Skrill is an electronic payment option available to consumers for use as a digital wallet and instant funds transfer option. This company is the result of a rebranding of the former digital payment option Moneybookers, which changed its name in 2011. The service offered by Skrill is available in over 200 countries, and includes currency exchange services for international use.
What is a Skrill Account?
A Skrill account is a digital wallet that consumers can fund from their bank account, credit card or other local payment option. There are typically no fees for depositing funds into a Skrill account, unless the account is funded through the use of a credit card which requires a 1.8% – 1.9% fee. The benefit to consumers is that purchases and funding poker accounts is a simple use of a login and password. Merchants sign up to accept Skrill as a payment option in order to allow their customers the ease of using this payment method and to employ the security and anti-fraud measures supplied by Skrill’s structure.
Where is Skrill Available?
Skrill is available in over 200 countries worldwide. Over 135,000 merchants accept Skrill, and over 30 million consumers have opened Skrill accounts. While this service is legal for use by residents of the United States for shopping and other uses, legislation prevents it from being used as a poker funding source for U.S. players.
Setting up a Skrill Account
A Skrill account is established by filling out a form at the Skrill website. On the form, the account holder’s personal information is required. Later, if a player chooses to deposit and withdraw funds using their bank account, a verification process that involves a micro deposit or other verification method is required before those actions can take place.
How Do Skrill Poker Deposits Work?
When a player attempts to fund their poker play, various deposit options are available. The process is usually as simple as clicking on the “Skrill” options at a site which accepts Skrill. Then, if the player has money in their digital wallet, they can denote the size of their deposit, log into their Skrill account when prompted and authorize the payment. Withdrawing money from the site happens much the same way.
What Sites Accept Skrill?
Note: Even at sites that accept US players, Skrill cannot be used by citizens of the United States. Players from practically any other location can use Skrill to deposit at:
- Poker Stars
- 888 Poker
- Bet365 Poker
- Bovada
- Lock Poker
- Carbon Poker
- Switch Poker
Skrill Legalities
Since 2007, Skrill has been owned by Invest Corp. This is an investment corporation that specializes in alternative investment products for high net-worth clients. They are traded on the Bahrain Stock Exchange as ticker symbol INVCORP. They were the first electronic payment option to obtain a license from the UK’s Financial Conduct Authority.
Skrill Fees
For consumers, it is free to receive money via Skrill. Transferring money is subjected to a 1% fee, up to a maximum of $0.50 USD. Bank transfers are free in every locale. Credit card transfers vary from 1.80% to 1.90% depending on location and card provider. Certified check withdraws are subject to a $3.50 transaction fee. For merchant purchases and poker deposits, there is no fee.
Skrill vs. PayPal
While the usage is generally the same, Skrill has lower rates for money transfers, at 1% flat versus PayPal’s 0.5% – 2% sliding scale. Purchases are free with both. Credit card fees are 1.8% or 1.9% with Skrill, and 2.9% with PayPal.
Skrill vs. NETeller
Neteller’s use and structure are also similar. Credit card fees start the lowest, at 1.75%, but progress to 4.95%. Bank transfers and purchases are free. Bank transfers also carry a cost of $7.50, where Skrill and PayPal both have no associated fees.
