Can We Transfer Money From Skrill To Bank Account

Skrill Review: Money Transfer Fees, Safety, Alternatives, and Monito's Verdict

Oct 27, 2021

Skrill is a good international money transfer service (8.4/10), often recommended by Monito's experts. By offering competitive fees and exchange rates (8.4/10) on a versatile mobile wallet that's fast and easy to use for international money transfers (8/10), Skrill is widely liked by its customers (9.2/10) who frequently praise it for its fast transfers and competitive fees and exchange rates. As a company, Skrill is a well-established and trustworthy player in the industry (7.8/10), with around a million users and transacting around US$1 billion every year.

What Monito Likes About Skrill

Very competitive fees and exchange rates;
Transfers are secure, fast, and convenient;
A much-loved service with excellent customer reviews on Trustpilot;
An impressive number of countries and currencies are supported;
International transfers are available using debit and credit cards.

What Monito Dislikes About Skrill

The number of currencies available varies by sending country;
Money can only be sent to a bank account or a mobile wallet;
Fees are levied through a nontransparent exchange rate margin.

Who Is Skrill For?

Skrill is for pretty much anybody looking for a flexible and accessible way to transfer overseas. Opening a new mobile wallet is possible in most countries throughout the world (with notable exceptions being Japan and Turkey), from which money transfers are supported to as many as 40 foreign currencies.

See How Skrill Stacks Up

8.4

Monito score

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9.5

Monito score

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9.0

Monito score

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8.5

Monito score

8.0

Monito score

7.8

Monito score

How Monito Reviewed Skrill's Services

As with all services reviewed by Monito, Skrill underwent a rigorous evaluation to assess the quality of its service. To begin with, our experts opened a Skrill mobile wallet to test out its functionalities, including the ease of registration and speed of transferring money, which provided a well-rounded overview of the platform's strengths and limitations. Next, we weighed this score against several other key criteria, including customer reviews, percentage of fees constituted by exchange rate margins, pay-in options, access to customer service, and business and legal metrics such as volume transferred, appropriate authorization, and company size. Finally, we analyzed tens of thousand searches on Monito's comparison engine to determine how often Skrill was the cheapest service and how often it was competitive against its rivals over the past three months, giving a reliable overview of the service's pricing in relation to the market. As with all Monito Scores, Skrill's score was peer-reviewed by at least one Monito expert.

Background check

Owned by the publicly-traded Paysafe Ltd, Skrill is a well-established and widely-used money transfer operator duly authorised and regulated by the FCA in the UK and FinCEN in the US.

Security & reliability

Skrill's website and mobile app are fully secured and use top-notch security protocols, including segregated user accounts and HTTPS.

Company size

Since 2001, Skrill has grown to serve around a million customers globally, employ around 500 people, and handle up to US$1 billion in annual transactions.

Transparent pricing

1.0

All of Skrill's fees are buried away in hidden exchange rate margins, meaning that the company is far from transparent when it comes to pricing.

Opening an account

7.0

Opening a new mobile wallet with Skrill is a straightforward experience, made all the easier by a smooth and easy-to-use interface.

Making a transfer

9.0

Sending money overseas with Skrill (whether to a new or existing recipient) is a fast, simple, and clear process.

Contacting support

8.0

Getting help when needed is possible with Skrill through a 24/7 live chat, although phone support is lacking.

Fees & Exchange Rates

8.4

Transfers to a bank account

8.4

Skrill was the cheapest bank transfer option on nearly a third (29%) of Monito searches over the past three months and was competitive on more than half (55%).

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Customer Satisfaction

9.2

Customer review score

9.4

With 4.8 out of 5 stars on Trustpilot, it goes without saying that Skrill has made an overwhelmingly positive impression on its customers.

Number of positive reviews

9.0

Earning more than 6,700 four- and five-star reviews on Trustpilot, Skrill is much-loved in the eyes of its customers.

How Skrill Works

Step 01

Check Skrill's Rates

Use Monito's comparison engine to see how Skrill's fees and exchange rates weigh up against the rest and make sure that they're indeed the cheapest option for your international money transfer. There, you'll be able to discover both the cheapest ways to fund your transfer and have the money received.
Step 02

Create a Skrill Account

To create a new Skrill mobile wallet account, you'll need to sign up on the homepage or mobile app using your full name, country of residence, currency, and email address.
Step 03

Set Up a Transfer

Once your new account is opened, you'll need to set up a transfer, which you can do either by adding money into your Skrill wallet or by using the sending page directly. When you reach the sending page, you'll be able to specify whether you're sending money from the balance in your Skrill wallet, or withdrawing it from your bank account.
Step 04

Add a Beneficiary

In the next step, you'll be able to choose whether to send money to yourself or somebody else, after which you'll need to add their full name and banking details.
Final step

Review and Pay

In the final 'Transfer summary' tab, you'll be able to review your transfer, including your beneficiary's details, your payment method, the exchange rate, and the amount to be received. If all's in order, click the 'CONFIRM' button and make the payment using your debit card or whichever transfer method you may have chosen.

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Frequently Asked Questions About Skrill

Is Skrill the cheapest way to send money abroad? 💸

Skrill offers a cheap and transparent way to send money abroad, but it's only sometimes the cheapest service of all on any given search on Monito. We therefore recommend running a search on Monito's real-time comparison engine to compare all services and determine whether or not Skrill is indeed the cheapest available option to send money abroad.
How do I avoid Skrill's fees? 💵
While there's no way to avoid Skrill fees entirely, they can be kept to a minimum by doing the following:
- Compare Skrill fees and exchange rates with alternatives using Monito's real-time comparison engine;
- Avoid paying with a credit card if possible (Skrill or the card issuer may charge additional costs if you do);
- Always use Skrill's price estimator before continuing with your transaction to double-check you're happy with the transfer fees and exchange rates.
Are Skrill payments safe? 🔐

Yes, it most certainly is safe to make a payment with Skrill. Having been in business since 2001, Skrill is a fully authorized and regulated financial service provider supervised by various regulators around the world, including the FCA in the UK and FinCEN in the US. What's more, Skrill is also a part of Paysafe Ltd, a publicly-traded payments giant.
What are Skrill's fees for international money transfers? 🧾

The best option to check international money transfer fees is to use Monito's live comparison widget and discover if Skrill cost to send money abroad is the lowest available right now. The tool lets you quickly calculate how much you'll pay and shows you exactly how much the beneficiary will receive, based on the exchange rate offered by Skrill. Skrill fees vary depending on the amount you're sending, the countries that you're transferring money between, how you're paying for the transfer, and how the beneficiary is accessing the funds you're transferring.
What are Skrill's limits for international money transfers? 📊

Skrill has a number of daily, weekly, and monthly limits in place for transfers abroad. Maximum single transfers are US$1,000 for bank transfers and US$2,500 for credit card transfers and are limited to US$2,500 per day for both transfer methods. On a weekly basis, no more than US$2,500 and US$5,000 can be sent by bank transfer and credit card respectively, and on a monthly basis, this limit is US$4,500 and US$10,000 respectively.
Can Skrill be trusted? ✅

Yes, Skrill can most certainly be trusted. Having been in business since 2001, Skrill is a fully authorized and regulated financial service provider supervised by various regulators around the world, including the FCA in the UK and FinCEN in the US. What's more, Skrill is also a part of Paysafe Ltd, a publicly-traded payments giant.
Can Skrill send money to Payal? 📱

No, it's not possible to send money from Skrill directly to PayPal, as the two services aren't linked. To send money from Skrill to PayPal, you'll need to transfer the money via a common bank account; withdrawing funds from Skrill to your bank account and then transferring from there on to PayPal.
Does Skrill accept MasterCard payments? 💳

Yes, Skrill accepts MasterCard credit and debit cards as a pay-in method. However, you'll not be able to use your MasterCard to deposit money into your Skrill account (this can only be done using a bank account), only to fund an overseas money transfer through Skrill.
Can Skrill work in Nigeria? 🌴

Yes, Skrill can indeed work in Nigeria, regardless of whether you're a Nigerian resident looking to open a Skrill mobile wallet account or you're living abroad and looking to send money into the country. (Take note that the latter can only be done using US dollars and no longer in Nigerian naira.)
Can Skrill be used in India? 🛕

Yes, Skrill can indeed be used in India, regardless of whether you're an Indian resident looking to open a Skrill mobile wallet account or you're living abroad and looking to send money into the country from overseas.
Can Skrill be used in Pakistan? 🕌

Yes, Skrill can indeed be used in Pakistan, regardless of whether you're a Pakistani resident looking to open a Skrill mobile wallet account or you're living abroad and looking to send money into the country from overseas.
Can Skrill be used in Ghana? 🐘

Yes, Skrill can indeed be used in Ghana, regardless of whether you're a Ghanaian resident looking to open a Skrill mobile wallet account or you're living abroad and looking to send money into the country from overseas.
What does it mean to transfer from Skrill to Skrill? 📲

Skrill allows you to send money from your Skrill wallet directly to another Skrill wallet, the so-called "Skrill to Skrill" service. All you need is the recipient's email address, and the money will be transferred instantly. However, the fees and exchange rates offered for the Skrill to Skrill service are extremely poor, and we cannot recommend it as a way to send money internationally.
What are Skrill's withdrawal times? 📆
Depending on your preferred withdrawal option, Skrill's processing times for withdrawals are as follows:
- Skrill Card withdrawals: Instant at ATM locations
- Bank wire withdrawals: Two to five business days
- Visa withdrawals: Up to seven days
Does Skrill accept payments from prepaid cards? 💳

Yes, Skrill accepts prepaid cards as a pay-in method. However, you'll not be able to use your prepaid card to deposit money into your Skrill account (this can only be done using a bank account), only to fund an overseas money transfer through Skrill.
How does Skrill's 'refer a friend' program work? 👥
Skrill offers a cash incentive for inviting other people to use the Skrill wallet. If you refer a friend to Skrill using the feature on the homepage or mobile wallet dashboard, Skrill will add 10% of the fees they generate from paying or sending money into your Skrill account for a whole year. There are two ways to share Skrill with your friends:
- Use your personalized invite link in My account › Settings › Referrals
- Select 'Use my referral ID for this payment' whenever you send a payment to a friend who doesn't have a Skrill account yet"