Really, how does Skrill work? This post covers everything about Skrill Payment, Skrill account, Wallet, etc.
A lot of us have concerns about our safety and privacy when sending and receiving funds across the internet it is often never advisable to use your personal account details and information across the web because you can be easily scammed.
Whether you wish to make payments for goods and services, send money over the internet or get done with any other services. There are only very few applications and websites that give you an advanced form of security enhancing your experience positively on the web. with the Skrill account, you can have even more efficient transactions over the internet, here is how Skrill works.
How does Skrill work?
Skrill is a payment provider that allows you to easily send funds, pay bills and so much more from your credit card, debit card, bank transfer or Skrill e-wallet account without sharing your account details.
You can use Skrill for either one-off payments or you can make your payments into an Auto-recharge feature ensuring that the service is paid for at this appropriate time without so much as opening the platform.
Related: Top 10 Best Ways To Send Money Online
How to open a Skrill account.
Your Skrill account works just like your bank account, only it is easier to use and electronic. All you need do is visit the Skrill Signup page, fill out all your required information and then you are good to go. The next thing you will have to do is transfer the funds using a credit card, debit card or any other means from your local bank account to your designated Skrill e-wallet.
From then you can now make payments over the internet with ease.
The Skrill platform is also available on your Android and iOS devices.
Why use Skrill.
Using Skrill in making your transfers, can be quite easy but there are features you should pay very close attention to, the most important is it’s transfers and exchange rates, you have to be quite sure it is not too expensive for you, if not you may have to choose other more affordable options.
Skrill transfer fees and exchange rates:
Upload fees: To make transfers, you will need to first upload to your Skills e-wallet, there are many ways to do this and the only free option is by using your bank account or Maestro debit card. To make uploads through other means from your bank account may require fees such as
- Rapid : 0.5%
- Bitcoin: 1.0%
- Sofort: 1.5%
- Neteller: 3%
- Diners Club, JCB, MasterCard and Visa: 1.90%
- American Express: 2.5%
- Paysafe: 7%
Transfer fees: After, the upload fee, for every transfer you make, Skrill will take 1.9% of the amount you send up to a maximum of €20 or equivalent.
Conversion fees: When you do send money to another currency, Skrill converts the money for you, while taking about 3.99% margin on top of their wholesale exchange rates.
Withdraw fees: If you wish to make a withdrawal from Skrill, you will have to pay a flat fee of €5.5 or equivalent.
Related: How to Send Money via Western Union
Pros and Cons of using Skrill.
Pros:
- Easy Setup: Creating your account on Skrill can take as little as five minutes, making transactions via this platform is even easier.
- High transfer limits: With just a verified ID and payment authentication, you can send up to $25,000 a month
- No minimum withdrawals: Even your little funds can be easily withdrawn, there is no limitation on the lowest amount you can withdraw.
Cons:
- High fees: The exchange rates and transfer fees when sending money internationally can be quite expensive at about 3.99% which is more than other money transfer platforms.
- May require a bit more process: When you wish to make transfers on a huge scale internationally, you might need a government-issued ID, without it you may not have access to its unlimited transaction feature.
Other Services:
Apart from serving as a money transfer service, Skrill also operates the sports gambling and betting site called SkrillShowcase, therefore if you do love the game of betting on sports and games, you can take your online transactions even a step further.
Skrill offers money transfers with no minimum withdrawals as well as and maximum on transfers. If you can cope with the higher fees then this platform might be your right choice. I do hope you found this article worthwhile. If you do need more information, place a comment below.
