Once upon a time, Skrill was known as Moneybookers (which you still find as part of the name mentioned here and there). It’s another e-Wallet that makes transfers between accounts easy and convenient. Did you know that ‘skrill’ is a colloquial term for money, similar to ‘bucks’ or ‘quid’? Learn more about the company here.
Some facts about Skrill
- Founded in 2001 in the UK originally as Moneybookers
- Payment system launched in 2002
- Present in 200 countries by 2008, available in over 40 currencies, including Indian rupees
- Purchased by Technology Partners in 2007 for £100 million
- Sold again in 2009 for £300 million
- Addition of the Prepaid MasterCard in 2009
- Purchased again in 2013 by CVC Capital Partners for €600 million and re-branded as Skrill
- Bought Paysafecard and Ukash shortly after
- Since 2014 the only licensed e-Wallet in New Jersey for online gambling transactions
Signing up for a Skrill account
A Skrill e-Wallet account is free when you sign up for it (fees may incur later for various transactions or services). To open an account, you should visit the Skrill homepage, click on the button to open an account and complete all the required details.
Once the account is there, it will need to be verified. Skrill offers various options to allow you to do that. Just choose the one most convenient for you.
As soon as your account is verified, you can add funds to it. You have the option of linking a bank account or credit card to your Skrill account. Or you use your Skrill ID to add funds to it from another source. It’s also possible to transfer funds between different Skrill account.
You’ll be able to use your Skrill account for online purchases or to fund your online betting account.
Other available services are:
- Prepaid MasterCard for online and retail purchases
- Transfer funds from your bank to your Skrill account
- Transfer money between Skrill accounts
- Purchase crypto-currencies (including Bitcoin, Litecoin or Ethereum)
- Use the app to make payments
Deposits and withdrawals at online betting sites
Most online betting sites offer Skrill as a method to make deposits and withdrawals. It’s easy, convenient and widely available. That’s what makes it so attractive for customers as well as online betting sites.
If you wish to make a deposit at your bookmaker, you simply visit the cashier, choose Skrill as your banking method and decide the amount you want to deposit. You will need to ensure that you have either enough funds in your Skrill account or that another account such as a credit card or bank account is linked to your Skrill account so that the service provider has a source for the funds.
There may be a minimum as well as a maximum limit as to how much you can deposit. And when it comes to withdrawals, there is often an imposed maximum anyway. This will be outlined in the terms and conditions at your online betting site, however.
Once your transaction is confirmed, a deposit will be processed instantly. Withdrawals take longer as the betting site processes each transaction individually to ensure everything is in order. Therefore, it takes a little longer for your winnings to arrive in your Skrill account.
Since the bookmaker or online casino will want to confirm your identity to ensure all transactions are in order, it is best that you go through the KYC (know your customer) process before you request your first withdrawal. That will save time later on and if you need specific documents, you can sort them without feeling stressed about a delayed withdrawal from the betting site.
Benefits of using Skrill
You may not be aware of this, but Skrill caters to online gambling customers in particular. On their homepage, you’ll find various casinos and betting offers under the affiliate bonus offers.
It may, therefore, be possible that you can claim a specific bonus as a Skrill customer.
Having the Skrill Prepaid Mastercard is handy as well, especially if you want to use your Skrill account for more things than just funding your online betting account. As long as you have funds in your Skrill account, you can use the Prepaid Mastercard almost the same as a usual credit card.
Additionally, Skrill offers some important services without charging fees
- Paying with Skrill online or in a retail store (via the Prepaid Mastercard)
- Transferring money to bank accounts overseas
- Receiving funds from another source (not including funding it yourself)
Let’s not forget that Skrill is a widely accepted payment method that is convenient and safe. And you’ll be able to make transfers in Indian rupees.
What are the disadvantages?
Unfortunately, many online betting sites exclude Skrill deposits from participating in their welcome promotions and sometimes even all bonus offers. This is somewhat strange considering that Skrill caters to online gambling customers in particular.
You can still use Skrill to make deposits or withdrawals but be sure to read the bonus terms to find out whether you may be able to claim bonus offers.
You should also be aware that quite a few regular transactions at Skrill are likely to involve fees:
- Funding your Skrill account
- Transferring to your bank account
- Sending money to another Skrill wallet
- No activity on your account for 12 months
Some of these fees are quite inconvenient. We recommend that you check all applicable fees before opening an account with Skrill. That way you will not be surprised with anything unpleasant.