A Skrill Wallet: What, where, how and why...
Skrill is simply a digital wallet. With it you can send, spend and receive money online. You can do this from your desktop computer, tablet or phone.
You can upload funds with your credit or debit card, from your bank account or with cash via Paysafecard.
Paysafecard is neither a bank account nor a credit card. It's simple to use:
- Find your local sales outlet with the Paysafecard search feature on their website.
- Buy paysafecard there. It is available in these amounts: 10, 25, 50, 75 or 100 GBP (at PayPoint, additionally: 125, 150, 175 GBP)
- Pay online with paysafecard at thousands of online sites by simply entering the 16-digit paysafecard PIN.
Skrill is a digital payment service, so it exists only online. There is no cash in its coffers, it's simply sending money back and forth online. You will find the Skrill logo at the checkouts of retailers and at the bottom of websites that offer it as a payment option.
Skrill is able to exist as a company by charging small fees on certain transactions. As a bettor using Skrill as a payment method on a betting site and depositing in your own currency you shouldn't incur any fees.
Here are two examples of when you will, and when you won't be charged fees:
- You want deposit £10 into your Betfair account using Skrill. Your money is stored in your walled as GBP. You transfer £10 from your Skrill wallet to your Betfair account. No fees incurred.
- You want to deposit $100 into your Betfair account as GBP. You will incur a 3.99% on Skrill's wholesale exchange rates.
Skrill, along with a few other companies, are occupying a unique space in the global payments industry. They provide secure global payment transactions and yet they are not a bank. This is perfect for betting sites who are heavily restricted by legislation all around the world, meaning that it's sometimes hard for customers to make transactions. However, until recently the alternatives have not always been that trustworthy and have been associated with the informal economy or seedy activities. Now, e-commerce sites like Skrill provide that perfect mix.
Uploading funds into your Skrill wallet
After you are signed up you can deposit funds into your Skrill Wallet using almost all the major deposit methods. There are hundreds so we are not going to list them all, but here are just some of them:
- Sofort Überweisung
Imagine it like a wallet. You can obtain cash from many methods, an ATM, a bank, spare change. The wallet is just the place you store that money until you spend it.
With an e-wallet like Skrill you can put money in by a 100 different methods, some of them listed above. When it is in your Skrill wallet, it stays there until you spend it.
How to spend money using your Skrill Wallet
Sending money is the easiest part.
If you want to send money to another individual. All you need is your recipients e-mail address. Once you have entered it, you simply enter the amount you would like to send.
In the case of using it to deposit funds with an online retailer or betting site, simply select the Skrill logo at checkout.
Skrill will transfer the deposit amount you have selected into your betting account.
Withdrawing money using Skrill
So, you've made some profit with the money you've deposited, now it's time to cash-in. Well, in most cases, it will be straightforward. The only thing to account for is that by using Skrill you may incur a slightly longer waiting time.
There will be betting withdrawal limits, this will usually vary between companies. You will be restricted to about £1,000 by Skrill if you have not fully verified your profile with your official identification documents.
Below we have listed the betting sites that accept Skrill for withdrawal.
Betting Sites that allow you to withdraw money with Skrill
Ladbrokes: £10 min withdraw
Up to 48 hours
888Sport: £3 min withdraw
Betvictor: £10 min withdraw
Up to 24 hours
Coral: £5 min withdraw
Up to 24 hours
William Hill: £5 min withdraw
Up to 24 hours
Betfair: no min withdraw
Up to 24 hours
10Bet: £5 min withdraw
Betway: £10 min withdraw
Betting sites that accept Skrill for your welcome bonus
So, this one of the main drawbacks of using Skrill. At Bookies Bonuses, we know that the majority of experienced bettors will be looking for an incentive - often in the form of a juicy bonus - to sign up with a new betting site.
Unfortunately, many betting sites that accept Skrill as a payment method do not pay out their bonuses if you have used Skrill to deposit your money.
The reason for this is complicated but in short - it's largely down to the fact that the betting industry is now heavily regulated and the betting sites are under a lot of pressure to verify the ID of each customer when it comes to any promotional activity. Betting sites have come under a lot of scrutiny surrounding the terminology used in the marketing of their betting promotions. In the UK, for example, there is an ongoing discussion surrounding the term 'free bets' - some people argue that it can mislead as it implies you are receiving a bet for free without any terms and conditions. This scrutiny has led to the regulatory bodies putting pressure on betting sites and asking them for, among other things, ID verification for any bonus or free bet payments.
This ID verification is especially difficult with Skrill which has meant that many betting sites have done away with the bonuses if you use Skrill but accepting the payment method when it comes to normal bets.
Paying with Skrill on Bet365
We get asked this question a lot, so we've decided to create a step by step run through. If you are using another betting site the process shouldn't be that different.
- Log into Bet365
- Click 'deposit' in the top right of the screen
- In the payment options you will be able to select from you will find the option 'Skrill (Moneybookers)'
- After you have entered the amount you would like to deposit, you will be redirected to the Skrill page.
- Log into your Skrill account and finalize the payment.
Using Skrill with Bet365 couldn't be easier
Skrill and currencies
Skrill accepts 40 currencies. These include:
- USD - US Dollars
- EUR - Euros
- GBP - British Pounds
- SEK - Swedish Crowns
- NOK - Norwegian Crowns
- SAR - Saudi Riyal
- RSD - Russian Roubles
- SGP - Singapore Dollar
You can chose to pay with any of these currencies when you sign up. However once you have made your first transaction, you will be set to that currency.
Of course, this does not mean that you can't pay in other currencies, but it will mean if there is a conversion you will incur a 3.99% on Skrill's wholesale exchange rates.
The Skrill App is an excellent piece if technology. Skrill as a service, slick and easy-to-use and it's mobile app epitomizes this.
Think of it a little like a wallet but in your phone.
You can track your activity (effectively an online statement), upload money, send money and withdraw money.
Is Skrill Safe?
Yes. Skrill is one of the most trusted e-commerce companies around. They have won numerous awards for their secure payment methods.
They also have offices in the UK, US and Sweden with hundreds of employees.
What fees does Skrill charge when you transfer funds to a betting site?
Ready for some good news? Well, if the Skrill logo is an accepted payment method then you shouldn't incur any fees.
Skrill do not usually charge fees to upload money into your account (if they do it will be clearly stated). They do not charge any fees for paying online retailers - this includes betting sites.
How do they make their money? They charge a 1.45% fee on your payments to an e-mail address.
If you are exchanging currencies in your transaction then you'll be subject to Skrill's 3.99% exchange rate.
What betting sites accept Skrill?
Most of the major betting sites allow you to use Skrill, including the likes of Betfair and Ladbrokes.
What countries is Skrill restricted in?
Afghanistan, Cuba, Eritrea, Iran, Iraq, Kyrgyzstan, Libya, North Korea, North Sudan, South Sudan, Syria, USA, Israel, Malaysia, China, Turkey, Canada and Brazil.