In addition to Skrill’s currency conversion fee, you’ll pay a transfer fee that’s equal to 1.9% of your total transaction amount, capped at $20. Skrill automatically deducts these fees from the amount your friend or family member receives on the their end. You’ll also pay to withdraw money from your account.
1.9% transaction fee
3.99% currency conversion fee
up to 7.5% withdraw fee (varies by payment method)
For example, if you’re transferring $1,000 from your Skrill account to a friend in the UK, Skrill will deduct a transaction fee of 1.9% ($19), along with a 3.99% ($39.90) currency conversion fee. Your friend will receive $941.10.
There are also fees for loading funds to your Skrill account. The price depends on the method you use:
Bank transfer: Free
ACH: 6%
Credit card: 2.9%
PaySafe card: 7.5%
Exchange rates
Skrill’s exchange rates can be higher than competing services. It adds 3.99% to what it calls “Skrill’s wholesale exchange rate.” For comparison, TransferWise offers the mid-market rate for most international transfers, and PayPal typically charges fees of up to 2.5% above mid-market rate.
What types of transfers does Skrill support?
Skrill offers one-off transfers. You have options for loading the funds to your Skrill wallet and withdrawing the money, including:
Upload methods. Load your Skrill wallet with funds directly from your bank account, a credit or debit card, a SWIFT account or another digital wallet.
Withdraw methods. Your recipient can withdraw funds from a Skrill wallet to a bank account via wire transfer, a credit card balance or SWIFT account, depending on their location.
Minimum and maximum transfer amounts
Skrill does not have a minimum transfer amount. Maximum transfer amounts can vary between $135 and $25,000 a month, depending on the verification of your account. You can usually verify your account instantly with your Social Security Number.
Pros and cons
Pros
Intuitive system. Skrill is a simple platform that’s easy for people new to money transfers.
Services many countries. Though it’s not available in all countries, Skrill offers its transfers worldwide.
High limits. With no transfer minimum and up to a $25,000 maximum, few can beat the range of freedom offered by Skrill.
Cons
High fees. Convenience comes at a price, with lots of fees, including a currency conversion fee of 3.99%, which is higher than many other online transfer services.
Potential inactivity fee. If you don’t use or log in to Skrill at least annually, you’ll be charged a monthly 2 euro (roughly $2) fee until you do so.
Requires government-issued ID. This requirement could deter users without one.
How do I send money through Skrill?
Sending money through Skrill is fast and easy. You will first need to sign up for a free Skrill account before loading funds into your wallet. To sign up for an account, you will provide:
Your full name and personal contact information, including your phone number and email address.
Your Social Security Number or photo ID and proof of residence.
You can start transfers after you’ve created your account.
Confirm your email address and identity by entering your Social Security Number.
Enter banking or credit card information.
Deposit funds into your Skrill account.
Track the progress of your initial deposit and any money transfers through your Skrill account.
Your recipient will typically receive your funds in 2 to 5 business days.