Skrill Forex Brokers

What is Skrill?

Skrill - the new name for Moneybookers - allows you to send and receive money by email. In fact, you can send money worldwide to anyone with an email address, even if the recipient doesn’t already have an account with Skrill.

You can think of Skrill as an online wallet – register your bank or card details with Skrill and use them to shop online without revealing your financial details.

Benefits of using Skrill

• Secure: with Skrill, you will no longer need to share your bank or card information every time you shop online. Skrill can process the payments for you securely.
• Convenient: with Skrill, all you need to send a payment is the recipient's email address. This eliminates the hassle of dealing with complicated bank wire forms and the inconvenience of sending and depositing cheques.
• Fast: with Skrill, you can send and receive money in real-time.

Account limits

Just like a bank, Skrill may ask you to confirm your identity to comply with anti-money laundering regulations. You could be asked to confirm your identity whether you are applying to be a new customer or have been a customer for some time. Your account will be subject to initial limits for sending, receiving or withdrawing money until you have been verified. The verification process itself could take several days to complete. We suggest verifying your account as early as possible to avoid these checks interfering with your trading activity.

Skrill withdrawals

Skill supports withdrawals to international bank accounts in all countries it operates it. In addition, it can also support withdrawals to a domestic bank account, Visa credit cards and cheque payments. However, circumstances can arise when it offers no domestic withdrawals options – this is the case in Bahrain, Kuwait, China and other countries. Remember to check Skrill withdrawal methods available in your country first before opening an account.

Skrill fees

Skrill charges for sending and withdrawing money. Here’s a breakdown of Skrill fees at the time of writing:

• Joining: free to join.
• Deposits: free to add money to your Skrill balance from a bank account or cheque. Charges apply if you fund your account by card.
• Withdrawals: Skrill charges a fixed fees depending on the withdrawal method.
• Buying: 1%, up to a maximum of USD 0.66 at the time of writing.

If your transaction requires a currency conversion, Moneybookers will add a flat 2.49% processing fee above the wholesale exchange rate. PayPal also charges a fee for currency conversions, however, its fee varies with the destination currency. You’ll want to pay close attention to currency conversion fees if your PayPal account and Forex broker are registered in different countries.

Skrill also charges a small inactivity fee to users who have not logged into to their account or made a transaction in the last 18 months. For comparison, PayPal charges no such fee.

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