Skrill is a popular e-Wallet that gives you the ability to transfer money internationally and domestically. It is PayPal’s biggest competitor and is used by more than 40 million people all over the world. We will now take the time to explain everything that you should know about this banking method. Once you have read this article, you will know whether Skrill India is right for you.
A Brief History of Skrill
Skrill was launched in 2001 and became one of the first e-Wallets to allow internet-to-internet transactions. To begin with, they just allowed their users to transfer money to other Skrill users, but they have since added other services such as the ability to withdraw from your bank account.
They used to be known as Moneybookers, but they changed their name to Skrill in 2011. They are popular all over the world due to the fact that they support over 200 countries and accept more than 40 currencies.
If this wasn’t enough, Skrill can now be used at around 120,000 online merchants. Although they allow their payment gateway services to be used by any industry that wants, they have become extremely popular in the online gambling world. This is because PayPal is pickier when it comes to which bookmakers they allow to use their services.
How Can You Open a Skrill Account?
Head on over to their website and click the “Register” button that is located in the top-right of the screen. You will then be instructed to enter your name, email, and then to create a strong password. Like usual, you should read their terms and conditions before clicking “Register Now”.
You will then be transported to a second page where you will need to enter the country where you are living and the currency that you would like to use. To avoid any annoying exchange rate fees, make sure you select your domestic currency.
You will then be transported to a third page where you must select your preferred payment method. Once you have decided, you will then be asked to enter more personal data.
Once you have done this, you will be the proud new owner of a Skrill account.
Now It’s Time to Verify Your Account
Restrictions will be in place until you prove that you are who you say you are.
To verify your account, go to the settings page (the link is on the left of the screen), click “Account Verification”, and then select “Verify Now”. You can then use your webcam to take a picture of your passport, driving licence, or ID card. Once you have done this, you need to take a selfie with a piece of paper in your hands that has “Skrill” written on it and the current date.
If you don’t have a webcam or if it doesn’t work, you can simply upload photos of the required documents.
To do this, go to “Settings”, click “Verify”, then “Verify Now” and select the upload images option. Just like with the webcam method, you need to upload a photo of your passport, ID card, or driving licence. You will also have to upload an image of you holding a sheet of paper with “Skrill” and the date written on it.
To verify your address, enable the geolocation or upload a copy of a utility bill or bank statement. These cannot be older than three months. If you opt for a bank statement, it must clearly show your name, the address and the bank logo.
What Payment Options Are Available to Skrill Users?
Once you have managed to set up an account, it is time to select a payment option.
The options that are made available to you are:
- Debit/credit card
- Bank transfer
If you opt for the bank transfer option, you will be shown the bank details which you need to send the funds to. You will also be given a customer reference number. It is very important that you add this number when you make a bank transfer because, if you don’t, Skrill might not be able to link the transfer with your account. In most cases, the money will show up in your account in 2-3 working days.
The credit or debit card option is probably the best option as you will see the funds in your account almost instantly.
What Fees Are There for India Skrill Users
Fees are always something that you should take into consideration when choosing what banking method to make use of. Fees can come in the shape of transfer fees, depositing fees, withdrawing fees, and exchange fees. Everything you need to know regarding fees can be found below.
- Withdrawal fees: A great thing about Skrill is that it allows you to withdraw funds to the payment method that you chose. If you chose your bank as your payment method, you will be charged the equivalent of 5.50 euros every time you make a withdrawal. When compared to PayPal, this is very expensive as they do not charge their customers to withdraw money. If you would like to withdraw money to a debit or credit card, you will be charged 7.5%, which is really high.
- Deposit fees: You will always be charged a fee when depositing money into your account. At this moment in time, the fee is 1% of the total amount deposited.
- Transfer fees: If you want to transfer money to someone else’s Skrill account, then you will be charged 1.45%. In this case, Skrill is cheaper than PayPal as the latter charge 2.90%. Furthermore, you need to remember that if you are sending money to somebody that is using a different currency, any exchange rate fees will be paid by you.
The Pros and Cons of Using Skrill in a Sports Betting Environment
- Simple to use: The signing up process is pretty quick and not confusing at all. You can have a new account up and running in fewer than five minutes. Once you have an account, adding money to it and withdrawing money from it is as easy as 1,2,3.
- It is very secure: Every single transaction that is done is carried out using extremely high levels of encryption security. This means that in the unlikely event that some third party got their hands on it, they wouldn’t be able to decipher the information. You definitely don’t need to worry about security when using Skrill.
- Available in many different countries: As we touched upon above, Skrill is available in over 200 countries. So, no matter where you go, there is a very high chance that you will be able to make use of Skrill.
- High fees: This was obviously going to be here. However, as we spoke about the fees earlier, we don’t need to go into much detail here.
- No live chat available: If you are having issues with your Skrill account and need to talk to one of their customer care agents, you can give them a call or you can send them a message via your account. You will usually get an answer within 24 hours. However, we do have one gripe and that is their lack of live chat. Those of you who have account with bookmakers that provide live chat will know just how much of a godsend it is when you need answers quickly.
Make Use of the Skrill Mobile App
Skrill has a fantastic app that can be downloaded straight to your mobile. The app can be downloaded on iOS and Android devices but is not available for those who have Blackberry and Windows phones.
The app allows you to check your balance, make transfers, withdraw and deposit cash, sell and buy cryptocurrency. We have tested the app out ourselves and we found that it is very user-friendly. You will have no difficulty navigating and transferring money can be done easily as well.
Overall, this is an app that you cannot fault.
Our Skrill India Verdict
In our opinion, Skrill is very useful when it comes to sending and receiving money online. It does not matter where the person or company you want to send money to is situated, you will be able to do so with ease. We are a big fan of the fact that Skrill accept a good number of deposit options, such as debit and credit card, bank transfer, and other options like Neteller or Paysafecard.
The 1.45% transfer fees are quite reasonable, but things start to get expensive whenever currency exchange fees need to added on. Furthermore, whenever you want to withdraw to your bank, you will be charged the equivalent of 5.50 euros or 7.5% if you are withdrawing cash to your Visa card. This is very high.
Overall though, we feel that the positives outweigh the negatives and that you won’t have a bad experience if you decide to create a Skrill account.