Skrill Review

Core Features and Wallet Capabilities

Skrill’s core value lies in its versatile digital wallet. Users can send and receive money globally, fund their account via bank transfer, debit/credit card, or local payment methods, and transact in multiple currencies.

One of Skrill’s standout features is the ability to pay online without exposing sensitive banking details. This is especially popular with users on gaming, betting, and forex platforms that accept Skrill. In addition to standard wallet services, users can opt for a Skrill Prepaid Mastercard, which allows in-store and online spending, as well as ATM withdrawals.

The wallet supports over 40 fiat currencies and offers currency conversion within the app. It also allows users to buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, and Litecoin. While this feature makes it convenient to experiment with crypto trading, it lacks the option to transfer digital assets to external wallets, which may deter more serious investors.

Another noteworthy component is the Knect loyalty program. Users earn points for various transactions, which can later be redeemed for vouchers or bonuses. However, the rewards are relatively modest and unlikely to make a major financial impact for most users.

Other features include support for recurring payments, instant deposits to partnered platforms, and integrations with various e-commerce systems. That said, not all features are available in every country, and some require higher verification tiers, which can lead to confusion or frustration.

International Money Transfers with Skrill

International money transfers are one of Skrill’s main features. You can send money to bank accounts in over 180 countries within 1 to 3 business days. Transfers between Skrill wallet holders are instant so perfect for quick personal payments or business settlements.

Transfers can be funded with wallet balances, local banking options or cards. It also has a parallel service called Skrill Money Transfer. This one allows you to send money directly to a recipient’s bank account without them needing to have a Skrill account, which is a bonus. It is faster than many traditional banks. But compared to fintechs like Wise or Revolut, Skrill’s international fees and currency conversion markups make it not the most cost effective for big or frequent transfers.

Also note that not all countries are supported. In some regions you might face restrictions or need specific banking networks for transfers to work. So while Skrill is great for small to mid size transactions, it’s not the best solution for high volume international remittances.

Skrill and Cryptocurrency

Skrill includes built-in crypto functionality, allowing users to buy, sell, and hold several popular cryptocurrencies. This service provides exposure to digital assets like Bitcoin, Ethereum, and Litecoin without the need to manage an external wallet or use a separate exchange platform.

For users who are just getting into crypto or want a simplified solution, this feature is a convenient bonus. The interface for crypto transactions is beginner-friendly and integrates seamlessly with the main wallet dashboard.

However, the inability to withdraw crypto to an external wallet is a major limitation. This means users cannot transfer assets to cold storage or other exchanges, which diminishes Skrill’s appeal for anyone taking crypto investment seriously. The service is best suited for casual traders who want basic access to the crypto market without needing deep technical knowledge. For those who need complete control over their assets, other platforms offer more flexibility and lower fees.

Skrill for Freelancers and Online Professionals

Skrill is a viable tool for freelancers and remote workers who require quick access to international payments. With support for multiple currencies and instant transfers between Skrill users, it helps eliminate delays often experienced with bank wires or check payments. Some freelance platforms even support Skrill directly as a payment method. Additionally, users can withdraw funds to local bank accounts or load them onto the Skrill Prepaid Mastercard for easy spending.

The downside here is the fee structure. Currency conversions and withdrawal fees can significantly reduce earnings, particularly for freelancers who work across multiple currencies. Also, while setting up an account is simple, verification delays can interrupt access to funds, which is problematic for professionals on tight schedules. Despite these caveats, Skrill remains a popular choice among digital workers, particularly in countries where access to PayPal or other wallets is limited or unavailable.

Skrill for Online Businesses

Skrill positions itself as a payment gateway for e-commerce merchants and digital service providers. It offers integration with popular platforms such as WooCommerce, Magento, and Shopify. Businesses can accept payments from customers worldwide, convert them into preferred currencies, and manage payouts using a unified dashboard.

The platform also supports recurring payments, making it a decent fit for subscription services. For platforms with multiple vendors, it can process split payments, helping streamline accounting and payouts. This solution is particularly attractive to businesses in higher-risk industries like online gaming, forex, or adult content, where traditional processors often impose restrictions. It offers them a more flexible pathway to accepting global payments.

However, merchants should be mindful of the fees. International transactions and certain card types can incur higher charges. Also, Skrill’s chargeback management system is limited compared to providers like Stripe or PayPal. Businesses with high refund or dispute volumes may find it lacking in resolution support.

Pricing and Fee Structure

Skrill’s fees are one of the most hated. Sending to another Skrill user is free, but most other services have fees. Adding funds via credit card is 2.5%, and withdrawals to a bank account or card have separate fees depending on the country and method.

Currency conversion fees are big. Skrill charges 3.99% above the wholesale rate. If you’re dealing with international clients or vendors, this adds up fast and eats into your profits. One of the most annoying fees is the inactivity fee. If you don’t log in or do a transaction for 12 months, Skrill will start charging you a monthly maintenance fee which can drain small balances over time. While the platform is fast and convenient, these come at a cost. It is best for users who value access and ease of use over cost. Budget users should check the full fee schedule before committing.

Mobile App Performance

Skrill’s mobile app is functional and mirrors the web interface in both appearance and features. Users can send money, check balances, manage crypto, and receive notifications on transactions. Security features like biometric login enhance convenience, and real-time alerts help users track financial activity. The app also allows access to support tools and account settings, including identity verification uploads.

However, app reviews reveal a mixed picture. While many users appreciate the app’s accessibility and layout, others report issues with lag, bugs after updates, and difficulty uploading documents for verification. These inconsistencies may be tied to device compatibility and operating system versions.

Despite its imperfections, the app is a dependable tool for on-the-go users. It provides a reasonable level of control and visibility for most use cases, though frequent travelers or digital nomads may still prefer more agile fintech apps.

Security and Regulatory Compliance

Skrill is regulated. It’s authorized and regulated by the UK’s FCA so it has to comply with legal and financial security requirements. The platform uses industry standard encryption and 2 factor authentication to protect accounts. Email confirmations are required for sensitive actions and data privacy is aligned with EU’s GDPR and anti-money laundering laws.

Skrill’s verification requirements serve a purpose. Some users may find them annoying but they are necessary to reduce fraud and to verify transactions.

But user feedback often points to account freezes or verification delays that can disrupt service. These happen without clear communication and that hurts trust. Skrill could use more transparent support workflows in these cases.