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Posted on: 10 February, 2021

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The Power of a Skrill Account

Skrill is one of the most trusted net wallets (digital wallets) in existence. A billion-dollar corporation backs your deposits for use online through Skrill with offices across the globe. Skrill began as a United Kingdom online payment option known as Moneybookers in 2001 and handles millions of transactions annually, much like a bank, without many of the institutional banking industry's formalities.

Banks are typically designated to accept deposits for clients while also offering that deposited money in the form of loans to other patrons. Net wallets are designed to facilitate online purchases and deposits and the movement of money from online buyers to sellers.

As the online industry has expanded, net wallets have grown to include a wide variety of money services such as transferring money to non-business entities (people) and actual debit cards and prepaid cards for use at traditional brick and mortar businesses. Those cards can now be used at ATMs in many countries. Your available services depend on your country of origin.

Skrill’s Online History

After its founding in 2001, Moneybookers was acquired by Investcorp in March of 2007. The company announced in 2011 that it would become known as Skrill and finished its rebranding two years later. Soon afterward, they completed an acquisition of the Austrian-based prepaid payment method paysafecard. Later in that hectic year, Skrill was purchased by CVC Capital Partners for €600 million, proving that net wallets and the Internet were more than big business.

Less than two years later, Skrill was acquired by the parent company of digital wallet rival Neteller, Optimal Payments, for €1.1 billion. The Skrill Group then acquired Ukash, a UK-based rival of paysafecard. Finally, in 2015, Optimal Payments took the new name of Paysafe.

Paysafe Payment Solutions Limited is based in Ireland and regulated by the Central Bank of Ireland's rules concerning its European activities. Outside the European financial climate, Skrill operates as Skrill Limited, and is regulated by the Financial Conduct Authority of the United Kingdom. Additional offices are worldwide, and the company boasts a payroll of over 500 employees who represent more than 30 nationalities.

Skrill now operates in over 120 countries and offers its digital wallet in 40 different currencies. Options for uploading money vary from standard bank transfers to credit and debit cards. An international money transfer service began in early 2018 and a crypto service (for those of you following the wide ride of Bitcoin) later that year. Money transfer services were expanded to US customers during the summer of 2020.

Skrill isn’t a credit card company, but like many such groups, they do offer a loyalty program designated Knect. Users get rewarded with points for a variety of services provided by Skrill.

The Paysafe Connection

Paysafe Group Limited (formerly known as Optimal Payments PLC) was based in the Isle of Man and listed on the London Stock Exchange and the FTSE 250 Index. It was sold (yes, again – it's a moneymaker) to a group made up of The Blackstone Group and CVC Capital Partners for £2.93 billion. The acquisition was approved on 22 November 2017 by the European Commission, making it the largest private equity takeover for a London-listed company in a decade. When Brexit happened, the company became Paysafe Payment Solutions based in Ireland.

Finally, in December 2020, there was an announcement that Paysafe would merge with Foley Trasimene Acquisition Corp in a transaction valued at US $9 billion. That value includes the expectation that Paysafe will process over $100 billion in payments during the calendar year of 2021 to generate $1.5 billion in revenue, much from the iGaming Industry. That number is bound to increase if regulations relax in the US.

What a Skrill Account Brings You

Aside from peace of mind and an easy way to move money, Skrill allows an easy setup for depositing your cash into multiple gaming websites. That, of course, gets you in on all the freebies and bonuses that casinos offer, from free sports wagers, free spins on slots, and bonus cash for deposits.

If you have a run of luck at your favorite online spot, you can withdraw your winnings (within the confines of the casinos' rules and regulations) back to your Skrill account. Those monies can be redeposited at other sites, spent on goods and services, and even withdrawn at local ATMs in many countries.

Skrill also comes with a loyalty program called Knect that rewards users with points for transactions – which may be exchanged for cash rewards.
Signing up for a Knect account is as easy as signing for your initial Skrill account.

Getting a Skrill Account

Obtaining a Skrill account is pretty simple, even if you are slightly old-fashioned and only have a financial relationship with your stodgy old bank in town with the marble columns. This is the 2020s, and things move pretty fast on the Internet – so get updated and stay connected! For those of you on the younger side of the age pool, you’ve got to be 18 to join.

To get started, click on the Register button you'll be on your way. Registration varies by location, but generally, you'll attach an email to your account, chose a username, and designate a password. Skrill will prompt you for several verification items, starting with a current photo ID. Verification increases your transaction limits offers all the benefits of a Skrill account.

The information you provide needs to match what you listed on your Skrill account! Most documentation can be uploaded to your account with a selfie or your computer's webcam. They are relatively stringent about their setup, but that's for your protection. You don't want anyone else to have a way to access your account or claim your cards/cash.

If they cannot geolocate you, there may be an option to submit an additional address verification with a utility bill, bank statement, or another document. The process can be rapid if you submit current information.

If you connect a bank account, you can make your first transfer immediately. Other options can be just as fast; some take longer. If you are a resident of an authorized European Economic Area (EEA) country, you should be able to get a Skrill card via mail.

Your account allows you to send and receive money online. The Skrill card allows you the same, all with just an email address and password. You'll benefit from a fast and inexpensive option to pay for goods and services, send funds to friends or relatives, make international transfers at local rates, earn rewards and get discounts with multiple retailers.

The Knect Program

With Knect, Skrill users earn rewards based on all transactions. Earnings per transaction can be as high as 1,000 points. Point of Sale and online Skrill Visa Prepaid card transactions all pay rewards except for ATM withdrawals.

1 Loyalty point is earned for each dollar/Euro/Pound etc., of the transaction, including transfers from merchants and transfers to merchants. Members may earn up to 500,000 points per year. Points are valid for 12 months from the time of reward. You may receive points for connections with friends and other promotions.

Knect reward points may be redeemed for cash, vouchers, and other prizes. Your current point total is available at your Knect Dashboard (click on redeem points to view balance) after logging into your account.

Last year, Vivaticket, a major integrated electronic ticketing company, announced a global partnership with Skrill. Vivaticket sells approximately 4 million tickets per year across 50 countries, so Skrill members can now purchase tickets for sporting events, major theatre productions and shows, and live entertainment and concerts.

Also, Vivaticket customers can now purchase tickets via Rapid Transfer using Skrill's Quick Checkout solution in 19 countries. It's a good partnership for members of both companies.

How Skrill Figures Fees

Skrill does make their profit from use and maintenance fees. However, as a buyer of goods, there are rarely any fees. Fortunately, should any action you take have a fee, you’ll see the cost associated with the transaction before accepting it. Charges depend on many factors and the merchant or person receiving the funds you wish to transfer. Most retail purchases have no fee. Most deposits from your Skrill wallet to online casino and bookmaker accounts likewise have no fees (the seller or provider pays the fee).

There are no fees for personal customers to deposit money into their accounts. You'll get all the money that is sent to you. Business accounts may have fees attached to transactions, including deposits.

To make Skrill Money Transfers, you can designate your bank account or use a credit or debit card. You may also use your paysafecash as a payment method, and your transfer will be made in your receiver's local currency.

A Skrill account isn't necessary to receive money. Unfortunately, Skrill isn't a bank, and as such, your Skrill balance must be kept separate from any transfers, so you must initiate a money transfer with “new” cash.

Skrill money transfers are free, but sending across borders into another country with different currency (Dollars to Pounds, Euro to Dollars, etc.), may incur fees for the exchange rate.

Skrill promises:

  • No fee for using your Skrill wallet online
  • No fee for receiving money from friends
  • No fee for uploading funds
  • No fee for eligible members to receive a Skrill Visa Prepaid Card
  • No fee for sending money via email or Skrill wallet
  • No fee for transferring money

Some members may be required to pay a $10 application fee for the Skrill Visa Prepaid Card. Additional fees include:

  • $10 Annual fee
  • $2.50 In and Out of Network ATM withdrawal fee
  • $2.50 International ATM Withdrawal
  • 3.99% transaction fee for currency conversion

Buy Crypto with Skrill

You may purchase many forms of Crypto coins with Skrill at the market price when you make your purchase. Coins currently supported include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and several others.

There are fees associated with your purchase, including a deposit fee for the fiat of zero to 1%; and an exchange fee of 1.5%. Check the fee notice, as some currencies can run as high as 5.5%.

Keep in mind that the Crypto buying/exchange fee is only for holding at Skrill, as you can’t withdraw them to a crypto wallet. You will need to do an exchange back to your currency – at the above fees. That means this service is useful only for parking your crypto and speculating.

The Skrill Security Promise

As a 20-year leader in online and international payment options, Skrill has worked long and hard to provide a safe environment for online use. Aside from the Central Bank of Ireland's rules and regulations, Skrill Limited is regulated by the Financial Conduct Authority of the United Kingdom. Skrill was the first e-money provider to be authorized by the FCA.

Skrill is registered with the US Treasury Department's FinCEN agency – the Financial Crimes Enforcement Network. That means Skrill USA, Inc, must adhere to a very structured and stringent series of regulations for payment services.

To reach those high levels, all Skrill transactions and website logins take the highest security precautions. Multiple layers of protection are in place at all times, and transmission information is encrypted with the highest standard of PCI-DDS to ensure complete privacy.

All account information, including login and transactions, are secured with Secure Socket Layer (SSL) technology that uses 128-bit high-security encryption certified by VeriSign.

Additional 2FA (two-factor authentication) is also employed. Google Authenticator links a cell phone to each Skrill account, and the designated login and password are verified along with an email response to transfer funds. Safety is paramount.

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