Skrill is an e-commerce service that allows money transfers to be made via Internet. Formerly Moneybookers, Skrill’s physical headquarters are in the United Kingdom. This online business has an e-wallet or online deposit account and an Internet-based payment system using wire transfers, money orders and checks. The second method is low-cost. Both systems are designed for individual users.
For merchants, Skrill offers its own online accounts, payment cards and other methods.
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Using Skrill one can receive and make payments in 41 currencies. The company supports a great deal of debit and credit cards.
How it works
Whenever you need to make a payment, you will be asked to enter your personal details used in your Skrill account, including your email address and the amount of money you intend to send. Moreover, you need to specify the currency.
Using Prepaid MasterCard available by Skrill allows you to pay in restaurants, shops and online. All free of charge.
It should be noted that receiving money is free.
Specifications
Skrill works with MasterCard, Visa and American Express. In addition, it allows access to nearly 100 payment options on a local scale.
With Skrill you are allowed to have a single account only. This is done so that money laundering and fraud are prevented.
Skrill allows you to send money abroad. You can send money to any part of the world with one click. The receiver does not need to have a Skrill account for you to send them money, however, they will have to make one in order to cash out.
Creating account / purchasing card
In order to make an account on the site, one should enter their email address and a few personal details.
Once you sign up, you need to verify your account. For this purpose, you are going to receive a verification email on the email address you provided upon registering. This is to ensure that you are the holder of the account.
For receiving/sending payments of higher value, one can also complete identity verification steps. This process is optional.
Registration is free of charge.
When you verify your email, you will be asked to fill in your debit or credit card information.
Making a payment with Moneybookers/Skrill
Upon making a payment, you are charged with 1% of the amount you are sending. Also, the money charge is limited to €10.
When you do this you will be asked to confirm the amount of money to send. Skrill always notifies you whenever a money transfer occurs and has to do with your account.
Withdrawing money with Moneybookers/Skrill
When you want to withdraw money from your Skrill account, you just need to transfer it to your bank account or debit card. This is accompanied by a small fee that you have to pay. This process may take a few hours so be patient.
Advantages of using Moneybookers/Skrill
- It is available on a global scale.
- Lets you receive and send money instantly.
- You can pay safely no matter where you are.
- Skrill is trusted and secure. No personal financial details are shared with or revealed to third parties. Skrill is regulated by FSA: the British Financial Services Administration.