History of Skrill
Skrill’s existence began in London in 2001 with a focus towards the money transfer needs of the online gambling community. They began their operations under the name Moneybookers and rebranded with the name Skrill in 2013. Through their nearly two decades of providing money transfer services, Skrill has undergone the common pattern of mergers and ownership transfers that successful companies in any industry do.
Skrills history of corporate acquisitions has included being sold in 2007, 2009, and 2015, the latest of which was for a whopping sum of 1.1 billion euros. This sale brought Skrill under the corporate umbrella of Optimal Payments (now known as Paysafe Group), alongside a former rival in the electronic payment exchange industry, Neteller.
How does this payment method work?
Skrill functions largely the same way that any online bank does. Users can load funds into their Skrill account from either a bank account or a credit/debit card, then use that account to perform a variety of transactions anywhere that Skrill is accepted. This includes making payments or transferring funds from a Skrill account strictly online, but also allows users to obtain a prepaid debit card that can be used for purchases anywhere that Mastercard is accepted. The Skrill Mastercard debit card can also be used to withdraw cash from ATMs.
This type of payment method is particularly useful for funding online casino/betting accounts because some local banks are not permitted to perform such transactions. For Skrill users in a restrictive market like India, for example, Skrill serves as a workaround for the restrictions which have been placed on local banks. Even though those local banks are blocked from performing transactions to fund casino accounts, casino enthusiasts are still able to fund their Skrill accounts because they are not a casino site. And because Skrill’s operations are based elsewhere, in a jurisdiction that allows transactions with online casino sites, those transactions are completed without any issues.
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How can I register?
Registering as a Skrill user is as simple as it gets. A new user needs only to provide Skrill with their name, location, currency choice, and email address, then establish a password for their account. Once you have established your account, it’s just a matter of funding your Skrill wallet and then you’re ready to use Skrill to transfer funds into different currencies internationally, fund your online casino account at numerous sites, and pay for a multitude of goods and services online that accept Skrill as a payment method.
Skrill timelines vary greatly depending on what methods a user chooses. For example, let’s look at a Skrill user in India who wants to transfer funds to an online casino site such as JeetWin or ShowLion. This user can deposit funds from either their bank account or debit/credit card to their Skrill account. The credit/debit card deposit option will show their funds appearing immediately upon their next Skrill login, while the bank transfer option for that purpose will take between two and five business days to be completed.
Now that you have funded your Skrill account, you can use your Skrill login to transfer funds from your Skrill e-wallet to the gaming site of your choice. This funds transfer will happen instantly since Skrill maintains ongoing transfer relationships with all of the most popular sites, so you’ll be able to place bets at your favorite site immediately after initiating a transfer from your Skrill account to that casino/betting site.
Once you’ve gotten your fill of 3-card poker or baccarat and want to withdraw your winnings, how long do you have to wait? This, again, depends on the methods you choose. Since our example customer is in India, they can’t withdraw directly from the casino site to their bank account. They must instead route their funds through Skrill as explained above and those funds will be available in their Skrill account instantly, after accounting for any delays caused by the gaming site on the merchant end of the transaction.
Once your funds have reached your Skrill account on their way to your pocket, this is another step where you have multiple options with different timelines. If you use your Skrill login to withdraw funds to your bank account, it will take between one and five days to complete. On the shorter side of that timeline is the option to withdraw using your Skrill Prepaid Mastercard at an ATM and have funds in your hand immediately. Each choice available at each step of the transaction (deposit, send, receive, and withdraw) comes with different timelines and different fees, so it is important for new Skrill users to find the methods for each step that work best for them.
Skrill is certainly not running a charity and many of the money transfer options for Skrill users come with fees. These fees can be broken down into two types: a percentage of the transaction being performed or a flat rate based on the type of transaction. These fees are largely assessed at the withdrawal stage of Skrill’s funds transfer process. Withdrawal to a bank account carries a flat fee, while withdrawals to a VISA card, a mobile wallet, or via ATM with the Skrill Prepaid Mastercard each carries a different percent rate assessed against the amount being withdrawn.
Another fee calculated as a percentage of your transaction is the Foreign Exchange Fee, which is assessed in addition to any other applicable fee noted above. This fee only comes into play when there has been conversion from one currency to another as part of the transaction. These fees can take a noticeable chunk out of your money, but it’s important to remember that they are how customers pay for the convenience that Skrill provides.
Skrill has carved itself out a corner of the lucrative payment technologies market, but the lucrative nature of this industry means it is full of competition and that Skrill’s competition includes some gigantic businesses. Without a doubt, the titans of Skrill’s competition are Apple Pay and PayPal. These companies dominate the industry and either might end up being the next corporation to purchase Skrill for an even higher sum than the amount they sold for in 2015. Skrill has conveniently found a niche in the payment technologies market by catering to online gambling enthusiasts and providing them with an attractive option besides PayPal and Apple Pay.
Skrill: Pros and Cons
Skrill’s biggest pro lies in the simplicity of the services they provide. Once you have your Skrill login set up, you only need the email address of the user you’re sending funds to in order for your transfer to be completed. These transactions are simple on the receiving end as well, with the person on the receiving end only needing a Skrill login to access the funds you have sent them. The biggest downside of Skrill’s services is undoubtedly the fees. All of the conveniences they provide come at a price and the faster you want to complete your transactions with Skrill, the more it will cost you in fees. You’ll need to determine on a case-by-case basis whether the fees are worth the convenience before you initiate any transactions.
Why choose Skrill
There are multiple reasons why online gamers should put their trust in Skrill. Not only is Skrill a widely accepted e-wallet, but it is also widely trusted. Skrill has a reputation for being a solid financial online technology, which it has rightfully earned. The number one reason to choose Skrill is that it strives to provide the ideal customer experience to each and every user. Indian players are welcome to sign up for a Skrill account at any time. This exceptional e-wallet is accepted at some of the top casinos that cater to players from Indian, such as 10Cric and Pure Casino. Since it is so widely accepted at online gaming casinos, Skrill is a prime option for players.
Skrill versus PayPal or PaySafeCard
Skrill is the superior option for Indian gamers who want to access the largest number of online casinos. PayPal does not allow consumers located in India to make transactions with merchants. Plus, many online casinos and lottery sites don’t accept PayPal as a deposit or withdrawal method. PaySafeCard is a decent option when it comes to e-wallets, but it is not as widely accepted as Skrill is, nor is it as widely trusted. Skrill also doesn’t require its account holders to jump through as many hoops as other e-wallets do.
What players love about Skrill
Players love that so many online casinos accept Skrill as a deposit and withdraw method. However, that is not the only reason that players think Skrill is awesome. There are some online casinos that provide players with special incentives for using Skrill as their financial method. Some of the special incentives that casinos can offer include free spins for slots games or cushioned deposit bonuses.
Online gamers love the fact that Skrill can help them manage their finances, which gives the players more control over their bankroll. Controlling your bankroll is one of the most important aspects of gaming online. The ability to track transactions in real time makes Skrill an ideal option for online gamers who want to take their chances at one of the top online casinos.
Online casino players also like that Skrill isn’t the same as using a credit card or debit card. There isn’t any need to continually enter the financial credentials for every transaction, which speeds things up substantially. The ease of use allows Skrill to outshine other e-wallet options.
Most common complaints regarding Skrill and online gaming
The most common complaint that online gamers had about using Skrill as their financial method is that there are tons of fees associated with having an account. There is a service fee that takes a hefty commission for all double money conversions. This fee often ends up falling on the back of the users instead of online game providers.
Another common complaint about Skrill is that transaction times can be delayed. This can be frustrating for players who want to start gaming right away. Additional complaints regarding Skrill include the slow customer care response time. Skrill is a great e-wallet for many different reasons, but it is not perfect. Users will have to weigh the drawbacks for themselves.
Skrill can be accessed in forty different currencies, including rupees. One thing that is important for users to keep in mind when creating their Skrill account is that once the first initial transaction is made from the account, the currency used will be the default and cannot be changed. Skrill has account holders in more than two hundred countries located around the globe. Customers like that this e-wallet caters to individuals from nations that other e-wallets do not.