Exchange rates, Payment methods, How to, Transfer fees and much more
If you are looking to do a money transfer, it can be confusing to sort through the many options out there.
How do I know my money will be safe? How quickly will the receiver get it? And more importantly, how much is it going to cost?
This is Skrill Money Transfer, a service that allows you to transfer money overseas to a bank account. Skrill is known for its low fees and convenient money transfer app.
If you’d like to know if this service is the best option for you, keep reading. This Skrill Money Transfer review will tell you everything you need to know.
Skrill Money Transfer is a payment service that allows customers to send money overseas. Skrill is popular because of its speed and low cost.
There are two options for the receiver. They can receive the money to their bank account, or to their Skrill mobile wallet (more about that later). Skrill makes it easy as you only need the receiver’s account details, address, and name to make a transfer.
The process for you as a sender is also simple. The first step is opening an account with Skrill. Transfer can be sent from transfers.skrill.com or from the Skrill mobile app.
It’s important to use the right service, as Skrill also offers two options for money transfers. The other is the “Skrill to Skrill” option, which many customers have said is slower and less convenient.
Initially Skrill started as an ecommerce payment provider. It used to only provide payment services with a specialty in the gambling sector. Now, it offers Skrill Money Transfer as well as Skrill Mobile Wallet.
If you open an account for a money transfer, you will also get access to the wallet service. You can use your credit or debit card, bank transfer or SOFORT to fund the transfer.
Here's how to send money with Skrill:
For sending money on the go, Skrill’s mobile apps are highly rated. For example, on the App Store it boasts a 4.5 out of 5 rating. In addition to iOS, Skrill is also available on Android.
The apps are just as capable as Skrill’s online money transfer website. You can use the apps to make international money transfers, online payments and even exchange cryptocurrency. No matter where you are you’ll be able to access your wallet or send money.
Curious about the reason why Skrill is so popular among other money transfer companies? At the very top of the list is the low fees that customers pay.
For sending money to a bank account overseas, Skrill does not charge a transfer fee. Unlike some other services, using a debit or credit card instead of a bank account doesn’t matter. You still won’t have any additional fees charged.
As for exchange rates, it’s important to understand the exchange rate most companies use.
If you check a rate on a search engine, the rate you’ll see is the mid-market exchange rate. This is the rate banks and big corporations use among themselves for changing large amounts of money - in the millions usually.
For the average person, the rate you will get when changing money won’t match this rate. This is because banks and money transfer companies add a margin to the rate. This way, they make a profit on the transfer.
Many companies claim to offer transfers with no fees. However, they build the fee into the exchange rate. That way it’s hidden, but you still pay more.
Skrill Money Transfer, however, offers slightly below the mid-market exchange rate for its services. So whatever the real exchange rate is that you see, it’s what you’ll get. Transparency on fees is a huge plus for Skrill customers.
is a well known and well-reviewed alternative to Skrill Money Transfer.
Since Transferwise has been in operation longer, it has many more reviews. Transferwise also proudly publicises its transparent transfer fees. The company is highly rated on review sites such as Trustpilot.
On the other hand, Skrill's fees and exchange rates are often lower than Transferwise. They also offer a quick service, and have a convenient mobile app for sending on the go. Like Transferwise, Skrill has great reviews from customers.
Is it safe to use Skrill Money Transfer? It may be the first time you’re using a service like this to transfer money. You’ll want to make sure that the company is a trustworthy one.
Skrill is a well-known company in the payments space. It has been in existence since 2001. In the industry, it’s seen as a leader in payments for both individual customers and businesses.
Though they started off with processing payments for people buying things online, they have expanded. Now, Skrill is trusted for sending money overseas to family or friends and even helps businesses with their money transfer needs.
The company says it is used by millions of customers to make payments of all kinds. It is owned by Paysafe, which has over 20 different branches around the world.
In the various countries where it operates, Skrill is authorized and regulated by government bodies.
Pros
Skrill’s fees and exchange rates are some of the best in the industry
Transfers with Skrill are quick and convenient
Operates in a large number of countries
Great reviews from customers
Cons
Number of countries Skrill is available in is limited
Number of countries Skrill is available in is limited
High fees if you choose the “Skrill to Skrill” option
Some customers have reported problems with verification
When researching if Skrill is right for you, it’s best to check if it’s available in the country you’re sending to.
Skrill can send money FROM these countries:
Skrill can send money TO these countries:
One drawback of Skrill is that there is a limit on the amount you can send or withdraw. This depends on the verification level of your account. You’ll know in advance, as the limits are displayed when you make a request.
It also has a limit on how much you can deposit using a card in any 60-day period. Be mindful of this if you send transfers often. It may be best to send the entire amount up front rather than breaking up the transfers into smaller amounts.
The good thing is, your limit will be reset once 60 days from the first deposit passes. Skrill makes it easy to understand when your limit expires. You can also apply to increase your limit.
Skrill’s service Skrill Wallet is their own system for sending transfers. With this service you can have a receiver get money in their corresponding wallet. The process is simple
You start by uploading funds to a Skrill account or wallet. To do this, you can use a local payment option or a credit card. The money is visible in your wallet immediately.
Note however, that there is a fee to add money to the wallet, and this can be up to 7.5 percent. The fees vary according to your location and what method you use for funding.
It’s important to realise that these are higher than other transfer providers. This is because with another provider you would not need to upload funds. You only transfer money when you want to actually make a transfer.
For uploading or depositing currencies, i.e., currencies you can send from, Skrill Wallet is available in:
For receiving currencies or currencies that a sender can receive in, Skrill Wallet is available in:
Skrill got started as the company Moneybookers in 2001. Since then, it has grown and evolved. Now it offers a number of financial services.
The aim of the company was originally to simplify the process of paying. Since it has a past in payment platforms, it is specialised in moving money. Back then there was a rush to develop a digital wallet. PayPal succeeded in doing this on a larger scale, but Skrill was still successful. Currently, Skrill is owned by Paysafe, a multinational online payments company.
The service you choose to send money online can make a huge impact on the cost and speed of your transfer.
Hopefully this article has made your decision on if Skrill Money Transfer is right for you a bit easier. For more helpful articles on finance, money transfers and more,check out our blog. If you’re not convinced, Remitbee could be an alternative to look at. Check out their site to see if they fit your money transfer needs.