Skrill Moneybookers logoThere are numerous online money payment systems today. While many are safe and secure, some of them are untrustworthy. You may use one reliably today, only for it to disappoint you the next time. Therefore, you have to do thorough homework before settling on one system. Alternatively, you could use a couple of Skrill alternatives for various money transfer needs.

Skrill online payment

Skrill Moneybookers is a payment system registered in the United Kingdom in July 27, 2001. The Financial Conduct Authority registered and authorized it under the Electronic Money Regulations 2011. It is permitted to issue electronic money transfer services in 40 different currencies.

The level of Skrill trustworthy is seen in its 36 million-customer base from over 200 countries around the world. In 2012, its revenue was € 200 million where it recorded £43 million Turnover, a 57% increase. At the same time, it registered a 37% increase in pretax profit at £19 million. The investors behind the company are CVC Capital Partners.

How it works

Skrill how it worksYou can make international money transfers using a Skrill prepaid MasterCard or using a simple pay and play function. The Skrill fees are 1% for all funds sent, capped at a maximum of 10 EUR. You can send cash via a number of channels – Visa, MasterCard, Skrill wire transfer, American Express, JCB, and Discover. Your recipient has to have a Skrill account to access the money. He can withdraw the cash straight from a local bank account or transfer it to a different bank account.

Skrill is it safe.

The payment system is only moderately safe it receives a poor rating of 1.5 at trustpilot.com. The poor rating can be attributed to persistent difficulties and delays. I have done a Skrill vs. PayPal analysis and realized that Skrill is actually better than PayPal.

Advantages

Skrill is not goodPerhaps the biggest advantage of using this service is that there is no Skrill withdrawal fee. Similarly, uploading funds into a Skrill account is free. However, the company imposes charges on some upload options.
Once you send money, it is transferred to its destination immediately. However, you may experience delays when withdrawing from a local bank account especially on weekends and holidays. You can take advantage of the fact that many leading currencies are supported. These include EUR, GBP, USD, AUD, CAD, CHF, DKK, HUF, NOK, SEK, PLN, and RON.

Disadvantages

Skrill hidden feesSadly, the company does not explain what the chargeable upload options are. Similarly, its website is silent on the minimum and maximum transferable amounts neither does it stipulate any fixed fee for small transfers.
There could be hidden charges in the exchange of cash from one currency to another. For example, the Skrill exchange rates of USD to EUR are 0.77142 while the rate for the same transfer is 0.798367 at Xe.com. While the rate of exchanging EUR to GBP is 0.772426 at Skrill, the rate for the same transfer is 0.799440 at Xe.com.

Skrill review

Apart from the fact that Skrill is better than PayPal, I did not come across other positive reviews. Many customers have complained of Skrill scams. In fact, out of the 255 reviews in Trustpilot, 81.5% of them were poor with final rating just 1.6 out of 10!

Skrill complaints

  1. “They let you upload funds while your account is locked… Which you only find out when trying to make a payment. They let you make a fool of yourself. They take extremely long in answering after you have provided the required details. Basically, they hold your money hostage and then refer to their disclaimers.”
  2. Complicated verification procedure. After some period of using Skrill, they requested additional verification and have frozen my account without any notice. It was ok for me to go through additional verification BUT their system is not working. I could not receive a verification code to my local bank, and their customer service was completely unresponsive. I have sent bunch of emails and requests, and it took them three months to resolve this. During all this time, my funds were frozen.
  3. Second thing is the hidden fees that they charge when you withdraw the funds. I had around 20$ of additional fees when making withdrawals that are not listed.

Conclusion

ConclusionWhile the hidden charges are a deterrent, the various options of sending money are a plus. In addition, you could be awarded 10% of the Skrill rates charged to a person whom you have referred. Skrill provides you with a unique referral code, which you give to your referred friend. However in general I can’t recommend this service.

Categories: Reviews

5 Responses so far.

  1. Absolutely agree.
    Fees are huge and service is poor.
    Scammers. Would not recommend to anybody. Stay away.

  2. Sajid says:

    Skrill.com is a fraud company. The rate of GBP to Pak rupee was 149 the day I transferred. At that day I transfer 48.89. They bloody stupid people gave me only 114.57 rate to Pak rupees. This is bloody bullshit. 35 rupee per GBP difference. I want to sue this company, but unfortunately I can’t do anything. Please guys please DO NOT EVEN THINK about using this flawless service and please spread this message. I am uploading this message everywhere as a revenge.

    I will be thankful

    Regards,

  3. Rajaguru Jayaraj says:

    Skrill is a cheating company. Thieves. Looters. They have stolen my money. 90% of the money was taken as hidden charges. Only I received 10% of my fund. No proper reply. Do not send money through skrill.

  4. Herb says:

    Definitely scammers, they say they only charge 1.9% but each transaction you do they charge on top of that they upcharge you on currency exchange.

    I paid $40 for sending only $315 which its totally ridiculous!

    Definitely RIPOFFS stay away from them.

  5. David says:

    Skrill.com is a very bad service. They can block your account any time and any day and they do not give even a single reason. They says that they reserve the right not to give any reason to any clients.

    They charge expensive fee on each and every transaction.

    Skrill.com customer support is very bad. A user only waste time if try to contact them via telephone or email support.

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