be complex, with costs varying depending on how you fund your account, where you're sending money and whether a currency conversion is involved. The biggest cost to watch for is the currency exchange rate markup.
Here’s a breakdown of the main fees for Australian users:
| Service | Fee |
|---|---|
| International Transfer Fee | Free (when sending from your bank account) |
| Currency Conversion Markup | Up to 4.49% on top of the wholesale exchange rate |
| Deposit Funds | Up to 5% for PaysafeCard, 0% for credit and debit cards |
| Withdraw Funds | 2% when withdrawing to Crypto, 3% for bank and SWIFT transfers (minimum of EUR 3.50), and 3.49% for Neteller |
| Domestic Transfer (to another user) | Up to 2% |
| Skrill to Skrill Transfer | 2.99% |
| Inactivity Fee | €5 (or equivalent) per month after 6 months without a login or transaction |
The most significant fee is the currency conversion markup. While Skrill advertises "free" international transfers, it adds a margin of up to 4.49% to the mid-market exchange rate. For a $1,000 transfer, this could cost you up to $44.90. This makes it crucial to compare the final receivable amount with other providers before committing.
How fast are Skrill transfers?
Once you've funded your Skrill account, sending money to another person's bank account typically takes 2 to 5 business days. Transfers between Skrill wallets are usually instant.
Is Skrill safe to use?
Yes, Skrill is a legitimate and regulated financial services company. It is owned by the global payments company Paysafe and is licensed in multiple jurisdictions, including by the Financial Conduct Authority (FCA) in the UK.
To comply with regulations and prevent fraud, Skrill is required to:
- Protect customer funds. Skrill must keep customer money separate from its own company funds. This means your money is protected if the company were to face financial difficulty.
- Verify user identity. You will need to provide photo ID and proof of address to fully use your account, which helps prevent money laundering and fraud.
- Monitor transactions. The platform monitors transactions for suspicious activity to protect its users.
While Skrill is regulated, it's worth noting that customer reviews frequently mention issues with accounts being suddenly frozen or locked during verification checks. It's wise to ensure your verification documents are in order before transferring large amounts. If you are planning on how to make a large international money transfer, it is always best to be prepared.
What are Skrill's transfer limits?
Skrill's transfer limits depend on your account's verification status, the payment method you use and the country you are sending to. Basic accounts have lower limits, but you can increase these by completing the identity verification process. Fully verified users can achieve much higher limits, but Skrill does not state these publicly. You will see your specific limits within your account dashboard.
How does Skrill compare to other services?
Compared to other international money transfer apps, Skrill's main weakness is its high currency conversion fee.
- Wise (formerly TransferWise). Wise is known for its transparency, charging a small upfront fee and converting money at the mid-market rate with no markup. For most international bank transfers, Wise is significantly cheaper than Skrill.
- PayPal. PayPal and Skrill operate similarly as digital wallets. Both charge a margin on the exchange rate, though PayPal's can often be higher. Skrill has a history in online gaming, where it is sometimes preferred over PayPal. For a simple international transfer, it's worth comparing the live rates on both.
- Remitly or WorldRemit. These services specialise in international remittances and often offer more flexible delivery options, like cash pickup and mobile money, which Skrill does not focus on for Australian users. Their exchange rates are typically more competitive than Skrill's.
We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for money transfer
We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Customer reviews and complaints
Skrill has mixed reviews online. While some long-term users praise its convenience for online payments, many recent reviews are negative.
| Platform | Rating |
|---|---|
| Trustpilot | 3.7 out of 5 (from over 27,400 reviews) |
| Apple App Store | 4.5 out of 5 (from over 8,900 ratings) |
| Google Play Store | 4.2 out of 5 (from over 239,000 ratings) |
Common complaints on platforms like Trustpilot focus on accounts being locked or closed without warning, difficulties with the verification process and poor customer service responsiveness. Positive reviews often come from users in the online gaming and trading communities who find the platform well-suited to their needs.
How to send money through Skrill
To get started with Skrill, you'll need to sign up for a free account. The process involves these steps:
- Create an account. Provide your name, email address and country of residence.
- Fund your wallet. Add money to your Skrill account using a bank transfer, credit card or debit card. Be aware of the deposit fees for each method.
- Enter transfer details. Specify how much you want to send and provide your recipient's bank account details.
- Verify your identity. To send money, you will need to complete the identity verification process by uploading a photo of your ID and a proof of address document.
- Confirm and send. Review the exchange rate and total cost before confirming the transfer. You can track your money transfer through your Skrill account.
Frequently asked questions
Sources
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Zak Finder
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