What is Skrill? The Lowdown on One of the Best Digital Wallet

With so many options available, choosing a trustworthy multi-currency account might be overwhelming.

If you’re looking for an online money transfer service or payment gateway, Skrill must have flown by your radar. 

So, is it any good? That’s what we’re going to explore in this post. 

Because of its versatility, Skrill stands out from other payment systems.

To help you make your choice, we’ll go over Skrill’s features below. Let’s get to it. 

Skrill 101 

skrill 101

To start, let’s answer the question: what is Skrill?

In the same vein as PayPal, Skrill facilitates online financial transactions.

When it began operations in the UK in 2001, it went by Moneybookers. 

In its early stages, the business catered mostly to financial dealings related to gaming and virtual sports.

In 2009, at a valuation of £365 million, Moneybookers made the decision to expand its services beyond the gambling and e-sports industries.

In 2011, they changed their name to Skrill.

Maybe they wanted a shorter, snappier name to go with their rebranding. 

Skrill was bought by CVC Capital Partners in 2013, not long after the company changed its name to Paysafecard and bought an Australian prepaid card program.

They combined with one of their main rivals, Neteller, in 2015.

More than 40 different currencies can be used to fund your Skrill account right now.

And you might be pleased to know that they also accept cryptocurrencies. 

That’s not all. Skrill also issues Prepaid Mastercards in both physical and virtual forms. 

Is Skrill Safe?

Before we get to its features, let’s address the glaring issue here.

As with any service that handles money, it’s natural to be skeptical about its safety. 

Skrill has been authorized to operate by the United Kingdom’s Financial Conduct Authority.

The company’s stock is listed on the FTSE 250 index.

With their European e-Money license, they can do business in any country outside the United States.

They have licenses in every single US state, too. 

To sum up, Skrill is a respectable, legitimate company.

Skrill was formed in the UK and continues to operate under UK law, which may reassure some customers who are wary of the company because of its history of involvement with the gambling sector. 

In the UK, you may legally bet on sports online and see ads for it all the time. No biggie.

It’s safe to assume that Skrill clients in the US and UK are generally satisfied with its services.

The vast majority of negative customer reviews I’ve seen have been written in broken English.  

Is It Expensive to Use Skrill?

is it expensive to use skrill - what is skrill

A second prevalent criticism is that Skrill charges too much in fees. Let’s take a look at that. 

After some investigation, I realized that this was an unfounded complaint.

When making a payment using a Skrill card, the user is subject to a 2.99% transaction fee on the total amount of the transaction. 

This is somewhat similar to PayPal in that you pay 2.9% plus a fixed fee that changes with the currency exchange rate. I don’t understand where this criticism was coming from. 

Another thing that people complain about is their chargeback fees.

As of 2023, Skrill’s chargeback fee is €25, or roughly $25.87. 

When compared to PayPal’s $20 chargeback fee, this is a bit steep, but it’s not exactly ridiculous.

Account creation and fraud prevention are both provided at no additional cost anyway. 

Related Reading: How to Pay a VA – Find All The Payment Gateways Here.

Skrill’s Noteworthy Features 

Ease of Use 

ease of use - what is skrill

Skrill simplifies the process of accepting and processing payments.

You can pay using a variety of methods, including cash, credit cards, and electronic transfers through the platform.

In order to use the platform’s features, users only need to register on the site’s website.

Skrill’s support for more than 30 currencies worldwide facilitates reaching customers all around the world.


Skrill ensures the highest levels of safety and transparency for all of your financial transactions.

That’s why it’s imperative that sensitive data, such as passwords, be kept secret at all times. 

Anti-fraud screening is an extra layer of protection that is applied to every incoming and outgoing transaction in an account.


To start using Skrill’s services, all you have to do is sign up for an account on its website.

Because user accounts may be accessed via mobile devices, transactions can be conducted practically anytime and anywhere. 

Skrill users can also make ATM withdrawals with their accounts.

Convenient Shopping 

convenient shopping - what is skrill

Skrill addresses a common issue faced by e-commerce sites: potential buyers will often back out of a purchase if they can’t pay for it right away. 

Online shoppers will appreciate Skrill’s convenience when it comes to making payments.

The platform’s online features make it a useful tool for e-commerce and point-of-sale operations.

Fair Pricing 

You can send and receive money using this app for free or for a modest fee. 

If a user is active, meaning that they use the service on a regular basis and log in at least once a year to make a purchase, then they will not be charged for the service.

A monthly fee of $5 will be deducted from inactive accounts.

There is a lot of reasonableness in these prices.

But things change when you need to accept payments in several currencies or transfer money abroad.

In addition to the “wholesale exchange rate” given by an independent data source, you will be charged an extra 3.99%.

This may not seem like much, but it does add up.

Skrill: Pros and Cons 

Skrill is a fantastic service; however, it may not be the best option for some customers. 

If you’re trying to decide whether or not to sign up for Skrill, the following are some of the pros and cons to think about.



It offers personal and business accounts. 

You may find that a Skrill Business account better suits your needs if you’re using Skrill for business purposes, like making regular payments to contractors and freelancers.

It assures you of convenient and risk-free fund transfers whenever and wherever you need them.

It supports speedy withdrawals and a wide range of currency conversions.

It’s safe. 

As I mentioned before, Skrill is an extremely secure payment option.

Since its inception, it has been under the watchful eye of the Financial Conduct Authority. 

That means it has been subject to stringent laws and regulations designed to protect its customers and their money.

Naturally, the security of such a service depends on its users.

You could put yourself at risk if you forget your password or lose your devices, or if you connect over an unsafe Wi-Fi network.

Some safeguards are in place to try to prevent this from happening. Remember that the services only work if you let them. 

For example, it will attempt to recognize your device and IP address while prompting you to utilize two-factor authentication.

It works across all devices. 

Skrill is a digital currency and payment platform that is accessible from any web browser on any operating system. 

The Skrill mobile app may be found in the Google Play Store and the Apple App Store. 

This means that you may access your account, make a Skrill payment, or take out money while you’re on the go.

It comes with a prepaid card. 

There is a Skrill prepaid card that may be linked to your Skrill account and used for in-store and ATM cash withdrawals.

After years of being unavailable in the US, Skrill finally launched this debit card in 2020.

The card may be activated quickly and has low ongoing costs.


CONS - what is skrill

The verification process could be faster. 

When people review the Skrill wallet, the verification process is often a point of criticism.

These complaints generally lack merit. 

After all, doing so is mandated by law, and the regulations in place are meant to ensure the safety of all users. 

But if there is a problem, fixing it the right way can take time, and that’s when it becomes a problem.

A valid government-issued photo identification document (driver’s license, passport, etc.) and a current month’s utility bill are required for verification.

Customer service could be better. 

Live chat is not available on Skrill.

There is a chatbot named Sofia, but you won’t be linked to a real person. Plus, this feature is only available to active users. 

And before you begin chatting, you have to enter a valid email address. 

Lesser Known Skrill Facts 

They accept online payments even when no one else will. 

Skrill may be your sole option for conducting business online if you are doing business with someone in a politically unstable location.

Many other payment processors won’t do business in underdeveloped countries, but Skrill does.

They’ll process your money if your country isn’t on a blacklist maintained by the United Nations or the World Bank.

They conduct business in industries where other processors won’t.

What if you need to pay for a product or a service that a platform like Paypal won’t process? 

I’ve already mentioned how Skrill got its start processing payments for online casinos.

While they have grown considerably since then, high-risk enterprises are still in their wheelhouse. 

Because of this increased risk, they charge extra than their competitors.

Skrill handles money for things like gambling, porn, and weapons, all of which are kind of sketchy.

Most online payment systems avoid these businesses like the plague.

Again, you may only be able to locate a partner in Skrill if you’re conducting a business of this nature.

It’s an excellent payment solution if you employ overseas workers or dabble in crypto. 

Many people gripe about Skrill’s currency conversion fees, but they don’t take into account the fact that the service now supports over 40 different global currencies.

PayPal only supports 20. 

In addition to Bitcoin and its variants, Ether, XRP, Chainlink, Solana, Bitcoin Cash, Ethereum Classic, Ox or Litecoin, AVAX, and many others are also accepted. 

This generally won’t affect you if you’re transacting in US dollars or another Western currency.

Still, Skrill is unrivaled if you conduct business on a global scale and deal in bitcoin.

It supports app transactions. 

Skrill is fantastic if you build apps for mobile devices.

It will give you an advantage over the competition by letting you accept microtransactions from apps.

This is quite common in the gambling app industry, but you can apply it in games, commercial apps, or anything else you can develop. 

If your app’s users don’t have Skrill, but they do have your app, this is a terrific way to accept payments from them.

It is fully integrated with online stores. 

Using Skrill as a payment option is a common feature among third-party e-commerce platforms.

Skrill works with many e-commerce platforms, such as Shopify, ShopFactory, Adobe Commerce, WooCommerce, and many more. 

It facilitates checkouts with one click. 

If you own an online store, you could give your customer the convenience of one-click checkouts with Skrill. 

It’s a common function among online payment processors, but I included it because it’s so helpful for your customers. 

With the Skrill wallet, money transfers are as simple as the click of a button for anyone who has an account.

This level of efficiency is crucial for maintaining clients in the modern business environment.

It facilitates recurring and mass payments. 

Skrill’s capability to process recurring payments is yet another plus.

Please note that I’m not talking about your utility bills. I’m talking about adult and gambling sites.

Imagine a scenario in which you need to make multiple separate but similar payments to several people.

It’s possible they’re freelancers, workers, or suppliers.

You have the option of sending each payment separately or sending all of them at once using Skrill.

Related Reading: Personal Finance Rules – Get To Know Here.

Skrill Alternatives 

skrill alternatives

At this point, you’ve probably decided whether you’re going to try out Skrill or not.

If you find that it won’t address your needs, here are some alternatives for you to consider.


This is the big one. These days, it’s hard to find someone who hasn’t heard of or isn’t using PayPal

Upon its inception, the company pioneered progressive changes in the financial sector and the way consumers conduct online banking.

Millions of clients in more than 150 countries and regions use PayPal as an alternative to Skrill.

It can integrate with a wide variety of popular payment gateways.

PayPal’s payment processing services have become widely used because of their reliability and security.

They issue prepaid Mastercards, a feature that is similar to Skrill. There are no yearly fees associated with this PayPal card.

If you don’t have a bank account or don’t want to have one, PayPal is a great option for making online purchases. 

If a customer doesn’t have enough money in their PayPal account, they have the option of linking it to a debit or credit card for payments.

Although PayPal is a fantastic service, it may not be the best option for some businesses or individuals. 


Wise used to go by TransferWise.

This UK-based company was founded in 2011 and facilitates international payments through an online account that can be used to send and receive funds in a number of different currencies.

With a Wise debit card, you can buy things at millions of stores all over the world. 

With your account, you can send and receive funds in multiple currencies, making it ideal for international money transfers.

When compared to Skrill, Wise is a formidable rival.

With Wise, you won’t have to worry about paying exorbitant fees to make a foreign purchase or convert currency.

This is why a lot of individuals prefer it to other alternatives.

We use Wise to pay our team and have transferred $20,000 so far. Our experience has been awesome. Read my personal review of Wise here or watch the video below.


Revolut was founded in 2015 and has its base in the United Kingdom.

It is a private company with operations quite similar to Wise and Skrill. 

Funds can be transferred between customers who both have and do not have a Revolut account, as well as to and from traditional banking accounts.

With a Revolut card, you may shop online or in-store, use a virtual card, and even trade crypto.

The global business community and frequent fliers make up Revolut’s core demographic.

With the Revolut multi-currency card, you can make instant currency conversions and send money internationally at affordable fees.

The Revolut card can be used for both cash withdrawals at ATMs and regular purchases.

The Revolut app consolidates all of your financial services into one convenient location.

The Revolut app allows for direct currency transfers in 26 different currencies.


Payoneer entered the scene in 2005.

Their services include electronic payments, wire transfers, and access to working capital, and they are a worldwide MasterCard service provider.

Payoneer’s main goal is to make it easier for people and businesses to send and receive payments across borders, both domestically and internationally.

Merchant POS systems and payment gateways are not supported by Payoneer.

As a result, you can’t integrate it into your website as a payment option.

Their main service is an online payment system where people and groups may send and receive funds.

At the moment, Payoneer works with more than 150 different currencies across over 200 different countries.

Their debit card may also be used to make cash withdrawals.


N26’s alternative banking services are popular among a wide range of customers.

This internet bank is a recognized European financial institution. 

It’s easy to use and secure, and it offers many of the same features and protections as traditional banking apps. 

The N26 Mastercard can be used for account transfers, cash withdrawals, and balance top-ups.

It’s a great way to save money and time for frequent fliers who use its services. 

N26 caters to individuals and self-employed individuals who deal in multiple currencies or who travel frequently.

With N26, you won’t have to deal with any long forms or extra fees.


Monese offers a more convenient alternative to traditional banking with its digital banking app and card that can be used with a smartphone. 

It’s a convenient choice for regular travelers and anyone who need local bank accounts in multiple locations.

Payments made with a card or at an ATM are free of charge, which is a perk not provided by many traditional banks.

It’s very similar to other standard debit cards in functionality.

You can use it to shop at any store, withdraw money from any ATM, and make contactless payments. 

You may check your account balance, make changes to your profile, and add funds, all from the convenience of the app.

You may use Apple Pay and Google Pay with the Monese app.

Thanks to this function, you can use your phone to make contactless purchases. 

There is no predefined pricing structure for using Monese.

International wire transfers and currency exchanges are cheaper because of the interbank rate being used.


ZEN is an online financial technology firm and platform that is comparable to Skrill.

They’re working with MasterCard to offer digital banking services to businesses, independent contractors, and individuals. 

You may use the contactless payment card to make purchases online and in stores, and you can keep track of your finances and cash flow using this convenient set of tools.

ZEN issues MasterCard to its clients in both conventional and digital forms.

MasterCard’s tokenization technology then makes it possible to add those cards to Google Pay or Apple Pay wallets. Customers can confidently pay for purchases both in-store and online.

ZEN cards have access to perks like an extra year of manufacturer’s warranty and cash rebates.

ZEN can function as a money exchange service.

Account holders can make purchases in 30 different currencies without incurring any transaction fees.

When our electronics break down after the manufacturer’s warranty has expired, most of us expect to have to spend a lot of time and money fixing them. 

Products purchased with a ZEN MasterCard come with an additional year of warranty coverage.

Related Reading: CashApp vs. Venmo vs. Zelle – Read The Comparison Here.

What Is Skrill – FAQs 

Can you get your money back from Skrill? 

The majority of Skrill merchants do not offer refunds. Users are required to withdraw money using the same Skrill deposit.

However, users can try to obtain their money back from Skrill by getting in touch with a representative and explaining the situation.

Does it take long to transfer funds on Skrill? 

Most users vouch for Skrill’s transfer speed. Paying another Skrill user or sending money within the country via Skrill is almost instantaneous. 

However, this isn’t always the case, and it can change depending on the country and the time the payment is initiated.

Skrill Money Transfer (which is open to both new and existing clients) and Rapid Transfer financed bank transfers typically take two to three business days to complete.

If a transfer fails, Skrill will reimburse your money to your digital wallet within a couple of business days.

Finally, be aware that the maximum amount you can take out varies from country to country. But don’t worry. When making a transfer, you will be reminded of this info.

Is Skrill better than PayPal?

This is ultimately going to be your call. These institutions have been operating for quite some time, and throughout that time, they have amassed both favorable and negative feedback. 

They have both put a lot of resources into developing their offerings.
PayPal appears to have the upper hand in the breadth and depth of these improvements, especially when compared to Skrill’s noticeably slower and less efficient customer service. 

Still, this is a matter of preference.

Is Skrill PCI compliant? 

When you pay with Skrill, your information is encrypted to PCI-DSS Level 1 standards, the highest level possible. This makes it unreadable even if it is intercepted. 

Plus, all you need to use Skrill is an email account and password. Your credit card, bank information, and all your payment details are kept safe.

How does the Skrill Prepaid card work? 

To make in-store purchases using your Skrill account, all you need is a Skrill debit card.
The funds in your Skrill account are always available whenever you need them, thanks to the debit card that is linked to your Skrill account.

In contrast to the PayPal debit card, which requires funds to be transferred from a regular PayPal account, this is a significant step up. 
Skrill debit cards can be used in four different currencies (USD, GBP, EUR, and PLN), while PayPal only serves users in the US.

You’re still out of luck if you’re located outside of those currency zones, but it’s a lot more options than PayPal gives you.

Skrill debit cards can be used for bill payments without incurring any additional costs. A Skrill card can be used for everyday transactions without incurring the $5.69 cash withdrawal fee if you rarely use cash.

However, using Skrill for ATM withdrawals comes at a high cost. Withdrawal fees are $2.40 per transaction.

Related Reading: Transferring Money From Venmo To CashApp – Learn Here.

Final Thoughts 

When compared to PayPal, Skrill is typically seen as a weaker option.

PayPal’s larger user base and longer history of success suggest that it would be difficult for Skrill to break out of its competitor’s shadow. 

Skrill is a substantial and feature-rich service in its own right, so the comparison might be a disservice. 

What matters most is YOUR preferences in an electronic wallet and online payment service.

It costs nothing to create a Skrill account, so it’s worth considering if it would be useful for your personal or professional finances.

Disclosure: This article might contain affiliate links to the resources I refer to. It's at no cost to you, and it's how we pay the bills. Get more info here.

Brooks Conkle Banner Image
Brooks Conkle

Brooks is an entrepreneur, father, husband, & follower of the golden rule. He has over 15 years of experience as an entrepreneur after graduating with a Finance degree from Auburn University. Addicted to starting new business projects, he believes in creating multiple income streams and a life of flexibility. Business should work around your life, not the other way around. He creates content on his website, sharing his projects to help other hustlers in marketing, personal finance, and online business.