When you add Skrill's upload fees, transfer fees, conversion fees and withdraw fees, using Skrill for international money transfers can be very expensive.
Skrill is a digital wallet allowing you to make payments and send money online. Skrill, known as MoneyBookers until 2013, is mainly used as a payment gateway by many e-commerce, gaming and gambling websites. Skrill can also be used for international money transfers to mobile wallets or bank accounts through a service called “Skrill It”.
While using Skrill It to send money to your friends and family abroad can be convenient for you (especially if you already have a Skrill account), it is usually a very expensive way to send money. Skrill charges a 1.9% transfer fee (capped at €20, or equivalent) and takes a 3.99% margin on the exchange rates. The total cost of your transfer can therefore be almost 6% of the amount you are sending, and even more if you include the upload and withdrawal fees.
You can transfer money by paying with a credit card or some of the other payment options offered by Skrill (iDeal, Sofort or balance from your Skrill wallet). Your recipient can receive the money on their Skrill account, which they can then withdraw to their bank account. You can also send money directly to your recipient’s mobile wallet in several countries (mPesa in Kenya and Albania, MTN in Ghana, Indosat Dompetku in Indonesia, eSewa in Nepal, MobiDram in Armenia, Globe GCash in the Philippines, eZ Cash in Sri Lanka, M-PAiSa in Fiji and Airtel in Burkina Faso). You can also send money to anyone with a Skrill account simply by entering their email address. If the beneficiary doesn’t have a Skrill account they will be invited to open one, and they will then be able to withdraw the funds.
In most cases, Skrill won’t be the best solution for your international money transfers and we recommend comparing your options using our real-time comparison tool to find cheaper alternatives.
Skrill has very poor reviews on Trustpilot, with a global score of 2.5 / 10. More than 60% of the reviewers give Skrill’s services only one star.
A lot of complaints are from users whose accounts were suddenly closed due to opaque compliance reasons. Some others have difficulties to log into their Skrill account and don’t receive answers from Skrill customer support. The charges for inactive account also upset quite a few users.
Note: PayPal is not inviting its users to share their experience with TrustPilot which could explain part of the reason for the high proportion of bad ratings.
In order to transfer money with Skrill, you first need to upload money to your Skrill Wallet. You have a lot of options to do that, but the only free option is to use your bank account or a Maestro debit card. If you want to upload money to your account via other means, you will pay the following fees :
Then, for each transfer your make, Skrill applies a transfer fee of 1.9% of the amount you send (with a maximum of €20, or equivalent).Conversion fees
If you send money to another currency, Skrill will convert the money for you, taking a 3.99% margin on top of their wholesale exchange rates.Withdraw fees
For the recipient to withdraw the money from their Skrill account, they will need to pay a fixed fee of €5.5 or equivalent.
Adding all these fees can make for a very costly transfer, especially if you are converting currencies.
Let’s say you need to transfer £500 from the United Kingdom to a friend in France, the transfer cost will range from £33.81 (if you upload the money to your Skrill account via a bank transfer) up £46.31 (if you pay with your American Express for example). That is a total cost of 6.8% - 9.3%!
|Time to open an account||A few minutes|
|Advanced currency contracts||No|
|Type of service provider||Digital Wallets|
|Headquarter||London, United Kingdom|