What is Skrill ?
Formerly known as Moneybookers, it is an e-commerce business that enables money or payments to be made via the Internet. Initially back in 2011, Moneybookers made an announcement that they would be rebranded as Skrill, which completed in the year 2013. It is known that Skrill is an online wallet allowing you to make payment in a safe and secure mode. Skrill has build a good reputation over the years on the Internet. Regardless of your purpose of either making payments or sending and receiving money via the Internet with Skrill, all you require is an email address and a password. Thus, you don’t have to equip yourself with all your payment details or need to retype the details again and again.
There are many benefits when you have an account with Skrill. For example, you may benefits from one of the fastest and cheapest option available in order to make payment for various merchants. Thus, you are able to manage your money more wisely. Sending funds to family, relatives and friends or receiving payouts are not a problem at all. Besides, you can make international transfers at local rates. Skrill allows payments in over 40 currencies and supporting both major credit and debit cards. How beneficial is that. Moreover, you can learn to earn rewards and take the advantages of discounts available with different retailers.
Skrill is accepted by major Forex brokers where transactions are almost instant and sometimes with 0 charges for brokers such as Fxprimus.
How to sign up
Malaysians can sign up Skrill here. There would be documentation verification needed as for any mobile wallet. Please prepare your utility statement, passport or bank statement.
How to Withdrawal
Skrill supports direct withdrawal to Malaysian bank account at a charge of 5.80 USD. Withdrawal is hassle free. Click on Withdraw button on the main menu. You will need to provide your Bank Swift Code, Bank Name, Account name and Account number which can be saved for future use. We have been using Skrill for over past 5 years without any issues on withdrawals to local bank accounts. Please bear in mind that local bank do charges a fee for receiving TT from Skrill. The cheapest available option are Maybank and CIMB which charge RM 5 per transaction.
Skrill vs Paypal
Skrill can be a competitor to PayPal, another online shopper’s favorite payment method. Some people might consider of switching from PayPal to Skrill or some are unsure which services to use. Each services have their pros and cons. Here are some additional information on Skrill. It offers debit cards to the customers worldwide that allow them to have instant access to funds. On top of that benefit, it is also safer to carry a debit card instead of cash or credit cards especially during times when you are abroad. In terms of annual fee, Skrill’s card holder is required to pay about 10 Euros which is paid along with the ATM withdrawal fee up to 2 Euros. Daily activities on the card is free of charge.
As mentioned, Skrill offers online payment services integrated into e-commerce websites. Keep in mind that Skrill charged about 20 Euros merchant fee along with the usual receiving fees every month. Bear in mind that 1 Euro will be deducted from your account in a monthly basis if you stop using your account for more than one year. There is no refund fee with Skrill as the transaction commissions are not reversible. No matter what services that you chose, there will definitely be flaws and benefits. As for Skrill, it is truly recommended for private users as it is free to receive and spend money through the debit card.