The Skrill Review – An E-Commerce Leader in the Making
With over two million customers, Skrill has become one of the leaders in online money transfers today. Going through a variety of significant changes, this e-wallet company (formerly known as Moneybookers) finalized the re-branded its image in 2013, and officially became known as Skrill. Part of Paysafe Group Limited, Skrill continues to be preferred as an e-wallet platform by both individuals and businesses alike. Today, we will learn why there are betting sites that use Skrill.
A Licensed and Certified Business
As a business that operates with finances, it is more than obvious that Skrill is required to possesses legal recognitions issued by governing bodies. This being said, Skrill is an e-commerce company regulated by the UK Financial Conduct Authority and registered as a Money Service Business under the HM Revenue and Customs department. Last but not least, Skrill is licensed to perform its business within the European Union.
Which part of Skrill Can You Use Without Being Charged?
Naturally, creating an account comes free of charge; but there are a few other features a user can enjoy for free. Uploading funds through the SWIFT payment system, using a fast bank transfer, paying online at a business that accepts Skrill using your Skrill wallet, and receiving money directly to your account is usually free. The company always advises people to familiarize themselves with the different charges associated with the upload of funds, so they would know which features they can use without being taxed anything.
Sending Money to Your Sportsbook Account with Skrill
Known for their low fees and fast transfers, Skrill has become a preferred e-wallet company over the years. The company itself promises that sending cash directly to a bank account would be processed within 1-2 business days, and it will reach up to 37 countries. Security, speed, and economic convenience are Skrill’s strong points which is why many online sportsbooks adopt this payment platform to their websites. Punters manage to make instantaneous deposits, without any worries.
Withdrawing Your Sportsbet Winnings
If the moment has come where a player wishes to have his winnings transferred from his sportsbook account to their Skrill balance, then this would happen almost instantaneous. While sportsbooks have their own minimum and maximum limits for withdrawal, the usual standard goes to be around €10 for the lowest point, and the highest limit is around €6.000. Of course, every sportsbook brand has its own established limits, so you can expect those numbers to fluctuate.
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The Fees You Can Expect
Generally, depositing money into your Skrill account wouldn’t cost you anything but there will be minimum fees which would be charged whenever a punter would initiate a withdrawal from their account. The official Skrill website states that such standard fees would be usually around 1% or €0.50; however, sportsbooks that work with the famous e-wallet company sometimes place withdrawal charges which can go as high as up to €12.
While making an account at Skrill is completely free, their policy states that if you do not make a transaction once at least in 12 months, your account will be charged a fee of €3 (or the corresponding currency to that amount) per month. Upkeep charges will be deducted directly and automatically from your Skrill account balance. While there isn’t an official statement for this specific protocol, we suppose it was done to promote usage of the e-wallet platform.
Pre-paid Card Ready
Skrill gives its users the opportunity to claim their own pre-paid debit MasterCard. Linked directly to your account, you can pay for anything with your pre-paid MasterCard anywhere in the world. You can use it to withdraw money from any ATM that accepts MasterCard, as well as to make deposits and payments for most of your offline and online needs. A major drawback for the card though, is the fact that you can’t use it for online betting.
Are There Any Skrill Apps
Gamblers and punters that like to do their business on the go, will be delighted to know that Skrill offers an outstanding application that would make their days a lot easier. With the ability to send out funds globally, review balance, upload money, and have proper financial management capabilities, users will have it easy to navigate through betting sites that use Skrill – you can find the mobile application in both iTunes and the Google Play.
The interface of the app has a very good user-experience index; all buttons and menus are properly positioned, so you won’t need to worry about getting lost in a lot of visual detail. After you log into your Skrill app, the top part of your screen will have four visible options; activity, upload, send, and withdraw. If your balance is zero, all you have to do is get your debit card and deposit some money; bear in mind that while Skrill does work with a variety of brands, the only sure way to make a deposit currently, is with a VISA. While other card brands are supported, only some might be available to an account holder depending on their country of residence.
Payment Method Bonuses
Sports betting sites that accept Skrill may offer extra benefits. They may come in the form of free bets, lower transfer rates or any other features that are meant to help the user in any way. Bear in mind that this isn’t a mandatory requirement that needs to be followed by every online sportsbook that works with Skrill – any bonuses and promotions associated with a specific payment method, are purely a courtesy granted by that specific sportsbook brand.
The VIP Scheme
This is something that makes Skrill stand out from the rest of the e-wallet companies, and it is their VIP program. Divided into four levels (Bronze, Silver, Gold, Diamond) VIP status holders will be able to enjoy a variety of benefits including (but not limited to) much lower fees, special promotions, additional security, personal 24/7 support, and of course – priority bank uploads.
Out of all VIP levels, only Bronze has a bank withdrawal, card upload, and send money fees. While other statuses have an enabled option for priority bank uploads, Bronze doesn’t. The status of a client’s account is determined by the transacted amount over a calendar quarterly period. Bronze status is granted when an account holder is transacted over €6.000, Silver – €15.000, Gold – €45.000, and Diamond – €90.000. Additional multi-currency accounts and priority bank uploads are granted to all VIP statuses, excluding Bronze.
The Positives and Negatives of Using Skrill
Money transfer speed is incomparable to any bank transfer. The ease with which you can make a deposit in your account is more than intuitive, and the fact that you can access your account from virtually anywhere allows for a far greater financial management, than with any other money service provider. Another positive side of e-wallets is that if a casino or sportsbook work with this brand, there is a good chance that they will offer some promotional events.
The good thing about Skrill specifically, is that its many advantages outweigh the few drawbacks. One of the platform’s “imperfections” come from the fact that even with so many customers, it isn’t as popular as other brand names out there. The competition on the money market is tight, and when people decide to enter the e-wallet scene, they decide to go with a more known brand.
Fair Account Control and Security
Some e-wallet service providers reserve the right to freeze any type of account without any warning, merely on slight suspicions. Skrill doesn’t operate like that, so customers can rest easy knowing that if there is an issue, they will be able to resolve any discrepancies with customer support prior to the company taking any actions that will result in the limitation of any accounts.
With 128-bit SSL encryption protocols in place, Skrill’s system is highly secure, which is why the brand allows for a variety of withdrawal limits without a hitch; but that’s not all. The company holds the personal details of its clients in the highest of regards – you can be sure that no bank details or personal information would be revealed every time you make a payment.
Contrary to large popular belief, an “electronic money account” is not a bank account, and only the holder of the registered account has control over any present finances there. The only time there is an exception, is in the event of a succession. Another misconception, is that although you already have an account, you won’t have to verify yourself anymore once you register; Skrill always reserves its right to request proper identification, especially when processing large withdrawals.
Skrill and Cryptocurrency
Skrill has released in some countries the ability for users to deposit bitcoin, and automatically have it exchanged in the currency format their account was registered in. Most e-wallets online do not like to work with Cryptocurrency, and there are even cases where a brand would freeze a holder’s account due to activity involving the exchange of BitCoin. You won’t have to worry about that with Skrill; however, you need to know that the fees for exchange could be a bit much.
Quick Additional Facts
Skrill supports 40 currencies, and it is considered to be gamble-friendly when compared to other e-wallet service providers. The company policies and conditions are appealing to many sportsbooks and casinos, and this is why to this day most of them offer significant bonuses. It can be said that the entire business model for Skrill is constructed in such a way, as to promote even further use of the platform; the more you use it, the better the conditions and fees for a client would be.
What Types of E-Commerce Businesses Support Skrill
Online casinos and sportsbooks, stock trade markets, online clothing shops, and many others make use of Skrill’s versatile platform. The convenience and transfer speed of this e-wallet company is exactly what private citizens and companies want, and it is why you can find Skrill’s logo on the websites of different businesses. As this e-wallet provider continues to expand in popularity, more and more businesses start to use its services.
Conclusion – Skrill Will Always Evolve
Although we are living in a constantly improving technological environment, there is still a lingering reluctance by the public in regards to working with e-wallet companies. What this usually means, is that if people would consider using e-wallet services they would search for a renowned brand; which is why Skrill continues to have a growing customer base. With time, we can expect that Skrill will develop even further, along with the sportsbook platforms it is offered in.