Skrill review (2023): Complaints, fees, rates | finder.com (2024)

What is Skrill?

Skrill, formerly known as Moneybookers, is an online e-commerce service that lets you send money both domestically and internationally between a variety of currencies. Money sent through Skrill can be delivered directly to bank accounts or held in a third party mobile wallet, depending on what the customer wants.

Is Skrill safe?

Skrill is licensed and regulated by many different countries and federal organizations, including the Electronic Money Regulations 2011, the Financial Conduct Authority and in nearly all US states that regulate money transfers. Specific features of these regulations require Skrill to:

• Maintain set amounts of capital and liquidity. Skrill is required to maintain a minimum of €350,000 of its own funds at all times.
• Practice safe float management. In order to protect customers’ money, Skrill must follow EU Electronic Money Directive protocols to protect customers in the event that the company encounters an insolvency event. In short, this means your money is protected even if Skrill goes bankrupt.
• Pass FCA vetting The Financial Conduct Authority performs a test on each member of Skrill Limited senior management to test for honesty, integrity, reputation, competence, financial soundness and capability.
• Monitor and vet all transactions. To prevent financial crime, Skrill must follow legal requirements to check the identity of customers and monitor transactions to detect money laundering and fraud.

Skrill reviews

What Skrill’s reviews look like, accurate as of October 8, 2020.

When we checked, 19% of Skrill’s reviews on Trustpilot were Bad, which is Trustpilot’s name for 1-star reviews. This is something to keep in mind before using the service. A lot of the Bad reviews focus on customers losing money during transfers, and customers having to pay high fees to withdraw money from their accounts. Be sure to read up on Skrill’s fees and exchange rates before sending a transfer to make sure you understand exactly what you’ll be paying and when fees will be charged.

Skrill fees and exchange rates explained

US residents will pay less in fees than many other countries Skrill operates in. In short, US residents will only face one fee when sending money abroad through Skrill.

• Deposit funds: Free
• Withdraw funds: Free
• Send money, receive money: Both free
• Currency conversion: 3.99% above the mid-market rate, or higher. This fee is applied without notice to you, which means that although it may appear you are getting the mid-market rate for your transfer, you probably aren’t.

One additional fee to watch out for when opening a Skrill account is the Stay Active Fee. If you don’t login and make at least one transaction every 12 months you’ll face a €5 (or equivalent) fee every month until you start using your account again.

Skrill limits

Skrill limits US customers based on the status of your account, selected payment method and the country you’re sending to. It is unclear whether Skrill will allow you to raise these limits, as Skrill reserves the right to vary transaction limits at its discretion.

Standard Skrill limits for US customers are:

What types of transfers does Skrill support?

Whether you are trying to deposit money into your account or withdraw money after receiving it, Skrill has a few options for you to choose from.

Depositing funds

Skill allows deposits in the following ways:

• ACH transfer (Automated Clearing House)
• Bank account wire transfer
• Mastercard or Visa credit card
• Paysafe card

There are no Skrill fees for US residents to deposit funds, but your credit card or bank account may charge its own fees.

Withdrawing funds

There is only one way for US residents to withdraw funds:

• Bank account via wire transfer

Because Skrill relies on wire transfers instead of ACH transfer for withdrawing, be aware that your bank may charge an incoming wire transfer fee. Contact your bank directly to find out if this fee will apply to you.

How do I send money through Skrill?

To send money through Skrill you will need to sign up for a free Skrill account. To do this, you’ll need to provide:

• Your full name and personal contact information, including your phone number and email address
• Your Social Security Number or photo ID and proof of residence

The steps to send money through Skrill are:

1. Confirm your email address and identity by entering your Social Security Number
2. Enter banking or credit card information
3. Enter recipient information and transfer details
4. Confirm all fees and details, then pay for your transfer.
5. Track the progress of your initial deposit and any money transfers through your Skrill account

Your recipient will typically receive the funds in 2 to 5 business days.

Is there a Skrill app?

More on the best money transfer apps

What else can I use Skrill for?

Skrill offers both personal and business services. Skrill’s business services include merchant accounts that can:

• Accept credit card payments
• Handle international transactions
• Create payment corridors in local currencies worldwide

Read our Skrill business e-commerce review for more details on what this service can and cannot do.

How does Skrill compare to other money transfer services?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.

Bottom line

Skrill’s introduction of international money transfers through its service to the US market has certainly extended its global reach. As Skrill continues to expand into the US, expect more countries and currencies to become available for international transfers. If the country you want to send to isn’t supported by Skrill, head over to our international money transfers guide to find a money transfer service that works for you.

Frequently asked questions