Skrill

Skrill is an e-wallet and online payment service. It is available as a deposit method at a wide range of forex, stock, commodity and cryptocurrency brokers. This review will cover all aspects of using Skrill for trading, including deposits, withdrawals, transaction times and money transfer fees.

How Skrill Works

The firm offers a range of online payment and international money transfer services, explored in more detail below. Importantly, many popular brokers, such as eToro, Plus 500 and Binance, allow users to make deposits and withdrawals using the solution, offering instant transactions.

Skrill was founded in 2001 in the UK, originally under the name ‘Moneybookers’. In 2013, the company rebranded under the current Skrill logo and in 2015 the firm was acquired by the Paysafe Group.

Getting Started

To sign up for Skrill, you will need to register using your name and email address. You then need to verify your identity and address using documents such as utility bills. The verification process may take up to one week. Unverified accounts may be subject to upload, payment and withdrawal limits.

Deposits

You can deposit to Skrill using a variety of methods:

• Credit/Debit Card – You can make an instant deposit using a credit or debit card. Accepted cards included Visa, Mastercard, JCB and Diners Club. Skrill does not accept American Express (AmEx). Once you have used a card, you can save it for future use. You also only need to enter the security code if you save a card.
• Rapid Transfer – This method allows you to deposit funds instantly using the same credentials you use for online banking. You can do this by entering the Swift code and IBAN of your bank account under Instant Bank Transfer in the Deposits section.
• Bank Transfer – You can deposit from your bank account using a banking app or online banking. Make a transfer to the Skrill bank account and the money will show in your e-wallet one or two days later.
• Paysafecard – You can buy a Paysafecard from a local shop and use it to add money to your Skrill wallet. No bank account or further information is required. You can find shops selling Paysafecards by using a search engine.

Accounts

Skrill offers accounts for individuals, such as swing traders, as well as for business owners. The company also offers a free prepaid virtual Mastercard in EUR to residents of countries in the European Economic Area (EEA). This allows you to make online purchases wherever Mastercard is accepted, including trading brokers. In other countries, such as the US, users can order a physical prepaid card which can be used offline or at ATMs.

Skrill is a payment solution for traders across the globe, from Pakistan and India to the UK, the US and more. A full list of supported countries would be too long to detail, but you can find details of all non-serviced countries here.

Mobile App

The interactive Skrill app can be used to manage your money on the go. It is available to download from the Google Play Store and the Apple App Store. The application can be used to check your balance, deposit, withdraw and send money.

You can also use Skrill 1-tap to make transactions with a single click. To do this, select it as a deposit method and once you have entered your details, you will be able to process future payments with one tap.

Transaction Times

Like most e-wallets, Skrill is one of the fastest deposit methods at many online brokers. Deposits with major brokers such as eToro and Binance are usually processed within a few minutes while withdrawals are generally processed within 24 hours.

Instant processing makes Skrill a popular choice for forex and crypto trading plus with strategies such as swing trading that involve high volatility and quick turnarounds.

Note, brokers and platforms may also have their own processing timelines.

Pricing Review

Fees vary between jurisdictions. As a guide, we have included a breakdown of fees for US and UK clients:

USA

• Depositing – Deposit fees in the US range from 0.0% for ACH, bank transfer, Paysafecard and credit/debit card options to up to 5% for the Paysafecash.
• Withdrawing – Withdrawals in the US are only possible using ACH. There is a fee of $5.50 applied for ACH withdrawals.
• Sending/Receiving Money – Sending or receiving money from or to Skrill accounts, via debit card, ACH or Paysafecash is free. International transfers are charged up to 4.99% and sending money via credit card has a fee of 2.99%.
• Inactivity Fee – There is no cost for maintaining your Skrill account as long as you log in or make a transaction at least every 12 months. Otherwise, a service fee of $5 will be charged to your account monthly. If you have no more use for your Skrill account, withdraw all funds and delete your account to avoid this cost.
• Currency Conversions – Wholesale exchange rates are charged on any transaction involving a conversion. Skrill charges a fee of 3.99% on top of this.
• Prepaid Card Fees – Skrill charges a $10 fee annually for its prepaid card. There is no conversion fee and POS transactions are free. $2.50 will be charged at ATMs. You may also have to pay a new card application fee of $10.
• Cryptocurrency Fees – Crypto transactions up to $19.99 are charged $0.99. $20 – $99.99 transactions are charged $1.99. Transactions above $100 are charged 1.50% and Crypto P2P is charged 0.50% per transaction.

UK

• Depositing – Zero fees are charged for bank wire transfers. Fees for other methods range from 1.00% to 5.00% including a 1.25% fee on credit/debit card transactions.
• Withdrawing – Withdrawals to bank accounts via wire and Swift transfers cost £4.59. Credit/debit card withdrawals are charged up to 3.99%.
• Sending/Receiving Money – Sending money by bank transfer is free but other methods have varying rates up to 4.99%.
• Currency Conversions – If you want to change GBP to INR, for example, Skrill adds a fee of 3.99% to standard wholesale exchange rates. If the base currency of your account is anything other than EUR, you will be charged an exchange fee of 1.50% on cryptocurrency transactions.
• Inactivity Fee – A monthly inactivity fee of EUR 5.00 will be deducted from your account if you do not log in or make a transaction at least every six months.
• Prepaid Card – There is an annual fee of EUR 10.00 for the prepaid Mastercard. POS transactions are free but there is a 3.99% fee on foreign exchange and a 1.75% ATM fee.
• Cryptocurrency Fees – Crypto fees range from 0.50% for P2P transactions to EUR 1.99 for transactions between EUR 20 and EUR 99.99. Crypto fees also vary according to account type. Account types include Skriller, True Skriller, Silver VIP, Gold VIP and Diamond VIP.

Note, brokers may also have their own payment fees, though deposits are usually fee-free.

Security

Skrill is a trusted and reliable brand that has been around in one form or another for more than two decades. Skrill Limited has been registered in the UK and regulated by the Financial Conduct Authority (FCA) since day one. This should help alleviate concerns about scams.

Security measures such as two-factor authentication (2FA) are in place during login and the firm tries to recognise your device and IP address to help keep your details safe.

Customer Support

If you have questions, complaints or need help and support, you can reach out to Skrill through several channels. If you do not have an account, you can use email, phone or live chat to get in touch. Account holders have access to faster support via the web.

Skrill’s UK contact number is +44 203 308 2519 and can be called during office opening hours: Monday to Friday, 08:00 – 17:00 GMT. You can also use your account login to get a caller ID for faster authentication and shorter queue times.

Skrill has several partnerships with European football clubs and is active on social media. You can follow them on Twitter for updates or subscribe to their YouTube channel for regular tutorials and interviews.

If you want to hear what other traders are saying about Skrill, check out sites like Tradingview and Trustpilot for more ratings and information.

Pros of Skrill for Traders

• Top-tier FCA regulation
• Regular promo codes for newcomers
• Instant deposits and withdrawals within 24 hours
• A wide range of brokers accept Skrill as a payment option

Cons of Skrill for Traders

• Mark-ups on currency conversions
• A complicated pricing structure that varies between jurisdictions

How to Make Skrill Deposits & Withdrawals

Skrill is a common method of deposit supported by many forex, stock and cryptocurrency brokers. The exact procedure varies between platforms but we have outlined a short guide on making Skrill deposits and withdrawals:

1. Sign in to Skrill and deposit funds into your account
2. Open your trading account and click on ‘Deposit Funds”’
3. Choose the Skrill logo from the available methods
4. You may then be directed to a new page where you can log in to your Skrill account
5. Once you have verified your details, press ‘Pay’ and your funds should be in your account within minutes. If the transaction has failed, you will get a notification. Ensure you have sufficient funds in your Skrill account and try again.

Similarly, when withdrawing simply navigate to the withdrawals page and select Skrill as the method. With many brokers, you will only be able to withdraw via the same method you used to deposit. For example, if you used Skrill to deposit with Plus 500, you would also need to use it to withdraw. Refunds are also processed in the same way.

Verdict

Skrill is one of many online payment methods offered by top trading brokers. When compared to similar alternatives like Neteller, PayPal and Boku, there are few differences: Skrill is a fast and secure payment solution with a longstanding reputation but lower markups on foreign exchange may be found elsewhere. Sign up with a broker that accepts Skrill, such as Plus500 or eToro to get started today.

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