Skrill business banking review – bank account types, fees & features explained

Updated on 24 July 2023

As we advance further into the era of digital banking, businesses are looking for efficient and reliable banking platforms that can meet their various financial needs. Skrill, an established name in the e-payment industry, has evolved over the years, and now offers a comprehensive business banking solution. In this Skrill review, we take an in-depth look at Skrill’s offerings, from account types and associated fees to its features and customer service.

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Overview of Skrill – what’s on offer?

Skrill, established in 2001, is an online payment and money transfer service that is part of the Paysafe Group. It’s a robust platform that offers a range of business banking services. Originally, Skrill started as a platform that catered primarily to gaming, gambling, and forex trading businesses. However, it has since expanded its services to accommodate a wide variety of businesses, making it a comprehensive solution for companies looking for an alternative to traditional banking.

For businesses, Skrill provides a digital wallet, multi-currency accounts, and easy integration with e-commerce platforms. These services are all about making it easy to send, receive, and manage your money in a secure online environment. They have been designed to support the needs of both small businesses and large enterprises, with the added advantage of low transaction fees and fast transactions.

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Skrill’s reach is also impressive, with the platform allowing transactions in over 40 different currencies and operating in more than 200 countries. This international presence makes Skrill a desirable option for businesses operating in multiple countries or planning to expand internationally.

Pros and cons of Skrill

Pros

  • Global Presence: With Skrill, you can send and receive money in over 40 currencies across 200 countries. This flexibility is a significant benefit for businesses with a global footprint or those intending to expand.
  • Low Fees: Compared to traditional banks, Skrill offers competitive rates on transactions. This can result in substantial savings, especially for businesses that handle large volumes of transactions.
  • Speedy Transactions: Skrill prides itself on providing quick and efficient transactions. This feature is particularly beneficial for businesses that need to transfer funds frequently and quickly.
  • Integration with E-commerce Platforms: Skrill integrates smoothly with various e-commerce platforms, making it easier for businesses to handle online transactions.
  • Security: Skrill uses high-level encryption and adheres to strict security standards to protect user data and funds.

Cons

  • Limited Customer Support: Skrill’s customer support, while accessible, has been reported as inconsistent by some users.
  • Restricted in Some Countries: Skrill is not available in all countries. This limitation could be a drawback for businesses operating in these regions.
  • Occasional Account Freezing: Some users have reported their accounts being frozen without prior notice due to suspected fraudulent activity. While this measure is meant to protect users, it can cause inconvenience.

Skrill products and services guide

Skrill offers a range of services tailored to meet various business needs. Here are some key products:

  • Digital Wallet: Skrill’s digital wallet allows businesses to make and receive payments globally, securely, and instantly. This can be especially beneficial for online businesses or businesses with a significant amount of international transactions.
  • Multi-Currency Account: Businesses can hold, send, and receive funds in multiple currencies, making it convenient for businesses operating in different countries. This feature also allows businesses to save on foreign exchange fees.
  • Integration with E-commerce Platforms: Skrill offers seamless integration with many popular e-commerce platforms, such as Shopify, Magento, and WooCommerce. This feature simplifies online transactions and can lead to smoother customer experiences.
  • Skrill Card: Skrill offers a prepaid card linked to your Skrill account, which can be used for online and offline purchases, as well as ATM withdrawals.

Skrill review – Pricing, fees and charges explained

Skrill’s fee structure is straightforward and competitive. There is no fee to receive money into your Skrill account. However, sending money to another Skrill account attracts a fee of 1.45% of the transaction amount, with a minimum charge of €0.50.

Skrill charges a flat fee of 3.99% for currency conversion, which is a point to consider if you plan to make a lot of foreign transactions. Additionally, Skrill charges a small administrative fee for accounts that are inactive for 12 months or more.

For businesses, Skrill charges a processing fee for payments received. The fee varies depending on the payment method used but generally ranges from 1.9% to 4.5%. It’s essential to note that fees may vary based on your location and the nature of your business.

Alternatives to Skrill

While Skrill offers a comprehensive suite of services, other options might be more suitable for certain businesses. These include:

  • PayPal: One of the most well-known digital payment platforms, PayPal offers a wide array of services similar to Skrill. However, PayPal’s fees are generally higher.
  • TransferWise (now Wise): This platform is especially strong in handling international transactions, offering real mid-market exchange rates.
  • Revolut Business: Revolut offers various business banking services, including multi-currency accounts and corporate cards. However, it does not support as many countries or currencies as Skrill.

Conclusion – Is Skrill a good choice?

So what is the verdict of our Skrill review?

Skrill can be an excellent choice for businesses seeking a reliable and efficient digital payment platform. Its low fees, quick transactions, and comprehensive service offerings are attractive, especially to businesses operating in multiple countries or conducting a significant number of international transactions.

However, it’s important to consider potential drawbacks, such as Skrill’s reported inconsistency in customer support and occasional account freezing issues. It would be best to thoroughly compare Skrill with other available options to ensure it best suits your business needs.

FAQ – Skrill review

Is Skrill safe for my business?

Yes, Skrill uses high-level encryption to protect user data and funds.

Can I integrate Skrill with my e-commerce platform?

Yes, Skrill offers integration with many popular e-commerce platforms.

What are the fees for using Skrill?

Fees range from 1.9% to 4.5% for processing payments received, depending on the payment method.

How fast are transactions processed on Skrill?

Transactions are typically processed instantly.

Can I withdraw cash using a Skrill card?

Yes, Skrill offers a prepaid card that can be used for ATM withdrawals.

Does Skrill support multi-currency transactions?

Yes, Skrill allows you to hold, send, and receive funds in multiple currencies.

What kind of businesses is Skrill suitable for?

Skrill can be a good choice for online businesses and businesses with a significant amount of international transactions.

What are the alternatives to Skrill?

Alternatives include PayPal, Wise (formerly TransferWise), and Revolut Business.

Does Skrill charge for inactive accounts?

Yes, an administrative fee is charged for accounts inactive for 12 months or more.

Is Skrill available worldwide?

Skrill operates in over 200 countries but is not available in every country.

How do I open a business account with Skrill?

You can open a Skrill business account by visiting the Skrill website and clicking on the ‘Business’ tab. You will need to provide information about your business and agree to Skrill’s terms and conditions.

Can I have more than one Skrill account for my business?

Yes, you can have multiple Skrill accounts for different aspects or departments of your business.

Is there a limit to the amount I can transact with my Skrill account?

Yes, Skrill sets transaction limits based on account type and transaction method. You can view your current limits by logging into your account and visiting the ‘Settings’ page.

Can I use Skrill for payroll?

Yes, Skrill can be used to manage your payroll. It allows you to send funds to both Skrill accounts and bank accounts, making it easy to pay employees wherever they are.

How does Skrill protect my business from fraud?

Skrill uses advanced fraud management tools to monitor transactions and detect suspicious activity. Skrill also uses secure encryption technology to protect your data and funds.

Can I use the Skrill card for business expenses?

Yes, you can use your Skrill card for business expenses. The card is linked to your Skrill account, allowing you to easily track your spending.

Can I integrate Skrill with my accounting software?

While Skrill does not offer direct integration with accounting software, you can export your transaction history from Skrill and import it into your accounting software.

Can I issue refunds with Skrill?

Yes, you can issue refunds through your Skrill account. You can refund the full transaction amount or a part of it, depending on your business policies.

How long does it take to withdraw funds from Skrill to my bank account?

Withdrawal times from Skrill to a bank account vary but typically take 2-5 working days.

How can I contact Skrill customer support?

You can contact Skrill’s customer support via their website. They also provide support via email and have an extensive FAQ section on their site for immediate help.

Reviewed by , Managing Director

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