Skrill is an e-commerce solution, an online wallet that initially launched in 2001 as Moneybookers and then rebranded as Skrill in 2011. You may still see it listed as “Skrill (Moneybookers)” on some websites. Its premise is to provide the fastest and most affordable global payment transfers.
A London-based company with over 30 million members worldwide and supporting 41 different currencies, Skrill has built itself up to compete with PayPal in regard to its offerings and fee structure.
There are different benefits to being a Skrill wallet holder in the U.S. as opposed to other global locations, but the overall “low-cost money transfer solution” holds regardless of locale.
The Skrill process basically involves establishing an account, i.e. a “Wallet” that will process money coming in and out. The wallet is then filled with transferred funds from a Credit or Debit Card, a Bank Account, or cash via a Paysafecard. Money from the wallet can be used for online transactions, including online betting, via an instant transfer process.
So, money out involves depositing to Skrill and then deciding where to transfer funds by simply providing the account holder’s email address and private password. Each of these steps typically includes some fees being deducted from the wallet as well.
Reversing the process, money back in involves a fee-free transfer to the wallet. From there, if an account holder wishes to initiate a request for funds from the wallet to their own bank account, there is another fee involved. Also, whereas all previous transactions were instant, there is a multiple business day processing time involved in this withdrawal step.
Specifically catering to online casinos, poker rooms, and sports wagering, the service has an entire dedicated section on its website specifically for these types of gaming-related transactions. Skrill provides online players with both a dedicated deposit and withdrawal method rather than having to use credit or debit cards for deposits and then being required to select another method for cashing out funds from a player account.
Self-promoted as being accepted by all major online casinos and poker rooms, Skrill’s experience in working with online betting websites should help to instill some confidence into new wallet-holders in regard to these types of transactions.
Skrill is widely accepted by many online casinos, poker rooms, and sports betting sites
Setting up an account is a quick and easy process and Skrill’s main website provides an abundance of information regarding the various fees and transfer programs that they offer.
It only takes a few minutes to create a new online wallet and begin the funding process. However, it’s also recommended that new account holders verify their credit or debit cards if one of these is the chosen deposit method, as well as submit identity verification documents. There is a vast difference in credit and debit card transaction limits depending upon completion (or not) of these verifications.
For example, the maximum deposit amount for account holders without credit or debit card verification is $135 per month.
The same account holders who complete the Card Verification process but not the Identity Verification process can deposit $750 daily or a total of $1,500 monthly. Then, factor in both the completion of Credit or Debit Card Verification and the Identity Verification and the maximums jump to $5,000 daily and $25,000 monthly. Quite a big difference!
Deposits into the Skrill wallet may have an accompanying fee associated depending on the mode used. Bank Wire transfers are free, but Visa and Mastercard deposits have a 2.9% fee attached to the total amount of each deposit.
Each transfer also costs the Skrill account holder as a 1.9% fee is imposed on money going out. In regard to online gambling, this is the fee that would be deducted from the account holder’s wallet relative to the amount transferred into the player’s casino account. The good news, though, is that there is a maximum fee of $20, so if a large amount of money is being sent, the account holder will not pay more than $20 for that particular transaction.
No fees come into play in regard to receiving money into the wallet, but there are additional costs to withdrawing from that wallet. Another advantage to using Skrill as an e-commerce solution is the absence of stipulated withdrawal minimums and maximums. Account holders can opt to transfer any amount of money to their own bank account as long as the add-on fees are also available in the wallet.
When it does come time for an account holder to move funds back to their own bank account, he or she will find that there is a $3.95 accompanying charge and it typically takes two to five business days for which to receive the funds. Visa-specific withdrawals could take up to seven days for receipt.
Online bettors looking to find a new and relatively quick and easy method for transferring funds in and out of their player betting account should find Skrill to be a good viable option. It’s been around for more than 15 years and does have a Customer Support Department as well as detailed “Frequently Asked Questions” to quickly address inquiries or concerns.
As one of the larger e-commerce providers, Skrill does implement the highest level of security in regard to its financial transactions. It is a licensed e-money provider in the United Kingdom and is authorized as a safe online solution by the FCA (the Financial Conduct Authority). The security they utilize is PCI-DSS Level One and wallets are protected by state of the art encryption.
Additionally, wallet-holders can request that Two-Factor Authentication (2FA) be implemented with their account for an extra measure of security. This type of authentication requires the account holder to input a code that is sent to his or her cell phone during the transaction process whereas the standard procedure involves providing an email and password only.
In addition to the number of fees that are imposed on the various financial transactions, the other downside to Skrill for U.S. players is an absence of a Skrill-issued debit card for quick and easy banking. This debit card that is available to its European-based account holders is definitely a benefit that would contribute to its U.S.-based program as well.