Skrill – Is it the most trusted International Money Transfer Company?

Moneybooker/Skrill is an outstanding online payment option to send and revive money across the border. Its unique features, mobile apps and security make it one of the most popular international money transfer company.

0
1061
Moneybooker Skrill - Money Transfer Company review by eCompareFX

Overview of Moneybooker/Skrill:

The company Moneybooker or Skrill as it is popularly known happens to be the PayPal alternative that most folks look up to – considering those who have experienced certain dissatisfaction using PayPal. Moneybooker/Skrill operates as a digital wallet and also serves as a merchant processing service provider- making it a huge global money transfer company. It is a business owned by Paysafe Group, same group that’s behind PaySafeCard and Neteller.

Skrill was founded in 2001 in the United Kingdom, and was at first known as Moneybookers. When it started out then, it was simply a means for individuals to move cash for gambling or for placing bets online; but today it has slowly extended its services, making it a robust alternative for others like PayPal. It has gone beyond a provider for just placing bets online and has become a full-wedged digital wallet for consumers, while also providing multiple suites of merchant services. While its activities grew, it relocated to the United States from Europe and as of today has over 20 million end-users.

Products & Services:

Skrill Digital Wallet service: With Skrill serving as digital wallet, end-users can easily load cash onto it and then spend it wherever that accepts its payments. Users can send money to one another but at a transaction fee of 1.9%, up to $20. While sending cash to friends and family is majorly free with other global money transfer companies, users of Skrill have this to contend with.

Skrill Merchant Services: Skrill offers business and merchant accounts, and each one has its own explicit use.

Moneybooker/Skrill does support:

  • Wallet payments: With Skrill, merchants are permitted to accept payments from their customers using the digital wallet service.
  • Hosted payments: The hosted payment solution is designed for customers that do not own a Skrill account. As a merchant, once a consumer checks out on your website, they will be redirected straight to the Skrill web portal where they can complete their transaction, just precisely how PayPal functions. It also allows you to enable an Iframe with which you can accept payments via Skrill as your customers stay-put on your home page.
  • Bulk payments: If you require sending cash to a large volume of individuals all at the same time, Skrill/Moneybooker has you covered with its bulk/mass payment feature and services.
  • Recurring payments: Skrill offers you this and it is outstanding for subscription & membership possibilities.
  • Shopping cart usage: As a merchant, you can opt to integrate with a wide range of shopping carts. Among these are shopping carts like BigCommerce, Shopify, Volusion, OpenCart, etc.

Note that Skrill is fully PCI compliant and as a merchant that won’t be hosting his own payment page, you do not have to bother about this.

Thinking about the sorts of services Skrill accepts or rejects; note that just as PayPal – there is a huge list of businesses that they don’t serve. This means before engaging with this global money transfer company, you have to ensure yours is not on this list of non-serving businesses. To find out about this, you can check out Section 9 of the Skrill TOS – terms and conditions – before signing up with them.

Skrill Fees & Rates:

Just as highlighted at the start of this content review, the transaction fee for sending money with Skrill is 1.9%.

For other digital wallet fees, the following is what to expect with consumers paying to utilize Skrill services:

To add funds to SkrillTo withdraw funds from SkrillTo send/receive fund within Skrill
  • ACH transfers: $0
  • Visa & Mastercard: 2.9%
  • Paysafe Card: 7%
  • Withdrawal fee: $5.50
  • To send cash – 1.9 percent (capped at $20)
  • To receive fund – this is Free

Note also that Skrill has its customized debit card that users can utilize to spend their Skrill balance, however this isn’t available in the United States.

Skrill contract and cancellation fee:

As a pay-as-you-go service provider in the most part of its service provision, merchants are expected to pay per-transaction fees & probably a gateway fee. Should you wish to stop using Moneybooker/Skrill – make sure you close your account, or else Skrill will keep charging you an inactivity fee of $2.99 every month.

Skrill Customer Service & Support:

The way customers are treated is paramount when evaluating a global money transfer company or any other financial service provider. With regards to Skrill, the company is known to offer their end-users the support they require 24/7. Skrill has trained customer reps that speak 12 different languages, meaning customers will be attended to irrespective of what country they are located. Moneybooker/Skrill’s help center provides you a “Contact Us” page which is available for reaching out to Skrill via phone call or email. With the email form option, this is cool for prospective customers or users, and is also great for individuals that have been locked out of their accounts for whatever purpose.

Within the United States, Skrill offers 24/7 phone support and this is quite commendable. In comparison, PayPal offers lengthy hours of phone support, though not 24/7.

Skrill also operates a social media Twitter account dedicated wholly to customer support and you can get this @Ask_Skrill. From experience, the team here can be said to be responsive!

Moneybooker/Skrill Security:

Skrill has high priority when it has to do with their end-users capacity to receiving and transferring funds securely. With this, the company places top security measures on ground to ensure every customer is satisfied with their money transactions. Skrill updates their payment systems regularly as this helps them to block any potential threats that may rare up ugly heads. It also utilizes the best and highest security encryption technology available to ensure their customers enjoy good & safe transaction experience.

The following are basic ways in which Skrill works to ensure customers’ transfers are secure:

  • Skrill requires that end-users scan their international passport or some other form of ID, and also show proof of location address in the case that a customer reaches a certain transaction limit.
  • The company also requires an end-user to provide detailed account verification exercise before funds are released.
  • And lastly – cash deposits aren’t allowed in the system.

Overall Benefits of Using Moneybooker/Skrill

Skrill is completely free to sign up and once signed up – you can quickly create your individual digital wallet that empowers you to send and receive money. Skrill services function in real-time, meaning you won’t have to wait too long before you see your funds in your account. And then – as soon as fund has been sent – it will be instantly transferred to the desired destination. Nonetheless, – in certain cases, there may be some little delays when withdrawing funds from local banks especially during the holiday periods and weekends. With about 40 currencies or more as supported by Skrill, you can take full advantage of the flexibility of utilizing USD, CAD, AUD, NOK, DKK, etc.

Moneybooker/Skrill Prepaid MasterCard

Skrill prepaid MasterCard is quite outstanding and offers users cool discount benefits. It also has 30% cash-back bonus with some of the most renowned brands. In case you are interested in any of Skrill cards and do sign up for one, you will get no cancellation/monthly fees, & you will not be charged additional fee for utilizing it overseas. The prepaid cards are available in 4 currencies: USD, EUR, GBP and PLN.

In conclusion Moneybooker/Skrill

Transfer Fees are fairly okay,

Security is outstanding

Customer Service is superb

Transfer Speed is okay

And the service is user-friendly.

Rate this post
Skrill Review
  • Security
  • User Friendliness
  • Fees & Rates
  • Network & Coverage
  • Customer Service
3.7

Summary

Moneybooker/Skrill is an outstanding online payment option and we are fully confident in recommending it to you with regards to security. Skrill can be said to be a cost-effective and secure means to send & receive funds without giving away your private data. For other awesome alternatives to Skrill, you can go through our general global money transfer payment reviews and comparison on this website.