Skrill: payment system detailed review

Today we’re going to outline all possible qualities and shortcomings of the well-established payment system - Skrill.

Overview

Skrill gives you a possibility to send and receive money using only email addresses. The company was established on 18 June, 2001 in London and was called Moneybookers until 2011.

At the moment it belongs to the Paysafe Group and is one of the most popular payment systems along with PayPal, Payoneer, and Payeer. Skrill is supported in 180+ countries and transactions through the system are executed in 40 currencies.

Registration

Merely a few clicks separate you from the successful sign-up - it’s pretty easy and completely free. Just perform the following steps:

• go to skrill.com and press “Register”;
• enter the information required (full name, email, password). Also select your country and currency;
• specify your date of birth, country, mailing address (in Latin), and postcode;
• enter your phone number and press “Open an account”.

It is worth mentioning that true personal information is a must. The information you provided would be verified in different ways which we will elaborate on further. The verification is carried out to make sure you’re a real person and indicate your personal information correctly.

Take our advice and open the Skrill account in euro since it’s a universal currency, which is accepted in most bookmaker offices. This way you won’t have to spend extra money on conversion.

When the whole procedure is over, you are assigned an ID and your account is activated. Please be advised that you cannot change the currency after the registration.

Deposit / withdrawal

Skrill provides different deposit / withdrawal options and commission depending on your location. For example, these are the following deposit options for UK:

• bank transfer and Boku (1% commission);
• JCB, American Express, Visa/MasterCard (2.5% commission).

Withdrawal options:

• bank transfer - 2.5%
• Visa - 7.5%
• MasterCard - 4.99%
• Neteller - 2.5%

Referring to transfers within the system, the commission of 1.45% would be charged for each transaction.

How to join a VIP club?

Each Skrill user can obtain one of the three VIP statuses: Silver, Gold, and Diamond. The status depends on the transaction amounts for the specific quarter of the current year.

To gain the Silver status one should transfer no less than €15 000 per quarter, Gold - €45 000, and Diamond - €90 000.

reasonable question comes up - what the VIP status gives you? It gives more favourable terms for transaction / withdrawal and deposit, opportunity to open multi-currency account and other benefits. More on Skrill VIP statuses here.

Account verification

The overall limit of €2500 and €1000 on transactions (or any other currency equivalent) is established for your account right after the registration.

It’s possible to raise the transaction limit by undergoing verification which consists of several stages and includes proof of identity (uploading of documents), home address and credit card verification.

Available verification methods:

• in the mobile application for Android and iOS;
• in your profile using a webcam;
• uploading photos and copies of the necessary documents in your profile.

Considering the fact that one won’t be able to work long with the preset limits, verification appears to be a required step to be taken.

Advantages and drawbacks

Skrill clients, including professional gamblers, choose this payment system for the following reasons:

1. availability in most bookmaker offices;
2. safe payments without providing personal information;
3. high limits on withdrawal and transactions upon verification;
4. no minimum amount to be withdrawn;
5. simple registration;
6. mobile application availability.

The drawbacks include:

1. verification required;
2. slow technical support.

Bottom line

So far, Skrill payment system is actively used by professional gamblers in most of European countries for one major reason - almost all bookmakers and online casinos provide it for deposit \ withdrawal.

Those who dispose small amounts and use Visa/MasterCard for withdrawal, appreciate this payment system the most. Skrill is also available among the payment methods on our website.