What is Skrill?
Skrill is an electronic wallet accepted by businesses and online casinos. Skrill users can top-up their funds using over 100 different deposit methods, including debit and credit cards and traditional bank transfers. It allows users to manage their money in a virtual way in a single wallet that combines many different income sources and has proved popular thanks to its versatility, anonymity and the speed at which you can make transactions.
The History of Skrill
Skrill started life as Moneybookers in the United Kingdom in 2001. An instant hit, it sold for €105 million in 2007 and again, for over €400 million two years later. The company reached the landmark of 25 million users in 2011 and rebranded as Skrill in 2013.
By this time, the company was worth a staggering €600 million, and the growth continued as CVC Capital Partners acquired the brand. By the time Skrill absorbed into rival NETELLER’s Paysafe Group in 2015, it was worth €1.1 billion, with the Blackstone Group acquiring Paysafe two years later for in excess of €3.3 billion.
The Benefits of Skrill
Like other payment platforms such as PayPal, Skrill has proved popular thanks to its ease of use and its secure payments. Skrill users do not need to give away sensitive bank details to online vendors to make a purchase, as they can use their Skrill account. That not only saves time entering long card numbers but also, protects against card fraud and identity theft, which have become growing problems online.
Skrill also has advantages for international transactions. As a global platform, users can often avoid the high bank charges associated with commerce between countries. Although you can have Skrill accounts in several different currencies, Skrill VIPs can hold multi-currency accounts that are even more versatile.
How to Set Up a Skrill Account
A Skrill account is free to set up, and the process takes only a few minutes. Once you have linked your bank account or your credit/debit card to your Skrill wallet, you can top-up any time you like. You are then ready to use your virtual wallet for everything from making a Skrill deposit at an online casino to buy goods and services from your favourite websites.
What does Skrill cost?
While your account is free, there are some charges for using your Skrill account. Deposits via bank transfer or Maestro card are free, but Visa and Mastercard deposits cost 1.9 percent. If you deposit using the cryptocurrency Bitcoin, you will pay a one percent charge. Receiving cash into your account is free as well but sending money to friend and family will set you back 1.9 percent. However, the biggest charge comes when you want to withdraw from your Skrill account, which attracts a 7.5 percent fee.
High-transaction Skrill customers earn themselves Skrill VIP status, ranging from Bronze for those spending over €6,000 per quarter to Diamond for the high rollers spending in excess of €90,000. That adds an extra layer of security for their transactions in the form of a security token as well as allows them to make transactions in multiple currencies. Skrill VIPs earn loyalty points and pay lower fees, with free bank withdrawals for Silver VIPs and above.
Why use Skrill for online casinos?
Most major gaming brands have been quick to adopt Skrill as one of their casino deposit methods because players like the way that it works. With instant deposits, they can get straight into the game, wherever they are, using their mobile phone or tablet, even if they don’t have their physical wallet and traditional payment cards with them. Perhaps more importantly, with instant withdrawals, they no longer must wait days for their winnings to appear in their bank account. Many casinos will even incentivise Skrill users by offering exclusive bonuses and free spins to players who deposit using the system.
Skrill deposits also have the advantage of putting another step between the player’s bank account and the casino. That protects their privacy and prevents their bank, or any other interested parties, from knowing what they spend on their hobby. As discussed above, the same advantage works the other way around because players do not have to give their bank details to the casino.