Since its launch, Skrill has expanded to operate in more than 120 countries, with the digital wallet offered in 40 different currencies. Customers can upload money to their Skrill wallet using various payment options, including card, bank transfer, and several alternative payment methods. The funds can then be used to pay merchants, other Skrill users or transferred into cryptocurrency.
Skrill also offers cross-border payments via its remittance service, Skrill Money Transfer. The service enables customers to send money to a bank account overseas using their bank card. In 2015, Skrill was acquired by the Paysafe Group and former competitor Neteller and prepaid payment provider Paysafecard.
Skrill holds several licenses enabling it to offer its services in Europe and globally. Skrill is operated by Paysafe Payment Solutions Limited, a company incorporated in Ireland and regulated by the Central Bank of Ireland for its European regulated activities. Skrill’s activities outside of the European Economic Area are operated by Skrill Limited – a company incorporated in the United Kingdom and regulated by the Financial Conduct Authority.
First, let me give you a quick overview of Skrill.
Skrill is an internet payment processor, similar to PayPal. When it was originally founded in the UK in 2001, it was called Moneybookers. Originally, the company focused on gambling and e-sports transactions.
Can you guess how much the company grew in just 8 years?
By 2009, Moneybookers was worth £365 million, and they announced that they would be offering services to all customers and businesses, not just gambling and e-sports.
In 2011, the company announced that it would be rebranding itself as Skrill. I could not find the exact reason for their rebranding.
In 2013, the newly-rebranded Skrill purchased Paysafecard, an Australian prepaid card program, and was acquired by CVC Capital Partners. In 2015, they merged with Neteller, one of their largest competitors.
So how many currencies can you use on Skrill?
Skrill currently accepts payments in over 40 world currencies. I was also amazed to learn that they also accept transactions in cryptocurrency.
It gets better.
Skrill also issues a debit card that can be linked to your account. These cards can be issued in four currencies: British Pounds, US Dollars, Euros, and Polish Zloty.
Before talking about Skrill’s features, let me tell you what I’ve learned about the company.
From the day it was founded, Skrill has been registered with the UK’s Financial Conduct Authority. Their stock is traded on the FTSE 250.
They also have a European e-Money license which allows them to operate everywhere in the world outside the US. In the US, they’re licensed in all 50 states.
If you regularly send out mass payments, Skrill is extremely convenient.
Suppose you need to send several identical payments to different people. They may be contractors, employees, or vendors.
You can either send several payments individually or use Skrill to send a whole batch of payments at once.
Skrill is a legitimate business.
Skrill has to comply with US, UK, and EU financial regulations, so they have stringent standards for identity verification. Skrill also uses 128-bit encryption and required users to utilize 2-factor authentication whenever they log in to the site.
Their security policies are stronger than PayPal
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Every country can use Skrill, except countries that have been sanctioned by the World Bank or the UN.
ATM withdrawals: they charge a $2.40 fee
This is Skrill
So nice
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