Skrill is an online payment service that lets you make transactions and transfer money to a multitude of countries around the world. Founded in 2001, Skrill started out as a payment gateway that specialized in gambling but has since expanded its services to include an online service that lets you transfer money around the world, this service is called Skrill Money Transfer. As of 2015, Skrill belongs to the Paysafe Group.
With Skrill, you can send money internationally by funding the payment via a credit card, debit card, or bank transfer, it really depends on where you are located and the currency you are using. The person that receives the money has the option of either receiving the funds directly to their bank account or receiving the money into a mobile wallet (only available in a small number of countries).
As of the writing of this post, Skrill doesn’t charge any fees for a Skrill Money Transfer to a bank or to a mobile wallet overseas. Even if you decide to pay for the money transfer with a debit or credit card instead of using your bank account, Skrill will not apply any additional fees (if however, you are outside of the UK, your card issuer may charge you a foreign fee). For the time being, we cannot be sure of how long this no fees pricing will last.
Currently, Skrill offers the interbank baseline rate for its money transfer service. What this means is, that you get the real exchange rate with no hidden markups.
Depending on the payment method you chose and how the funds were delivered, sending money through Skrill Money Transfer is usually done on the same business day, but can also take up to 3-5 business days.
From over 1200 user reviews, Skrill Money Transfer has a very high TrustScore of 9.5/10, as of the time of writing. With 97% of customers rating the service as Great or Excellent, this is among the highest user scores I have seen for a money transfer service. The majority of customers praised Skrill’s extremely competitive fees and exchange rates, as well as the speed of the funds delivery. Of course, nothing is perfect so there are a few people that had frustrations with having to submit the documentation required to verify their identity for legal reasons.
To conclude, Skrill, when using Skrill Money Transfer, has very competitive fees and exchange rates, secure and fast transfers, and extremely positive reviews from its customers. On the negative side, it is only available in a limited number of countries and you can only send money to a bank account or a mobile wallet.