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Skrill

Skrill payment system is an heir to well-known and reputed Moneybookers. Skrill enables its users to send/receive funds with the help of email address alone. This payment system was founded in London in 2001 under the Moneybookers brand. The system was renamed Skrill in 2011.


Skrill is owned by Gatcombe Park Ventures based in London. The flows of money within the system are regulated by the UK legislation. The funds in Skrill accounts are represented in a currency chosen at registration.


Historical background


• April 2002 - Moneybookers Ltd launches www.moneybookers.com.

• September 2003 - Moneybookers Ltd announces its mobile service ready for use. Users enjoy a unique opportunity to make payments through texting. This method is an unparalleled tool for making online payments in case a user is not at home, or he does not have access to a computer or ATM.

• February 2006 - Moneybookers extends the list of available payment methods by adding American Express credit card to Visa and Mastercard.

• April 2007 - Moneybookers signs an agreement with SmartStore AG, a provider of advanced software. Clients of SmartStore.biz Shopsoftware 5 can pay by Visa, MasterCard, American Express, ELV, Giropay, and 40 other methods.

• August 2008 - Moneybookers electronic payment system registers its 5 millionth account. Five million people all around the world employ Moneybookers to pay for goods and services.

• May 2009 - NEXON Europe, an online entertainment leader, added the Moneybookers platform to its European website.

• January 2011 - the company was rebranded and renamed Skrill.


At present, Skrill is one of the most popular payment systems across the globe. It is regulated by the United Kingdom Financial Conduct Authority and is therefore subject to the most stringent regulations. The number of Skrill users worldwide runs over 7 million.


Country and regulation


The company is legally based in the United Kingdom.


Currency


Skrill does not provide any electronic currencies; the account balance is replenished and quantified in common currency units. Today the following currencies are available for the clients:


• Australian dollar;

• Bulgarian lev;

• Hungarian forint;

• Hong Kong dollar;

• Danish krone;

• UAE dirham;

• U.S. dollar;

• Euro;

• Israeli shekel;

• Indian rupee;

• Jordanian dinar;

• Icelandic krona;

• Canadian dollar;

• Qatari rial;

• Latvian lat;

• Lithuanian litas;

• Malaysian ringgit;

• Moroccan dirham;

• New Zealand dollar;

• Taiwan dollar;

• Norwegian krone;

• Omani rial;

• Polish zloty;

• Romanian leu;

• Saudi riyal;

• Serbian dinar;

• Singapore dollar;

• Thai baht;

• Tunisian dinar;

• Turkish lira;

• British pound;

• Croatian kuna;

• Czech koruna;

• Swedish krona;

• Swiss franc;

• Estonian kroon;

• South-African rand;

• South-Korean won;

• Japanese yen.


System features and mission


Skrill payment system is a flexible instrument for payment operations on the internet regardless of the client's location. The system provides rather manifold possibilities for international business on the internet. Skrill has also established itself as a leading choice in the sphere of transactions related to online casino, bookmakers, and other services of gambling games industry in the internet, enabling online sellers to take pays on their websites or with the help of credit cards.


The system is an electronic multi-currency wallet for mutual settlements and money saving, depositing and withdrawing money from game websites, and paying for different services on the internet. The system charges commission for currency conversion.


This payment system is universal as it services both private persons and organizations in more than 170 countries, including the CIS countries.


Funds securing


The funds of Skrill clients are secured by the money kept in the bank accounts of Skrill and in the correspondent accounts of affiliate payment systems. In fact, these funds are the clients' advance payments in consideration for future commission contracts.


Registering with the system


Only people over 18 years old living in the country that cooperates with the international anti-money laundering community can register with Skrill. The system has recently Russianized its service, so the registration does not cause any problems.


It is necessary to specify the following details at registration:


• email (it will serve as login and account ID);

• password (at least 6 characters long, at least one of them should be not an alphabetic character);

• country of residence (choose from the list);

• currency in which the account will be opened;

• preferred language (the language in which the website and official messages will be displayed);

• turing number (the sequence of numbers and characters as displayed in the picture).


All the details should be entered carefully and truthfully in Latin. Then the confirmation will follow. After that you should agree with the rules and, finally, your account will be created. After the registration, the letter with a link for activation is sent to the specified by the user email. This link is valid within 24 hours. Following this link, the user will get to the next page of registration, at which it will be necessary to fill in some fields with personal details. Please note that the birth date should be entered for every operation of money withdrawal, and each time it will be compared to the date specified while registering.


After the registration, the limit of 1,000 currency units for money withdrawing is set by default. Start checking the account at once. Unless you do this, the system may block the account and all the depositing and withdrawing operations will be hindered. For address validation, a letter with the code inside is sent to clients. The code is to be entered in the system. After that the account is considered to be verified.


Adding a card


After the details of the client's credit card are entered, the card verification by Skrill starts. A certain amount (1.01 - 2.99) is charged from the account, and the client has to check the information at his bank as to how much money was withdrawn and to enter this sum in the system. After the checking, this sum is returned to the user's account. If this procedure has not been carried out, the system may block the card.


After successful card validation, the limit will be raised. It is possible to add several cards; all of them are also to go through validation.


Adding a bank account


It is necessary to choose the country of residence and enter the SWIFT code of your bank, and the system will work out the client's bank. Further, you should enter the account number. The bank account is also subject to verification for limit raising and for withdrawing money.


Software: browsers and platforms


All calculations are carried out on the Skrill website in an online mode; there is no need to install any software on your computer.


Confidentiality


Skrill requires the compulsive identification of the account owner, which can be executed via credit card, bank account or actual address confirmation. All the three methods can be used together to increase the limits on transactions (which are be imposed upon each client).


This is one of the most secure payment systems. It is not anonymous, and it is governed by the UK money laundering regulations.


The main features of Skrill system are the conformity of an account number (which is both the login and the identification code) to the real email address, which should be entered as primary. Despite the opportunity to add other electronic addresses, to which other participants could transfer money, the recipients of the funds sent via the system will see only the primary email and the real holder's name. Thus, the term "confidentiality" is out in this system, however, the detailed information on the account holder is provided only at request of the British authorities.


Cryptography and safety


SSL protocols with 128-bit key code are used for sending information. Moreover, Skrill does not admit anonymous registrations of user accounts, which reduces the money fraud risk.


As a measure of safety, Skrill limits the transactions from user accounts to $1,000 or €1,000 by default. In contradistinction to many others competitive service systems (transferring money online), Skrill requires the personality identification before using their service. Such an approach minimizes the fraud and prevents money laundering. The limit on outgoing transactions can run over $35,000 (or the equivalent amount in another currency) within the 90-day period.


As a way of checking, the incoming and outgoing bank transfers, passing of the ID copy, a test payment using the card are also employed.


Depositing and withdrawing funds


Depositing money to the system:


To be able to make payments and transfer funds, it is necessary to deposit money to the system. It can be done in the Upload Funds section by two methods:


• Bank transfer (free of charge, takes 2-5 days).

• Credit card (the fee is 1.9% of the transferred amount, instantly).


To replenish your account, you have to enter it, choose a preferred method, and follow the instructions. To have a possibility to replenish your account via a credit card, you have to be an authorized member of the system. In this connection, you will have to send a scan of your ID, for example, a passport or a driver licence, by fax or email.


Withdrawing funds:


Money withdrawal from Skrill accounts can be made in the following ways:


• Bank transfer (the fee is € 1.8).

• Credit card (the fee is € 1.8).

• Bank cheque (the fee is € 3.5).


Fees and commissions


• Registration is free.

• Skrill account replenishment via a bank account is free.

• Skrill account replenishment via a credit card - 1.9%.

• Sending money to another Skrill user - 1% (but not more than € 0.50).

• Receiving money is free.

• Money request (issuing an invoice) is free.

• Money withdrawal to a bank account - € 1.80 (fixed commission).

• Funds withdrawal with the help of a cheque - € 3.50 (fixed commission).


The commission of the system is 1% of the payment sum; it is charged from the sender.


Micro and macro payments


Minimum transfer amount in Skrill is 1 euro cent (or its equivalent in another currency). Maximum transfer amount is limited by the system individually.


Bookkeeping and taxes


The flow of documents between the user and the Skrill system is electronic. Actual condition of mutual obligations, information about the account balance, user actions, history of account changes are fixed on the system website and available for the user in full. All official requirements and notifications are sent by the system to the designated email.


Please note: the buyer cannot pay the seller directly from the credit card. He should first add money from credit card to the account in Skrill and then transfer it to the seller's account.


Skrill is regulated by the Financial Conduct Authority of the United Kingdom. The tax regulations applied to Skrill are the same as those applied to other financial institutions.


Lending


Skrill does not provide any loans.


Transactions protection (two-phase payments)


Two-phase payments are not provided by Skrill. The payment can be cancelled until the user's request is processed. If the transfer was processed, Skrill cannot return it. In such cases, it is necessary to contact the recipient and discuss possible ways to get the money back.


Advantages and disadvantages


Benefits of Skrill:


• general availability;

• instant payments;

• low fees;

• no need to install additional software on the computer;

• multi-currency support.


Drawbacks of Skrill:


• while registering, you choose only ONE currency in which all operations will be executed and it cannot be changed;


E-currency exchange

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