Skrill Money Transfer Review

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Skrill Money Transfer Review
Margin Rate: 6%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: Not FCA Regulated

Skrill is, to some extent at least, very much like PayPal. This means that it has mainly been devised as a payment system for eCommerce websites. That being said, it is actually pretty decent when it comes to money transfers, far better than PayPal in some regards.

Skrill allow you to make international money transfers in a variety of different currencies. In fact, I believe that Skrill has one of the biggest selections of currencies around. At last count, you could transfer to over 200 different countries and in 40 different currencies. This is a huge sum. Even the largest money transfer companies in the world come nowhere close to this.

As I said at the start, Skrill has mainly been designed as a company to deal with eCommerce payments. However, they have made huge strides in the world of money transfer as of late. The systems that they have in place are relatively quick. In most cases, you will be able to transfer the money to a foreign bank account instantly. There is no waiting around.

The only real downside to Skrill, at the moment at least, is that the exchange rates that they offer are not the best. Don’t get me wrong, they are still better than PayPal and your bank, but a lot of work could be done to bring down the Skrill exchange rate. The commission is fixed at 1%. That being said, I do understand why the rate is so high. Skrill is a company which is well-known and thus they trade on their brand name to some degree. In addition to this, Skrill deals with a lot of currencies. It is, sadly, impossible to secure the best rates on all of them.

That being said, Skrill does offer one of the best money transfer systems around. In fact, the UI is the best I have ever seen. You can transfer to anybody in the world with no more than a couple of clicks. Sadly, it is nigh on impossible to transfer directly to a particular bank account. You do have to transfer to somebody with an email address. This means that the system is not going to be ideal for paying bills directly, or even paying your suppliers or staff. However, if you are looking to transfer money to yourself, then the Skrill system is absolutely perfect. The fees are far lower than PayPal, a whole 2.4%, in fact, and that means you should always be using Skrill over PayPal.

If you are transferring small amounts and wish for a system that is easy to understand, I really do recommend that you go down the route of Skrill. Sure, you are not going to get the most competitive rates around, but the ease of use more than makes up for that. After all, if you are transferring small amounts, the pennies in difference between companies is not going to be worth worrying about too much. All you have to remember is that the system can only be used if the other person has a Skrill account.

Product Features

  • Banks offering International Payments: Banks offering International Payments
  • Buy Holiday Money Online: Buy Holiday Money Online
  • Cash Payments: Cash Payments
  • Make Instant Payments Under £1000: Make Instant Payments Under £1000
  • One off Large Currency Transactions: One off Large Currency Transactions
  • Remittance Providers in the UK: Remittance Providers in the UK
  • Send Regular Transfers Overseas: Send Regular Transfers Overseas
  • Commission Rate: 0%

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