There are a number of checks you can carry out before deciding on using Skrill to handle your Transfer. Firstly, are they authorised by the Financial Conduct Authority (FCA)? If they are, they will have had to comply with Payment Services Regulations, along with the FCA’s own business conduct regulations and guidelines. Large companies who trade in excess of 3 million Euros per month have to be authorised by the FCA. They then have to make sure that their clients’ money is safeguarded should they get into financial difficulties, consequently preventing their creditors claiming your money. Smaller companies can register with the FCA, but this does not provide the same level of protection as being authorised by the FCA, meaning your Transfer is not protected if they find themselves in trouble. To register, a company has to be based in the United Kingdom and none of managers should have at any point been convicted of financial wrongdoing. You could also check on the size of the company and how long it has been trading. If they have direct access to the largest worldwide payment and settlement system, SWIFT, this ensures clients a quicker and more secure payment.
There are a number of companies, such as Skrill, that will offer Transfer online by simply moving funds from one bank account to another. This would be most suitable for Transfer of small amounts of a non-urgent nature, such as a single payment to a family member on holiday abroad. Some companies offer instant Transfer to locations worldwide. These are generally for emergency funds, such as people who have been unfortunate enough to either lose, or have stolen, their cash or credit cards. You can arrange this by visiting a branch of Skrill or via their website. The recipient can then collect the cash from an agent by simply providing some proof of identity, or by use of an issued code. These forms of Transfer are generally expensive to use, especially so for the smaller amounts, but they are useful in an emergency as the recipient will not incur a fee.
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