Skrill is an e-wallet that serves as an intermediary between your bank account and your online betting account for making deposits and receiving withdrawals while keeping your banking details private.
In many ways, Skrill is like PayPal in that it can be used to pay for purchases online and receive payments from others. The term e-wallet is descriptive because Skrill essentially functions as a digital wallet in which you can store funds in a secure account online.
Best Skrill Betting Sites
An account with Skrill provides a number of benefits to players. Most importantly, Skrill can be used to keep your private details safe. When you deposit with Skrill, your bank account or credit card information is never shared with your betting site.
This deposit method is especially handy for gamblers who like to bounce from one betting site to the next, but who are not comfortable sharing their banking details with so many sites. All deposits are made by first funding your Skrill account online, which in turn transfers the money to your betting site on your behalf.
However, Skrill comes with the major drawback of incredibly high fees. Using Skrill, you will be hit with percentage fees on the way in and a flat fee of $5.50 on the way out. There are many other deposit methods out there with much better free structures.
Additionally, strict deposit and withdrawal limits apply until you fully verify your identity. ID verification is not unique to Skrill, but this deposit method takes it to a whole new level by asking you to upload a picture of you holding your photo ID up next to your face at one point in the verification process.
These issues combine to make Skrill a more expensive and frustrating deposit method compared to other options. Skrill is safe and legitimate, but these drawbacks make other deposit methods much more preferable.
How Skrill Works
If you’re familiar with PayPal, you’ll have no problems adjusting to Skrill. Getting started involves signing up for an account at Skrill.com. Once you have a Skrill account, you can fund it with an electronic bank transfer, credit card, debit card, prepaid voucher or any number of other methods.
From there, you can transfer money to your betting site without sharing your personal payment details.
Here’s the step-by-step process:
- Log in to your online betting account
- Visit the cashier and select “Skrill” as your deposit method
- Log in to your Skrill account when prompted
- Choose an amount to deposit
- If you have a balance on Skrill, those funds will be used to complete the deposit
- If you do not have a balance, Skrill can be used to initiate an instant transfer while still protecting your banking details
- Your betting account will be funded instantly
A Little More About Skrill
Formerly known as Moneybookers, Skrill has been involved in online gambling for a very long time. Skrill (then Moneybookers) was founded in 2001, launched in 2002 and has been processing payments for betting sites ever since.
Although Skrill is fundamentally very similar to PayPal, it is not nearly as well-known here in the US despite its standing on the international stage. Skrill is headquartered in London and has traditionally focused the bulk of its efforts on European markets. More recently, Skrill has made moves into the US market and now serves as a payment method for a growing number of licensed gaming sites here at home.
One thing Skrill does differently than PayPal is to openly endorse its relationship with online betting. Whereas the PayPal website only mentions online gambling deep in its terms-and-conditions pages, Skrill warmly embraces gamblers and goes out of its way to explain why it believes it is the best payment method for online betting.
Moneybookers rebranded itself as Skrill in 2010 and has been running strong since. Today, Skrill employs roughly 500 people and maintains offices throughout Europe. Its US-facing office is located in Miami, Florida.
Skrill VIP Program
Skrill also stands apart from other deposit methods with a VIP program for frequent customers. If you tend to move money to and from various betting sites on a frequent basis, Skrill may be worth a look for this reason alone.
The Skrill VIP offers certain benefits to customers based on the amount of money passed through your Skrill wallet on a quarterly basis. As a European-focused company, Skrill bases VIP levels based on the dollar equivalent of euros transacted each quarter.
Bronze: Transact €6,000+ in a quarter
- Dedicated VIP support
- Send money fee: 1.45%
- Send money fee cap: no cap
- Bank withdrawal fee: $5.50
- Foreign exchange fee: 3.79% (normally 3.99%)
Silver: Transact €15,000+ in a quarter
- Priority bank uploads
- Dedicated VIP support
- Send money fee: $0
- Send money fee cap: $0
- Bank withdrawal fee: $0
- Foreign exchange fee: 2.89%
Gold: Transact €45,000+ in a quarter
- All Silver benefits
- Personal account manager
- Foreign exchange fee: 2.59%
Diamond: Transact €90,000+ in a quarter
- All gold benefits
- Foreign exchange fee: 1.99%
Skrill Advantages and Disadvantages
Skrill is quite an extensive deposit method with a separate account to manage, multiple funding options and uses that extend well beyond online gambling and therefore has a range of pros and cons that should be considered to decide if this is the right deposit method for you.
- Keep your banking details private: Deposits made with this method do not require you to divulge your credit card or bank account number to anyone other than Skrill itself.
- Fast deposits and withdrawals: Deposits made to Skrill are processed instantly and withdrawals via bank transfer are credited to your account within several days.
- Useful workaround for declined credit card deposits: Skrill can be funded with Visa and Mastercard, which makes it a useful workaround for declined credit card deposits related to any anti-gambling policies your bank may have in place.
- Fees galore: Skrill has perhaps the worst fee structure of any deposit method in the United States. Almost any other deposit method should be considered before Skrill if you like to keep as much of your own money as possible. You can read more about fees in the FAQ section below.
- Geared toward European users: Skrill is still very clearly a European-focused service. The entire help section, for example, provides tips and advice from a European perspective, which can be confusing when it comes to getting help. US users also miss out on extra features such as the Prepaid Skrill Mastercard, which is only available in Europe.
- Not widely accepted: Skrill is only accepted by a handful of US betting sites at this point.
- VIP program not actually all that useful: While some VIP program is better than no VIP program, this one isn’t anything to get too excited about. The reduced fees for bank withdrawals are nice, but other deposit methods offer free withdrawals for all customers regardless of frequency of use.
Frequently Asked Questions
Below are the answers to just some of the most frequently asked questions related to actually using Skrill on a daily basis. You can also visit the Skrill website for answers to even more questions.
What types of fees does Skrill charge?
Skrill charges fees for just about everything, including deposits and withdrawals.
- Bank transfer: 1%
- Visa and Master: 2.90%
- ACH transfer: 6%
- Bank transfer withdrawal: $5.50
What are the deposit and withdrawal limits?
Yes. Limits for depositing and withdrawing vary wildly depending on your verification level.
How can I increase my limits?
You can increase your deposit and withdrawal limits by moving through Skrill’s thorough identify verification process. Identity verification begins with you providing your name, address, date of birth and social security number.
After that, you can increase your verification level even further by providing answers to certain security questions, uploading a copy of your photo ID, providing proof of your address and even taking a picture of you holding your photo ID up next to your face.
How can I withdraw money from Skrill?
Skrill only offers bank transfer withdrawals at this time. European users can apply for a prepaid debit card linked to their Skrill accounts for ATM withdrawals, so that may be something that will be released in the US at some point.