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

In today’s digital economy, where finance heads more and more into the direction of borderlessness, a new company providing global payments can be found on almost every corner.

They all promise somewhat similar services: effortless money management, speed, security, seamless transactions, sleek user interfaces, and so on. But one digital wallet provider stands out from the fintech skyline, and it has been leading the market for the most part of its more than two decades of existence.

Looking to pay your freelancers in the Philippines? Want to play poker online 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 really outperform its competitors like Paypal, Revolut, or Wise? What are its pros and cons? What makes it stand out in the oversaturated market of digital wallets? And above all,  the most important question: is it the right choice for you?

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

A Digital Wallet Built to Meet Modern Needs

Launched in 2001 under the name ‘Moneybookers’, Skrill has grown up to be a true global payment giant, currently having 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 started expanding its services to become the versatile digital wallet it is now, specializing in fast, low-fee international transfers, crypto trading, and online gambling transactions.

Skrill’s low fees and quick processing times are in part thanks to the fact that it is not a traditional bank, but an e-money institution that focuses only on digital transactions without offering any loans or interest.

Key Features

Before diving into the details, here is a quick overview of Skrill’s 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 of Skrill, you will also need to verify your identity.

2. Adding Funds to Your Wallet

You can transfer money to your Skrill 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 Skill Prepaid Mastercard

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

You can choose between a virtual card that is free and can be accessed instantly, or a physical card that costs €10 and arrives in 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? No matter the amount, P2P transactions on Skrill are processed almost instantaneously. 

Transaction fees vary by 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 from Skrill can be done in several ways. Transfer to a bank account usually takes 1-5 business days, transfer to crypto can take at least 10 minutes, and payments with a Skrill 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:

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

When Skrill introduced Skrill 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 an option if you are looking for even more flexibility.

Here is how to do it:

Step 1: Enable Crypto Services

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

Step 2: Fund Your Wallet

Deposit funds, if needed, in fiat currencies like the euro, US dollar, or British pound instantly using a credit card. You can also bank transfer your funds, 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 on Skrill (please note that some cryptos might not beavailable 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 cryptos in your Skrill wallet which is recommended if you plan on executing quick trades int he future, or send them to an external wallet like Ledger for lon-term storage.

Step 5: Sell for Profit

Selling crypot is just as easy as buying: simply navigate to your crypto balance, click ‘Sell’, then cash out to Skrill 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.

Skrill VIP 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 done by any combination of deposits, money transfers, or crypto buys. It is usually gamblers and crypto traders who reach the VIP level the fastest.

To keep your VIP status, you need to maintain the €5,000 monthly transaction volume. 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.

Skrill Knect: A Loyalty Program That Pays You Back

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

The best ways to accumulate points is to use Skrill for daily spendings or gamble strategically – Skrill’s partner casinos give a 5 time multiplier for points per evey €1 spent.

How to Earn Knect Points

Points can be earned by money transfers (both for sending and receiving), online purchases using your Skrill wallet, buying or selling cryptocurrencies, and making 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 legit, licensed service across the European Union, and is regulated by the FCA in the United Kingdom. As a result of this, the company complies with strict financial laws.

Skrill supports two-factor authentication and SSL encryption to ensure security, while monitoring fraud to protect users. Customer funds are also segregated which means that your money is protected even in case Skrill might face financial issues.

Conclusion: Should You Get Skrill?

Skrill is a top contender if you need a fast, flexible digital wallet with a global reach that can handle fiat and cryptocurrencies alike. Skrill is especially recommended for those who gamble, trade crypto, or does P2P transfers frequently. Skrill’s VIP program can add extra value for many users, while its low fees make it ideal if you execute a high volume of transactions regularly.

Frequently Asked Questions (FAQ)

Is Skrill legit?

Yes, Skrill is a legit and well-established global payment service with licenses across several countries.

Does Skrill report to tax authorities?

Yes, Skrill reports under CRS/FACTA regulations in the European Union, the United Kingdom, and the United States. In these countries, you can expect tax forms if you move more than $10,000 per year. 

What are the deposit & withdrawal limits on Skrill?

The limit for unverified accounts is €250 per day, and up to €10,000 per day for verified accounts. VIP Skrillers can have even higher daily limits.

Are there any hidden fees to watch out for when using Skrill?

There is an inactivity fee of €3 per month if you don’t use your account for more than 12 months. If you attempt a payment without sufficient funds, you must pay a card decline fee of €0.50. When you withdraw cryptocurrencies, network fees apply.

Can I Use Skrill for business?

Yes! You can apply for Skrill Business to accept payments with 1.9% fee per transaction.