What is Skrill and how to use the service

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Freelancers are increasingly using Skrill to receive payments from abroad.

What is Skrill (Moneybookers until 2011) and how to use it.

More and more people are working remotely, performing work for foreign customers. The main problem that arises with this format of work is the withdrawal of money. Systems built inside freelance exchanges usually require a huge commission, and PayPal does not fully work.

Recently, more and more often, freelancers use the Skrill system formerly known as Moneybookers to receive payment from abroad. The PaySpace Magazine editors figured out the advantages and disadvantages of Skrill, as well as how to withdraw money from Skrill.

What is Skrill​

Skrill (until 2011 it was called Moneybookers) is one of the three most popular electronic international payment systems in the world, along with PayPal and Payoneer. Moneybookers was founded on June 18, 2001 in London and has expanded its presence to 185 countries since its inception. In addition, Skrill currently supports over 33 currencies.

Skrill customers are provided with ways to send money using their credit or debit payment card and bank account in most of the OECD countries.

What is Skrill (Moneybookers).
Clients can receive and withdraw funds using a bank check, cross-border SWIFT transfer, as well as a VISA payment card. Skrill's fees for personal account customers are minimal. If we talk about business accounts, then in this case there is a Skrill commission.

Skrill registration​

Before we start talking about how to withdraw money, let's talk about the S krill registration process .

Skrill registration.

Now the Skrill registration process has been simplified as much as possible. If earlier it was necessary to fill in a huge amount of information about yourself and payment data, now registration takes place on one page. You will be required to enter:

1. Name
2. Surname
3. Email
4. Confirm that you are not a robot

After these data are entered and confirmed, you will be redirected to your personal account, where you will need to enter your data to withdraw funds.

How to withdraw money from Skrill​

First of all, click on "Funding" and select your country and currency. We advise you to choose the euro as it is the main currency in the system. Choosing the euro as the main currency will help avoid double conversions when withdrawing money from Skrill.

Withdraw money from Skrill.

Next, you need to choose a convenient option for withdrawing, replenishing or sending money.

• Options for withdrawing the required amount from Skrill:

1. To a bank account
2. To a credit or debit card of the VISA payment system
3. Swift payment

• Options recharge Skrill products:

1. using a bank account
2. Swift payment
3. using a Visa bank card
4. using a bank card Mastercard
5. using Bitcoin
6. using Neteller

• Options for sending funds from Skrill:

Sending funds with Skrill

Skrill fees, rates and limits​

The system does not charge any fees for registering and receiving payments. Working with an account is also free, provided that at least one payment is made in 12 months. Otherwise, you will have to pay 3 euros per month.

The commission for depositing and withdrawing funds from an account directly depends on the method of making a transaction.

Refill:

Method	Commission	Time
Manual bank transfer	1%	2 to 5 days
Credit and Debit Card (Visa and MasterCard)	1%	Instantly
NETELLER	1%	Instantly
Bitcoin & Bitcoin Cash	1%	Instantly

Withdraw funds:

• via bank account, Swift payment - 5.5 euros
• using a bank card - 7.5%

Sending to a payment card - 1.45% (not less than 0.5 euros)

Currency conversion fee - 3.99%

There is no commission for transactions within the system.

How to become a Skrill VIP​

Most of the above fees can be avoided (or at least reduced) by VIP users.

You can only get premium status from the system itself. To do this, you need to make transactions for a certain amount per quarter:

• from 6 thousand euros for Bronze status
• from 15 thousand euros for Silver status
• from 45 thousand euros for Gold status
• from 90 thousand euros for Platinum status

The commission for VIP-clients is much lower, or none at all:

Commission when sending funds	1.45% (at least 0.5 EUR)	Absent	Absent	Absent
Limited collection for sending funds	Not limited	No	No	No
Commission for withdrawing funds to a bank account	5.5 EUR	Absent	Absent	Absent
Currency exchange commission	3.79%	2.89%	2.59%	1.99%

In addition, clients of the VIP segment have the opportunity to receive a Skrill Mastercard. Moreover, the card is physical, with branding from the Skrill system itself.

Skrill security​

To ensure a high level of security for its customers, Skrill enforces limits on the maximum transfer amount from a user's account as standard, and also requests identity verification before using Skrill. The latter is intended to minimize the possibility of cyber fraud, as well as become a preventive measure for those who want to launder money.

In addition, if the total amount of transfers from the user's account needs to be greatly increased (or even completely removed from the limit) for a certain period, then the Skrill system will require additional confirmations. Among which can be used:

• incoming and outgoing bank transfers
• copy of the passport
• a copy of utility bills, where the address must be present, as well as the last name, first name and patronymic
• conducting a test payment from a card

An important point to focus on is that Skrill rarely becomes a party to financial disputes, which severely limits card chargebacks.

Skrill (Moneybookers) security.
Let's note the fact that Skrill is one of those systems that are allowed on eBay. Skrill recently added cryptocurrency support.

The pros and cons of the Skrill system​

To understand if this system is right for you, let's summarize everything, highlighting its main disadvantages and advantages.

Pros:

1. Easy registration process
2. Easy to understand interface
3. Availability of applications for the most popular mobile operating systems
4. High threshold for withdrawing funds (up to $ 25 thousand per month), no minimum threshold
5. No need to provide the recipient with personal data
6. 24/7 customer support
7. Convenient FAQ section

Minuses:

1. Quite large commissions if you do not have a VIP account
2. Separate fee if you do not use the system for a long time
3. Long verification process