Skrill Review: Money Transfer Fees, Safety, Alternatives, and Monito's Verdict
Pascal Briod
Guide
May 4, 2023
Advertiser disclosure
Skrill is a good international money transfer service (8.2/10), often recommended by Monito's experts. By offering competitive fees and exchange rates (7.1/10) on a versatile mobile wallet that's fast and easy to use for international money transfers (8.7/10), Skrill is widely liked by its customers (8.3/10), who frequently praise it for its fast transfers and competitive fees and exchange rates. As a company, Skrill is a well-established and trustworthy player in the industry (8.8/10), with around a million users and transacting around US$1 billion every year.
What Monito Likes About Skrill
- Very competitive fees and exchange rates;
- Transfers are secure, fast, and convenient;
- A much-loved service with excellent customer reviews on Trustpilot;
- An impressive number of countries and currencies are supported;
- International transfers are available using debit and credit cards.
What Monito Dislikes About Skrill
- The number of currencies available varies by sending country;
- Money can only be sent to a bank account or a mobile wallet;
- Fees are levied through a nontransparent exchange rate margin.
A good option for sending money to an international bank account, Monito broadly recommends Skrill for its low costs and versatile pay-in options. However, because Skrill is only sometimes the cheapest service of all (even on money transfer corridors where it’s most competitive), we recommend running a search on Monito's real-time comparison engine if you'd like to find the best deal.
Category | Monito Score | Highlight |
8.8/10 | Sends US$1 billion around the world annually. | |
8.7/10 | Making a new money transfer is fast and easy. | |
7.0/10 | Competitive fees and exchange rates. | |
8.5/10 | An excellent 4.7 out of 5 star rating on Trustpilot. |
Last updated: 27/10/2021
Who Is Skrill For?
Skrill is for pretty much anybody looking for a flexible and accessible way to transfer overseas. Opening a new mobile wallet is possible in most countries throughout the world (with notable exceptions being Japan and Turkey), from which money transfers are supported to as many as 40 foreign currencies.
See How Skrill Stacks Up
How Monito Reviewed Skrill's Services
As with all services reviewed by Monito, Skrill underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Skrill mobile wallet to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, and business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed tens of thousand searches on Monito's comparison engine to determine how often Skrill was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of the service's pricing in relation to the market. As with all Monito Scores, Skrill's score was peer-reviewed by at least one Monito expert.
Reviews are written independently by Monito's editors and recommendations given are our own. Services you sign up with using our links may earn us a commission.
Background check
10
Owned by the publicly-traded Paysafe Ltd, Skrill is a well-established and widely-used money transfer operator duly authorised and regulated by the FCA in the UK and FinCEN in the US.
Security & reliability
10
Skrill's website and mobile app are fully secured and use top-notch security protocols, including segregated user accounts and HTTPS.
Company size
10
Since 2001, Skrill has grown to serve around a million customers globally, employ around 500 people, and handle up to US$1 billion in annual transactions.
Transparent pricing
5.0
All of Skrill's fees are exchange rate margins, but it makes this fact clear on its homepage.
Can I Trust Skrill?
Moving around US$1 billion on an annual basis for more than a million users, Skrill is a large and trustworthy money transfer service.
Founded in 2001, Skrill was originally established as Moneybookers, a payment gateway geared toward the gambling industry, before it later rebranded itself to Skrill. Today, Skrill is a fully authorized and regulated money transfer operator serving around a million customers globally and employing some 500 people. What's more, Paysafe Ltd (Skrill's parent company) is a publicly-traded payments giant that specialises in safe and secure money transfers to millions of users around the world.
Is Skrill Safe?
Yes, Skrill is indeed a safe and secure platform. Authorised and regulated by numbers regulators around the world, Skrill is supervised by the likes of the Financial Conduct Authority (FCA) in the UK, as well as the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), making them an undoubtedly trustworthy and legitimate money transfer operator.
Opening an account
8.0
Opening a new mobile wallet with Skrill is a straightforward experience, made all the easier by a smooth and easy-to-use interface.
Making a transfer
8.5
Sending money overseas with Skrill (whether to a new or existing recipient) is a fast, simple, and clear process.
Contacting support
9.5
Getting help when needed is possible with Skrill through a 24/7 live chat, although phone support is lacking.
Skrill's Service Quality
Skrill's mobile wallet is seamlessly designed, with both international money transfers and new signups taking a matter of minutes or even seconds to complete.
What Is Skrill?
Skrill is a mobile wallet that offers transfers between users, international money transfers, and cryptocurrency trading. Established in 2001, Skrill is today owned by Paysafe Ltd, a global payments giant that provides payment services online, in person, and via other channels. Skrill started as an e-commerce payment gateway specializing in gambling but has since expanded its services to include an online service that lets you send money around the world called Skrill Money Transfer.
By default, opening an account with Skrill gives you access to Skrill Money Transfer as well as the Skrill mobile wallet, the former of which provides a fast, simple, and inexpensive way to send money internationally due to attractive pricing, exchange rates, and fees.
You can fund an international money transfer through Skrill Money Transfer using a credit card, debit card, SOFORT, or bank transfer, depending on where you’re located and which currency you’re using. Your beneficiary will also have the choice of whether to receive funds directly into their bank account or into their Skrill mobile wallet if they have one. (Take note that the latter option is not available in all countries.)
Monito's Impressions During Our Test
Signing up for a new mobile wallet on Skrill was fast and easy, and our experts found the process to be filled with helpful tips and clear, actionable language. Although international money transfers are just one part of the Skrill mobile wallet, navigating to make a new transfer is fast and intuitive. What's more, the service gives a clear overview of how much one can expect to pay in fees, although we didn't like the fact that the exchange rate margin wasn't displayed transparently in addition.
Skrill's Mobile App Review
Skrill’s mobile app, which allows users to make online payments, send money overseas, and trade cryptocurrencies, is available on Android and iOS devices. As of May 2021, the app had garnered good ratings across the board, especially among Apple users. For example, on the App Store, the mobile wallet platform earned 4.4 out of 5 stars from a total of around 6,100 individual reviews. Meanwhile, on Google Play Store, users were more lukewarm about the service and gave it 3.8 out of 5 stars out of a large total of around 112 thousand reviews.
Transfers to a bank account
5.6
Good exchange rates, but not always the cheapest on Monito.
Skrill's Fees & Exchange Rates
Often competitive and sometimes even the cheapest of all, Skrill's fees and exchange rates are generally very well-priced. While you may notice minor differences depending on your country and currency, in general, these fees and exchange rates are structured as follows:
Skrill's Fees
Skrill Money Transfer doesn't charge any fixed fees or other transaction costs for sending money overseas, making the service an especially favourable option for smaller transfers, which tend to be made pricey by additional transaction costs. This is the case if you choose to pay for your money transfer using a debit card, bank transfer, or Paysafecash.
For credit card payments, however, Skrill does charge a commission fee of up to 4.99% per transaction, not including any additional foreign transaction fees that your credit card issuer may charge too.
Skrill's Exchange Rates
For all transfers, regardless of the currencies and payment method, Skrill charges an exchange rate margin (which it calls an "international transfer exchange rate mark-up".) This is essentially a small markup over the mid-market exchange rate that Skrill makes every unit of currency you convert into another and can range as high as 4.99% of the total value of your transfer.
Exchange rate margins are also slightly higher for debit card transfers than for credit card transfers. Given the fact that exchange rate margins are not transparent in the first place, we find this aspect of Skrill's pricing to be the only major drawback.
For many currencies pairs, the above fees and exchange rates are a good deal. However, for others, they can be more expensive. Say, for example, you were to send British pounds to Euros using a debit card. With Skrill, sending £500.00 to Spain in this way would cost 2.88% of your transfer value in exchange rate fees according to Monito's comparison engine at the time of writing. Meanwhile, if you were to send South African rands to Spain, a roughly equivalent R10,000.00 transfer would cost 3.85% in exchange rate fees — highlighting how these rates vary from currency to currency.
Transfer Times
Money sent through Skrill Money Transfer usually arrives on the same business day. However, it can take between three and five business days at the extremes depending on your payment method and how the funds are delivered.
Compare Skrill's Fees & Exchange Rates Now
Trustpilot reviews
6.8
3.4/5 from 23,045 reviews.
App Store reviews
8.9
4.6/5 from 10,837 reviews.
Google Play reviews
9.3
4.5/5 from 192,000 reviews.
Customer Reviews of Skrill
Skrill is much-loved by its customers, receiving an excellent 4.5/5 stars on the Play Store from around 192,000 reviews to date. In general, many of these reviews reflected the following strengths and weaknesses of the service:
Positive
- Fees and exchange rates are very competitive;
- The mobile wallet is easy to use and well-designed;
- Transfers were very speedy.
Negative
- Frustration over the documentation required to verify identity;
- The fee breakdown can mislead in that it doesn't include the exchange rate.
How Skrill Works
Check Skrill's Rates
Use Monito's comparison engine to see how Skrill’s fees and exchange rates weigh up against the rest and make sure that they're indeed the cheapest option for your international money transfer. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.
Create a Skrill Account
To create a new Skrill mobile wallet account, you'll need to sign up on the homepage or mobile app using your full name, country of residence, currency, and email address.
Set Up a Transfer
Once your new account is opened, you'll need to set up a transfer, which you can do either by adding money into your Skrill wallet or by using the sending page directly. When you reach the sending page, you'll be able to specify whether you're sending money from the balance in your Skrill wallet, or withdrawing it from your bank account.
Add a Beneficiary
In the next step, you'll be able to choose whether to send money to yourself or somebody else, after which you'll need to add their full name and banking details.
Review and Pay
In the final 'Transfer summary' tab, you'll be able to review your transfer, including your beneficiary's details, your payment method, the exchange rate, and the amount to be received. If all's in order, click the 'CONFIRM' button and make the payment using your debit card or whichever transfer method you may have chosen.
Frequently Asked Questions About Skrill
Is Skrill the cheapest way to send money abroad? 💸
Skrill offers a cheap and transparent way to send money abroad, but it's only sometimes the cheapest service of all on any given search on Monito. We therefore recommend running a search on Monito's real-time comparison engine to compare all services and determine whether or not Skrill is indeed the cheapest available option to send money abroad.
How do I avoid Skrill's fees? 💵
While there's no way to avoid Skrill fees entirely, they can be kept to a minimum by doing the following:
- Compare Skrill fees and exchange rates with alternatives using Monito's real-time comparison engine;
- Avoid paying with a credit card if possible (Skrill or the card issuer may charge additional costs if you do);
- Always use Skrill's price estimator before continuing with your transaction to double-check you're happy with the transfer fees and exchange rates.
Are Skrill payments safe? 🔐
Yes, it most certainly is safe to make a payment with Skrill. Having been in business since 2001, Skrill is a fully authorized and regulated financial service provider supervised by various regulators around the world, including the FCA in the UK and FinCEN in the US. What's more, Skrill is also a part of Paysafe Ltd, a publicly-traded payments giant.
What are Skrill's fees for international money transfers? 🧾
The best option to check international money transfer fees is to use Monito's live comparison widget and discover if Skrill cost to send money abroad is the lowest available right now. The tool lets you quickly calculate how much you’ll pay and shows you exactly how much the beneficiary will receive, based on the exchange rate offered by Skrill. Skrill fees vary depending on the amount you’re sending, the countries that you’re transferring money between, how you’re paying for the transfer, and how the beneficiary is accessing the funds you’re transferring.
What are Skrill's limits for international money transfers? 📊
Skrill has a number of daily, weekly, and monthly limits in place for transfers abroad. Maximum single transfers are US$1,000 for bank transfers and US$2,500 for credit card transfers and are limited to US$2,500 per day for both transfer methods. On a weekly basis, no more than US$2,500 and US$5,000 can be sent by bank transfer and credit card respectively, and on a monthly basis, this limit is US$4,500 and US$10,000 respectively.
Can Skrill be trusted? ✅
Yes, Skrill can most certainly be trusted. Having been in business since 2001, Skrill is a fully authorized and regulated financial service provider supervised by various regulators around the world, including the FCA in the UK and FinCEN in the US. What's more, Skrill is also a part of Paysafe Ltd, a publicly-traded payments giant.
Can Skrill send money to Payal? 📱
No, it's not possible to send money from Skrill directly to PayPal, as the two services aren't linked. To send money from Skrill to PayPal, you'll need to transfer the money via a common bank account; withdrawing funds from Skrill to your bank account and then transferring from there on to PayPal.
Does Skrill accept MasterCard payments? 💳
Yes, Skrill accepts MasterCard credit and debit cards as a pay-in method. However, you'll not be able to use your MasterCard to deposit money into your Skrill account (this can only be done using a bank account), only to fund an overseas money transfer through Skrill.
Can Skrill work in Nigeria? 🌴
Yes, Skrill can indeed work in Nigeria, regardless of whether you're a Nigerian resident looking to open a Skrill mobile wallet account or you're living abroad and looking to send money into the country. (Take note that the latter can only be done using US dollars and no longer in Nigerian naira.)
Can Skrill be used in India? 🛕
Yes, Skrill can indeed be used in India, regardless of whether you're an Indian resident looking to open a Skrill mobile wallet account or you're living abroad and looking to send money into the country from overseas.
Can Skrill be used in Pakistan? 🕌
Yes, Skrill can indeed be used in Pakistan, regardless of whether you're a Pakistani resident looking to open a Skrill mobile wallet account or you're living abroad and looking to send money into the country from overseas.
Can Skrill be used in Ghana? 🐘
Yes, Skrill can indeed be used in Ghana, regardless of whether you're a Ghanaian resident looking to open a Skrill mobile wallet account or you're living abroad and looking to send money into the country from overseas.
What does it mean to transfer from Skrill to Skrill? 📲
Skrill allows you to send money from your Skrill wallet directly to another Skrill wallet, the so-called “Skrill to Skrill” service. All you need is the recipient’s email address, and the money will be transferred instantly. However, the fees and exchange rates offered for the Skrill to Skrill service are extremely poor, and we cannot recommend it as a way to send money internationally.
What are Skrill's withdrawal times? 📆
Depending on your preferred withdrawal option, Skrill's processing times for withdrawals are as follows:
- Skrill Card withdrawals: Instant at ATM locations
- Bank wire withdrawals: Two to five business days
- Visa withdrawals: Up to seven days
Does Skrill accept payments from prepaid cards? 💳
Yes, Skrill accepts prepaid cards as a pay-in method. However, you'll not be able to use your prepaid card to deposit money into your Skrill account (this can only be done using a bank account), only to fund an overseas money transfer through Skrill.
How does Skrill's 'refer a friend' program work? 👥
Skrill offers a cash incentive for inviting other people to use the Skrill wallet. If you refer a friend to Skrill using the feature on the homepage or mobile wallet dashboard, Skrill will add 10% of the fees they generate from paying or sending money into your Skrill account for a whole year. There are two ways to share Skrill with your friends:
- Use your personalized invite link in My account › Settings › Referrals
- Select ‘Use my referral ID for this payment’ whenever you send a payment to a friend who doesn’t have a Skrill account yet”
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You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, Monito co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services worldwide.
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Affiliate Disclosure
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.
Proudly made in Switzerland
Global Impact Finance Ltd
Rue du Pont 22
1003 Lausanne
Switzerland
Affiliate Disclosure
Instead of banner ads and paywalls, Bank Reviews EU makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Bank Reviews EU may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.
