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Review: Skrill online payments and money transfers
Last updated:
This easy and convenient payment service comes with high fees for sending and withdrawing money.
AUD 80
Min. Transfer Amount
AUD 15,000
Max. Transfer Amount
1 day
Transfer Speed
Details
| Product Name | Skrill International Money Transfers |
|---|---|
| Min. Transfer Amount | AUD 80 |
| Max. Transfer Amount | AUD 15,000 |
| Transfer Methods | Online, Bank Account to Bank Account |
| Transfer Options | Regular payments, One off payments |
| Transfer Speed Minimum transfer time | 1 day |
| Customer Service | Phone, Email |
| Available Currencies | AUD, BDT, EUR, GBP, IDR, INR, KES, LKR, MXN, MYR, NPR, PHP, PKR, PLN, THB, VND |
What's in this guide?
Send money to your friend's digital wallet account
Skrill is a convenient ecommerce and money transfer service. Like PayPal, Skrill’s platform is designed to be easily understood by people new to money transfers and digital wallets.
Send money to domestic users or convert money to over 40 currencies globally from your online account or the Skrill mobile app. If you need help with your transfer, you can contact customer service using their 24/7 helpline or check out the interactive FAQ online. Just be aware of the many fees.
Highlights
- Don't have your friend's bank account details? Easily send money using just their email address.
- Pay for your goods online without pulling out your wallet with any retailer that offers Skrill at the checkout.
How much will I pay to send money with Skrill?
If the retailer accepts Skrill payments, the transfer will be free. Most other transfers, however, do come with a fee, although there's no cost to receive money. In summary:
- 1% fee to load funds into your account
- 1.45% transaction fee
- 3.99% currency conversion fee
- up to 7.5% withdrawal fee (varies by payment method, with bank transfers being the least expensive)
For example, if you're transferring $1,000 from your Skrill account to a friend in the UK, Skrill will deduct a transaction fee of 1.45% ($14.50), along with a 3.99% ($39.90) currency conversion fee. Your friend will receive $936.60.
While you can use Skrill in Australia, all your transfers have to be in USD. This means that you're going to be copping the 3.99% currency conversion fee before you send your money anywhere.
Exchange rates
Skrill’s exchange rates can be higher than competing services. It adds 3.99% to what it calls “Skrill’s wholesale exchange rate”. For comparison, TransferWise offers the mid-market rate for all international transfers and PayPal typically charges fees of up to 2.5% above mid-market rate.
What types of transfers does Skrill support?
Skrill offers one-off transfers. You have options for loading funds onto your Skrill wallet and withdrawing money, including:
- Upload methods. Load your Skrill wallet with funds directly from your bank account, a credit or debit card, a SWIFT account or another digital wallet.
- Withdraw methods. Your recipient can withdraw funds from their Skrill wallet to a bank account via money transfer, a credit card balance or SWIFT account, depending on their location.
You're also able to buy and sell cryptocurrency with your Skrill account. While this isn't available in all countries just yet, you can use it in Australia.
Minimum and maximum transfer amounts
Skrill does not have a minimum transfer amount. Maximum transfer amounts can vary between $135 and $25,000 a month, depending on the verification of your account.
Pros and cons
Pros
- Intuitive system. Skrill is a simple platform that’s easy to use for people new to money transfers.
- Services many countries. Though it’s not available in all countries, Skrill offers its transfers worldwide.
- No minimum transfer limit. This makes Skrill handy for smaller transfers.
Cons
- High fees. Convenience comes at a price, with lots of fees, including a currency conversion fee of 3.99%, which is higher than many other online transfer services.
- AUD not supported. While we can still use Skrill in Australia, your money will be converted into USD, which will cost more.
- Potential inactivity fee. If you don’t use or log into Skrill at least annually, you’ll be charged a monthly €3 fee (or equivalent in your local currency) until you do so.
- Requires government-issued ID. This requirement could deter users without one.
How do I send money through Skrill?
Sending money through Skrill is fast and easy. You will first need to sign up for a free Skrill account before loading funds into your wallet. To sign up for an account, you will need to provide:
- Your full name and personal contact information, including your phone number and email address.
- Photo ID and proof of residence.
You can start transfers after you've created your account.
- Confirm your email address.
- Enter banking or credit card information.
- Deposit funds into your Skrill account.
- Track the progress of your initial deposit and any money transfers through your Skrill account.
Your recipient will typically receive your funds in 2 to 5 business days.
Can I link my Skrill account to PayPal?
Unfortunately, PayPal is not currently a payment option. You can, however, register to two bank accounts – one primary and one secondary.
Bottom line
While Skrill offers an easy-to-use platform, you may find that the high fees outweigh Skrill’s benefits. In that case, you’ll want to compare the fees, rates and transfer options of other money transfer specialists to find one that suits your needs.
See how other services compare to Skrill
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
