Founded in 2001 under the name of ‘Moneybookers’, Skrill is a leading electronic payment system based in the UK and as such is regulated by the Financial Services Authority (FSA). They offer a deposit and withdrawal system that is available in 200 countries and payments can be made in over 30 different currencies. Skrill is especially popular among players at online casinos; they have more clients than PayPal in some countries and have a worldwide client base.
Skrill provides you with an Internet banking service via an e-wallet. You’re able to transfer money from your bank account into your Skrill account and use it to make payments online.
There is also a Skrill MasterCard, which allows the use of transferred funds at physical points of sale.
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How does Skrill work?
e-Wallets offer faster transaction times than even conventional bank accounts and in recent years Skrill has emerged as the leader in the e-Wallet marketplace. There are several reasons for this, most notably their highly competitive rates for deposits and withdrawals.
To create an account, you only need a valid email address and when depositing funds or paying for goods, Skrill offers three solutions. Firstly a simple transfer which takes 2-3 days. Second a card deposit where the money is transferred instantly but there’s a charge of 1% and lastly a cheque, which can take up to 10 days for funds to clear.
Skrill: The pros and cons
Not a fan of Skrill? No worries! We have some alternative payment options for you to check out in the list directly below: