Skrill

Skrill: The Ultimate Digital Wallet for Global Payments, Crypto, and Gambling

In today’s digital economy, as finance becomes increasingly borderless, a new company offering global payments can be found on almost every corner.
They all promise similar services, including effortless money management, speed, security, seamless transactions, and sleek user interfaces. However, one digital wallet provider stands out from the fintech landscape, having led the market for most of its over two decades of existence.

Looking to pay your freelancers in the Philippines? Want to play online poker or bet on eSports in Malta? Planning to buy Bitcoin during the market dip? With Skrill, you can do all of these things in a frictionless, hassle-free manner that traditional banking simply can’t live up to.
But does Skrill outperform its competitors, such as PayPal, Revolut, or Wise?

What are its pros and cons? What makes it stand out in the oversaturated digital wallet market? And above all,  the most important question: is it the right choice for you?

We hope our guide will provide you with a solid overview of this payment method, commonly used on poker and other gambling sites, and explore its standout features, hidden perks, and comparisons to competitors, to help you navigate today’s complex digital wallet landscape.

A Digital Wallet Built to Meet Modern Needs

Launched in 2001 under the name ‘Moneybookers’, Skrill has grown into a global payment giant, with over 40 million customers across more than 120 countries.

In 2015, the company was acquired by Paysafe Group, the company behind Neteller, for €1.1 billion. In 2018, Skrill began expanding its services to become the versatile digital wallet it is today, specializing in fast, low-fee international transfers, cryptocurrency trading, and online gambling transactions.

It offers low fees and quick processing times, partly because it is not a traditional bank but an e-money institution that focuses solely on digital transactions, without offering any loans or interest.

Key Features

Before diving into the details, here is a quick overview of the most important features:

How Skrill Works: A Step-by-Step Breakdown

1. Easy Sign-Up

Creating a Skrill account is extremely simple, and it takes less than two minutes. You only need to provide an e-mail address and set your password. To set higher transaction limits and access all functions, you will also need to verify your identity.

2. Adding Funds to Your Wallet

You can transfer money to your account in multiple ways:

• via bank transfer (takes usually 1-3 business days)

• via credit or debit card payment (processed instantly, but may have fees)

• cryptocurrency via Skrill Crypto

• via alternative payment methods like SOFORT or Trustly

3. Getting a Prepaid Mastercard

While it is not necessary to use Skrill’s services, you can link your balance to a physical or virtual Mastercard and use it at millions of locations worldwide.

You can choose between a free virtual card that can be accessed instantly or a physical card that costs €10 and arrives within 7-10 business days.

The standard daily spending limit is €5,000 (€25,000 for VIP users), and the maximum daily ATM withdrawal limit is €500.

4. Sending & Receiving Money

One of Skrill’s strongest suits is its peer-to-peer (P2P) transfer. Paying freelancers or splitting a restaurant bill with friends? Regardless of the amount, P2P transactions on Skrill are processed almost instantly. 

Transaction fees vary depending on the type of transfer. Domestic transfers are usually free, international transfers have a forex fee from 1.45 percent to 3.99 percent, and some retailers might charge extra if you choose to settle merchant payments with Skrill.

Here is a detailed breakdown of each transfer type with their fees and what kind of transactions we recommend them for:

5. Withdrawing Funds

Cashing out can be done in several ways. Transfers to a bank account usually take 1-5 business days; transfers to crypto can take at least 10 minutes; and payments with Prepaid Mastercard (physical or virtual) are processed instantly.

Here is a detailed breakdown of each method with their fees and what kind of transactions we recommend them for:

Crypto: How to Buy, Sell & Trade (Step-by-Step)

When Skrill introduced Crypto, the company had freedom and ease of execution in mind. Unlike the restrictive crypto policies of many other digital wallets, you can easily buy, sell, and hold major cryptocurrencies on Skrill. Instant conversion from crypto to fiat currencies is also available if you want even more flexibility.

Here is how to do it:

Step 1: Enable Crypto Services

Accessing Crypto takes only a few seconds: go to the ‘Crypto’ tab and verify your identity if you haven't done so already.

Step 2: Fund Your Wallet

Deposit funds, if needed, in fiat currencies such as the euro, US dollar, or British pound instantly with a credit card. You can also make a bank transfer, but that takes 1-3 business days.

Step 3: Buy Crypto

You can select from a list of over 40 cryptocurrencies. Just enter the desired amount, check the spread by hovering over the ‘i’ icon, and click ‘Confirm’.

Here is a full list of cryptocurrencies available (please note that some cryptos might not be available in certain countries):

Major Coins & Stablecoins

• Bitcoin (BTC)

• Ethereum (ETH)

• Litecoin (LTC)

• Bitcoin Cash (BCH)

• Ripple (XRP)

• Cardano (ADA)

• Polygon (MATIC)

• Dogecoin (DOGE)

• Tether (USDT) (ERC-20 only)

• USD Coin (USDC)

Altcoins & DeFi Tokens

• Chainlink (LINK)

• Uniswap (UNI)

• Aave (AAVE)

• Shiba Inu (SHIB)

• Solana (SOL)

• Polkadot (DOT)

• Avalanche (AVAX)

• Cosmos (ATOM)

• Decentraland (MANA)

• The Sandbox (SAND)

Step 4: Store or Transfer

You can hold your cryptocurrencies in your wallet, which is recommended if you plan to execute quick trades in the future, or send them to an external wallet, such as Ledger, for long-term storage.

Step 5: Sell for Profit

Selling crypto is just as easy as buying: navigate to your crypto balance, click ‘Sell’, then cash out to your wallet or bank.

You can also set price alerts on the platform to buy market dips without having to watch the charts all the time.

Rewards: Perks for Power Users

If you execute transactions worth at least €5,000 in 30 days, you will automatically become a VIP Skriller.

This can be achieved through any combination of deposits, money transfers, or cryptocurrency purchases. It is usually gamblers and crypto traders who reach the VIP level the fastest.

To maintain your VIP status, you must continue to meet the monthly transaction volume of € 5,000. If you drop below that volume, your account will be downgraded to ‘True Skriller’ from the following month. If you are inactive for more than 6 months, your account will be reset to ’Skriller’.

VIP Levels

There are three VIP levels in the program, each based on the amount of money you transact in a quarter year. The more you transact, the higher your VIP tier:

*Minimum fees apply depending on your country of registration.

Knect: A Loyalty Program That Pays You Back

You can earn Knect Points in the loyalty program on everyday transactions. Knect points can be redeemed for cashback, discounts, or even Amazon vouchers.

The best ways to accumulate points are to use them for daily spending or gamble strategically – Skrill’s casino partners give a 5 times multiplier for points for every €1 spent.

How to Earn Knect Points

Points can be earned through money transfers (both sending and receiving), online purchases using your Skrill wallet, buying or selling cryptocurrencies, and gambling deposits at partner casinos or sportsbooks.

How to Redeem Knect Points for Rewards

Great news: your Knect points never expire! You can redeem them for valuable rewards, though, so don’t just leave them on your account.

Rewards include cashbacks directly to your Skrill balance, vouchers for Amazon, Spotify, PlayStation, and many more, fee discounts for future transfers and crypto trades, and exclusive gambling bonuses like free spins and bet credits.

Best Value Knect Rewards

To get the most out of your loyalty points, choose these rewards:

Competitor Analysis: Skrill vs. The Rest

To help you choose a digital wallet service, we compiled a comparison table of the features of Skrill, PayPal, Neteller, and Revolut:

To give you a better overview, we compared fees, process time, and ATM withdrawals between five common use cases of digital wallets:

Based on our comparison, the best digital wallets for gambling purposes are Skrill and Neteller. Interestingly, both services are owned by the same company.

Is Skrill Safe? Security & Trustworthiness

Skrill is a safe and legitimate, licensed service across the European Union, regulated by the FCA in the United Kingdom. As a result, the company complies with strict financial regulations.

Supports two-factor authentication and SSL encryption to ensure security and monitors for fraud to protect its users. Customer funds are also segregated, meaning your money is protected even if Skrill faces financial issues.

Conclusion

Skrill is a top contender if you need a fast, flexible digital wallet with global reach that supports both fiat and cryptocurrencies. Skrill is especially recommended for those who frequently gamble, trade cryptocurrency, or engage in P2P transfers.

The VIP program can add extra value for many users, while its low fees make it ideal for those who regularly execute a high volume of transactions.

Check out our online poker bonus code and the best online casino promo code offers. Most of them accept Skrill, so that you can manage your money easily!