The Truth About Skrill: Fees, Security, Speed, etc.,

What Is Skrill?

Skrill is a digital wallet and international money transfer service founded in 2001 (formerly known as Moneybookers). Today, Skrill is part of the Paysafe Group and serves millions of users worldwide. It allows individuals and businesses to send, receive, and store money online. Skrill is widely used for online shopping, gaming, forex trading, and cross-border remittances.

Skrill Money Transfer Features

• Digital Wallet: Store funds in multiple currencies and use them for payments.

• Money Transfers: Send money directly to bank accounts, mobile wallets, or another Skrill account.

• Prepaid Card: Skrill issues a prepaid Mastercard that can be used for ATM withdrawals and purchases worldwide.

• Cryptocurrency: Buy, sell, and hold cryptocurrencies directly within the Skrill app.

Skrill Fees and Exchange Rates

One of the biggest drawbacks of Skrill is its fee structure, which can be higher compared to fintech competitors:

• Deposit Fees: Up to 2.5% depending on payment method.

• Transfer Fees: Often around 1.45% when sending to another Skrill wallet, and higher for international transfers.

• Currency Conversion Fee: Around 3.99% above the mid-market exchange rate.

While Skrill is convenient for users who want an all-in-one wallet solution, it may not be the cheapest option for cross-border money transfers.

Transfer Speed

Skrill transfers can be instant if sent wallet-to-wallet. However, international bank transfers may take 1–5 business days, depending on the recipient country and bank.

Is Skrill Safe?

Yes. Skrill is regulated by the UK Financial Conduct Authority (FCA) and complies with anti-money laundering regulations worldwide. It also offers two-factor authentication and SSL encryption to secure transactions.

Skrill Pros & Cons

Pros

• Long-established and trusted brand

• Supports multiple currencies

• Extra features: prepaid card, crypto trading

• Wallet-to-wallet transfers are fast

Cons

• High fees for currency conversion and deposits

• Slower transfers to bank accounts compared to modern fintechs

• Customer support can be limited

• Complex fee structure not always transparent

Better Alternatives: Panda Remit

While Skrill is convenient for digital wallet users, it may not be the most cost-effective solution for sending money abroad.

Panda Remit, founded in 2018 and headquartered in Singapore, has quickly become a leading digital platform for cross-border remittances. It offers:

• Low, Transparent Fees: Fixed service fee with no hidden charges

• Fast Transfers: Money often arrives within minutes, much faster than traditional providers

• Wide Coverage: Available in over 40 countries across Asia, Oceania, Europe, and North America

• Promotions: New users enjoy zero transfer fees and “Diamond Rate” exchange offers, while existing customers receive coupons and ongoing rewards

• Trusted & Compliant: Backed by Sequoia Capital and Lightspeed Capital, with multiple global licenses ensuring security and reliability

• 24/7 Multilingual Support: Unlike Skrill, Panda Remit provides around-the-clock assistance

FAQ: Skrill vs Alternatives

Is Skrill cheaper than Wise?
No. Wise typically offers lower and more transparent fees compared to Skrill. Wise uses the mid-market exchange rate with a small, upfront fee, while Skrill adds a 3.99% markup on currency conversion plus transfer charges.

How does Skrill compare to Panda Remit?
Skrill is a long-established e-wallet, but it comes with higher fees and slower bank transfers. Panda Remit, on the other hand, is designed specifically for international remittances, offering faster delivery, fixed low fees, and special promotions like free first transfers and Diamond Rates.

Is Skrill safe to use?
Yes, Skrill is regulated by the FCA in the UK and uses advanced security features. However, many users prefer alternatives like Panda Remit for both safety and better cost efficiency.

Which service is best for sending money abroad quickly?
If speed and low cost are your priorities, Panda Remit often delivers funds within minutes, while Skrill transfers to banks can take up to 5 business days.

Final Thoughts

Skrill is a solid choice if you’re looking for a multi-functional digital wallet with added features like crypto trading and prepaid cards. But if your main purpose is international money transfers with low fees, fast delivery, and better exchange rates, Panda Remit is a stronger alternative.

👉 For users who value affordability and speed, Panda Remit is well worth exploring as a modern solution.