Skrill

What Skrill does

Skrill lets customers keep and manage funds in a digital wallet. At participating websites, they can select Skrill at checkout, send funds to a bank account or another Skrill customer, and hold or exchange balances in several currencies.

Skrill says customers can buy and sell more than 40 cryptocurrencies, such as Bitcoin and Ethereum. Through its Knect loyalty programme, nearly every transaction can earn points that are exchangeable for cash rewards and bonuses.

Fees and plans

Opening the Skrill Digital Wallet account carries no charge. The amount paid for a transaction depends on the country, payment method and transaction itself. Skrill uses a freemium model with a free plan and no free trial.

For US accounts, the fees page shows a $5 monthly service fee once 12 months pass without a login or transaction. Exchange rates use a markup. Transfers are listed as instant, and fees are shown upfront, but the facts do not provide a complete fee table or rates for each payment method.

Where it runs

Skrill works through its website and apps for iPhone and Android. The mobile apps are offered through the Apple App Store and Google Play.

Through the apps, customers can view balances and manage transactions, deposits, withdrawals and transfers.

Protection, as Skrill describes it

Skrill says it monitors for fraud and uses two-factor authentication plus SSL with 128-bit encryption. It may ask customers to confirm their identity, which can open access to higher transaction limits and extra features.

According to Skrill, customer electronic money is supported by funds in a separate bank account or by a guarantee or insurance policy. The company says this electronic money does not have FSCS protection.

Help is available through wallet support, a bot operating 24/7 and messaging with a stated 24–48-hour response time.

Strengths

Skrill puts online checkout, wallet balances, bank and user-to-user transfers, and multi-currency holdings in one service.

The apps cover core money tasks, and Skrill lists transfer tracking and upfront fee display among its features.

Catches to check

Currency conversion includes a markup.

For US customers, a $5 monthly service fee may apply after 12 months without a login or transaction. Identity verification may be requested, with higher limits tied to verification.

To fund an account, Skrill lists cards, bank transfers and local payment methods. The company says its electronic money has no FSCS protection.

Who may want another option

Skrill may not fit someone who needs a fully itemized fee schedule before choosing a payment route, or someone who wants FSCS-covered electronic money.

Verdict

Skrill suits people seeking one account for online payments, transfers, multi-currency balances and mobile money management. Free opening, the instant-transfer listing, tracking and broad payment functions are notable advantages.

It may be a poor fit for readers who require fixed, published prices for every route, since costs depend on country and payment method. US inactivity charges, the exchange-rate markup, possible identity checks and the absence of FSCS coverage are important conditions.

Questions