Skrill Singapore: Everything you should know

Skrill LTD¹ - which started out as Moneybookers - is one of the more established digital wallet providers on the market, having been set up back in 2001.

You can open up a Skrill Singapore wallet to pay online, send money, buy and sell cryptocurrencies and earn loyalty points along the way. This full guide walks through the pros and cons of Skrill, to help you decide if it’s the right digital payment partner for you.

We’ll also touch on Wise and the Wise multi-currency account - the 7x cheaper account for international people - to help you find the best way to send and receive digital international payments.

📝Table of contents:
What is Skrill and how does it work Skrill e-wallet overview How long does Skrill verification take? Can I hold or exchange foreign currencies with Skrill? Why should I use the Skrill e-wallet? Is Skrill safe? Skrill reviews Skrill fees and exchange rates Skrill payment methods, money transfer, withdrawals Frequently asked questions about Skrill

What is Skrill and how does it work?

Skrill is a digital wallet provider, which lets customers create and manage a wallet online or using the Skrill app. You can top up your wallet and use it to shop online or make payments to friends, family or businesses.

Transfers can be made domestically and internationally, although fees may apply for these services. You’ll also be able to get a physical Skrill card linked to your account for easy in person spending, and a virtual card to use for mobile payments.

One feature of Skrill accounts is that you can buy and sell cryptocurrencies as well as manage a balance in fiat currencies. If you’re looking to get started in crypto, check out the options.

Make sure you read the terms and conditions carefully, as the fees applied for crypto transactions aren’t the same as for some other currency transactions.

Sign up for a Skrill account online, go through the verification processes, and you’ll be ready to upload your account and get started.

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Skrill e-wallet overview

Fees and exchange rates	Skrill has a number of fees based on the transactions you need to make Skrill doesn’t use the mid-market rate for currency exchange - a 4.49% fee is likely to be applied⁴
Transfer limits	Skrill limits vary depending on the level of verification on your account
Transfer methods	Skrill to Skrill, transfer to bank account, credit/debit card or mobile wallet
Transfer types	One-off, regular, local and international
Transfer speed	Domestic transfers to another Skrill account may be instant. International transfers can take 24 - 72 hours
Available currencies	Pick from 40+ currencies when you open your account. You can only withdraw funds to the currency you open your account in.

How long does Skrill verification take?

Before you can use your Skrill account fully, you’ll need to verify your identity, address and bank account. There are a few steps to this process, but once you have submitted all your documents your account can be verified in minutes². It’s worth noting that you may be asked for additional documents and evidence at a later state to make sure your account remains compliant with all relevant legislation.

To verify your Skrill account you’ll need proof of ID - a passport, NRIC or driving license - as well as a proof of address from within the last 3 months.

Can I hold or exchange foreign currencies with Skrill?

When you open your Skrill account you will be asked which currency you would like to have your account in. If you select Singapore dollars, you’ll need to stick to this as your base currency, and will only be able to withdraw funds to your linked bank account in this currency³.

Within your Skrill account you can then create foreign currency balances by converting funds you already hold, getting paid in different currencies or making a deposit in a different currency. There will be a markup added to the exchange rate for any currency conversion that takes place, as well as any additional fees based on the transaction type. This is usually 4.49% of the total value of the transaction⁴.

Looking for a better way to hold, spend and manage currencies? Meet Wise

We’ll dive a little deeper into the fees and exchange rates involved when you use Skrill for transactions requiring currency conversion. But if you’re looking for an alternative to compare the cost of sending international payments or shopping online with ecommerce stores based abroad, you need Wise and the Wise multi-currency account.

Wise uses the real mid-market exchange rate every time, with just low transparent fees. You’ll be able to see right away what your transaction will cost with no hidden costs or unpleasant surprises.

Top up your Wise account in SGD, switch to the currency you need online or in the Wise app, and spend any currency you hold for free using your linked Wise debit card.

It’s easy, cheap, and completely digital - so you save time as well as money.

Join over 10 million people and businesses already using Wise 🎉
Open your account for free

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How do I get a Skrill virtual credit card?

To make it easier to spend from your Skrill account you can also get a Skrill physical or virtual prepaid card⁵. Apply for a prepaid virtual card from within your Skrill account - and as long as you have a positive balance you’ll be able to access your card details instantly.

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Why should I use the Skrill e-wallet?

Although e-wallets may be relatively new, they’re increasingly popular around the world for a number of reasons.

You’ll be able to use your Skrill e-wallet to receive payments, send money to friends and family, pay businesses when you shop online with a Skrill virtual card, and deal in cryptocurrencies.

There’s also a reward scheme which could see you earning cash back or bonuses just for spending you’d be doing anyway.

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Is Skrill safe?

Skrill is an established digital wallet provider which complies with the relevant regulations wherever in the world it trades. When you deposit funds in your Skrill account, this money is safeguarded. That means it’s held in a special ring fenced account and could not be used by Skrill for their running costs, or accessed by creditors, even if Skrill itself gets into difficulties⁶.

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Skrill reviews

It makes sense to check the reviews available before you sign up to any financial product.

Skrill has a 4.1/5 rating on Trustpilot at the time of writing, with over 70% of respondents giving the provider an Excellent review⁷.

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Skrill fees and exchange rates

We’ve already mentioned that Skrill charges fees which include currency conversion costs for international transactions.

Here are the key costs you should know about - check out the full fee schedule online.

Service/transaction type	Skrill fee⁴ ⁸
Currency conversion	4.49% for fiat currencies Crypto transactions may also be subject to a 1.5% conversion fee
International transfer - transfer fee	No upfront fee when you pay with your account balance or linked debit card - currency conversion fees still apply 2.99% to pay using a credit card
International transfer - currency conversion fee	Up to 4.99%
International transfer - fee where there is no currency conversion	Up to 4.99% when an international transfer is made in the same currency as the recipient’s account

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Skrill payment methods, money transfer, withdrawals

There are a few different options to fund your Skrill account, make payments to others and then withdraw your money when you’re ready. Let’s dive into the details, and look at the costs involved.

Skrill deposit options

Deposit using your Visa, Mastercard, JCB or Diners Club card for a 2.5% fee⁹.

It’s usually free to receive a payment from someone else. If you get paid in a different currency, and don’t have a balance already set up in that currency, your money will probably be converted to your base currency, and a conversion fee will apply.

Skrill withdrawal methods and withdrawal time

Withdraw your funds to a bank account for a 2% fee, or use Neteller for a 3.49% fee. There’s also a SGD8.74 fee for Skrill SWIFT payments¹⁰.

Don’t forget you can only withdraw to your bank account in the currency you select when you set up your Skrill account.

If currency conversion is required because you hold a balance in a foreign currency, there will be a fee.

Skrill money transfer

The costs to send money with Skrill depend on the type of payment you want to make. If you have a new Skrill account and are not fully verified, you may need to pay a 2.99% fee to send to another Skrill account - or upgrade to the next account tier to get free transfers to Skrill accounts¹¹.

Sending a domestic transfer to a bank account can cost up to 2%, and international transfers will cost more - as outlined in the table above.

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Frequently asked questions about Skrill

Still got questions? Skrill has a handy FAQ section online - and we’ve also lined up some common questions and answers here.

Can I pay with Skrill on Amazon?

If you see the Skrill button as an option when you checkout with Amazon, you can pay this way. If not, you may be able to pay with your Skrill funds by using your physical or virtual Skrill card. Just select the option to pay using a debit card and enter your Skrill card details.

Can I buy bitcoin with Skrill?

Skrill allows customers to buy and manage a range of cryptocurrencies, including bitcoin.¹²

What is the difference between Skrill and PayPal?

Skrill and PayPal both offer digital wallet products, and allow customers to shop online, send money and receive payments from around the world. However, the fee structures, processes and options do vary between the two services. Check out the full details of each before you decide which to sign up to.

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So there you have it - a full rundown of what Skrill Singapore is, and why you might use it. Learn more about Skrill payment methods, and how you can hold and manage your money, by visiting the Skrill website and checking out the full feature and fee information. And don’t forget to check out Wise and the Wise multi-currency account if you need to hold and convert currencies. You could save time and money thanks to Wise payments and transfers which use the mid-market exchange rates and an intuitive mobile app.

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Sources:

1. Skrill
2. Skrill - How to verify your Skrill account
3. Skrill Support - FAQ
4. Skrill - Fees & Charges
5. Skrill Support Skrill prepaid virtual mastercard and how to get one
6. Skrill Support - How is my electronic money protected?
7. Trustpilot - Skrill reviews
8. Skrill - Fees & Charges - Send and receive money
9. Skrill - Fees & Charges - Depositing money
10. Skrill - Fees & Charges - Withdrawing money
11. Skrill - Fees & Charges - Account levels
12. Skrill - Cryptocurrency

Sources checked on 25 August 2021