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Skrill is a digital financial services company that enables money transfers and online payments. The business processes transactions in 40 currencies and nearly 200 countries.
What Are Skrill’s Transfer Fees?
Skrill fees vary based on the type of transfer.
- Domestic transfers have a 1.9% fee, which is capped at $20.
- International transfers that involve currency conversion are charged an additional 3.99% fee to the wholesale exchange rates.
How Fast Are Skrill's Transfers?
Transferring funds from your Skrill account to another Skrill account happens instantly--but, depending on how your recipient wants to access the received funds, there may be more of a wait involved.
- Funds that are received and withdrawn using a mobile wallet are available instantly.
- Funds that are received and withdrawn using a bank account may become available within two to five days.
- Funds that are received and withdrawn using a VISA card may become available within three to seven days.
Founded in 2001, Skrill is a London-based company that has offices throughout Europe and the U.S. The company was originally launched as Moneybookers and was bought out in 2007 by Investcorp Technology Partners. In 2010, Skrill was ranked as the U.K.'s fastest-growing private-equity-backed company in the Sunday Times Deloitte League Buyout Track 100 table. In 2015, Skrill was acquired by Optimal Payments.
Who Can Benefit From Skrill?
Skrill is a digital platform designed to streamline payments and money transfers. If you’re shopping at a participating retailer, using Skrill wallet can be an easy and secure way to complete your transaction. And, if you and recipient already have Skrill accounts, you might like the convenience of transferring money through Skrill even though you are being charged a commission fee.
What Are The Advantages and Disadvantages Of Skrill?
This is what we love about Skrill:
- The fees are straightforward.
- You can send money to an email address or another Skrill wallet without having to know someone's banking information.
- When paying online at a retailer that accepts Skrill, using your Skrill wallet is free.
What We do not Like About Skrill:
- There are cheaper options elsewhere for domestic and international transfers.
- If you’re uploading funds into your Skrill wallet using a credit card, you'll pay an extra fee of 2.9%.
- If you don’t log in or make a transaction at least every 12 months, a service fee of $2.99 will be deducted every month from your account.