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.
A little background about Skrill
In 2001, Moneybookers was founded in the UK. The idea behind this financial transaction service was to make electronic transfers of funds simple and secure. The payment system as such was launched in 2002.
The idea proved successful and by 2004, over 2 million customers were using Moneybookers for online payments, including deposits and withdrawals at online casinos.
Faster than just about any of their competitors, Moneybookers established itself in over 200 countries by 2008 and could be used in 40 different currencies.
The interest in purchasing the company was high. In 2007, Moneybookers was first bought by Investcorp Technology Partners for £100 million. Two years later, another company paid over £300 million for the company.
A Prepaid MasterCard was launched in 2009, which made it easier for Moneybookers’ customers to use their funds for online and retail purchases.
When the company was sold once more in 2013, CVC Capital Partners paid €600 million. As part of the latest takeover, Moneybookers was rebranded and became Skrill.
Skrill itself purchased Paysafecard and Ukash in short order, expanding their services and their reach.
In 2014, the New Jersey Division of Gambling Enforcement licensed Skrill to become an e-Wallet for all legal gambling transactions in the state. In fact, Skrill became the only licensed e-Wallet, which was quite a boost for the company. Their status remains unchanged to this day.
Signing up for a Skrill account
Just like with any other e-Wallet, signing up for an account with Skrill is very easy and it won’t cost you anything. As usual, you complete the sign-up form with your details and once you have added a funding source (either your bank account or a credit card – or both), which has to be verified, you can use your Skrill account.
Your account can be verified by various means and you get to choose what’s most convenient for you.
Once all that is sorted, you can use your Skrill account for online purchases or to fund your online casino account. It is, of course, also possible to use Skrill to make withdrawals.
Other services you’ll be able to use when you have a Skrill account are:
- Get a Prepaid MasterCard for online and retail purchases
- Transfer funds from your bank to your Skrill account
- Send or request money to and from Skrill accounts
- Purchase of crypto-currencies (including Bitcoin, Litecoin or Ethereum)
- Use the Skrill App to make payments
Deposits and withdrawals at online casinos
Skrill is a favored e-Wallet at many online casinos to make deposits and withdrawals. As long as you have an active online casino account and at least some funds in your Skrill account, making a deposit is simple. Mind you, it’s sufficient to have a bank account or credit card added to your Skrill account to use it as a funding source.
At your online casino, you can visit the cashier to make a new deposit. You will first be asked to choose the amount you wish to deposit. And then you select Skrill as your payment method. Keep in mind that there are a minimum and a maximum deposit amount you need or can make. Also, if you want to limit your gameplay to gamble responsibly, you can set a maximum daily or weekly or even monthly maximum of what you are able to deposit.
Either way, once you confirm your transaction, it will be processed, and funds are usually available instantly.
Should you wish to make a withdrawal, you will go to the cashier once again, select the amount you want to withdraw, add your Skrill account details and wait for the casino to approve your withdrawal request. Of course, your ID will need to be checked and most casinos prefer to do this with your first withdrawals. It is entirely possible to go through the KYC process after you sign up at an online casino. It is also recommended to deposit and withdraw only small amounts first to assure yourself of the security of an online casino
Whilst withdrawals always need to be approved and thus take a little longer to be processed, once the is all sorted, your winnings will be with you very quickly.
Advantages when using Skrill
One of the main advantages of Skrill is that they cater to online casino customers specifically. You’ll notice this in the casino and gambling offers when you visit the Skrill homepage and check affiliated bonus offers.
As such, you may be able to claim a particular bonus offer as a Skrill customer when playing at an online casino.
Another advantage is the use of the Prepaid Mastercard for online and retail purchases. You’ll be able to use the card as long as your Skrill account is funded, which means you won’t actually draw a credit here.
Many of the services you can use Skrill for are free of charge, including:
- Paying with Skrill online or in a retail store (usually via your Prepaid Mastercard)
- Transferring money to bank accounts overseas
- Receiving funds from another source (not including funding it yourself)
Last but not least, Skrill is very secure and regulated through various authorities. The service is easy and convenient to use, and transactions are usually instantaneous. Thus, you never really have to wait to use your funds.
Are there disadvantages?
Considering that Skrill caters to online casino customers in particular, one of the main disadvantages is that there are quite a few online casinos out there that don’t allow deposits via Skrill when claiming a welcome bonus. That means, you may still use Skrill as your preferred method for deposits and withdrawals, but you’ll be excluded from claiming the welcome bonus. Sometimes this even extends to all available bonuses a casino offers. It usually won’t prevent you from participating in promotions, however.
Another disadvantage is that some of the most common transactions you’re likely to make to and from your Skrill account will incur fees:
- Funding your Skrill account
- Withdrawing to your bank account
- Sending money to another Skrill wallet
- No activity on your account for 12 months
All e-Wallets will apply fees for various services and transactions, but it’s always different what will be charged and how much. In the case of Skrill, the above transactions will incur fees, which is somewhat unusual and not necessarily convenient. Whether you decide to choose Skrill or another e-Wallet largely depends on the type of transactions you are mostly going to make.