Skrill Money Transfer Review: How skrill Work in 5 steps
Skrill Money Transfer is an online payment system that allows you to send and receive money globally. Skrill is available in over 200 countries offering an online gateway service to e-commerce merchants and an E-wallet service to individuals and organizations. The company is based in London, United Kingdom, and runs an office in Miami, USA. Skrill’s money transfer system also operates in Nigeria, Kenya, and many other African countries.
No doubt Skrill has been a popular payment gateway system. Many captains of industries, eCommerce websites, online games, and betting companies often recommend Skrill.
Skrill Money International Transfer
Skrill money transfer is a good international money transfer service. The system offers competitive fees and exchange rates on a multipurpose mobile e-wallet. Skrill customers love the system for its competitive fees, low exchange rates, fast, and easy international money transfers service.
Skrill has gained a good reputation for its well-established and trustworthy service in the financial industry globally. The company has grown with around a million users and transacts over US$1 billion annually.
Skrill Account Types
Skrill as a company provides both Business and Personal Accounts. With the Business account, merchants are able to accept payment online by integrating their website. Skrill’s business account supports Skrill e-Wallet with 1-tap, Local Payment which differs among countries, and Credit / Debit cards.
Skrill’s Personal account allows individuals to transfer money to different countries and delivered it to their mobile e-Wallet or bank account using credit/debit or the Skrill e-Wallet. The personal account not only allows users to transfer funds but also permit online shopping from hundreds of merchants’ website that offers products and services.
Opening a new mobile wallet with Skrill is a straightforward process. Skrill made it all the easier by strengthening the process with a smooth and easy-to-use interface.
Skrill Money Transfer Benefits
The benefits of using Skrill money transfer come from its amazing features that allow users to transfer money from skrill. Receive money on Skrill & withdraw money from Skrill. Other benefits include:
- FEE-FREE: Skrill Money Transfer allows you to freely transfer funds to a bank account or mobile wallet without fees.
- QUICK AND EASY: Sending money to bank accounts internationally is fast and easy. Simply choose how much and destinations you want it to go.
- SECURE SYSTEM: Your financial transactions are well protected by Skrill’s leading secure payment systems.
- TRUSTED GLOBALLY: Skrill money transfer is trusted and accepted by millions of people globally. This means you can easily send and receive money around the world with Skrill.
Skrill Exchange Rate And Fees
Skrill gives interbank exchange rates with no hidden markup fee for the money lost on the exchange rate margin. Skrill’s exchange rate is often competitive and sometimes referred to as the cheapest compared to its competitors’ rate. Although the difference is slightly little depending on your country and currency. However, Skrill’s fees and exchange rates are well-priced. This rate is usually the same rate you normally see on Google, XE, and Yahoo Finance.
Skrill Money Transfer fees are not fixed for all overseas money transactions but are transparent, so one will always know what he/she is opting for. This makes the Skrill service a more favorable option for all forms of money transactions. Be it small or big money transfers that would have cost more by additional transaction costs.
Skrill charges a commission fee of up to 4.99% per transaction on credit card payments. Note, if you use your credit card for gambling purposes, your issuer may charge a ‘cash advance fee. This fee is outside Skrill’s control.
Local Payment Methods:
1. Bank Transfer Fee: Free of charge 0.00 %
2. Fast Bank Transfer/Rapid Transfer Fee: Up to 1.00 %
3. Trustly Fee: Up to 1.25 %
4. Paysafecash Fee: Up to 2.50 %
5. Paysafecard Fee: Up to 5.00 %
Global Payment Methods:
Card Diners Card/JCB Card/MasterCard/Visa Fee: Up to 1.25 %
Skrill’s Prepaid Card Fees
Here are the fees we charge for using our Skrill Prepaid Mastercard®:
1. Up to 10 EUR new card application
2. 10 EUR annual fee
3. FX fee; 3.99 %
4. ATM fee; 1.75 %
5. POS transactions are free
6. Skrill virtual card application – first is free, any subsequent card is 2.5 EUR.
Skrill’s Exchange Rates
Skrill charges an exchange rate margin based on the international transfer exchange rate mark-up. This margin rate is usually a small mid-market exchange rate markup unit of every currency you convert.
For any transactions involving currency conversion, Skrill usually adds a fee of 3.99% to their wholesale exchange rates. The exchange rates vary and will be applied immediately without notice to you.
If your Skrill Account is denominated in a currency other than Euro, Skrill will subject your transactions to currency conversions. In this case, Skrill will add a foreign exchange fee of 1.5%.
The best exchange rate is the one nearest to the midpoint between demand and supply for a currency. This rate could change at any time due to some variables and is considered the fairest exchange rate possible.
Is Skrill Good for Money Transfer? Is It Safe?
Skrill is authorized and regulated by the Financial Conduct Authority (FCA) hence, there is no doubt about its reliability and security. Any financial system authorized and regulated by the FCA is safe to use.
Sending funds overseas with Skrill is fast, simple, with a clear process. Skrill’s mobile wallet is seamlessly designed for international money transfers.
Users get help when needed through a 24/7 live chat with Skrill. However, Skrill doesn’t support phone call services.
In summary, Skrill still remains the easiest, most reliable, and most secure financial service for sending and receiving money online. Skrill has wide coverage in several countries that making it suitable for users to send and receive money from any location globally.
How does Skrill Money Transfer Work?
The Skrill money transfer process can best be explained in 5 steps. Once you are able to follow these steps, you can use Skrill to money transfer successfully.
Check Skrill’s Rates
This is the first step in understanding how Skrill money transfer works. Check out how Skrill’s fees and exchange rates measure up against other payment exchange mediums to determine which has the cheapest option for international money transfer.
Sign Up for Skrill Account
Register a new Skrill account on the homepage or mobile app. You will be required to provide your full name, country of residence, currency, and email address.
Set Up Your Transfer
After you have signed up for a new account, the next thing you need to do is to set up a transfer. You can set up your transfer by adding money into your Skrill wallet or by using the Skrill send homepage via the web. Once you are on the sending page, specify how you want to send the transfer. Do you want to send money from the balance in your Skrill wallet, or from your bank account?
Add a Beneficiary
The next step is to add the beneficiary to your transfer. Are sending to yourself, friends, families, and relatives. Just specify who you want to transfer the money to by adding their full name and banking details.
Review Transfer Details and Pay
This is the final step, you are required to cross-check if your transfer details are correct before hitting the Pay button. Review your beneficiary’s details, your payment method, the exchange rate, and the amount to be transferred correctly. Once you are sure all details are correct, click the ‘CONFIRM’ button and proceed with the transaction.
Note, going through the verification process to verify your personal identity with Skrill is very important. This implies entering your transfer amount, the currency you want to transfer, and beneficiary details. Finally, click send to pay, and wait for the confirmation.
Can I Transfer Money from Skrill to PayPal Account?
Skrill and PayPal are both leading payment networks. And there is no direct transfer between Skrill and PayPal possible. However, you can only be able to transfer money from Skrill to PayPal through an intermediary money exchange website.