Pros and cons of using Skrill

What is Skrill

Skrill is an e-commerce business that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers.

It was originally founded as Moneybookers in 2001 and rebranded as Skrill in 2013. Users can send and receive payments, as well as hold balances in multiple currencies in their Skrill accounts.

In addition to personal use, it is also popular with small businesses and online merchants as a low-cost alternative to traditional payment methods.

Skrill was founded in 2001 under the name Moneybookers. It was originally created as a way for people to make secure online payments without having to give out their financial information.

In 2007, Moneybookers received a European banking license, which allowed it to offer additional services such as the ability to receive direct deposits and issue debit cards to its users. In 2013, the company rebranded as Skrill, and it has continued to expand its services and customer base since then.

Today, Skrill is used by millions of people around the world for a variety of purposes, including making online purchases, sending money to friends and family, and receiving payments for goods and services.

What are the pros and cons of using Skrill

Pros of using:

1. Low-cost international money transfers: Skrill often has lower fees than traditional money transfer services, particularly for international transactions.
2. Secure online payments: Skrill provides a secure way to make online payments without having to enter your financial information directly on the website you are making a payment to.
3. Convenience: it can be used from any device with an internet connection, and it offers a range of options for funding your account, including bank transfers, credit cards, and debit cards.
4. Wide acceptance: Skrill is accepted by many merchants and websites as a payment method, so it can be used for a variety of purposes.
5. Bonus programs: Skrill offers various bonus programs for its users, such as cashback on certain transactions and loyalty rewards.

Cons of using:

1. Fees: While Skrill’s fees are generally lower than those of other money transfer services, they can still add up, especially if you are making multiple small transactions.
2. Limited customer support: Some users have reported difficulty getting in touch with Skrill’s customer support team when they have had issues with their accounts.
3. Account restrictions: Skrill may place restrictions on your account if it detects unusual activity, which can be inconvenient and frustrating.
4. Limited availability: Skrill is not available in all countries, so it may not be a viable option for everyone.
5. Potential security concerns: While Skrill takes steps to protect its users’ information, there is always a risk of security breaches and fraud when using online payment services.

Is it safe to use Skrill

Overall, it is a safe and secure way to send and receive payments online. The company uses advanced encryption technologies to protect its users’ financial information, and it is regulated by the Financial Conduct Authority (FCA) in the UK.

However, it is important to note that no online payment service can completely eliminate the risk of fraud or security breaches. It is always a good idea to take steps to protect your own information, such as using strong, unique passwords and being cautious about sharing personal or financial information with unknown parties.

If you have concerns about the security of your Skrill account, you can contact the company’s customer support team for assistance. They should be able to help you resolve any issues and protect your account from unauthorized access.

Skrill fees

Yes, Skrill charges a fee for some of its services. The specific fees applicable to your account will depend on the type of transaction you are making and the status of your account.

Here are some examples of fees:

• Send money: Skrill charges a fee to send money to other Skrill users or to a bank account. Fees vary depending on the country you are sending money to and the method you use to finance the transfer.
• Receive money: it does not charge any fees for receiving money from another Skrill user. However, if you receive a payment from a merchant, the merchant may be charged a transaction fee.
• Currency conversion: Skrill charges a fee to convert funds between different currencies. The commission is usually calculated based on the average market exchange rate plus a markup.
• ATM withdrawals: it charges a fee for ATM withdrawals using a Skrill debit card. The fee varies depending on the country you are in and the ATM operator.
• Account maintenance: Skrill may charge you to maintain an inactive account (an account that has not been used for a certain period of time).

It’s important to note that Skrill’s fees can change over time, so it’s a good idea to check the company’s website or contact support for the most up-to-date information.

Can I buy crypto using Skrill

Yes, you can use Skrill to buy cryptocurrency. Skrill offers a service called Skrill Crypto, which allows users to buy and sell a range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

To use Skrill Crypto, you will need to have a Skrill account and complete the necessary verification steps. Once your account is set up, you can fund it using a variety of methods, including bank transfers, credit and debit cards, and other e-wallets. You can then use your Skrill balance to buy cryptocurrency directly from the Skrill platform.

Skrill currently offers the following cryptocurrencies for purchase:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)

Please note that the availability of specific cryptocurrencies may vary depending on your location and other factors. It is also possible that Skrill may add or remove cryptocurrencies from its platform in the future.

You should check the Skrill website or contact customer support for the most up-to-date information about which cryptocurrencies are available for purchase through Skrill.

Can I exchange currency with Skrill

Yes, Skrill offers a currency exchange service that allows you to convert funds between different currencies. When you use Skrill to exchange currency, you can typically do so at competitive rates and with low fees.

To use Skrill’s currency exchange service, you will need to have a account and have funds available in the account. You can then use the Skrill website or app to exchange your funds from one currency to another. Skrill supports a wide range of currencies, so you should be able to find the currencies you need.

It is important to note that Skrill’s currency exchange service is not available in all countries. In addition, the fees and exchange rates for currency conversions may vary depending on market conditions and other factors.

You should review the terms and conditions of the Skrill currency exchange service before using it to ensure that it meets your needs.