Skrill is an e-commerce business focused on providing low-cost money transfers over the Internet. The company is headquartered in London, UK. Founded on 27 July 2001 in the UK under the name Moneybookers, the company quickly established itself as a major player in the online financial services sector.
In 2007 Skrill was bought by Investcorp for $105 million and put for sale again in 2009 for £365 million. Currently Skrill is a subsidiary of Paysafe Group, which also owns Skrill’s one-time competitor Neteller. Skrill has been a pioneer in the development of safe and quick online transactions, their payment gateway having been implemented by some Internet giants such as Facebook, eBay and Skype.
Skrill is a very popular service for many online gamblers and there is hardly an online casino that does not support it. It currently operates in nearly every country around the globe, with the exception of a several banned or limited ones such as Iraq, Iran, Cuba, North Korea etc.
How the Method Works
Skrill offers its users an eWallet, which functions like an Internet bank account. Users can make instant payments to websites that support this service, while also receiving money from other people. Transactions between Skrill accounts are instantaneous. A user may fund their Skrill account via conventional means such as credit card or bank transfers.
As the service is growing and strives to accommodate easier online payments, it has expanded its list of accepted deposit options. Since Bitcoin has become the cryptocurrency that has taken the world by storm, Skrill has decided to allow its customers to upload funds using bitcoins. Another convenient option is to utilize alternative e-wallet to top up your Skrill balance. This will allow Neteller users to easily transfer funds to their Skrill account.
There are also services like Trustly and Klarna that allow customers from certain parts of the world to transfer money from their bank account to their Skrill digital wallets. You can use only your personal bank account to boost your Skrill balance via Trustly or Klarna.
Another very convenient method that customers who reside in Norway, Sweden, Switzerland, Russia or the United Kingdom can resort to is Boku. Thanks to this service, you can upload funds to your Skrill account using your phone. If you pick Boku as your deposit solution, you will receive a text message which you will have to respond to in order to confirm the transaction. This charge will be accredited to your next month phone bill.
Making a Skrill account is straightforward, albeit somewhat time consuming. All you need to do is enter your country of residence, choose your main currency, provide your name, address and email. After that a verification email will have been sent. Just click on the verification button and your Skrill account is set up and running. You can pick the currency you would like to use for your account. In order to help as many customers as possible to enjoy hassle-free virtual payments, Skrill accepts the following currencies: AED, AUD, BGN, BHD, CAD, CHF, COP, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, INR, ISK, JOD, JPY, KRW, KWD, MAD, MYR, NOK, NZD, OMR, PLN, QAR, RON, RSD, SAR, SEK, SGD, THB, TND, TRY, TWD, USD and ZAR. When you are playing at an online casino, you can pick one that is accepting the currency you are utilizing for your Skrill e-wallet. This way you will be able to avoid paying conversion fees.
Depositing to Online Casinos
After setting up a Skrill account you can begin making payments immediately. On the cashier section choose the eWallets section and after that select Skrill/Moneybookers. You will need to provide the email address, used to register the Skrill account, and enter the sum you wish to deposit. You will need to login to your Skrill account to confirm the transaction.
If you wish to claim a Welcome offer or any of the other promotions that the virtual casino where you play is offering, make sure that they are available for Skrill users. Although this is not always the case, there are some web-based casinos that restrict players who use Skrill from claiming Welcome Bonuses and/or other promotional offers. This is why it is important to check the terms and conditions of the online casino before you make a deposit via your e-wallet.
Withdrawing from Online Casinos
Withdrawing your winnings from a casino is the same process as depositing. Since many virtual casinos accept the same payment methods for deposit and withdrawals, it is very likely to manage to use your Skrill e-wallet for withdrawals as well. This way, if you have used the service for your deposits, you can easily initiate a cashout with it. On the cashier page opt to cash out, choose the Skrill/Moneybookers transaction method, enter your details and confirm the transaction. The money will be moved to your Skrill account instantly.
Many online players prefer this withdrawal method since it is significantly faster than some other payment options. What is more, a big part of the online casinos do not charge any additional fees if you opt to use your Skrill e-wallet for cashing out your winnings.
Skrill Mobile App
Thanks to a dedicated Skrill mobile application, players can also make deposits to online casinos and withdraw their winnings even when they are on the go. This is extremely convenient, especially when a number of interactive casinos are fully compatible with mobile devices. This way online players can both make real-money bets and upload funds to their gaming accounts when they are on the go.
The mobile application of Skrill can be found both at the Apple App Store and Google Play Store. This means that both Android and iOS users can download and install it on their smartphones and tablets. Even when you are using Skrill on your portable device, you can turn on the 2-step authentication and use your Skrill account on up to 5 different devices.
In addition to making payments, you can also use the mobile application of Skrill to upload funds to your e-wallet or withdraw money to your bank account or VISA card.
Costs and Fees
Skrill has fees when it comes to depositing or withdrawing. These are entirely reliant upon which method you use and the country you are living in. They are either a percentage of the sum or a set price. Receiving money costs the user nothing, but forwarding costs 1,9% up to a maximum amount based on the sender’s country. Using the service is free as long as the user makes transactions or logs in once every 12 months. If that fails to happen a service fee of €3.00 is charged to the account every month. Skrill also offers currency conversion, the price of which amounts to 3.99%.
Players should not upload funds to their Skrill account via cash. If there are any actions occurring due to the fact that you have tried to make a cash deposit to your Skrill Account, you may be charged an administration fee of €10.
If you opt for withdrawing your Skrill funds via a bank transfer, you will be charged a fee of €5,50/£4.76. The additional charge for those who decide to use the service of Swift is also €5,50/£4.76. The extra fee for VISA users who want to withdraw their funds is %7.50 of the amount they would like to cash out.
Skrill has taken great precautions to safe-guard their users’ data. When making payments the user is only required to submit their email and Skrill password and no card or bank information is revealed. Furthermore all information on Skrill servers is encrypted in the event that somehow a data leak takes place. Modern encryption technology has become so advanced that is practically impossible to decrypt data without the decryption key. Skrill applies to highest precautions as dictated by the Payment Card Industry Data Security Standard. Because of this they were the first e-money issuer licensed by the Financial Conduct Authority in the United Kingdom. Additionally Skrill employs a 2-factor authentication system by tech giant Google. This system demands not only username and password, but also information that only the legitimate user knows or has access to.
As it was mentioned earlier, players can activate the 2-step authentication even when they are using Skrill’s mobile application. Thanks to this security measure, even if you lost your mobile device or it gets stolen, you will be able to prevent anyone from accessing your account. You will simply have to call Customer Support and have the 2-factor authentication removed from your Skrill account. After this step is done, you can re-activate this feature on any of your devices.
Skrill users can also opt for adding an extra layer of protection by setting a PIN code. This can be easily done by selecting “Create a PIN” on the window that will appear when you log into your account. If you cannot see this message, you can simply head to your account and select “PIN management” which is located under the Settings tab. The next step is to click on “Create Your PIN” and you will be able to set the additional security feature on your account.
When it comes to online financial transfers Skrill is as good as they come. This company has been in business for almost 2 decades and does business with over 30 million active customers worldwide. Skrill currently supplies its users with a personal Internet bank account to which they can deposit and withdraw funds as they see fit. Skrill is available in over 200 countries and deals in over 40 currencies. The barrier to entry for this service is quite low, the only significant requirement is to have a valid email address. After completing the registration the user has to enter their bank information and they may begin to move money to and from their Skrill Wallet. Transactions between Skrill users happen instantly, so there is no down time. Withdrawing winnings from online casinos happens immediately and the users are not charged anything for the transaction. This is a perk that not all financial transaction companies can provide.
Skrill has a VIP Program for loyal and dedicated users. It is not subscription based, rather users who transact certain sums of money per yearly quarter get to enjoy benefits like lower withdraw fees and a cap on sending fees, a multi currency account, an account manager and priority bank uploads, as well as preferential Skrill Wallet FX rates. The more money that passes through the user’s account, the better perks they receive.
Skrill has become a staple in the online betting scene for managing transactions. There is scarcely a bookmaker, casino or poker room that does not accept Skrill as a transaction method. In fact where other similar online financial service companies try to disassociate themselves from online gambling, Skrill fully embraces it. They have even put a page dedicated to online gambling on their website.
Additionally Skrill issues pre-paid Master Card in Single Euro Payments Area (SEPA) countries which can be used at any ATM.
Although there are some online casinos that may not allow Skrill users to claim Welcome offers or other promotional offers, there are plenty of virtual casinos that have special deals available exclusively for players who make deposits via Skrill.
Another positive feature about using Skrill for funding your online gaming account is that you can easily do so via your mobile device. Thanks to the mobile application of Skrill, both Android and iOS users can manage their e-wallet via their smartphones and tablets and make deposits to the virtual casinos of their choice.
Last but not least, using Skrill for topping up your gaming balance is very cost-effective. This is due to the fact that it will not charge you additional fees for many of the services it provides. Even if you have to pay some extra charges, in most cases, they are very reasonable and lower than the ones some competitors may have you pay.
Skrill has no inherent deal-breaker disadvantages. Perhaps the inability to change the account’s main currency can put someone off, but this is rather subjective and it will not affect a large portion of the clientèle.
Another lacking point can be considered the fact that as convenient of payment solution it can be, Skrill is still not supported in various countries. This leaves many virtual players forced to look for alternatives when it comes to managing their online casino funds.
Sometimes, there is also the possibility that players who use Skrill for their first deposit, will not be able to claim the Welcome offer of some interactive casinos. This is why you are advised to check thoroughly the bonus terms and conditions of the online casino you have chosen. What is more, it is recommended you opt for the online casinos that are listed on the “Promotions” section of Skrill’s official website.
Lastly, there are many players who feel unsure when it comes to sharing payment details when they play online. Although it is not required to provide any card details or information about your bank account, you will still be asked to enter your password and email in order to log into your Skrill account. Some players are not fond of exposing such personal details and often opt for other payment solutions.
Skrill is a company that offers solid services and is the recipient of multiple awards for its sound business practices. Skrill has a very reputable track record and is a common name in the online gambling scene. Though their services are not completely free like some other companies, the prices they charge will not break the bank and in return you get a truly secure and easy to use payment system. That paired with the VIP Program, which does not ultimately cost you anything, and the bonuses you receive just from working with Skrill and it forms into a lovely and enticing package.
As it has become a pretty popular payment method across various virtual casinos, you will have no issue finding a trustworthy online casino which will allow you to easily utilize your Skrill e-wallet for both your deposits and withdrawals. Those who choose to do business with Skrill will not be disappointed.