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Skrill

Skrill Review

E-commerce for money transfers and payments

Skrill Review
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  • Formerly known as Moneybookers
  • Owned and operated by Skrill Limited in UK and is regulated by Financial Conduct Authority
  • Simple and quick payments in about 200 countries and 40 currencies
  • Trusted by customers for online payments and transfers

Skrill Review

Formerly known as Moneybookers, Skrill is one of the two major e-wallet solutions used widely throughout the online gambling industry (the other being Neteller - read our Neteller review here). However, while some competitors are focused nearly completely on servicing gambling clients, that is not the case here. While gaming transactions still make up a fairly sizable part of their business, the group is also heavily used for transferring money internationally between individuals, and a large number of merchants also accept payments through their service. That makes this an excellent option for any gambler who wants a payment option that can help them process transactions both in the casino and in everyday life.

What Do They Do?

Skrill is a payment processing company that offers a variety of services to users, most of which are oriented around Internet transactions. When users sign up for a new account, they are asked to link it to an existing financial instrument: this can be a credit or debit card, a bank account, or some other method that can be used to get funds into the virtual wallet.

Once a funding source has been established, money in the wallet can then be used in order to make payments, whether that be to an online casino, to another individual, or to another online retailer. Payments are typically processed instantly, with the merchant only seeing the details of the user’s wallet account, and not the original funding source.

The company also offers a prepaid MasterCard in four different currencies (Euros, Pounds, Dollars, and Polish Zloty). This card is mailed to the user and is linked to their e-wallet, drawing on funds in that account. The card can be used just like a standard debit card, making it possible to use the e-wallet to make purchases or withdrawals from millions of locations around the world.

Where Do They Operate?

In terms of general use, there are very few places where Skrill isn’t able to be utilized. Currently, the service is available in over 200 countries, with money transfers available in 40 currencies. That flexibility makes this one of the better options out there for users where more traditional banking options are either unavailable, unreliable, or difficult to access.

That said, there are some major markets where the use of this product is restricted, particularly when it comes to gambling. Since the start of 2014, the company has stopped allowing transactions to Canadian casino sites. There are also some legal restrictions placed on American users, as only payments to regulated gambling sites will be processed. This means that while uses in New Jersey, Delaware, and Nevada are welcome to play at their locally-licensed sites, and users in many states may be able to use their wallet for betting specifically on horse races, Skrill will not process payments to foreign sites that accept USA players.

Likewise other grey market countries such as Thailand and Saudi Arabia are restricted on how they can use Skrill.

Gaming Operations

With few exceptions, you can feel very confident that if an Internet betting site exists, they will accept Skrill as a payment method. We can’t claim that this is entirely universal, as we have seen sites here and there that do not list it as an accepted deposit or withdrawal option. However, those are few and far between, and many sites that do not accept this method at first quickly work on adding it to their cashier systems.

One of the major reasons for the popularity of this option (and other e-wallets) is the flexibility it offers to users. Players can both make deposits and later cash out their winnings using their wallet, making it an easy way to handle all transactions from one source. Once a player is done with their gaming, they can also move money from their account back to their bank (or receive their money through another option, such as a check). It’s also a great way to manage multiple casino accounts, since it is easy to withdraw from one site and then deposit at the next. You can visit this page to find our recommended online casinos that take Skrill.

Other Uses

Perhaps Skrill’s biggest edge over much of their competition is their acceptance outside of the gambling world. Since the time when the company was known as Moneybookers, they have sought out arrangements with major online brands in an effort to make their product useful to a broader audience. Companies like eBay, Facebook, and Skype have all accepted payments through this service for many years, and well over 100,000 merchants utilize this as an option at checkout – a number that obviously extends far beyond the gaming world.

This is also a popular option for money transfers between individuals. Much like PayPal, it offers a low-cost option for sending money to friends, family, or business partners quickly and securely, making it a flexible option for those who need to move money internationally.

About the Company

Moneybookers was created in the United Kingdom during 2001, with the actual launch of the payment system launching in April 2002. The operation was immediately successful: by the end of 2003, nearly two million users had opened wallet accounts.

After several years of successful growth both inside and outside the gaming industry, the firm went through a period of acquisitions. In 2007, they were acquired by Investcorp Technology Partners; that group would then turn around and sell the service two years later, at a substantial profit.

The company went through a rebranding that began in 2011. This effort saw the name of the service changed to Skrill. While both names were in use for over a year, the transition was completed during 2013. That same year, CVC Capital Partners became the latest group to acquire the company.

The most important transactions for the group – and for the business of online gambling payment process as a whole – took place in 2015. That April, they acquired Ukash, a prepaid voucher system that had become a major rival to the company. But while that purchase was taking place, a bigger move was underway, as Optimal Payments – the parent company of Neteller – worked to acquire the Skrill Group for €1.1 billion. That move was finalized before the end of the year, and the two companies are now both part of what is known as the Paysafe Group, which controls many of the most popular Internet casino banking methods.

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