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Review: Skrill online payments and money transfers

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Skrill
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Our verdict

This easy and convenient payment service comes with high fees for sending and withdrawing money.

There's not that much going for Skrill until you become a True or VIP Skriller - Skrill's top two tiers. Until then, you'll be charged for moving money from your Skrill account to a bank account, paying an application fee for the physical prepaid card and a fee every time you withdraw cash. Once verified, some fees are waived and you'll also have access to other perks.

Sadly, Skrill adds a hefty markup of up to 3.99% when converting your dollars for overseas transfers. On top of this, US customers have no access to instant transfer support so check the rates and fees carefully before going ahead. Inactivity can also cost you $5 every month but avoid this by making at least one transaction every 12 months. Finally, a host of bad reviews might make you look elsewhere.

To transfer money with this e-commerce site, you need to create a free Skrill account and deposit funds into your Skrill wallet using an electronic transfer or a credit or debit card. You can withdraw your funds to a bank account or send money to other Skrill users’ wallets.

In this guide

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  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask a question

Details

Product details

Product Name Skrill
Maximum Transfer Amount Unlimited
Number of Currencies 27

What is Skrill?

Formerly known as Moneybookers, Skrill is an online e-commerce service that lets you send money both domestically and internationally between a variety of currencies. Money sent through Skrill can be delivered directly to bank accounts or held in a third party mobile wallet, depending on what the customer wants.

Why should I consider Skrill?

  • Diverse sending options. Send through both Skrill money transfer and Skrill-to-Skrill to reach a global network.
  • Receiving money is free. Recipients never pay fees to receive money.
  • Skrill card. Withdraw cash at ATMs and pay online and in-store with your Skrill balance.

What should I watch out for with Skrill?

      • Doesn't use the mid-market rate. Skrill reserves the right to add a margin markup on top of the mid-market rate. Be sure to double check fees and exchange rates before sending your transfer.
      • Limited currency and country support. International options are mostly limited to countries that support the Euro and USD.
      • Negative reviews. Nearly 20% of Trustpilot reviews for Skrill were Bad when we checked.

Is Skrill safe?

Skrill is licensed and regulated by many different countries and federal organizations, including monetary authorities in the US, UK and EU. Specific features of these regulations require Skrill to:

  • Maintain set amounts of capital and liquidity. Skrill is required to maintain a minimum of €350,000 of its own funds at all times.
  • Practice safe float management. In order to protect customers' money, Skrill must follow EU Electronic Money Directive protocols to protect customers in the event that the company encounters an insolvency event. In short, this means your money is protected even if Skrill goes bankrupt.
  • Pass FCA vetting The UK Financial Conduct Authority performs a test on each member of Skrill Limited senior management to test for honesty, integrity, reputation, competence, financial soundness and capability.
  • Monitor and vet all transactions. To prevent financial crime, Skrill must follow legal requirements to check the identity of customers and monitor transactions to detect money laundering and fraud.

Skrill reviews and complaints

What Skrill's reviews look like, accurate as of March 7, 2023.

Trustpilot4 out of 5 — based on 21,968 customer reviews
Monito8.4 out of 10 — based on staff reviews

When we checked, 20% of Skrill's reviews on Trustpilot were Bad, which is Trustpilot's name for 1-star reviews. This is something to keep in mind before using the service. A lot of the Bad reviews focus on customers losing money during transfers, and customers having to pay high fees to withdraw money from their accounts. Be sure to read up on Skrill's fees and exchange rates before sending a transfer to make sure you understand exactly what you'll be paying and when fees will be charged.

Skrill fees and exchange rates explained

Australian residents will need to pay when making deposits as well as withdrawals.

  • Deposit funds: 0% with Mastercard and Visa.
  • Withdraw funds: 5.50 Euro (in AUD equivalent).
  • Send money, receive money: Free internationally, up to 2% for domestic.
  • Currency conversion: 3.99% above the mid-market rate, or higher. This fee is applied without notice to you, which means that although it may appear you are getting the mid-market rate for your transfer, you probably aren't.

One additional fee to watch out for when opening a Skrill account is the Stay Active Fee. If you don't login and make at least one transaction every 12 months you'll face a €5 (or equivalent) fee every month until you start using your account again.

Skrill limits

Skrill limits customers based on the status of your account, selected payment method and the country you're sending to. It is unclear whether Skrill will allow you to raise these limits, as Skrill reserves the right to vary transaction limits at its discretion.

If a payment is made that exceeds the account limit, Skrill will cancel the payment and notify you immediately so that you may lower the amount in accordance with the limits of your account.

What types of transfers does Skrill support?

Whether you are trying to deposit money into your account or withdraw money after receiving it, Skrill has a few options for you to choose from.

Depositing funds

Skill allows deposits in the following ways:

  • ACH transfer (Automated Clearing House)
  • Bank account wire transfer
  • Mastercard or Visa credit card
  • Paysafe card

Withdrawing funds

Australian customers may withdraw funds via local bank transfer or through the SWIFT network.

How do I send money through Skrill?

To send money through Skrill you will need to sign up for a free Skrill account. To do this, you'll need to provide:

  • Your full name and personal contact information, including your phone number and email address
  • Photo ID and proof of residence

The steps to send money through Skrill are:

  1. Confirm your email address and identity
  2. Enter banking or credit card information
  3. Enter recipient information and transfer details
  4. Confirm all fees and details, then pay for your transfer.
  5. Track the progress of your initial deposit and any money transfers through your Skrill account

Your recipient will typically receive the funds in 2 to 5 business days.

Is there a Skrill app?

Skrill app screenshot

Yes, Skrill has an app on both Google Play and the App Store. The app makes it possible to:

  • Manage your Skrill Visa card. Check your balance and add more money to your account on the go.
  • Log in using biometrics. Both face and fingerprint recognition can be used to log in.
  • Check exchange rates on the go. Current currency exchange rates and fees can be found in the app.
  • Send and receive money. Transfer money to friends and family with just a few taps.
  • Track your transfer. Real-time notifications on your transaction are available through the Skrill mobile app.
Reviews accurate as of March 7, 2023
Google Play Store4.3 out of 5, based on 172,228 customer reviews
Apple App Store4.5 out of 5, based on 10,650 customer reviews

More on the best money transfer apps

What else can I use Skrill for?

Skrill offers both personal and business services. Skrill's business services include merchant accounts that can:

  • Accept credit card payments
  • Handle international transactions
  • Create payment corridors in local currencies worldwide

How does Skrill compare to other money transfer services?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Bottom line

Skrill's introduction of international money transfers through its service to the US market has certainly extended its global reach. As Skrill continues to expand into the US, expect more countries and currencies to become available for international transfers. If the country you want to send to isn't supported by Skrill, head over to our international money transfers guide to find a money transfer service that works for you.

Frequently asked questions

  1. Skrill official website, accessed March 2023

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