What is Skrill and How Does it Work?
Skrill is an e-wallet like NETELLER and PayPal, which offers you a place to store your money and transfer it to merchants around the globe. People prefer using Skrill because it acts as a middleman between their bank and online casino. While transferring payments through Skrill, none of your personal details will be disclosed to the casino site, which helps people stay anonymous and secure.
Before you get around to using Skrill in online casinos, you need to register for an online account through the website or app. The registration process is free and clients don’t need to pay for anything. The whole process will only take you a few minutes and so, after which you will be ready for your transactions.
Once your account has been created, you can deposit funds into it and start using your e-wallet to make transfers. You can also use it to withdraw money from your casino account, which makes it a convenient method.
Deposits Through Skrill
Now there are various methods for you to deposit your cash into a Skrill account. The first method is wire transfer, which requires you to provide some information regarding your bank details. You then need to wait for verification, which is a process that can take as much as five business days.
However, this method does not have any attached transaction fees. This is why it remains a popular option for people who are fine with waiting a while before their transaction finally goes through.
If you’re looking for a more instantaneous option, you can deposit your funds using any of the debit or credit cards accepted by Skrill. The only drawback of this method is that you will need to pay a small transaction fee of 1.9%. Your credit card company may also charge you a small cash advance fee, which has nothing to do with Skrill.
However, the plus point is that the verification will only take a few minutes, making it a better option for people who want quicker transfers. Also, note that this verification is a one-time process. This means that once your card is verified, you will not be asked to do it again.
If you feel like your payment isn’t going through, make sure to check that you have added your bank credentials correctly and that your bank has enough amount for the transaction. It’s also possible that your bank might have blocked your payment, so contact the helpline in case you need them to authorize your transfer.
Withdrawals Through Skrill
Skrill’s withdrawal methods are quite similar to the deposit processes. You can use a wire transfer to send the money to your bank account, which will not require you to pay any transaction fee, as is the case with deposits.
You also have the option of transferring your funds to a Paysafecard, but this transaction will cost you a fee of 7.5%. Similar fees might also be implemented for withdrawing your money to another type of card.
However, if your goal is to transfer money to another Skrill account holder or to pay an online merchant, this process is free. A fee will only be required of you if your transaction needs a currency conversion of some sort.
A History of Skrill and its Use in Skrill Casinos
In 2001, a company called Moneybookers was launched in the United Kingdom. Soon after, Moneybookers became one of the fastest-growing e-commerce sites in the online payments industry. During its first decade in the market, the company managed to reach more than 25 million individuals.
When 2009 rolled around, Moneybookers started its partnerships with various merchant sites, including eBay. This provided both buyers and sellers with another payment mechanism, making it easier for them to transfer their funds.
Once the company had established this magnanimous presence, it started its rebrand. In 2010, Moneybookers started revamping itself into Skrill. This move took them almost four years and was completed in 2013. Once the company had fully transformed into Skrill, it acquired a single-click payment source known as 1-tap. Apart from that, Skrill also acquired a prepaid virtual card called Paysafecard.
Then came 2018, which was another year of revolution for Skrill. It was then that the company started expanding its range of services, starting with an international money transfer service. In mid-2018, Skrill launched a crypto program, which allowed its users to trade cryptocurrencies.
Today, Skrill is a top payment method in casinos all around the globe. The extent of its services is one of the biggest reasons it is preferred by bettors and iGaming sites alike. On top of that, it also offers a vast range of other benefits, such as convenience and security.
Over the years, Skrill has shown its resilience by not just rising up against the challenges of the online payments industry, but also by finding solutions for many of the common problems in it. Perhaps this is why, even today, Skrill continues to be one of the top payment methods for iGaming websites and online casinos.
Understanding Skrill Casino Deposits and Withdrawals
As a payment method, Skrill works for both depositing and withdrawing money. This proves to be highly convenient for online gamblers as they do not need to use multiple methods for their transactions to go through. Here is a detailed look at how you can use Skrill for both these purposes at the top Skrill casinos:
Depositing Money Using Skrill
Conducting a deposit through Skrill is a fairly easy process. Here are the few simple steps you need to follow in order for your transactions to go through for Skrill deposits:
- Do an online search to find out the best Skrill casinos online. Sign up for an account on any of these and verify your account.
- Once you have logged into your account, do a final check to make sure that it accepts Skrill. If the casino is a bit older, it might still list Skrill as Moneybookers, so do a search for that as well.
- Go to the banking page and select Skrill as your deposit method. Make sure to check if there are any minimum deposit limits for making a Skrill casino deposit.
- You will then be asked to input the email address associated with your Skrill account, as well as the amount of money that you would like to deposit into your casino account.
- If the platform is located somewhere with a different currency than your Skrill account, make sure to calculate exchange rates and any associated transaction fees.
- Once you carry out your transaction, it will only take a few minutes to go through, after which you can check your casino wallet for your deposited amount.
- Now you’re free to play any of the games you were excited about, whether it involves slot machines or online sports betting.
The process is straightforward and will take a few minutes at max. Using Skrill is one of the easiest ways to carry out iGaming transactions at online casino sites.
Withdrawing Money Using Skrill
The withdrawal process for Skrill casinos is not that different from the deposit process. Here are a few easy steps you need to follow:
- Check if there are any bonus wagering requirements that you need to fulfill before your first withdrawal and still haven’t done so.
- Then check whether your casino wallet has the minimal withdrawal amount required by the Skrill casino. Your payment should comply with the minimum withdrawal limits.
- Select Skrill as your chosen method on the banking or withdrawal page.
- Enter the amount of money you would like to take out.
- Now wait for the funds to be deposited into your Skrill account.
Even though the withdrawal process is quite similar to depositing money, the withdrawal might take longer. In most cases, it will take only a few hours, but the exact time depends on the casino you’re betting at. Furthermore, if you’re withdrawing a large sum of money or if it is a bank holiday, then you can expect the transfer to take longer than usual.
Read the Terms and Conditions Thoroughly
The thing about gambling payments is that they always come with some attached conditions. Whether this might be the transaction fees applied by Skrill itself or the limitations put on by a casino, it’s always good to read the fine print.
Not every casino will have limitations in place, and they will also differ from place to place. However, if you want to avoid being caught by surprise when it comes to your money, make sure to read these terms and conditions before you conduct any transactions.
Pros and Cons of using Skrill at online casinos
Pros Cons High security level Location restrictions Convenient and quick transactions Transaction fees Tons of currency options User-friendly interface Extraordinary customer service
👍 Advantages of using Skrill at Casinos
We have taken a detailed look at what Skrill is and how it works, but why should you consider it for your online gambling? Here is a comprehensive list of all the benefits we think Skrill has to offer you if you start using it for your online gaming payments:
- Security Level: Not only does Skrill offer a high level of security to all of its clients, but it has a great fraud management mechanism in place as well. The best part is that all products by Skrill are in compliance with the Payment Card Industry security standard, which makes it a trustworthy option for all consumers.
- Quick Transactions: Casino transactions using Skrill are quite fast. The deposits are processed instantaneously and withdrawals take up to a few hours, which is still less than most other methods which take days to offer you the money you’re trying to withdraw. This quick access to funds is one of the biggest reasons why people use Skrill casinos.
- Currency Options: Because of its global presence, Skrill offers around 40 different currencies, including all the mainstream options, such as the Euro, the US Dollar, and the Pound Sterling. If you need a currency conversion to go through Skrill, you will be charged a fee of 3.99% on wholesale exchange rates. However, there is a slight drawback to this benefit, which is that exchange rates on Skrill vary and may apply immediately without any prior notice to the user. Thus, it’s important for you to check the conversion rates by yourself before you conduct your transaction.
- User-Friendly Interface: The user-friendly interface and easy setup are two of the biggest reasons why people continue using Skrill. Registering for an account barely takes you two minutes, and anyone can do it by themselves. Furthermore, there are separate types of accounts depending on whether you need one for personal usage or commercial usage.
- Customer Service: Skrill offers round-the-clock support consisting of live agents and customer service representatives, who are fluent in 12 different languages. This sets Skrill’s customer service apart from many other counterparts in the market. It makes it easier for consumers to reach out to the team in case they’re facing any particular issues and want some help.
- Award-Winning Service: The Skrill payment service has won numerous awards over the years, which is proof of its brilliance. The Digital Banker’s Global Payments Innovation Awards 2023 named Skrill as the ‘best digital wallet’, as did the Juniper Research Future Digital Awards 2019. Skrill’s parent company has also won numerous awards at various fintech avenues, which further adds to the method’s value.
⚠️ Disadvantages of Skrill Casinos
Skrill has a ton of benefits to offer, but there are also some drawbacks attached to this payment method. Here are some of our main disadvantages when it comes to Skrill payments in online casinos:
- Restrictions on Players in Certain Locations: Not all countries allow gamblers to use Skrill in order to conduct their online gambling transactions. This comes down to location-specific legislation rules, which prevent online gamblers from using Skrill to transfer money to online casinos. Thus, it’s always a good idea to do some research about whether a particular payment method is available in your area or not.
- Attached Skrill Fees: This is probably one of the biggest downsides to using a platform like Skrill. Every transaction comes with its own fees, and some might even require you to pay multiple levels of fee charges. This makes it a tougher option for gamblers because they might already be losing some of their money while placing their bets. Furthermore, if your account is inactive, Skrill will charge you a monthly inactivity fee of $3. This is pretty much just empty money that you will be paying for no reason.
* Fees comparison with other payment Methods:
Method Fee Bank Transfer 0% (currency conversion fee will still be charged) Rapid Transfer 1% Paysafecash 2.5% Paysafecard 5% Global Payment Methods (for example Mastercard and Visa) 1%
Is Skrill Still Worth It?
After going through the disadvantages, you might be wondering whether Skrill is even a payment method that you should consider. It all comes down to whether you have the money to spare for it. If you don’t mind paying the transaction fee, then Skrill is undoubtedly one of the best casino payment methods in the market.
However, if you feel like the high fee will cause too much of a dent in your bank balance, then Skrill might not be for you. After all, gambling is an activity with frequent losses, and it makes sense if you don’t want to lose any more money than what is absolutely necessary.
But if you keep the fee aside, few payment methods come at par with the security and repute that Skrill has to offer. If safety, security, and convenience are your biggest priorities, then you might need to pay that extra fee associated with achieving these things.
Skrill vs. Other Payment Options
Even though Skrill is a great payment method, the gambling industry also has several other payment options. In order to make an informed decision about the best payment method for yourself, you must take a look at these methods in comparison to each other. Here is how Skrill fares when compared with some of the most popular casino payment methods out there:
Skrill vs. Bank Transfer: Using a bank transfer will allow you to directly transfer your money from your bank account to an online casino, which is a very convenient method. However, it will not provide the added layer of security that comes with using Skrill.
Because Skrill is a middleman, it conceals your bank information from the casino you’re betting at. None of your personal needs to be revealed in order for your transaction to go through.
Thus, if you value anonymity and security above other things, then you’re better off choosing Skrill as compared to a direct bank transfer. However, bank transfer is available at all leading online casinos, which might not be the case for Skrill.
Skrill vs. Credit/Debit Cards: Credit or debit cards also differ from Skrill in the same way that bank transfer does. In order for your transaction to occur, you need to give up information regarding your bank account. However, no such details need to be used when utilizing Skrill.
The benefit of credit and debit cards is that they’re accepted more widely, which means they are accepted by most online casinos. They also come with lower levels of attached fees. If you prefer staying cost-friendly and using a method that’s available everywhere, you should consider opting for a bank card.
Skrill vs. Other E-Wallets: There are also several other e-wallet options in the market, including NETELLER and PayPal. Each of these functions in the same way as Skrill, with some slight differences. Make sure to look through the terms and conditions of each before you decide which e-wallet to use.
Skrill vs. Cryptocurrency: Skrill itself offers an option to trade in cryptocurrency now, but you will have to check if your chosen casino allows that method. In case it doesn’t, there are other crypto-related payment methods that online casinos accept.
However, you should note that cryptocurrency is fairly new as a method of online casino payments, and thus, it is not as regulated as it should be. Apart from that, it can also be slightly confusing for new bettors to figure out.
Thus, if you don’t want to go the extra mile, then you should stick to using Skrill, as it is a simple and straightforward method.
Final Thoughts - Why You Should Consider Skrill Casinos
High transaction fee aside, no one can deny that Skrill is one of the most popular payment methods across the globe. Its fame mostly originates from the fact that people consider it a convenient and secure method, which makes the fee worthwhile for many individuals. If you’re someone who likes to gamble responsibly and keep up with all of your transactions, Skrill can be a great option for you. Skrill casinos are available in all parts of the world, which speaks to the option’s credibility and quality.
